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The Enterprise Governance, Risk, and Compliance Market is projected to reach $39.6 billion by 2030.
Meticulous Research® Forecasts Enterprise Governance, Risk, and Compliance Market to Hit $39.6 Billion by 2030, Driven by Stringent Regulations and Technological AdvancementsSeptember 2024-Pune, India-Meticulous Research®, a leading global market research and consulting firm, has released an insightful report titled, "Enterprise Governance, Risk and Compliance Market by Component (Solutions, Services), Organization Size, Deployment Mode, Business Function (Legal & Compliance, Operation Management), Sector (Healthcare), and Geography - Global Forecast to 2030." The report delivers a comprehensive analysis of the enterprise governance, risk, and compliance (eGRC) market, projecting significant growth opportunities and market trends over the coming years.
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According to the report, the global eGRC market is expected to surge to $39.6 billion by 2030, growing at a compound annual growth rate (CAGR) of 15.8% from 2024 to 2030. The rapid expansion of this market is primarily driven by the enforcement of stringent government regulations and industry standards, particularly within the BFSI sector. Additionally, the integration of advanced technologies such as artificial intelligence (AI), machine learning (ML), and blockchain into eGRC solutions is anticipated to further propel market growth, offering substantial opportunities for industry stakeholders.
Key Market Dynamics
The eGRC market is being propelled by several critical factors. The increasing adoption of eGRC solutions within the BFSI sector, driven by the necessity to comply with rigorous regulatory frameworks, is a significant growth driver. Furthermore, the ongoing integration of AI, ML, and blockchain technologies into eGRC platforms is revolutionizing risk management and compliance processes, enabling organizations to automate complex tasks, enhance decision-making, and improve overall efficiency.
However, the market faces certain challenges, including the complexity of diverse regulatory policies across regions, which can hinder seamless implementation. Additionally, concerns surrounding data privacy and security, coupled with a lack of awareness and adequate training on eGRC solutions, may pose obstacles to market growth.
Market Segmentation Insights
The report provides an in-depth analysis of the eGRC market across various segments:
• By Component: The market is segmented into solutions and services. The solutions segment is expected to dominate the market in 2024, driven by the growing need for regulatory compliance, risk management, and incident management solutions. The services segment, however, is projected to witness the highest growth rate during the forecast period, fueled by increasing demand for specialized consulting, implementation, and managed services.
• By Organization Size: The market is divided into large enterprises and small & medium-sized enterprises (SMEs). Large enterprises are expected to hold the largest market share in 2024 due to their complex operational environments and the need for robust eGRC solutions to manage compliance across multiple jurisdictions. On the other hand, SMEs are expected to grow at the highest CAGR, as they increasingly adopt eGRC solutions to mitigate risks, enhance data security, and streamline compliance processes despite resource constraints.
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• By Deployment Mode: The market is categorized into on-premise and cloud-based deployments. The on-premise segment is projected to lead the market in 2024, particularly in highly regulated industries where data security and control are paramount. However, the cloud-based segment is anticipated to experience the fastest growth, driven by its flexibility, cost-effectiveness, and increasing adoption by SMEs.
• By Business Function: The finance & accounting segment is expected to dominate the market in 2024, supported by the growing need for financial risk management, regulatory compliance, and internal controls. This segment is also projected to achieve the highest growth rate during the forecast period.
• By Sector: The BFSI sector is expected to hold the largest market share in 2024, owing to the critical role eGRC solutions play in ensuring compliance and managing financial risks. The healthcare sector, however, is expected to witness the highest growth, driven by the increasing adoption of telemedicine, the need for data security, and the growing complexity of compliance requirements in the sector.
Geographic Analysis
North America:
North America, particularly the U.S. and Canada, operates within a dynamic and stringent regulatory framework. Organizations in this region are increasingly implementing enterprise governance, risk, and compliance (eGRC) solutions to effectively manage and adhere to evolving compliance mandates, such as the Sarbanes-Oxley Act (SOX), the Health Insurance Portability and Accountability Act (HIPAA), and other sector-specific regulations. The region's growing adoption of cloud computing, heightened vulnerability to cyber threats, rapid advancements in IT infrastructure, and the imperative to mitigate internal and external business risks are key factors propelling the demand for eGRC solutions, significantly contributing to the growth of the North American market.
Asia-Pacific:
Conversely, the Asia-Pacific region is expected to witness the fastest growth, registering the highest CAGR throughout the forecast period. This growth is primarily driven by the increasing implementation of data protection laws in emerging economies, where there is a heightened focus on data privacy and cybersecurity. The region's market expansion is further supported by rapid technological advancements, accelerated digital transformation, and a rising demand for comprehensive risk management solutions across various industries. Additionally, as companies in Asia-Pacific expand their global footprint, they face the necessity of complying not only with local regulations but also with international standards. This growing need for governance and compliance is leading to the widespread adoption of eGRC solutions in the region.
Key Players
The key players operating in the global enterprise governance, risk and compliance market are IBM Corporation (U.S.), Microsoft Corporation (U.S.), SAP SE (Germany), Dell Inc. (U.S.), SAS Institute Inc. (U.S.), Wolters Kluwer N.V. (Netherlands), Software AG (Germany), Oracle Corporation (U.S.), Mphasis Limited (India), Future Shield Inc. (Canada), SAI360 Inc. (U.S.), OneTrust LLC (U.S.), Blue Umbrella Limited (Hong Kong), MetricStream Inc. (U.S.), and SureCloud Ltd (U.K.).
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/enterprise-governance-risk-and-compliance-market-5702
Key questions answered in the report:
• Which are the high-growth market segments in terms of component, organization size, deployment mode, business function, sector, and geography?
• What is the historical market size for enterprise governance, risk and compliance across the globe?
• What are the market forecasts and estimates for 2024-2030?
• What are the major drivers, restraints, opportunities, and challenges in the global enterprise governance, risk and compliance market?
• Who are the major players in the global enterprise governance, risk and compliance market, and what are their market shares?
• How is the competitive landscape?
• What are the recent developments in the global enterprise governance, risk and compliance market?
• What are the different strategies adopted by the major players in the market?
• What are the geographic trends and high-growth countries?
• Who are the local emerging players in the global enterprise governance, risk and compliance market, and how do they compete with other players?
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Related Articles:
Enterprise Governance, Risk and Compliance Market: https://www.linkedin.com/pulse/enterprise-governance-risk-compliance-grc-market-size-divya-jagtap-hb34f/
Robots-as-a-Service Market: https://www.linkedin.com/pulse/robots-as-a-service-raas-market-projected-reach-valuation-w2ruf/
Industrial Cybersecurity Market: https://www.linkedin.com/pulse/industrial-cybersecurity-market-projected-reach-4953-billion-jagtap-ggv7f/
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Meticulous Market Research Inc.
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