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Global Enterprise Governance, Risk and Compliance (eGRC) Market Growth Prospects, Future Industry Landscape 2033
Enterprise Governance, Risk and Compliance (eGRC) Global Market Report 2024
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According to The Business Research Company's, The enterprise governance, risk and compliance (EGRC) market size has grown rapidly in recent years. It will grow from $36.56 billion in 2023 to $41.52 billion in 2024 at a compound annual growth rate (CAGR) of 13.6%. The growth in the historic period can be attributed to risk management requirements, data security concerns, globalization challenges, audit and accountability needs, operational efficiency.
The enterprise governance, risk and compliance (EGRC) market size is expected to see rapid growth in the next few years. It will grow to $71.29 billion in 2028 at a compound annual growth rate (CAGR) of 14.5%. The growth in the forecast period can be attributed to cybersecurity threat landscape, climate and sustainability considerations, real-time monitoring and reporting, resilience planning. Major trends in the forecast period include regulatory technology (regtech) evolution, advanced analytics and AI, technology integration, emphasis on cybersecurity risk, regulatory technology (regtech) integration.
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Market Drivers and Trends:
Increasing cyber-attack incidents are expected to propel the growth of the enterprise governance, risk, and compliance (eGRC) market going forward. A cyber-attack refers to any attempt to gain unauthorized access to a computer, computing system, or computer network with the intent to cause damage. Organizations globally are adopting eGRC solutions to leverage numerous features such as risk and compliance management, business resiliency applications, and financial audit management. For instance, according to a report published by SonicWall, a US-based cybersecurity company, there has been a 105% surge in ransomware cyberattacks in 2021. Governments saw an 1885% increase in cyberattacks, while the healthcare industry faced a 755% increase in cyberattacks in 2021. Therefore, the increasing cyber-attack incidents are driving the enterprise governance, risk, and compliance (eGRC) market growth.
Technological advancements are a key trend gaining popularity in the enterprise governance, risk, and compliance (eGRC) market. Major companies operating in the enterprise governance, risk, and compliance market are focused on developing new technological solutions to strengthen their position. For instance, in January 2022, MetricStream, a US-based software company operating in the integrated risk management (IRM) and governance, risk, and compliance (GRC), launched an AI (artificial intelligence), deep domain capabilities, and risk quantification capabilities embedded solution, ConnectedGRC for addressing several urgent business challenges related to risk, compliance, audit, cyber risks, and environmental, social, and governance (ESG). With MetricStream's integrated GRC software, professionals can collaborate more effectively, share information, and manage risk quantitatively. ConnectedGRC offers three distinct product lines including BusinessGRC, CyberGRC, and ESGRC.
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Major Key Players of the Market:
Microsoft Corporation, The Archer-Daniels-Midland Company, The International Business Machines Corporation, Oracle Corporation, SAP SE, Thomson Reuters, Wolters Kluwer N.V., SAS Institute Inc., RSA Security LLC, Workiva, OneTrust LLC, MetricStream Inc., NAVEX Global Inc., Sword GRC, Riskonnect Inc., Resolver Inc., ACL Services Ltd., Convercent, ProcessUnity Inc., SureCloud, Lockpath, LogicManager Inc., Cura Software, LogicGate Inc., SAI Global, Quantivate LLC, Alyne GmbH, CyberSaint Security, 360factors Inc., ConvergePoint Inc., Bwise Beheer B.V.
Enterprise Governance, Risk and Compliance (eGRC) Market 2024 Key Insights:
• The enterprise governance, risk and compliance (EGRC) market size is expected to see rapid growth in the next few years. It will grow to $71.29 billion in 2028 at a compound annual growth rate (CAGR) of 14.5%.
• Escalating Cyber-Attack Incidents Propel Growth In The Enterprise Governance, Risk, And Compliance (eGRC) Market
• Embracing Technological Advancements In The Enterprise Governance, Risk, And Compliance (eGRC) Market
• North America was the largest region in the enterprise, governance, risk, and governance (eGRC) market in 2023
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