The global enterprise governance, risk and compliance market size is expected to reach USD 88.48 billion by 2027, according to a new report by Radiant Insights, Inc. It is projected to exhibit a CAGR of 14.0% over the forecast period. The need for adherence to compliance across highly scrutinized industries such as BFSI, It and telecom, and oil and gas has necessitated the integration of the enterprise governance, risk & compliance (EGRC) solution. Implementation of GRC solution helps companies avoid financial repercussions and loss of face value among the marketers. Moreover, the tedious task of managing audit, risk, compliance, policy, and security breach is driving the demand for EGRC across enterprises.
The loss of money and reputation due to non-compliance has been a significant setback for company growth across all industries for large, small, and medium enterprises. For instance, the corporate crisis of United Airlines, Nestle, Sony, Equifax, Lululemon Athletica, KFC, Facebook, NiSource, Weinstein, and Company, Wynn Resort are some of the examples indicating huge revenue loss due to a non-compliance. Also, reputational risk due to non-compliance with business policies and ethics often results in irreversible damage to the business.
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The EGRC market is anticipated to witness further growth on account of increasing demand for cost-effective solution to comply with myriad of regulations, such as Occupational Safety and Health Administration (OSHA), Health Insurance Portability and Accountability (HIPAA), GDPR, Foreign Account Tax Compliance Act (FATCA), and Payment Card Industry Data Security Standard (PCI-DSS). The vendors have been updating their EGRC solution and adding functions to support new challenges. In January 2019, XebiaLabs launched security and compliance risk assessment tracking for software to assist in tracking application release status information and asses security and compliance risks related to the failure of product releases, production security vulnerabilities, and IT governance violations. The large enterprises across the world have emerged as the largest revenue contributor in the market enterprise governance, risk and compliance, owing to a higher risk of failure to non-compliance. As large enterprises often engage
in cross border business which makes them vulnerable to local laws differing across countries, thereby also increasing the risk of non-compliance and for EGRC suite.
Further key findings from the report suggest:
• Demand for EGRC solutions in Telecom and IT sector is anticipated to witness the fastest growth over the forecast period owing to dynamic and stringent regulatory policies for the telecom sector
• Revenue from the risk management segment is expected to reach USD 14.42 billion by 2027, attributed to the need for overcoming challenges of revenue loss and data loss risk in the era of confidential and vulnerable data
• North America is expected to dominate the global EGRC market by 2027 owing to the presence of a huge IT hub where enterprises are at constant risk of cyberattacks and communication regulations
• Some of the major players present in the enterprise governance, risk and compliance market are SAP SE; Thomson Reuters; Wolters Kluwer; MetricStream Inc.; and BWise. These players dominate the market owing to their extended product portfolio and updated solution
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Table of Contents
Chapter 1 Methodology and Scope
1.1 Market Segmentation & Scope
1.2. Market Definition
1.3. Information procurement
1.3.1. Purchased database
1.3.2. Radiant Insights internal database
1.3.3. Secondary sources & third-party perspectives
1.3.4. Primary research
1.4. Information Analysis
1.5. Market Formulation & Data Validation
1.7 List Of Abbreviations
Chapter 2 Executive Summary
2.1. Market Outlook
2.2. Segmental Outlook
Chapter 3 EGRC Market Variable, Trend & Scope
3.1. Market Lineage outlook
3.1.1. Realted market outlook
3.2. Penetration & Growth Prospect Mapping
3.3. Enterprise Governanace, Risk, and Compliance- Value Chain Analysis
3.4. Market Dynamics
3.4.1. Market driver analysis
3.4.1.1 Obligatory implementation of GRC solutions in enterprises
3.4.1.2 Increasing adoption of big data and IoT in GRC solutions
3.4.2. Market restraint analysis
3.4.2.1 Cyber security and third-party risks
3.4.3. Industry challenges
3.4.3.1 Dynamic Regulatory Compliance
3.5. Enterprise Governanace, Risk, and Compliance Market Analysis Tools
3.5.1. Industry Analysis - Porter's
3.5.2. PEST Analysis
3.5.3. Major Deals & Strategic Alliances Analysis
3.6 Enterprise Governance, Risk, And Compliance - Key Company Analysis, 2019
Chapter 4 EGRC Market: Component Segment Analysis
4.1 Software
4.1.1 Software EGRC market, 2016 - 2027 (USD Million)
4.2 Services
4.2.1 Services EGRC market, 2016 - 2027 (USD Million)
Continued…
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In 2018, the global Enterprise Governance, Risk, and Compliance (eGRC) market size was million US$ and it is expected to reach million US$ by the end of 2025, with a CAGR of during 2019-2025.
The report sheds light on the highly lucrative Global Enterprise Governance, Risk, and Compliance (eGRC) Market and its diversifying nature.
The report provides a detailed analysis of the market segmentation, size, and share; market dynamics such as the growth drivers, restraints, challenges, and opportunities; service providers, investors, stakeholders, and key market players.
In addition, the report highlights the threat factors that the market will likely encounter over the forecast period.
The report provides detailed profile assessments and multi-scenario revenue projections for the most promising industry participants.
The Global Enterprise Governance, Risk, and Compliance (eGRC) report focus on the latest trends in the global and regional spaces on all the significant components, including the capacity, cost, price, technology, supplies, production, profit, and competition.
Global enterprise governance, risk and compliance market was valued US$ 25.32 Bn in 2017 and is expected to reach US$ 66.76 Bn by 2026, at a CAGR of 12.88% during a forecast period.Global enterprise governance, risk and compliance marketEnterprise governance, risk, and compliance (GRC) is a strategic discipline that enables organizations to identify and protect against all types of risks and also increase operations.The increasing demand for corporate governance, regulatory requirements and compliance are boosting the enterprise governance risk and compliance market.
Moreover, reducing costs, rationalizing controls, identify operational inefficiencies are adding fuel to the growth of the market.
However, lack of awareness and restricted resources is also hampering the growth of enterprise governance, risk and compliance market.
Reducing total cost of ownership of software with integrated solutions to tackle myriad regulations, such as compliance to supply chain, and quality control is expected to key factor driving market growth.
Moreover, growing need for assessment of third-party and supplier risk and audits are likely to boost the market at a major rate.The BFSI sector accounted for a significant market share of over the enterprise GRC market in 2017.
Banks and financial institutions are swamped by regulations introduced as a consequence of the 2008 financial crisis.
