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The enterprise governance, risk, and compliance (EGRC) solutions market size is forecast to increase by USD 33.73 billion, at a CAGR of 15.2% between 2023 and 2028. Market expansion hinges on diverse factors, such as the escalating necessity to adhere to regulatory mandates, requests for eGRC software from multiple industries, and the fusion of AI and automation within the eGRC framework. Compliance with regulatory standards stands as a critical driver, while industries' heightened interest in eGRC software contributes significantly to market growth. Furthermore, the incorporation of artificial intelligence and automation technologies into eGRC processes further propels the market forward. This confluence of factors not only enhances operational efficiency but also ensures better risk management and governance practices as well as risk analytics across various sectors. As businesses prioritize compliance, software integration, and technological advancements, the eGRC market continues to witness substantial expansion and evolution.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Dell Technologies Inc. - The company offers enterprise governance, risk, and compliance solutions through its subsidiary Dell EMC such as the RSA Archer eGRC management platform to support cross-functional collaboration across the IT, operations, legal, and finance domains.
FutureShield Inc. - The company offers enterprise governance, risk, and compliance to contextualize large volumes of data and collaborate beyond the domain of threats and vulnerabilities, making incident and risk management more broadly relevant to enterprise and operational risk management.
International Business Machines Corp. - The company offers enterprise governance, risk, and compliance solutions such as IBM Security Active Governance Services plus Xacta for automating and centralizing ITRM operations across the enterprise.
The eGRC solutions market research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The market share growth by the large enterprise segment will be significant during the forecast period. Governance, risk, and compliance (eGRC) solutions help centralize and streamline governance and compliance efforts across these complex operations. A wide range of rules, industry standards, and global compliance requirements apply to big undertakings.
The large enterprise segment showed a gradual increase in the market share of USD 14.77 billion in 2018. Enterprise governance, risk, and compliance (eGRC) solutions provide a systematic way to monitor and ensure adherence to these complex regulations. Efficient management and protection are needed in order to handle the vast volume of data that major companies generate. Due to the diverse operations and multiple systems within large enterprises, integration of data and processes is often challenging. EGRC solutions market automates manual processes, reducing the administrative burden of managing governance, risk, and compliance. It is expected to drive the growth of the large enterprise segment of the global eGRC solutions market during the forecast period.
North America is estimated to contribute 40% to the growth during the forecast year. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period.
The country has taken various measures to regularize losses and address the impact of various uncertainties surrounding businesses. In the US, financial service providers are adopting integrated data platforms, which rationalize their internal and external data sources and assist in collecting relevant consumer information. It is becoming increasingly apparent that enterprises are adopting business solutions that not only perform effectively but also make it easy for them to implement. The development of various data virtualization tools, such as composite software and social analytics software, has led to an improvement in fast decision-making and real-time targeting.
The eGRC solutions market is driven by Microsoft and SAP SE, offering cutting-edge platforms like Azure Purview and SAP GRC infused with AI. Financial institutions and SMBs are major adopters, adhering to GRC standards such as HIPAA, GDPR, and COBIT. Challenges encompass data security, regulatory complexities, and evolving GRC frameworks amidst rapid technology advancements.
The increased need to comply with regulatory requirements in driving growth in the enterprise governance, risk, and compliance (eGRC) solution market. For the purposes of managing corporate data, organizations are obliged to comply with regulatory requirements. Organizations in the healthcare, insurance, and banking sectors have developed new data-sharing policies that act in accordance with external regulations as they deal with vulnerable information. In order to accommodate all changes in the requirements of enterprises, regulation reforms shall be revised on a regular basis.
However, it has a negative impact on overall productivity by making it more difficult for companies to comply with the regulations. Thus, enterprises are adopting a cloud-based enterprise governance, risk, and compliance (eGRC) solutions platform to ensure regulatory compliance and gain a competitive edge in the market. Such factors are expected to drive enterprise governance, risk, and compliance solutions market growth during the forecast period.
The advent of big data and analytics services is a key trend in the eGRC solution market. Analytics is a very important trend in the IT services industry. Analytical tools help numerous industries, including BFSI, retail, telecommunications, and healthcare, to make key decisions at organizational levels to improve customer service.
Moreover, with the adoption of advanced technologies and cloud services, most SMEs and large-scale enterprises are witnessing a rise in the volume of the data generated. Digitalizing information, like citizens' digital records, is becoming common for governments worldwide in order to understand their customers better. Since the use of analytical tools ensures data security, there will be a high demand for enterprise governance, risk, and compliance solutions during the forecast period.
The increasing data privacy and security concerns are a major challenge in an enterprise governance, risk, and compliance (eGRC) solution market. Business data is very sensitive. Therefore, the issue of data security has always been a concern for organizations. Service providers are given limited access to companies' business data to use cloud computing. Despite the fact that cloud service providers ensure top-level security standards and industry certification, storing data and important files with an external service provider always makes data vulnerable to risks.
Moreover, growing volumes of business data are increasing security breach incidents. With data digitization, privacy breaches are on the rise. Organizations such as banks, corporations, and insurance companies are suspicious of sharing business-critical data with cloud solution providers. Few factors are expected to hinder enterprise governance, risk, and compliance solutions market growth during the forecast period.
The market forecasting report includes the adoption lifecycle of the market research and growth, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and trends strategies.
Global Market Customer Landscape
The enterprise governance, risk, and compliance solutions market is experiencing rapid growth driven by various factors. Financial institutions and small and medium-sized businesses (SMBs) are increasingly adopting integrated software solutions to streamline their governance, risk, and compliance processes. This trend is further fueled by the need to adhere to GRC standards such as Sarbanes Oxley Act, HIPAA, GDPR, and COBIT. Moreover, cutting-edge technologies like AI, IoT analytics, and Blockchain are being integrated into eGRC solutions, enabling predictive analytics, real-time monitoring, and data-driven decision-making. Global IT giants are dominating the eGRC solutions market with their comprehensive compliance management, policy management, audit software management, and incident management capabilities.
Furthermore, industries ranging from transportation and logistics, energy and utility, IT and telecom, to construction and engineering, retail and consumer goods, and mining and natural resources are leveraging eGRC solutions to enhance productivity and business processes while ensuring intelligent cloud integration and privacy protection. With a focus on enterprise risk management, corporate compliance, workflow automation, and continuous monitoring, eGRC solutions address regulatory policies, external reporting obligations, and security needs. This holistic approach not only mitigates financial risks but also safeguards brand image and fosters technological advancements across industries like manufacturing and marketing through data analysis capabilities.
Market Scope |
|
Report Coverage |
Details |
Page number |
174 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 15.2% |
Market growth 2024-2028 |
USD 33.73 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
12.9 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 40% |
Key countries |
US, Germany, UK, China, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Dell Technologies Inc., Diligent Corp., FutureShield Inc., Ideagen, International Business Machines Corp., LogicManager Inc., Maclear LLC, MetricStream Inc., Microsoft Corp., Mphasis Ltd., NAVEX Global Inc., OneTrust LLC, Oracle Corp., ProcessGene Software Ltd., Refinitiv, SAI360 Inc., SAP SE, SAS Institute Inc., Software AG, and Wolters Kluwer NV |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for market forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Component
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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