Please Wait.....
Report
Enterprise Governance, Risk And Compliance - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029
Market Report I 2024-02-17 I 120 Pages I Mordor Intelligence
The Enterprise Governance, Risk And Compliance Market size is estimated at USD 18.72 billion in 2024, and is expected to reach USD 33.57 billion by 2029, growing at a CAGR of 12.38% during the forecast period (2024-2029).
Organizations operate in a complex and highly dynamic global environment. Hence, managing risk and compliance due to the impact of the changes around is one of the biggest challenges an organization faces.
Key Highlights
-Enterprise GRC helps ul>
-Enterprise GRC helps organizations anticipate, understand, and holistically manage their risks. As a result, organizations can balance risks and opportunities, make strategic decisions effectively, and respond efficiently to the changes occurring within and outside the enterprise.
-Implementing stringent regulations and mandates by the government across various end-user verticals has increased the need to adopt eGRC solutions that fulfill the need for compliance, audit, risk management, etc.
-Moreover, the rising threats amongst organizations due to digitalization and the sharing of vast data have led to different forms of cyber threats and attacks. Hence, there lies an increasing need for efficiency in financial assessment and cost-saving solutions, which is further expected to fuel the market's growth opportunities. Therefore, the cybersecurity threat is one of the critical drivers for eGRC software adoption.
-However, a lack of awareness about the various benefits of eGRC, especially in small and medium businesses, has hindered market growth. Furthermore, continuous changes in the company's code of conduct and organizational structures are likely to curb market growth.
Enterprise Governance, Risk and Compliance (eGRC) Market Trends
Demand from BFSI segment is expected to Witness Significant Growth
- Ensuring compliance and managing risks have become vital parts of the business goals and the non-negotiated components of corporate strategy. In the present strict regulatory environment, with new mandates and standards coming into effect, the need to conform to the regulatory changes to ensure safety has emerged to be a significant priority for any bank.
- Major banks globally saw a sharp increase in phishing and other related attacks after the pandemic. Multiple banks relaxed security standards to maintain business continuity, including authorizing money transfers via e-mail.
- Moreover, remote employees with access to company information without banks' internal firewall protections and monitoring are among the biggest security threats. This has led the enterprise to be exposed to various sorts of cyberattacks and threats, thereby driving the demand for the market significantly.
- Additionally, cybercriminals have demonstrated their capabilities against the financial sector by exploiting ATMs and defrauding bank customers while also employing such tactics as banking Trojans, launching ransomware attacks, and deploying point-of-sale malware. Thus, as technological advancements have supported most financial services vendors globally, there is a push toward the fundamental need for security and reliability, which is further expected to enhance the market's growth opportunities.
North America Expected to Dominate the Market
- North America accounts for a significant portion of the global demand for enterprise governance, risk, and compliance solutions, owing to the disappearing boundaries in the hyper-extended enterprises.
- With the rise in the hyper-extended enterprises, the security-related risks tend to grow and emerge. This factor has resulted in an increased focus on identity and access management, for which the government in the country is framing stricter regulations. Therefore, enterprises must comply with federal laws, regulations, standards, and governance relevant to identity management.
- North America is projected to continue its dominance in terms of revenue in the forecast period. This is majorly due to the early adoption of enterprise governance, risk, and compliance management solutions in the region. Demand for eGRC solutions is highest in the United States due to stringent corporate governance regulations.
- Moreover, there has been a significant rise in cyber-attacks in the last few years in the region. Also, with the emergence of technologies, such as Big Data, IoT, and cloud-based software, the growth of GRC software is anticipated to propel over the forecast period, driving the market's growth opportunities significantly.
- With the enterprise governance, risk, and compliance strategy, the IT, finance, operations, and legal domains are expected to collaborate on their requirements to apply the same control to different regulations. For instance, the hospitals in the region use the same control to ensure compliance, as enterprise governance, risk, and compliance offer a process that reduces redundancy and repetition and improves efficiency and consistency.
Enterprise Governance, Risk and Compliance (eGRC) Industry Overview
The enterprise governance, risk, and compliance market is a relatively highly competitive and moderately concentrated market. The major companies have been using new product development, acquisition, and collaboration strategies to strengthen their market share. Some of the are as follows:
- June 2023 - MetricStream, a provider of integrated risk management (IRM) and governance, risk, and compliance (GRC) solutions, launched AiSPIRE, the industry's first AI-powered, knowledge-centric GRC product. AiSPIRE would be leveraging large language models, GRC ontology-based knowledge graphs, and generative AI capabilities to unlock the full potential of an organization's existing GRC and transactional data. By providing cognitive insights across all aspects of enterprise GRC, AiSPIRE enables greater efficiency and predictive and data-driven decision-making.
- June 2023: Copyleaks, an AI-based text analysis, plagiarism identification, and AI-content detection platform, launched its Generative AI Governance, Risk, and Compliance (GRC) solution, a full suite of protection to ensure generative AI enterprise compliance, reduce organization-wide risk, and safeguard proprietary data.
Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Stringent Government Regulations and Mandates
4.2.2 Cyber Security Threat Owing to Digitalization
4.3 Market Restraints
4.3.1 Lack of Awareness
4.4 Industry Value Chain Analysis
4.5 Industry Attractiveness - Porter's Five Forces Analysis
4.5.1 Bargaining Power of Suppliers
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Threat of New Entrants
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 Type
5.1.1 Software
5.1.2 Services
5.2 Size of the Enterprise
5.2.1 Small and Medium Enterprise
5.2.2 Large Enterprise
5.3 End-User Industry
5.3.1 BFSI
5.3.2 Healthcare
5.3.3 Manufacturing
5.3.4 IT and Telecom
5.3.5 Other End-User Vertical
5.4 Geography
5.4.1 North America
5.4.2 Europe
5.4.3 Asia-Pacific
5.4.4 Latin America
5.4.5 Middle East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles*
6.1.1 Dell EMC
6.1.2 IBM Corporation
6.1.3 Maclear LLC
6.1.4 MetricStream, Inc.
6.1.5 Future Shield, Inc.
6.1.6 Oracle Corporation
6.1.7 SAP SE
6.1.8 SAS Institute, Inc.
6.1.9 Wolters Kluwer
6.1.10 Software AG
7 INVESTMENT ANALYSIS
8 FUTURE OF THE MARKET
- Not Sure / Need Reassuring
- Confirm Content
-
Content is provided by our partners and every effort is made to make Market Report details as clear as possible. If you are not sure the exact content you require is included in this study you can Contact us to double check. To do this you can:
Use the ‘? ASK A QUESTION’ below the license / prices and to the right of this box. This will come directly to our team who will work on dealing with your request as soon as possible.
Write to directly on support@scotts-international.com with details. Please include as much information as possible including the name of report or link so our staff will be able to work on you request.
Telephone us directly on 0048 603 394 346 and an experienced member of team will be on hand to answer.
-
- Sample Pages
-
With the vast majority of our partners we can obtain Sample Pages to support your decision. This is something we can arrange without revealing your personal details.
It is important to note that we will not be able to provide you the exact data or statistics such as Market Size and Forecasts. Sample pages usually confirm the layout or the Categories included in Charts and Graphs, excluding specific data.
To ask for Sample Pages by contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Check for Alternatives
-
Whilst we try to make our online platform as easy to use as possible there is always the possibility that a better alternative has not been found in your search.
To avoid this possibility Contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346 and a Senior Team Member can review your requirements and send a list of possibilities with opinions and recommendations.
-
- Confirm Content
- Prices / Formats / Delivery
- Prices
-
All prices are set by our partners and should be exactly the same as those listed on their own websites. We work on a Revenue share basis ensuring that you never pay more than what is offered elsewhere.
Should you find the price cheaper on another platform we recommend you to Contact us as we should be able to match this price. You can Contact us though through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Discounts
-
As we work in close partnership with our Partners from time to time we can secure discounts and assist with negotiations, this is part of our personalised service to you.
Discounts can sometimes be arranged for speedily placed orders; multiple report purchases or Higher License purchases.
To check if a Discount is possible please Contact our experienced team through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Available Currencies
-
Most Market Reports on our platform are listed in USD or EURO based on the wishes of our Partners. To avoid currency fluctuations and potential price differentiations we do not offer the possibility to change the currency online.
Should you wish to pay in a different currency to that advertised online we do accept payments in USD, EURO, GBP and PLN. The price will be calculated based on the relevant exchange rate taken from our National Bank.
To pay in a different above currency to that advertised online please Contact our team and a quotation will be sent within a couple of hours with payment details.
-
- Licenses
-
License options vary from Partner to Partner as is usually based on the number of Users that will benefitting from the report. It is very important that License ordered is not breached as this could have potential negative consequences for you individually or your employer.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Global Site License
-
The Global Site License is the most comprehensive license available. By selecting this license, the Market Report can be shared with other ‘Allowed Users’ and any other member of staff from the same organisation regardless of geographic location.
It is important to note that this may exclude Parent Companies or Subsidiaries.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Formats
-
The most common format is PDF, however in certain circumstances data may be present in Excel format or Online, especially in the case of Database or Directories. In addition, for certain higher license options a CD may also be provided.
If you have questions or need clarification about the specific formats we recommend you to Contact us and a detailed explanation will be provided.
-
- Delivery
-
Delivery is fulfilled by our partners directly. Once an order has been placed we inform the partner by sharing the delivery email details given in the order process.
Delivery is usually made within 24 hours of an order being placed, however it may take longer should your order be placed prior to the weekend or if otherwise specified on the Market Report details page. Additionally, if details have been not fully completed in the Order process a delay in delivery is possible.
If a delay in delivery is expected you will be informed about it immediately.
-
- Shipping Charges
-
As most Market Reports are delivered in PDF format we almost never have to add additional Shipping Charges. If, however you are ordering a Higher License service or a specific delivery format (e.g. CD version) charges may apply.
If you are concerned about additional Shipping Charges we recommend you to Contact us to double check.
-
- Prices
- Ordering
- By Credit Card
-
We work in Partnership with PayU to ensure payments are made securely in a fast and effortless way. PayU is the e-payments division of Naspers.
Naspers operates in over 133 International Markets and ranks 3rd Globally in terms of the number of e-commerce customers served.
For more information on PayU please visit: https://www.payu.pl/en/about-us
-
- By Money Transfer
-
If you require an invoice prior to payment, this is possible. To ensure a speedy delivery of the Market Report we require all relevant company details and you agree to maximum payment terms of 30 days from receipt of order.
With our regular clients deliver of the Market Report can be made prior to receiving payment, however in some circumstances we may ask for payment to be received before arranging for the Market Report to be delivered.
-
- By Credit Card
- Security
- Website security
-
We have specifically partnered with leading International companies to protect your privacy by using different technologies and processes to ensure security.
Everything submitted to Scotts International is encrypted via SSL (Secure Socket Layer) and all personal information provided to Scotts International is stored on computer systems with limited access in controlled environments.
-
- Credit Card Security
-
We partner with PayU (https://www.payu.pl/en/about-us) to ensure all credit card payments are made securely in a fast and effortless way.
PayU offers 250+ various payment channels and eWallet services across 4 continents allowing buyers to pay electronically, whether on a computer or a mobile device.
-
- Website security