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Enterprise Governance Risk And Compliance Market

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Enterprise Governance Risk And Compliance Market By Component By Type By Services By Enterprise Size By Industry Verticals And By Regions

PwC Performance Governance, Risk and Compliance

The latest findings and offering on the enterprise governance, risk, and compliance market released by Facts & Factors cover the entire market summary in a neatly titled Global Enterprise Governance, Risk, And Compliance Market report. The current study estimates the global enterprise governance, risk, and compliance market to be valued at USD 32.1 Billion in the year 2020 and will grow at an estimated CAGR rate of 10.8% to an overall value of USD 61.2 Billion in the year 2026.

Global Enterprise Governance Risk And Compliance Market Definition

Enterprise governance, risk, and compliance refer to the structured strategy that is adopted by enterprises in order to manage their governance, enterprise risk management, and corporate compliance with applicable regulations while effectively maintaining business objectives. eGRC helps enterprises to achieve anticipated goals through the automation of workflow, while simultaneously ensuring that is adherence to policy guidelines and government regulations.

With growing complexities surrounding stringent regulatory policies and changing external reporting obligations, business scenarios, and security needs, more businesses across the globe are seeking unprecedented requirements for governance, risk, and compliance management at an enterprise level. More companies are realizing that the enablement of enterprise governance, risk, and compliance processes through technology is valuable in achieving business goals and strategies. Enterprise governance, risk, and compliance reduces overall financial risks and helps maintain the companys brand image.

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Egrc Solutions Offering Real

Old-school enterprise governance, risk and compliance solutions have little capability to grow with ever-increasing manufacturing and business needs. As compared to these solutions, modern enterprise governance, risk and compliance solutions are scalable, flexible, and agile.

These systems are worth their initial investments, as they provide a strong framework, due to which, one is able to eliminate needs to start from scratch when the business proliferates or the quality check process evolves over time. With the help of eGRC solutions, one can not only capture and accumulate real-time data while on the move, but can also give access to subsequent reports or data to anyone in the organisations.

Thus, one can track quality on a mobile device security, a factor that is driving the demand for enterprise governance, risk and compliance solutions across the globe.

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The Analysis Objectives Of The Report Are:

  • To equitably share in-depth info regarding the crucial elements impacting the increase of industry .
  • To know the Enterprise Governance, Risk and Compliance Market by pinpointing its many subsegments.
  • To profile the important players and analyze their growth plans.
  • To endeavor the amount and value of Enterprise Governance, Risk and Compliance sub-markets, depending on key regions .
  • To analyze Enterprise Governance, Risk and Compliance Market concerning growth trends, prospects, and also their participation in the entire sector.
  • To examine and study the Enterprise Governance, Risk and Compliance Market size from the company, essential regions/countries, products, and application, background information from 2013 to 2018, and also prediction to 2029.
  • Primary worldwide Enterprise Governance, Risk and Compliance Market manufacturing companies, to specify, clarify and analyze the product sales amount, value and market share, market rivalry landscape, SWOT analysis and development plans next coming years.
  • To examine competitive progress such as expansions, arrangements, new product launches, and acquisitions on the market.

For the Enterprise Governance, Risk and Compliance Market research study, the following years have been considered to estimate the market size:

Particular

Enterprise Governance Risk And Compliance Market By Geography

Enterprise Governance, Risk and Compliance (eGRC) Market ...

North America

To Get Summarized Market Report By Country:-

On the basis of regional analysis, the Global Enterprise Governance, Risk, and Compliance Market are classified into North America, Europe, Asia Pacific, and the Rest of the World . North America dominated the Global Enterprise Governance, Risk, and Compliance Market in 2019. North America is witnessing the adoption of high technology in almost every part of business sectors, and therefore it is considered as the primary driving factor to upsurge the growth of implementation of the enterprises, governance, risks, and compliance in the North American market. The majority of the supplier in this region is engaged in developing the products and services based on the artificial intelligence , analytics, natural language processing , and Machine Learning and therefore anticipated to propel the region in the market growth.

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Why Are Grc And Egrc Important

GRC and EGRC help organizations manage risk across an enterprise and prepare safeguards those against risks.By having the correct mechanisms in place to identify, manage, measure, and anticipate risks, executive management can prepare policies and institute procedures to minimize risks and their impacts.GRC and EGRC result in streamlined processes and standardized workflows.In the process of creating the policies and procedures to minimize risks, enterprises develop workflows. This way, when a company encounters the backlash of a risk, there is already a solution and course of action set out for employees to follow.GRC and EGRC buffers a company against regulatory scrutiny and errors.So that companies can comply with regulatory rules and reduce the risk of material errors, they are forced to institute the proper checks and balances around data. These prevent errors from making their way into regulatory reports, affecting decisions, and negatively impacting the organization.GRC and EGRC ensure that controls and systems are in place so data is consistent across the enterprise.GRC policies can take on different shapes. When it comes to the treatment of financial data in a complex enterprise setting, the necessary software must be put into place to prevent errors from making their way through the chain of data into reports.

Key Questions Answered In This Report

  • What was the market size of enterprise governance, risk and compliance in 2017 and forecast up to 2026?
  • Which is largest regional market for enterprise governance, risk, and compliance?
  • What are the key market trends observed in the enterprise governance, risk and compliance market?
  • Which are the most promising solution, deployment model and industry verticals in enterprise governance, risk and compliance solution market?
  • Who are the key players leading the market?
  • What are the key strategies adopted by the leading players in market?
  • What are the key industrial vertical trends across different geographies and sub-geographies?

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Enterprise Governance Risk & Compliance Market Growth & Trends

The global enterprise governance, risk & compliance market size is expected to reach USD 97.3 billion by 2028, according to a new report by Grand View Research, Inc., recording a CAGR of 13.7% over the forecast period. The growing need to comply with regulations related to data privacy, business function, and IT infrastructure has compelled industries, such as BFSI, IT & telecom, and oil & gas, to adopt enterprise governance, risk & compliance solutions. For instance, the BFSI sector is required to comply with regulations that safeguard the interest of investors. Non-compliance can lead to huge monetary losses or cancellation of operating licenses.

Moreover, EGRC offers a range of benefits, such as efficient management of policies, audits, compliances, risks, and incident response, enabling companies to effectively safeguard their operations. All these factors are contributing to the growing demand for EGRC across enterprises. The integration of analytics and big data technology with EGRC solutions has resulted in enhanced operational features, offering new growth prospects for the market.

Egrc Market: Competition Landscape

HCL BRiCS (Business Risk Intelligence & Compliance solution) Framework for eGRC
  • Detailed profiles of providers of eGRC have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
  • Key players operating in the global eGRC market are
  • Alyne GmbH

List of Tables

Table 1: Product Development, Partnership, Acquisition & Expansion

Table 2: Global eGRC Market Size Forecast, By Solutions, 2018 â 2030

Table 3: Global eGRC Market Size Forecast, By Solutions, By Software/ Platform, 2018 â 2030

Table 4: Global eGRC Market Size Forecast, By Enterprise Size, 2018 â 2030

Table 5: Global eGRC Market Size Forecast, By End-user, 2018 â 2030

Table 6: Global eGRC Market Size Forecast, By Region, 2018 â 2030

Table 7: North America eGRC Market Size Forecast, By Solutions, 2018 â 2030

Table 8: North America eGRC Market Size Forecast, By Solutions, By Software/ Platform, 2018 â 2030

Table 9: North America eGRC Market Size Forecast, By Enterprise Size, 2018 â 2030

Table 10: North America eGRC Market Size Forecast, By End-user, 2018 â 2030

Table 11: North America eGRC Market Size Forecast, By Country, 2018 â 2030

Table 12: Europe eGRC Market Size Forecast, By Solutions, 2018 â 2030

Table 13: Europe eGRC Market Size Forecast, By Solutions, By Software/ Platform, 2018 â 2030

Table 14: Europe eGRC Market Size Forecast, By Enterprise Size, 2018 â 2030

Table 15: Europe eGRC Market Size Forecast, By End-user, 2018 â 2030

Table 16: Europe eGRC Market Size Forecast, By Country, 2018 â 2030

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Enterprise Governance Risk And Compliance Market By Application

Construction and Engineering

To Get Summarized Market Report By Application:-

Based on Application, the market is segmented into Construction and Engineering, Energy and Utility, BFSI, Retail and Consumer Goods, Transportation and Logistics, IT and Telecom, and Others. BFSI accounted for the largest market share in 2019 followed by IT and Telecom. With the penetration in technological innovations, the banking finance service and insurance are intended to operate the functions with the integration of data and technology architecture to manage the emerging risk landscape. Enterprise governance, risk, and compliance play a vital role in providing compliance with finance-related mandates and heads exact operations with respect to the financial process.

How To Improve Egrc:

  • Plan for the future using real-time performance data, forecasts, and models.
  • Create business scenarios based on economic or environmental changes.
  • Standardize procedures company-wide.
  • Anticipate business risks based on qualitative data, financial and non-financial information.
  • Place controls on data.
  • Develop internal controls and standardized workflow.
  • Monitor business metrics.
  • Equip your people with the processes and technology to maintain compliance and manage risks.

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Key Restraints Of Egrc Market

  • Issues related to cloud-based software models and network transmissions: Enterprise governance, risk and compliance software models, which majorly rely on cloud-based solutions are vulnerable to data leakage or breaches, service impairment, and service interruption. End user experience may also be affected by unsteady network transmissions at some places, and this can limit the reach of cloud-based solutions that include cloud-based and hybrid software models.

Incorporation of AI technologies in eGRC Solutions

  • Increasing volume of data and information offers wide-ranging opportunities such as risk, audit, and governance & compliance for corporate professionals to improve their operational performance. Moreover, the growing requirement to analyze data storage to identify risk and present it to stakeholders or investors at the right time has become essential. In order to help enterprises meet these requirements, various software providers offer AI-based eGRC solutions to meet wide-ranging regulatory & compliance requirements.
  • AI-based eGRC solutions integrated with various analytical tools and business intelligence aid enterprises to extract insights from massive amount of data and thus make well-versed decisions. AI-based eGRC solutions can also automate several business tasks that connect with risk management.
  • Thus, rapid incorporation of AI technologies in eGRC solutions is expected to enhance the growth of the eGRC market during the forecast period worldwide

Report Scope By Segments

Enterprise Governance Risk and Compliance Market To ...

Enterprise governance, risk and compliance market report provides market size and estimates based on market dynamics and key trends observed in the industry. The report provides a holistic view of global enterprise governance, risk and compliance market based on solution, deployment model, industrial vertical and geography. Key segments covered in the report are as follows:

ATTRIBUTE

Geography Segment North America Europe Asia Pacific Rest of World , Latin America)

Key players of global enterprise governance, risk and compliance market include SAP SE, Dell Inc., Oracle Corporation, Wolters Kluwer N.V., International Business Machines Corporation, Fidelity National Information Services, Inc., Deloitte Touche Tohmatsu Ltd., MetricStream, Inc., Thomson Reuters Corporation, Maclear LLC, Microsoft Corporation, BWise, Software AG, RSA Archer and others.

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High Demand For Risk Management In Digital Era To Bolster Market Growth

The significant progress in computing power and the arrival of the digital era are likely to play a key role in boosting the global eGRC market during the assessment period. The significant rise in the use of number of interactive devices, including smartphones, tablets, and cameras has resulted in an exponential rise in the volume of data being exchanged internally as well as externally across various business organizations. The exponential rise in the volume of data has resulted in the development of data analytics and digital tools, including eGRC solutions. Personalization or customization is projected to remain a key area across the eGRC market that the companies are likely to focus on to gain a competitive edge. The entry of various financial digital channels is another factor that is expected to propel the demand for eGRC solutions during the forecast period.

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High Implementation Cost Restricting Market Growth

Various organizations are hesitant to invest on enterprise governance, risk and compliance technology in emerging markets due to high capital investment and lack of awareness about the long-term benefits of implementing enterprise governance, risk and compliance to solution providers and other operational processes.

Furthermore, weak government funding for industrial research, lack of technological roadmap, no clear vision for investment communities, and absence of national strategy for enterprise governance, risk and compliance solutions are some of the key factors that are expected to hamper the growth of the eGRC market.

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Role Of Egrc Solutions Amid Covid

A large number of industries has suffered immense losses during the ongoing COVID-19 pandemic. Furthermore, several industries were gradually investing in eGRC solutions, the onset of the COVID-19 pandemic is expected to create uncertainty in the current eGRC market landscape. Business organizations are projected to evaluate potential areas that are expected to incur heavy losses due to the COVID-19 pandemic to safeguard valuable assetsâ a factor that could increase the demand for eGRC solutions amid the ongoing COVID-19 crisis. The significant rise in remote working is another factor that is likely to augment the demand for eGRC solutions, which, in turn, is anticipated to have a direct impact on the expansion of the global eGRC market.

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Analystsâ Viewpoint

The global eGRC market is expected to expand at a staggering CAGR of ~11% during the forecast period. The market growth can be primarily attributed to a number of factors including significant rise in the adoption of IT technologies across various end-use industries, surge in demand for GRC solutions from the BFSI sector, and focus on improving data security and preventing fraudulent activities. The advent of new IT technologies is anticipated to play a key role in shaping the global eGRC market during the assessment period.

Frequently Asked Questions :

The Architecture of GRC

What is the definition of Enterprise, Governance, Risk, and Compliance ?

eGRC is the umbrella term that covers an organizations approach across the areas of GRC. GRC typically encompasses activities such as corporate governance, enterprise risk management, and corporate compliance with applicable laws and regulations. It allows organizations to achieve their desired goals through automation of workflows, while complying with policy guidelines and government regulations, thereby reducing financial risks as well as safeguarding the companys brand image. The latest development of Artificial Intelligence -enabled eGRC solutions would enhance the compliance process, making it more effective.

What is the market size of the eGRC market?

The global eGRC market size is projected to grow from USD 36.1 billion in 2021 to USD 60.7 billion by 2026, at a Compound Annual Growth Rate of 10.9% during the forecast period.

What are the key dynamics of the eGRC market?

The major factors fuelling the eGRC market growth include the growing need to meet stringent compliance mandates and get a holistic view of the increasing need to get a comprehensive view of policy, compliance, risk-related data, and increasing data and security breaches. Moreover, the growing integration of Artificial Intelligence and blockchain technologies with Governance Risk Compliance solutions would provide opportunities for eGRC vendors.

Who are the key market players in the eGRC market?

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Global Enterprise Governance Risk And Compliance Market: Overview

Enterprise governance, risk, and compliance is a concept of tackling governance, mitigating risks, and compliances for an enterprise or an organization by creating a wider set of policies that provide policies, procedures, regulatory controls, risk assessment controls, risk monitoring measures, and internal controls to name a few. These mechanisms identify the correct mechanisms in order to identify, manage, and anticipate incoming risks so that the upper management can induce policies and institute procedures for minimizing risks.

Enterprise Governance Risk And Compliance Market Report Overview

Enterprise governance, risk and compliance market garnered a revenue of USD 28.9 billion in the year 2019 globally and has been foreseen to yield USD 67.3 billion by the year 2027 at a compound annual growth of 14.2% over the forecast period. The market has been observed to be growing at a steady growth rate over the last three years, however with the impact of COVID-19 pandemic globally, the business conditions are expected to change. The market size may reduce significantly or increase with a spike depending on how the value chain has been affected in the entire process.

Players that are operational in the market for a longer period of time are anticipated to absorb the sudden changes, losses and increased operational costs better than those who have recently entered the market. The report focuses on numerous factors that are anticipated to impact the market growth directly and indirectly. The report categorically analyses the growth patterns of different segments based on multiple derivation models.

What to expect from the report?

  • Enterprise Governance, Risk and Compliance Total Available Market Size
  • Enterprise Governance, Risk and Compliance Serviceable Available Market Size
  • Business Implications of COVID-19 on the Overall Market
  • Overview & Analysis of Key Players Operating in the Market

Key Highlights:

Enterprise Governance, Risk & Compliance Market Segmentation:

  • Software
  • Audit Management

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