Enterprise Governance Risk & Compliance Market

Enterprise Governance, Risk & Compliance Market is projected to reach USD 74 billion by 2028, exhibiting a CAGR of 10.4% during forecast period.

Introduction of the Enterprise Governance, Risk & Compliance Market Report

Enterprise governance, risk & compliance refer to a strategy that manages an organization’s overall governance, enterprise risk management, and compliance by complying with regulations. GRC is a structured approach that aligns the IT sector with retaining the business objectives effectively by managing risk and meeting compliance requirements. It helps reduce the risk exposure and create new opportunities that allow for the growth and development of the businesses based on the measured analysis.

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Market Dynamic

Key Drivers and Emerging Trends

The factors driving the global enterprise governance, risk & compliance market include increasing penetration of the smart and connected IoT devices around the globe due to industrialization and digitalization have propelled the market growth. For instance, according to the We Forum Organization, IoT connected devices sale increased to 21 Billion and is projected to reach 41 Billion by 2025 with the surge in modern technology devices. Also, the rising adoption of digital platform companies with a surge in digital capitalizations around the globe has propelled the market growth to mitigate the risk and compliances of the companies. For instance, according to the UNCTAD Organization Report in 2019, the global digital market capitalization reached USD 7 trillion, increasing to USD 100 Million per year due to the rapid adoption of digital technologies. Thus, IT and telecommunication operations are being managed to ensure that it meets compliance and risk standards. Digital tools can also help determine and mitigate risks associated with the use, involvement, influence, ownership, operation, and adoption of IT within a company.

Restraint in the Enterprise Governance, Risk & Compliance Market

However, different regulatory policies in various countries to govern and operate the businesses across the globe may hamper the global enterprise governance, risk & compliance market. Some countries such as the United States, France, and Germany have strict government rules and regulation regarding the structure of policies that varies from business to businesses which hinder the market growth.

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Type – Segment Analysis

Based on the type, policy management is expected to grow at the fastest rate in the global enterprise governance, risk & compliance market during the forecast period owing to rising adoption in the SMEs and rising digital companies through the resources across the globe. With policy management software, it is easier than ever to update organization forms easily. It helps in staff management, automating the workflow & save time, exportable audit-ready reports, and maintaining staff accountability.

Component – Segment Analysis

Based on the component, the solution is projected to capture the largest market share over the forecast period in the global enterprise governance, risk & compliance market due to the rising adoption and launching of the new technology software and platform for digital companies. For instance, in 2018, Thomson Reuters launched the compliance management solution to help organizations execute, streamline, and monitor their regulatory and compliance programs.

End-User – Segment Analysis

Based on the End-User, BFSI is expected to capture the largest market share in the global enterprise governance, risk & compliance market in upcoming years owing to the rise in consumer awareness and increasing adoption of digital technologies for banking around the globe.

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Regional – Segment Analysis:

Based on the region, the North America region is expected to capture a significant market share in the global enterprise governance, risk & compliance market in 2020 due to the presence of the leading companies such as Google, IBM, Microsoft, and Oracle with the growing number of the digital platform companies. The global Enterprise Governance, Risk & Compliance has the highest demand in the BFSI sector due to increasing concern related to cybersecurity and the surge in threat of the data breaches in this region. Also, the United States has strict rules and regulations such as antitrust law to implement the new business that needs to comply properly the enterprise governance, risk, and compliances market demand.

Top Market Players

Various notable players operating in the market, include Ideagen, SAP SE, SAS Institute, NAVEX Global, Software AG, LogicManager, RSA Archer, Alyne, ProcessGene, MEGA International, MetricStream, Inc., Oracle, Thomson Reuters, Wolters Kluwer, IBM, and among others. 

Key Developments:

• • In 2021, IBM launched a new module IBM OpenPages Data Privacy Management platform, that enables organizations to meet new data privacy challenges. This module provides users with a unified view of all of the private data assets across the organization and enables users to run privacy assessments.
  • In 2021, ServiceNow launched Now Platform Quebec with the latest version with AI capabilities and new low-code app development tools. It empowers customers to innovate quickly, improve productivity and deliver excellent experiences.
  • In 2021, Microsoft partnered with PwC to address the requirement for transformed risk practices using advanced artificial intelligence (AI) and analytics. PwC’s new Risk Command suite of products creates an enhanced armor of functionality around a core platform.

Segments covered in the Report:

The global enterprise governance, risk & compliance market has been segmented on the basis of type, component, enterprise type, end-user and key regions. Based on type, the market is segmented into audit management, policy management, risk management, and compliance management. Based on component, the market is segmented into services, software, and solution. Based on enterprise type, the market is segmented into SMEs, and large scale enterprises. Based on end-user the market is segmented into BFSI, building & construction, energy & utilities, healthcare, government, retail & consumer goods, telecom & it, transportation & logistics and others. 

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Key questions answered in this research report:

• • At what pace is global Enterprise Governance, Risk & Compliance market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Enterprise Governance, Risk & Compliance market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Enterprise Governance, Risk & Compliance market?
  • Which type generated maximum revenues in 2020 and identifies the most promising Type during the forecast period?
  • What are the various end-users of global Enterprise Governance, Risk & Compliance market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Enterprise Governance, Risk & Compliance Market by Type

• • Audit Management
  • Policy Management
  • Risk Management
  • Compliance Management

Global Enterprise Governance, Risk & Compliance Market by Component

• • Services
  • Software
  • Solution

Global Enterprise Governance, Risk & Compliance Market by Enterprise Type

• • SMEs
  • Large Scale Enterprises
  • Mechanical

Global Enterprise Governance, Risk & Compliance Market by End-User

• • BFSI
  • Building and Construction
  • Energy and Utilities
  • Healthcare
  • Government
  • Retail & Consumer Goods
  • Telecom & IT
  • Transportation & Logistics
  • Others

Global Enterprise Governance, Risk & Compliance Market by Region

• • North America Enterprise Governance, Risk & Compliance Market (Option 1: As a part of the free 25% customization)
    • North America Enterprise Governance, Risk & Compliance Market by Type
    • North America Enterprise Governance, Risk & Compliance Market by Component
    • North America Enterprise Governance, Risk & Compliance Market by Enterprise Type
    • North America Enterprise Governance, Risk & Compliance Market by End-User
    • US Enterprise Governance, Risk & Compliance Market All-Up
    • Canada Enterprise Governance, Risk & Compliance Market All-Up
  • Europe Enterprise Governance, Risk & Compliance Market (Option 2: As a part of the free 25% customization)
    • Europe Enterprise Governance, Risk & Compliance Market by Type
    • Europe Enterprise Governance, Risk & Compliance Market by Component
    • Europe Enterprise Governance, Risk & Compliance Market by Enterprise Type
    • Europe Enterprise Governance, Risk & Compliance Market by End-User
    • UK Enterprise Governance, Risk & Compliance Market All-Up
    • Germany Enterprise Governance, Risk & Compliance Market All-Up
    • France Enterprise Governance, Risk & Compliance Market All-Up
    • Spain Enterprise Governance, Risk & Compliance Market All-Up
    • Rest of Europe Enterprise Governance, Risk & Compliance Market All-Up
  • Asia-Pacific Enterprise Governance, Risk & Compliance Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Enterprise Governance, Risk & Compliance Market by Type
    • Asia-Pacific Enterprise Governance, Risk & Compliance Market by Component
    • Asia-Pacific Enterprise Governance, Risk & Compliance Market by Enterprise Type
    • Asia-Pacific Enterprise Governance, Risk & Compliance Market by End-User
    • China Enterprise Governance, Risk & Compliance Market All-Up
    • India Enterprise Governance, Risk & Compliance Market All-Up
    • Japan Enterprise Governance, Risk & Compliance Market All-Up
    • Rest of APAC Enterprise Governance, Risk & Compliance Market All-Up
  • RoW Enterprise Governance, Risk & Compliance Market (Option 4: As a part of the free 25% customization)
    • RoW Enterprise Governance, Risk & Compliance Market by Type
    • RoW Enterprise Governance, Risk & Compliance Market by Component
    • RoW Enterprise Governance, Risk & Compliance Market by Enterprise Type
    • RoW Enterprise Governance, Risk & Compliance Market by End-User
    • Brazil Enterprise Governance, Risk & Compliance Market All-Up
    • South Africa Enterprise Governance, Risk & Compliance Market All-Up
    • Saudi Arabia Enterprise Governance, Risk & Compliance Market All-Up
    • UAE Enterprise Governance, Risk & Compliance Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Enterprise Governance, Risk & Compliance Market All-Up

Major Players Operating in the Enterprise Governance, Risk & Compliance (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Ideagen
  • SAP SE
  • SAS Institute
  • NAVEX Global
  • Software AG
  • LogicManager
  • RSA Archer
  • Alyne
  • ProcessGene
  • MEGA International
  • MetricStream, Inc.
  • Oracle
  • Thomson Reuters
  • Wolters Kluwer
  • IBM