Enterprise Governance, Risk, and Compliance Market Size Projected to Garner USD 44.2 Billion by 2032 growing at 12.7% CAGR - Exclusive Report by Acumen Research and Consulting
The Global Enterprise Governance, Risk, and Compliance (eGRC) Market Size is predicted to reach USD 44.2 Billion by 2032 from USD 13.6 Billion in 2022, at a CAGR of 12.7% between 2023 and 2032, as per the Acumen Research and Consulting
In recent years, enterprise governance, risk, and compliance (eGRC) have become increasingly vital in various industries due to heightened regulatory scrutiny, evolving business landscapes, and complex global markets. Organizations are recognizing the critical importance of robust eGRC frameworks to ensure operational resilience, protect against risks, and maintain compliance with a myriad of regulations. The interconnected nature of today's business environment, coupled with rapid technological advancements, has amplified the need for comprehensive eGRC strategies that encompass not only regulatory compliance but also risk management and corporate governance.
One key driver behind the increasing adoption of eGRC practices is the growing complexity of regulatory requirements across different jurisdictions. With regulations constantly evolving and becoming more stringent, organizations must navigate a complex web of compliance mandates, spanning industries such as finance, healthcare, and cybersecurity. Failure to comply with these regulations can result in severe financial penalties, reputational damage, and legal liabilities. As a result, businesses are investing in sophisticated eGRC solutions and technologies to streamline compliance processes, monitor regulatory changes, and mitigate compliance risks effectively.
Enterprise Governance, Risk, and Compliance Market Statistics
- Global enterprise governance, risk, and compliance market value was worth USD 13.6 Billion in 2022, with a 12.7% CAGR from 2023 to 2032
- North America enterprise governance, risk, and compliance market share occupied around 31% in 2022
- Asia-Pacific region is expected to expand at the highest CAGR between 2023 and 2032
- By component, the software segment captured the largest market share in 2022
- Growing adoption of digital transformation initiatives, propel the enterprise governance, risk, and compliance market revenue
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Enterprise Governance, Risk, and Compliance Market Trends
The enterprise governance, risk, and compliance (eGRC) market has experienced significant growth in recent years, driven by various factors. One key driver is the increasing complexity of regulatory requirements across industries worldwide. As regulations continue to evolve and become more stringent, organizations are compelled to invest in robust eGRC solutions to ensure compliance and mitigate associated risks. Additionally, the growing awareness of the importance of risk management and corporate governance among businesses has fueled the demand for integrated eGRC platforms.
Moreover, the proliferation of digital technologies and the rapid pace of digital transformation have contributed to the expansion of the eGRC market. As organizations digitize their operations and data assets, they face new and evolving cybersecurity threats, data privacy concerns, and regulatory challenges. This has led to a heightened need for advanced eGRCtools that can effectively manage risks associated with digital initiatives, such as cloud adoption, big data analytics, and IoT deployments. Consequently, vendors in the eGRC market are innovating and offering solutions that leverage artificial intelligence, machine learning, and automation to enhance risk identification, assessment, and mitigation capabilities.
Enterprise Governance, Risk, and Compliance Market Segmentation
Acumen Research and Consulting has segmented the global Enterprise Governance, Risk, and Compliance Market by component, software usage, deployment mode, business function, organization size, vertical, and region.
- By component, the industry is categorized into software (audit management, risk management, compliance management, incident management, policy management, and others), and services (integration, support, and consulting).
- By software usage, the market is divided into external, and internal.
- By deployment mode, the market is classified into cloud, and on-premise.
- By business function, the market is split into finance, legal, information technology, and operations.
- By organization size, the market is bifurcated into small & medium enterprise, and large enterprise.
- By vertical, the market is divided into BFSI, energy & utilities, construction & engineering, retail & consumer goods, transportation & logistics, telecom & IT, government, manufacturing, healthcare, and others.
- By region, the market is classified into Asia-Pacific, North America, Europe, Latin America, and the MEA.
Enterprise Governance, Risk, and Compliance Market Regional Overview
According to the enterprise governance, risk, and compliance industry analysis, the Asia-Pacific region has emerged as a growing and significant market for enterprise governance, risk, and compliance (eGRC) solutions in recent years. Several factors contribute to this growth, including the region's rapid economic development, increasing regulatory scrutiny, and rising awareness of the importance of risk management and corporate governance. As businesses in Asia-Pacific expand their operations globally and embrace digital transformation initiatives, they face a myriad of complex risks ranging from cybersecurity threats to regulatory compliance challenges. Consequently, there is a growing demand for comprehensive eGRCsolutions that can help organizations navigate these risks effectively while ensuring compliance with local and international regulations. Furthermore, the Asia-Pacific region is witnessing a surge in investments in technology infrastructure and cybersecurity capabilities, driven by the need to address the evolving threat landscape and safeguard critical data assets.
Enterprise Governance, Risk, and Compliance Market Players
Some of the prominent enterprise governance, risk, and compliance market companies are IBM, MetricStream, Maclearglobal.com, Thomson Reuters, Software AG, Microsoft, Oracle, NAVEX Global, Inc., RSA Security LLC, SAP SE, SAI Global Pty Limited, and SAS Institute Inc.
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Mr. Frank Wilson
Acumen Research and Consulting
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