Global enterprise governance, risk and compilation (eGRC) market is anticipated to grow at significant CAGR of 13% during the forecast period (2020-2030). Managing regulatory risk are becoming highly critical to organizations to manage and integrate IT processes that are subject to regulatory framework. For instance, Google was fined US$ 57 Mn in France for non-compliance with General Data Protection Regulation (GDPR). Such instances are compelling industrials across the globe are incorporating eGRC solutions in their business models.
Further, onset of big data and analytics is paving way for AI-enabled eGRC solutions to process voluminous chunks of data. The International Data Corporation estimates that about 35 Zettabytes of data will be created in 2020 alone. Consequently, companies are leveraging AI to manage and improve the computational model of such data.
Enterprise Governance, Risk, and Compliance Market – A Shield Against Revenue and Reputation Loss
The involvement of eGRC solutions is driven by rising demand of tasks such as managing audit, risk, compliance, security breach from the companies. Due to non-compliance several companies including, Sony, Nestle, and KFC have faced a huge revenue loss. eGRC norms have a direct impact on IT infrastructure, IT processes, and associated business operations.
Complying with regulations including, Examination Council (FFIEC), Health Insurance Portability and Accountability Act (HIPAA), Foreign Account Tax Compliance Act (FATCA), and Payment Card Industry Data Security Standard (PCI-DSS) is quintessential for enterprises to prevent further loss, in the form of penalties.
The companies are continuously focusing on innovating their EGRC solution and including new functions to support new challenges. For instance, Xebia Labs has launched security and compliance risk assessment solution that is used to track security and compliance risks associated with the failure of product release, IT governance violations, and others.
Different Governance Regulations to Hamper EGRC Market Growth
Governance policies vary country-wise as well as business to business. Several countries do not have specific regulatory policies and require regulation and execution by taking various factors into account such as micro-economic risk factors in tandem with various business needs. Lack of specific standards set is a major restraining factor for the growth of eGRC market. Moreover, these headwinds are creating a challenge for eGRC service providers to serve various end-users requirements.
Impact of COVID-19 on Enterprise Governance, Risk, and Compliance Market
While myriads of industries are facing the wrath of the COVID-19 pandemic, the enterprise governance, risk, and compliance market is showing a modest growth during the pandemic. Enterprises are accelerating their shift towards acknowledging potential risks stemming from the pandemic in terms of customers, geographies, suppliers, and business lines to provide transparency in a response.
Business systems and process are interconnected, therefore, any incident inside distributors’ system will impact outside enterprises associated with it. As such, proactive responses from enterprises is the solution to overcome the COVID-19-induced stressors. Sturdy business management, accurate enterprise impact analysis, and mass notifications are imperative for enterprises to brace themselves for several types of risks during and after the COVID-19 pandemic.
Enterprise Governance, Risk, and Compliance Market – Regional Analysis
Capturing about 30% of overall market value, North America continues to engage stakeholders. The region is home to large-scale companies that are under constant risk of government scrutiny and cyberattacks. Latest studies find that phishing activities account for nearly 40% of data security incidents of the US firms. As such, companies are incorporating various enterprise governance, risk, and compliance programs to prevent monetary losses. Furthermore, rising adoption of Internet of Things (IoT), big data, and cloud technologies are propelling enterprise governance, risk, and compliance market in North America.
The market in Asia pacific (APAC) is expected to register rapid CAGR, owing to the manufacturing sector in China and growing IT industry in India. While China’s manufacturing sector make up for nearly 30% of global output, the Indian IT industry is rapidly inching towards US$ 200 Bn mark. Such trends are attracting huge attention of stakeholders.
Enterprise Governance, Risk, and Compliance Market - Competitive Landscape
Market players are focusing on organic and inorganic growth strategies such product innovation, and mergers & acquisitions (M&A). For instance,
- OneTrust LLC has rolled out its eGRC solution for integrated risk management platform that implements dynamic business controls, streamlines audits, and connects departments for managing risk.
- SAP SE and Accenture have announced their collaboration to develop advanced business solutions - SAP Cloud for Utilities. The platform will help enterprises efficiently manage their processes and analyze customer experiences, thereby, enabling them to take critically-informed strategic decisions.
- IBM (US)
- Microsoft (US)
- Oracle (US)
- SAP (Germany)
- SAS Institute (US)
- Thomson Reuters (Canada)
- Wolters Kluwer (Netherlands)
- Dell EMC (US)
- FIS (US)
- MetricStream (US)
- Software AG (Germany)
- SAI Global (US)
- ProcessGene (Israel)
- LogicManager, (US)
- NAVEX Global (US)
- Ideagen (UK)
- MEGA International (France).
- North America (U.S., Canada)
- Latin America (Mexico, Brazil)
- Europe (Germany, U.K., France, Italy, Spain, Poland, Russia)
- East Asia (China, Japan, South Korea)
- South Asia (India, Thailand, Malaysia, Vietnam, Indonesia)
- Oceania (Australia, New Zealand)
- Middle East & Africa (GCC Countries, Turkey, Northern Africa, South Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Enterprise Governance, Risk, and Compliance Market Segmentation
Enterprise governance, risk, and compliance market is segmented on the basis of following
- Audit Management
- Compliance Management
- Risk Management
- Policy Management
- Incident Management
- Small and Medium Enterprise (SME)
- Large Enterprise
- Construction & Engineering
- Energy & Utilities
- Retail & Consumer Goods
- Telecom & IT
- Transportation & Logistics
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