14-Jan-2020 | Facts and Factors
Facts and Factors Market Research has published a new report titled “Enterprise Governance, Risk, And Compliance (eGRC) Market By Component (Software & Services), By Type (Audit Management, Compliance Management, Risk Management, Policy Management, Incident Management, & Others), By Services (Integration, Consulting, & Support), By Enterprise Size (SMEs & Large Enterprises), By Industry Verticals (BSFI, Construction & Engineering, Energy & Utilities, Healthcare, Government, Manufacturing, Retail & Consumer Goods, Telecom & IT, & Others), And By Regions - Global & Regional Industry Perspective, Comprehensive Analysis, and Forecast 2021 – 2026”. According to the report, the global Enterprise Governance, Risk, and Compliance (eGRC) market is predicted to be valued at approximately USD 32.1 Billion in 2020 and is expected to reach a value of around USD 61.2 Billion by 2026, at a CAGR of around 10.8% between 2021 and 2026.
Governance, risk, and compliance encompass three business practices including governance, risk management, and compliance. The term GRC is also defined as an integrated assortment of abilities enabling a firm to achieve its business goals along with addressing the uncertainty and acting with integrity. Additionally, governance is the blend of processes demonstrated in the firm’s structure and the way they are handled & lead towards achieving the business objectives. Moreover, risk or risk management is risk estimation along with its effective handling. Compliance is referred to as adhering to rules and policies of the firm strictly.
Massive acceptance of big data analytics and IoT in eGRC solutions to drive the market growth
The growing proportion of risks against business data like data theft and data leakage is predicted to raise the acceptance of compliance solutions & security like big data analytics & connected things across various business verticals. This, in turn, will propel the business scope over the forecast timeline.
Furthermore, an increase in the number of data violations & cyber-crimes will impel the market demand over the forecast period. Apart from this, compliance mandates are predicted to scale up the scope of the business over the forecast timeline. Nonetheless, oscillating regulations and low levels of consciousness in the firm about eGRC is projected to inhibit the growth of enterprise governance, risk, and compliance (eGRC) industry during the period from 2019 to 2025. Apart from this, cyber-security, as well as third parties, can put brakes on the market expansion during the forecast timeline. However, high implementation of risk analytics and cloud-based business model in organizations will provide new growth opportunities for the market over the forecast period.
Report Scope
Report Attribute |
Details |
Market Size in 2020 |
USD 32.1 Million |
Projected Market Size in 2026 |
USD 61.2 Million |
CAGR Growth Rate |
CAGR 10.8% |
Base Year |
2020 |
Forecast Years |
2021-2026 |
Key Market Players |
IBM, Oracle, SAP, SAS Institute, ServiceNow, Software AG, RSA Security, MEGA International, Ideagen, Mphasis, MetricStream, Protiviti, SAI Global, Process Gene, LogicManager, Quantivate, Riskonnect, NAVEX Global, Alyne, Lexcomply, StandardFusion, and FIS, among others. |
Key Segment |
By Component, Services, Industry Verticals, and Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
Purchase Options |
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North America is expected to witness the largest market share during the advent of the forecast owing to the region is the home to many large-scale companies that are often prone to cyber-attacks and phishing scams coupled with increasing government scrutiny to name a few. Additionally, the rising adoption of big data, AI, and ML-based solutions coupled with the rising number of general activities of organizations is expected to increase the footprint of the enterprise governance, risk, and compliance (eGRC) market during the forecast period. Factors pertaining to the increased adoption of cloud-based measures are further expected to open new revenue opportunities for the enterprise governance, risk, and compliance (eGRC) market during the forecast period. Asia-Pacific is expected to witness the fastest growing CAGR during the advent of the forecast period owing to the rising IT sector in emerging economies such as IT and China coupled with the rising need for tackling internal and external business risks to name a few.
Competitive Players
The key market participants in the global enterprise governance, risk, and compliance (eGRC) market are IBM, Oracle, SAP, SAS Institute, ServiceNow, Software AG, RSA Security, MEGA International, Ideagen, Mphasis, MetricStream, Protiviti, SAI Global, Process Gene, LogicManager, Quantivate, Riskonnect, NAVEX Global, Alyne, Lexcomply, StandardFusion, and FIS, among others.
This report segments the Enterprise Governance, Risk, and Compliance (eGRC) market as follows:
Global Enterprise Governance, Risk, And Compliance (eGRC) Market: By Component Segment Analysis
Global Enterprise Governance, Risk, And Compliance (eGRC) Market: By Type Segment Analysis
- Audit Management
- Compliance Management
- Risk Management
- Policy Management
- Incident Management
- Others
Global Enterprise Governance, Risk, And Compliance (eGRC) Market: By Services Segment Analysis
- Integration
- Consulting
- Support
Global Enterprise Governance, Risk, And Compliance (eGRC) Market: By Enterprise Size Segment Analysis
Global Enterprise Governance, Risk, And Compliance (eGRC) Market: By Industry Verticals Segment Analysis
- BSFI
- Construction & Engineering
- Energy & Utilities
- Healthcare
- Government
- Manufacturing
- Retail & Consumer Goods
- Telecom & IT
- Others
Enterprise Governance, Risk, and Compliance (eGRC) Market: By Regional Segment Analysis
- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East and Africa
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