The global “Enterprise Governance, Risk and Compliance market” size is set to reach USD 57.57 billion by 2026, exhibiting a CAGR of 13.2% during the forecast period. Increasing cybersecurity threats around the globe is foreseen to be one of the primary forces driving the growth of this market. According to the Threat Landscape Report 2018 published by the European Union Agency for Cybersecurity (ENISA), ransomware caused 39% of the global data malware and 64% of the industrial network breaches in 2017. Moreover, a study conducted by Verizon found that 92% of malware attacks were through emails. As more and more devices get interlinked through cloud software and the internet, the risk quotient to cyber security is bound get higher, thus creating a dire need for eGRC solutions.
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Fortune Business Insights™ shares the above information in its report, titled “Enterprise Governance, Risk and Compliance (eGRC) Market Size, Share & Industry Analysis, By Component (Software, Services), By Deployment (On-Premises, Cloud), By Organization Size (SMEs, Large Enterprises), By End-User (BFSI, Healthcare, Government, Energy & Utilities, Manufacturing, Retail & Consumer Goods, Telecom & IT and Others) and Regional Forecast, 2020 – 2026”. The report further states that the value of this market stood at USD 21.72 billion in 2018 and provides the following insights:
- A meticulous research into the different factors and drivers shaping the market;
- A detailed analysis of the regional and competitive landscape of the market;
- A comprehensive overview of the current and upcoming industry trends that will impact the market; and
- An in-depth evaluation of the various market segments and their cumulative effect on the market during the forecast period.
Prominent Players in the Enterprise Governance, Risk and Compliance Market:
- Microsoft Corporation
- Wolters Kluwer N.V
- Thomson Reuters
- IBM Corporation
- Dell Technologies Inc.
- Oracle Corporation
- EMC CORPORATION
- MetricStream Inc.
- SAP SE
Emergence of IoT and AI Technologies to Spur Market Growth
One of the leading enterprise governance, risk and compliance market trends is the spiking uptake of Internet of Things (IoT) and Artificial Intelligence (AI) technologies by organizations. AI-based eGRC systems are gaining popularity as they facilitate efficient collection and analysis of large volumes of data that companies and governments have to deal with on a daily basis. This will be enable organizations to upgrade and strengthen their IT infrastructure, which will augur well for the eGRC market growth in the forecast period. These systems also have other advantages. For example, they provide a platform for designing a well-configured operating strategy and streamlining diverse business processes. These benefits will also give a boost to the adoption rate of eGRC solutions.
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1. By Component
2. By Deployment
3. By Organization Size
- Large Enterprises
4. By End-Users
- Energy & Utilities
- Retail & Consumer Goods
- Telecom & IT
- Others (Transportation & Logistics, Construction, etc.)
5. By Geography
- North America (U.S. and Canada)
- Europe (U.K., Germany, France, Russia, and Rest of Europe)
- Asia Pacific (Japan, China, India, and Rest of Asia Pacific)
- Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
- Latin America (Brazil, Mexico, and Rest of Latin America)
Asia-Pacific to Boast Highest CAGR; North America to Lead the Charge
Among regions, North America is anticipated to dominate the enterprise governance, risk and compliance market share owing to the increasing vulnerability of data systems to cyber threats. Europe will be the second leading region in this market on account of growing popularity of cloud-based computing systems and a high acceptance rate of advanced technologies such IoT and systems integration software. Asia-Pacific will register the highest CAGR as a result of rising public and private investment in IoT and AI and a steady adoption of cloud-based solutions, especially in India and China.
Market Landscape and Market Scenario Includes:
- Current market size estimate
- Revenues by players Top Companies
- Market size by product categories
- Market size by regions/country
Development of Advanced Solutions by Players to Stimulate Competition
Competitors in this are taking expansive measures to consolidate their position, the enterprise governance, risk and compliance market report by Fortune Business Insights™ says. Key players are focusing their energies on developing next-generation eGRC solutions for customers through joint partnerships so as to diversify their product offerings.
Key Industry Developments:
- November 2020: SAP SE and Accenture announced their collaboration to develop advanced business solutions to be known as SAP Cloud for Utilities. This platform would empower businesses to effectively manage their processes and efficiently analyse customer experiences, thus enabling them to take well-informed strategic decisions.
- May 2020: Thomson Reuters and IBM teamed up to build a robust AI-powered system to meet the extensive regulatory requirements of banks. This solution will enable banks and other financial institutions to access real-time data through the IBM Cloud.
Important Features that are under Offering and Key Highlights of the Market Report:
- Detailed overview of Market Share
- Changing market dynamics of the industry
- In-depth market segmentation by Type, Application, etc.
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape of Market
- Strategies of key players and product offerings
- Potential and niche segments/regions exhibiting promising market growth
For more information in the analysis of this report, visit https://www.fortunebusinessinsights.com/industry-reports/enterprise-governance-risk-and-compliance-egrc-market-101415
Key Features of Market Research Report:
- This report provides detail analysis of the Enterprise Governance, Risk and Compliance market and have a comprehensive understanding of the market and its commercial landscape.
- Learn about the various Enterprise Governance, Risk and Compliance market strategies that are being adopted by leading companies.
- It provides a five-year forecast assessed based on how the market is predicted to grow.
- It provides insightful analysis of changing competition dynamics and keeps you ahead of competitors.
- To understand the future scope and outlooks for the Enterprise Governance, Risk and Compliance market.
- Market Forecast by regions, type and application, with sales and revenue, from 2020 to 2026.
- Market Share, distributors, major suppliers, changing price patterns and the supply chain of raw materials is highlighted in the report.
- Market Size (sales, revenue) forecast by regions and countries from 2020 to 2023 of industry.
- The global Enterprise Governance, Risk and Compliance market Growth is anticipated to rise at a considerable rate during the forecast period, between 2020 and 2023. In 2020, the market was growing at a steady rate and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.
- Market Trend for Development and marketing channels are analysed. Finally, the feasibility of new investment projects is assessed and overall research conclusions offered.
- Enterprise Governance, Risk and Compliance Market Report also mentions market share accrued by each product in the market, along with the production growth.
Lastly, this report covers the market landscape and its growth prospects over the coming years, the Report also brief deals with the product life cycle, comparing it to the relevant products from across industries that had already been commercialized details the potential for various applications, discussing about recent product innovations and gives an overview on potential regional market shares.
Table of Content
5. Global Enterprise Governance, Risk and Compliance Market Analysis, Insights and Forecast, 2015-2026
5.1. Key Findings / Summary
5.2. Enterprise Governance, Risk and Compliance Market Analysis, Insights, and Forecast – By Component
5.3. Market Analysis, Insights, and Forecast – By Deployment Model
5.3.2. On premise
5.4. Market Analysis, Insights, and Forecast – By Organization Size
5.4.1. Large Enterprise
5.4.2. Small & Medium Business Enterprise
5.5. Enterprise Governance, Risk and Compliance Market Analysis, Insights, and Forecast – By Vertical
5.5.4. Energy & Utilities
5.5.6. Retail & Consumer Goods
5.5.7. Telecom & IT
5.5.8. Others (Transportation & Logistics, Construction, etc.)
5.6. Enterprise Governance, Risk and Compliance Market Analysis, Insights, and Forecast – By Region
5.6.1. North America
5.6.3. Asia Pacific
5.6.4. Middle East & Africa
5.6.5. Latin America
6. North America eGRC Market Analysis, Insights and Forecast, 2015-2026
6.1. Key Findings / Summary
6.2. Enterprise Governance, Risk and Compliance Market Analysis, Insights, and Forecast – By Component
6.3. Enterprise Governance, Risk and Compliance Market Analysis, Insights, and Forecast – By Deployment Model
6.3.2. On premise
6.4. Market Analysis, Insights, and Forecast – By Organization Size
6.4.1. Large Enterprise
6.4.2. Small & Medium Business Enterprise
6.5. Market Analysis, Insights, and Forecast – By Vertical
6.5.4. Energy & Utilities
6.5.6. Retail & Consumer Goods
6.5.7. Telecom & IT
6.5.8. Others (Transportation & Logistics, Construction, etc.)
6.6. Enterprise Governance, Risk and Compliance Market Analysis, Insights, and Forecast – By Country
7. Europe eGRC Market Analysis, Insights and Forecast, 2015-2026
7.1. Key Findings / Summary
7.2. Market Analysis, Insights, and Forecast – By Component
7.3. Market Analysis, Insights, and Forecast – By Deployment Model
7.3.2. On premise
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