PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1419071
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1419071
Enterprise Governance, Risk, And Compliance (EGRC) Market size was valued at USD 48,904.4 Million in 2022, expanding at a CAGR of 14.2% from 2023 to 2030.
A wide variety of sectors place a high value on enterprise governance, risk, and compliance. In addition, the stringent regulations put in place by governments and other organizations have led to increased expansion in these areas. Regulations are designed to make sure businesses are responsible and take precautions against potential hazards.
The advantages of using eGRC, which include stability, optimization, transparency, lower costs, and consistency, among others, can be blamed for the market's expansion. Its expansion was also aided by the existence of businesses like Oracle Corporation, Microsoft, SAP SE, along with Software AG, each of which provides a distinct solution and a broad range of goods for the market. For example, Microsoft released Azure Purview, a cloud-native data ascendency solution that assists companies in managing multi-cloud, SaaS, and on-premises data, generally in September 2021. The capabilities of the provided Enterprise Governance are improved by integrating AI with Risk and Compliances.
Organization's future depends on its ability to comprehend internal and external aspects and use that knowledge to periodically make decisions that adhere to enterprise governance, risk, and compliance (eGRC) principles. The need for information security has grown because of an increase in data breaches in several businesses. Over the course of the forecast period, the eGRC market is expected to rise due to the growing complexity of transactions occurring in various industries.
The Global Enterprise Governance, Risk, And Compliance (EGRC) Market is segmented on the basis of Component, Application, End-User, and Region.
The market is divided into two categories based on Component: software and services. The software segment dominates the market. The increasing demand for risk and compliance management solutions is boosting segment growth.
The market is divided into five categories based on Application: audit management, compliance management, risk management, policy management, and others. The risk management segment dominates the market and is likely to maintain its dominance during the forecast period. The increased demand for risk management solution and governance is majorly boosting the market growth.
The market is divided into eight categories based on End-User: BFSI, manufacturing, healthcare, retail, IT & Telecom, energy &utilities, transportation & logistics, and others. The BFSI segment dominates the market and is likely to maintain its dominance during the forecast period. IT & telecom segment is anticipated to propel at fastest CAGR over the forecast period.
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Enterprise Governance, Risk, And Compliance (EGRC) market is highly dominated by large and medium sized enterprises. Leading players in the enterprise governance, risk, and compliance sector are SAP SE, Microsoft, IBM, and Oracle. These multinational corporations have created a GRC system that is easy to use across several industries. Furthermore, these businesses have dominated the enterprise governance, risk, and compliance market by providing distinctive features in their GRC solutions. SAP SE, for example, provides cybersecurity and GRC solutions for ongoing risk monitoring, international trade management, and predictive capabilities for enhanced risk management.
In June 2023, MetricStream introduced an AiSPIRE, an AI-driven GRC, for increasing decision-making competences and enhancing efficiency.
In June 2023, Microsoft Corporation announced its collaboration with Moody. The main aim of this strategy was to deliver next-generation data, analytics, research, collaboration, and risk solutions for financial services.
In December 2022, SAP SE announced its partnership with PwC. The objective of this move is to make sustainability a fundamental part of standard business operations.
The scope of this report covers the market by its major segments, which include as follows: