The Enterprise Governance, Risk and Compliance (eGRC) Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Enterprise Governance, Risk and Compliance (eGRC) Global Market Report 2024, The enterprise governance, risk and compliance (EGRC) market size has grown rapidly in recent years. It will grow from $36.56 billion in 2023 to $41.52 billion in 2024 at a compound annual growth rate (CAGR) of 13.6%. The growth in the historic period can be attributed to risk management requirements, data security concerns, globalization challenges, audit and accountability needs, operational efficiency.
The enterprise governance, risk and compliance (EGRC) market size is expected to see rapid growth in the next few years. It will grow to $71.29 billion in 2028 at a compound annual growth rate (CAGR) of 14.5%. The growth in the forecast period can be attributed to cybersecurity threat landscape, climate and sustainability considerations, real-time monitoring and reporting, resilience planning. Major trends in the forecast period include regulatory technology (regtech) evolution, advanced analytics and AI, technology integration, emphasis on cybersecurity risk, regulatory technology (regtech) integration.
Increasing cyber-attack incidents are expected to propel the growth of the enterprise governance, risk, and compliance (eGRC) market going forward. A cyber-attack refers to any attempt to gain unauthorized access to a computer, computing system, or computer network with the intent to cause damage. Organizations globally are adopting eGRC solutions to leverage numerous features such as risk and compliance management, business resiliency applications, and financial audit management. For instance, according to a report published by SonicWall, a US-based cybersecurity company, there has been a 105% surge in ransomware cyberattacks in 2021. Governments saw an 1885% increase in cyberattacks, while the healthcare industry faced a 755% increase in cyberattacks in 2021. Therefore, the increasing cyber-attack incidents are driving the enterprise governance, risk, and compliance (eGRC) market growth.
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The enterprise governance, risk and compliance (eGRC) market covered in this report is segmented –
1) By Component: Software, Services
2) By Organization Size: Large Enterprise, Small And Medium Enterprise
3) By Deployment Model: Cloud-Based, On-Premise
4) By Vertical: Banking, Financial Services And Insurance (BFSI), Healthcare, Government, Energy And Utilities, Manufacturing, Retail And Consumer Goods, Telecom And Information Technology (IT), Other Verticals
Top Major Players
Microsoft Corporation
The Archer-Daniels-Midland Company
The International Business Machines Corporation
Oracle Corporation
SAP SE
Major companies operating in the enterprise governance, risk, and compliance (eGRC) market are focused on developing technological innovations, such as document suite, to gain a competitive edge in the market. Document suites refer to a group of documents that are logically connected and often used together for a specific purpose. For instance, in May 2021, Wolters Kluwer N.V, a Netherlands-based information services company, launched Deposit and IRA Document Suite (DIDS). It’s a comprehensive suite of documents and resources designed specifically for credit unions to help them manage their deposit and IRA accounts efficiently and compliantly. DIDS includes a wide range of document templates, such as account agreements, disclosures, forms, and amendments, for various types of deposit and IRA accounts.
The enterprise governance, risk and compliance (egrc) market report table of contents includes:
1. Executive Summary
2. Enterprise Governance, Risk and Compliance (eGRC) Market Characteristics
3. Enterprise Governance, Risk and Compliance (eGRC) Market Trends And Strategies
4. Enterprise Governance, Risk and Compliance (eGRC) Market – Macro Economic Scenario
5. Global Enterprise Governance, Risk and Compliance (eGRC) Market Size and Growth
………………………..
32. Global Enterprise Governance, Risk and Compliance (eGRC) Market Competitive Benchmarking
33. Global Enterprise Governance, Risk and Compliance (eGRC) Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Enterprise Governance, Risk and Compliance (eGRC) Market
35. Enterprise Governance, Risk and Compliance (eGRC) Market Future Outlook and Potential Analysis
36. Appendix
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