Pune, Oct. 16, 2020 (GLOBE NEWSWIRE) -- The global enterprise governance, risk, and compliance (eGRC) market size is projected to reach USD 64.55 billion by 2027, exhibiting a CAGR of 13.3% during the forecast period. Tightening compliance, risk, and governance mandates by regulatory authorities worldwide is expected to emerge as the foremost growth driver for this market, shares Fortune Business Insights™ in its report, titled “Enterprise Governance, Risk, and Compliance (eGRC) Market Size, Share & COVID-19 Impact Analysis, By Component (Software and Services), By Deployment Model (Cloud-based, On-premise), By Enterprises Size (Large Enterprises, Small and Medium Enterprises), By Vertical (BFSI, Healthcare, Government, Energy & Utilities, Manufacturing, Retail & Consumer Goods, Telecom & IT, and Others), and Regional Forecast, 2020-2027”.
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Compliance regulations are framed and implemented to ensure that enterprises work in a responsible, secure, and transparent manner. For example, the Health Insurance Probability and Accountability Act (HIPAA), 1996 was passed in the United States to safeguard personal health information and prevent the unauthorized transmission of such information across electronic channels. More recently, the European Union (EU) began implementing the General Data Protection and Regulation (GDPR) in 2018, which strictly monitors and penalizes exchange of personal information through electronic mediums, thus upholding the right to privacy of citizens. Enterprise governance, risk, and compliance solutions are critical in enabling businesses to meet these regulations and as countries sharpen their compliance norms, the demand for these solutions is likely to skyrocket.
The world is undergoing unprecedented challenges and upheavals because of the COVID-19 pandemic. Businesses are grappling with plummeting revenues, while industries are strategizing to cope with the impending recession. Amidst these anxious and uncertain times, we, at Fortune Business Insights™, are intensifying our efforts to provide businesses with comprehensive market intelligence, collected and analyzed by our expert research team. Our aim is to not just empower companies to successfully navigate the crisis, but also enable to tap opportunities created by it.
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The report states that the global market value stood at USD 24.26 billion in 2019. It also offers the following:
- In-depth analysis of the different factors driving, restraining, and creating opportunities in the market;
- Tangible insights and piecemeal study of the various market segments;
- Comprehensive assessment of the regional developments influencing the market growth; and
- Exhaustive evaluation of the key market players and their growth strategies.
Market Driver
Extensive Benefits of AI-enabled eGRC Solutions to Stoke Adoption
The enterprise governance, risk, and compliance market growth is slated to get propelled by the integration of smart technologies such as artificial intelligence (AI) and machine learning (ML) in eGRC systems. According to a joint report by SAP and the University of Applied Sciences, Berlin, embedding GRC solutions with AI will bring about profound changes in business operations, enabling managers to analyze risks and compliance & governance dynamics based on hardcore data. For example, the report observes that as AI becomes more prevalent in businesses, fraud examiners will be able to perform fraud assessments and design and develop key performance indicators (KPIs) to prevent future frauds. Moreover, AI-enabled eGRC will automate regulatory adherence reports and compliance managers will be able to detect external and internal dangers to the enterprise as well as efficiently manage cyber-crime threats to the organizational data. Thus, the emergence of AI-powered eGRC systems has put business process automation on the cusp of a revolution.
Regional Insights
North America to Dominate among Regions; Asia Pacific to Present Attractive Business Opportunities
With a market size of USD 10.13 billion in 2019, North America is poised to dictate the enterprise governance, risk, and compliance market share during the forecast period in terms of revenue. The major reason for the region’s leading position is the active adoption of advanced business automation technologies by companies in the US and Canada. Additionally, organizations in the region are also rapidly deploying cloud-based eGRC solutions to further optimize their processes, a trend which has gotten propelled amid the COVID-19 pandemic.
In Asia Pacific, unparalleled growth opportunities await market players owing to the increasing adoption of digitization and automation technologies by companies in the region. In Europe, the market will be primarily driven by the growing stringency of compliance and data protection regulations that enterprises have to follow.
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Competitive Landscape
Leading Companies to Focus on Capturing Evolving eGRC Requirements
Continuous evolution of business processes and the changing compliance and risk management needs of businesses are encouraging key players in this market to design holistic eGRC solutions. As a result, most companies are engaged in development of cutting-edge solutions to meet these requirements, thus strengthening their market position.
Industry Developments:
- June 2020: Connor and Scalio collaborated and announced ConnorScalio, a joint venture by the companies to unify their expertise and develop cloud solutions for their clients’ GRC and license management needs.
- April 2020: MetricStream introduced its COVID-19 Solution to empower companies to manage their operations amid the coronavirus pandemic. Developed speedily in March in response to the pandemic outbreak, the aim of the solution is to enhance organizations’ abilities to manage information and processes that impact all stakeholders associated with the organization.
List of Key Companies Profiled in the eGRC Market Report:
- Origami Risk (Illinois, United States)
- Blue Umbrella Limited (Quarry Bay, Hong Kong)
- Tevora (California, United States)
- LogicManager (Massachusetts, United States)
- SAI Global (Illinois, United States)
- Software AG (Darmstadt, Germany)
- BWise (New York, United States)
- Wolters Kluwer N.V. (Alphen aan den Rijn, Netherlands)
- SAP SE (Weinheim, Germany)
- IBM Corporation (New York, United States)
- Riskonnect, Inc. (Georgia, United States)
- OneTrust, LLC (Georgia, United States)
- Ideagen Plc (Nottingham, United Kingdom)
- NAVEX Global, Inc. (Oregon, United States)
- Dell Technologies (Texas, United States)
- Infosys Limited (Bengaluru, India)
- MetricStream Inc. (California, United States)
- Thomson Reuters Corporation (Toronto, Canada)
- Microsoft Corporation (New Mexico, United States)
- SAS Institute (North Carolina, United States)
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Detailed Table of Content:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Force Analysis
- Global Enterprise Governance, Risk, and Compliance (eGRC) Key Players Share Market Analysis and Matrix, 2019
- Key Market Insights and Analysis, By Segments
- Global Enterprise Governance, Risk, and Compliance (eGRC) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- By Component (Value)
- Software
- Services
- By Deployment Model (Value)
- Cloud-based
- On-premise
- By Organization Size (Value)
- Large Enterprise
- Small & Medium business enterprise
- By Vertical (Value)
- BFSI
- Healthcare
- Government
- Energy & Utilities
- Manufacturing
- Retail & Consumer Goods
- Telecom & IT
- Others (Transportation & Logistics, Construction, etc.)
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- By Component (Value)
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