New York, April 19, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Enterprise Governance, Risk and Compliance (eGRC) Global Market Report 2023" - https://www.reportlinker.com/p06443894/?utm_source=GNW
, Infosys Limited, Convercent, Refinitive, Modulo Security LLC and Mphasis Limited.
The global enterprise governance, risk and compliance (egrc) market grew from $33.29 billion in 2022 to $38.26 billion in 2023 at a compound annual growth rate (CAGR) of 14.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The enterprise governance, risk and compliance (egrc) market is expected to grow to $66.87 billion in 2027 at a CAGR of 15.0%.
The enterprise governance, risk, and compliance (eGRC) market consist of revenues earned by entities by providing compliance management and audit management.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The enterprise governance, risk, and compliance (eGRC) refers to a strategy used by enterprises to manage their governance, corporate compliance and enterprise risk management with applicable regulations while effectively maintaining business objectives. eGRC helps enterprises to achieve anticipated goals through the automation of workflow, while simultaneously ensuring that is adherence to government regulations and internal controls that employees must adhere to company-wide.
North America was the largest region in the enterprise, governance, risk, and governance (eGRC) market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the enterprise, governance, risk, and governance (eGRC) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main components of enterprise, governance, risk and compliance (eGRC) market are software and services.Software refers to a set of instructions, data, or programs used to operate a computer and execute specific tasks.
The organization size is large enterprises and small and medium enterprises.The deployment is cloud-based and on-premise.
The various verticals involved BFSI, healthcare, government, energy and utilities, manufacturing, retail and consumer goods, telecom and IT, and other verticals.
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 growth of the enterprise governance, risk, and compliance (eGRC) market.
Technological advancements are a key trend gaining popularity in the enterprise governance, risk, and compliance (eGRC) market.Major companies operating in the enterprise governance, risk, and compliance market are focused on developing new technological solutions to strengthen their position.
For instance, in January 2022, MetricStream, a US-based software company operating in the integrated risk management (IRM) and governance, risk, and compliance (GRC), launched an AI (artificial intelligence), deep domain capabilities, and risk quantification capabilities embedded solution, ConnectedGRC for addressing several urgent business challenges related to risk, compliance, audit, cyber risks, and environmental, social, and governance (ESG).With MetricStream’s integrated GRC software, professionals can collaborate more effectively, share information, and manage risk quantitatively.
ConnectedGRC offers three distinct product lines including BusinessGRC, CyberGRC, and ESGRC.
In April 2020, Tricor Group, a Hong Kong-based business expansion specialist company, acquired Axcelasia Inc., for an undisclosed amount. With this acquisition, Tricor aims to provide governance, risk, and compliance (GRC) solutions for end-users to manage their complex compliance and regulatory requirements and responsibilities. Axcelasia is a Malaysia-based company operating in enterprise governance, risk, and compliance.
The countries covered in the enterprise, governance, risk, and governance (eGRC) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The enterprise governance, risk and compliance (eGRC) market research report is one of a series of new reports that provides eGRC market statistics, including eGRC industry global market size, regional shares, competitors with a eGRC market share, detailed eGRC market segments, market trends and opportunities, and any further data you may need to thrive in the eGRC industry. This eGRC market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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