The global enterprise governance, risk & compliance market size is expected to reach USD 134.8 billion by 2030, expanding at a CAGR of 14.0% during the forecast period fromof 2022 to 2030. The expanding penetration of information technology has led to various technological breakthroughs in several industrial sectors. Growing data and security breaches, rising stringent compliance mandates, and integration of AI and blockchain technologies in GRC solutions are some of the driving factors of the global enterprise governance, risk & compliance market growth.
GRC and EGRC are mainly used by organizations to eliminate risk factors and adopt a healthy workflow by implicating policies and procedures like identifying possible risk hazards in a business, monitoring risk management, and controlling risk. A wide number of businesses are adopting EGRC solutions for risk management optimization and fraud minimization in order to reduce financial losses. It ensures the company’s strict adherence to norms while maintaining growth and prosperity standards. This deployment has significantly impacted the EGRC market in the past few years.
The rapid growth of digital platforms plays a vital role in the EGRC market development. In addition, the widening use of electronic communication using, smartphones, tablets, laptops, PCs, and cameras extensively escalated the exchange and transfer of private data for business purposes, both internally and externally. This has given rise to refined digital and analytical tools, including EGRC software. The evolving industries around the world demand transactions that are complex and detailed and have unlatched a broad scope for GRC market expansion.
The services segment is anticipated to register a healthy CAGR during the forecast period owing to the integration, advisory, and software-as-service solutions development, paving the way for better implementation and performance. The global EGRC market is fairly competitive and was significantly led by top five companies in 2021 which registered the maximum share. Major players are adopting strategies like partnerships, collaborations, acquisitions, and product developments and launches, to boost the value of their presence in the global market.
Research Support Specialist, USA
FREE sample contains market data points, ranging from trend analyses to market estimates & forecasts. See for yourself...