Enterprise Governance, Risk & Compliance Market Size, Share & Trends Analysis Report By Component, By Software, By Services, By Organization Size, By Vertical And Segment Forecasts From 2022 To 2030

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.

Enterprise Governance, Risk & Compliance Market Report Key Takeaways

• In 2021 the Audit management segment accounted for more than 20% of the overall market revenue and is projected to become the second-last market segment owing to its potential to manage audits by means of compliance
• From 2022 to 2030 the large enterprises segment is projected to lead the market growth globally with a CAGR of over 10%
• The PMS segment is witnessing brisk changes owing to the advancements and innovations, and finer technology-based services under EGRC solutions management
• Asia Pacific market is anticipated to grow substantially over the forthcoming years with leading countries like South Korea, Japan, Taiwan, Indonesia, and Vietnam contributing to the region’s growth, owing to the rapid advancements in digital technologies that provide greater access to transformation in economic and social factors
• March 2022 was marked by the launch of IBM OpenPages with Watson 8.3 from IBM which is an integrated GRC platform used for delivering task-focused user interface
• The data and AI solutions provider and software company named SmarTek21 partnered with MetricStream in January 2021 to provide an enhanced consumer experience using the latter’s platform and products powered by AI
• On the duration of 2014 to 2016, GRC solution provider named Thomson Reuters acquired as many as 16 companies worth USD 316 million to create significant expansions in the business that assists in organizational risk management and compliance initiatives

Enterprise Governance, Risk & Compliance Market Segmentation

• EGRC Component Outlook (Revenue, USD Million, 2018 - 2030)
  • Software
  • Services
• EGRC Software Outlook (Revenue, USD Million, 2018 - 2030)
  • Audit Management
  • Compliance Management
  • Risk Management
  • Policy Management
  • Incident Management
  • Others
• EGRC Services Outlook (Revenue, USD Million, 2018 - 2030)
  • Integration
  • Consulting
  • Support
• EGRC Organization Outlook (Revenue, USD Million, 2018 - 2030)
  • Small and Medium Enterprise (SME)
  • Large Enterprise
• EGRC Vertical Outlook (Revenue, USD Million, 2018 - 2030)
  • BFSI
  • Construction & Engineering
  • Energy & Utilities
  • Government
  • Healthcare
  • Manufacturing
  • Retail & Consumer Goods
  • Telecom & IT
  • Transportation & Logistics
  • Others
• EGRC Regional Outlook (Revenue, USD Million, 2018 - 2030)
  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
  • Asia Pacific
    • China
    • India
    • Japan
  • Latin America
    • Brazil
    • Mexico
  • Middle East & Africa
• List of Key Players in the Enterprise Governance, Risk & Compliance Market
  • Wolters Kluwer
  • Thomson Reuters
  • SAP SE
  • MetricStream Inc.
  • Bwise