Enterprise Governance & Risk Compliance Market Insights
The global enterprise governance & risk compliance market was valued at USD XX million and is anticipated to reach USD XX million in 2025 growing at a CAGR of xx% over the forecast period. Nowadays, various industries and enterprises are adopting compliance and risk management solutions which will anticipate the key growth driver of the enterprise. Furthermore, rising complex compliance, regulatory, and risk management environments in industries and businesses have motivated the persons to implement EGRC solutions among different industries.
The enterprise governance & risk compliance marker effectively manages, monitors, and defines external and internal business environments. Nowadays, the number of risk factors against business data is increasing and enterprise governance & risk compliance provides security across the industries and business, and this will boost the growth and market share of the enterprise globally. EGRC is a kind of innovative and multifaceted that encompasses people, technologies, and different processes to help in improving the performance, gain visibility, and to reduce compliance factors.
Moreover, enterprise governance and risk compliance industries are adopting new approaches in which they treat firms as a common approach instead of treating each conformity and risk issue as an individual problem. This approach is benefiting the enterprises in terms of increased complexity, wasted resources, and great exposures to the threat.
In this changing environment, economies and enterprises are becoming interrelated and are giving rise to the enterprise governance & risk compliance market. It is a strategic mode which enables the companies to protect against all types of risk and also improve the operations.
The EGRC market can be divided into software and services. Risk management has emerged as the largest software category in the enterprise. As organizations need an active form of risk management to fulfill various conformities and software helps in this aspect. Decreasing total cost of ownership of software with different solutions to tackle myriad regulations, such as compliance to supply chain, quality control. These factors are anticipated for driving the market growth.
Consulting services emerged as the largest segment in terms of revenue in 2018. Enterprise governance and compliance management are quickly evolving in response to advancements and changes in technology, hiring, personal requirements, business practices, and consumer demands and services.
Enterprise Type Insights
The market can be segmented into large enterprises, small and medium enterprises. In a view of changing regulatory scenarios and capturing a big share of the market, large enterprises are largely focusing on building transparency to reduce the threats associated with the bottom line of the balance sheet. This, as a result has led to the emergence of governance & risk compliance market services in large organizations.
Now, if we talk about small and medium enterprises, regardless of the size of the current scenario, it is mandatory for several companies working in BFSI, manufacturing, telecom, and retail sectors to follow strict regulations and manage risk associated with the industry.
The market can be segmented into BFSI, Construction and Engineering, Energy and Utilities, Government, Healthcare, Manufacturing, Retail and consumer goods, Telecom and IT, Transportation and logistics, and others. BFSI has emerged as the largest segment in the enterprise governance and risk compliance market. Moreover, banks and financial institutions are swamped by different regulations introduced in the 2018 financial crisis.
Telecom and IT emerged as the fastest growing sector in the enterprise. Furthermore, this sector faces challenges and a complex business environment with rising pressure to persist while ensuring long-term sustainability. Different organizations in this sector are implementing effective ways of managing and facing challenges.
North America is estimated to grow over the years in the market and is expected to capture 30% of the overall market share in terms of revenue in 2025. There has been an increase in the cyber attacks within the region which have increased the need for the government enterprise and risk compliance market. Furthermore, the emergence of technologies such as big data, IoT, and cloud software is anticipated to grow EGRC over the forecast period.
The Asia Pacific is also projected to witness growth in the forecast period, owing to the high adoption of internet and mobile technology in the last few years. Countries like India, Japan, China have been experiencing strong economic growth.
Enterprise Governance & Risk Compliance Market Share Insights
This global market is highly competitive and fairly concentrated. Key market players of the enterprise are SAP SE, Bwise, MetricStream Inc, Thomson Reuters, and Wolters Kluwer. Companies are using many strategies such as new product development, collaboration, and launch to strengthen their position in the market.
|Base year of estimation||2019|
|Actual estimates/Historical data||2017-2019|
|Market representation||Revenue in USD Billion and CAGR from 2017-2030|
|Regional scope||Asia Pacific, Europe, North America, Latin America, Middle East & Africa|
|Country scope||US, Canada, Mexico, UK, Germany, Japan, India, China, Mexico|
|Report coverage||Revenue forecast, company share, competitive landscape, growth factors and trends|
|15% free customization scope (equivalent to 5 analysts working days)||If you need specific information, which is not currently within the scope of the report, we will provide it to you as part of the customization.|
Segments Covered in the report
This report forecasts revenue at the global Enterprise Governance & Risk Compliance market, regional and country levels, and provides an analysis of industry trends in each of the sub-segments from 2017-2030. For the purpose of this study, Confianza Research has segmented the global Enterprise Governance & Risk Compliance market on component, types, vertical, regional, and competitive.
- Component Scope
- Type Scope
- Large Enterprise
- Small and Medium Enterprises
- Vertical Scope
- Construction and Engineering
- Energy and Utilities
- Regional Scope
- North America
- Asia Pacific
- Latin America
- North America
- Competitive Scope
- SAP SE
- MetricStream Inc
- Thomson Reuters
- Wolters Kluwer