Enterprise Governance & Risk Compliance (eGRC) Market size is expected to reach a value of USD 88.48 billion by 2027, growing at a CAGR of 14.0%, as per a new research report published by Confianza Market Research & Consultancy. Enterprise Governance is the strategy of managing risk and compliance. In short, it is the concept where the company acts to accomplish its goals and manage ambiguity by following the guidelines. Enterprises create their policies related to risk assessment, risk monitoring, and internal controls procedures, regulatory controls that employees must stick to organization-wide.
The high demand for eGRC solution is in various industries such as BFSI, It and telecom, and oil and gas. Organizations implement this technology to avoid financial consequences. Due to the non-compliance few of the companies have challenged huge revenue loss in the past, for example- United Airlines, Sony, Nestle, Equifax, KFC, Facebook, Lulu lemon Athletica, NiSource, Weinstein.
The global EGRC market is dominated by the North America region, with a massive 30% market share, the region is anticipated to grow exponentially in upcoming years. The U.S. is the global hub for IT & BFSI companies, also the U.S. has one of the most strict corporate laws and compliances, therefore a huge demand for eGRC solutions is expected from the region in the upcoming few years.
The Asia Pacific market is expected to grow at a high growth rate owing to the increasing development of the corporate sector in this region, especially in countries such as India, which is emerging at a key exporter of IT services to the world.
Below are the Reasons to implement Governance & Risk Compliance into the Enterprise:
- Economical- Due to its cost-saving eminence it is economically beneficial to the organizations.
- Operational- Governance & Risk Compliance offers IT savings.
- Legal- Governance & Risk Compliance provides transparency in the organization.
Benefits of Governance & Risk Compliance
- The most important benefit of Governance & Risk Compliance is Risk reduction as well as cost-saving.
- It delivers high business efficiency and effectiveness.
- It Increased Business Sprightliness
- This technology Re-use of compliance requirements and business processes and it reports through only a single platform
- New guidelines are adapted very rapidly by this technology.
View the detailed analysis and a sample report here: Enterprise Governance & Risk Compliance Market Share & Trend Analysis Report 2020-2027 (PDF)
Enterprise Governance & Risk Compliance Market Segmentation
Confianza market research & consultancy has segmented the global Enterprise Governance & Risk Compliance Market based on format, application, and region:
- 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