Market Size of Enterprise Governance, Risk And Compliance Industry
Study Period | 2019 - 2029 |
Market Size (2024) | USD 18.72 Billion |
Market Size (2029) | USD 33.57 Billion |
CAGR (2024 - 2029) | 12.38 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
Enterprise Governance, Risk and Compliance (eGRC) Market Analysis
The Enterprise Governance, Risk And Compliance Market size is estimated at USD 18.72 billion in 2024, and is expected to reach USD 33.57 billion by 2029, growing at a CAGR of 12.38% during the forecast period (2024-2029).
Organizations usually operate in a complex and highly dynamic global environment. Hence, managing risk and compliance due to the various impacts of the changes around it is one of the significant challenges that an organization faces.
- Enterprise GRC helps organizations anticipate, understand, and holistically manage their risks. As a result, organizations can balance risks and opportunities, make strategic decisions effectively, and respond efficiently to the changes occurring within and outside the enterprise.
- Implementing stringent regulations and mandates by the government across various end-user verticals has increased the need to adopt eGRC solutions that fulfill the need for compliance, audit, risk management, etc.
- Moreover, the rising threats amongst organizations due to digitalization and the sharing of vast data have led to different forms of cyber threats and attacks. Hence, there lies an increasing need for efficiency in financial assessment and cost-saving solutions, which is further expected to fuel the market's growth opportunities. Therefore, the cybersecurity threat is one of the critical drivers for eGRC software adoption.
- However, a lack of awareness about the various benefits of eGRC, especially in small and medium businesses, has hindered market growth. Furthermore, continuous changes in the company's code of conduct and organizational structures are likely to curb market growth.
Enterprise Governance, Risk and Compliance (eGRC) Industry Segmentation
Enterprise GRC is defined as a company's coordinated strategy for managing the broad issues of corporate governance, enterprise risk management (ERM), and corporate compliance concerning regulatory requirements. The integrated collection of capabilities enables an organization to achieve objectives reliably, address uncertainty, and act with integrity.
The Enterprise Governance, Risk and Compliance Market is segmented by Type (Software, Services), Size of the Enterprise (Small and Medium Enterprise, Large Enterprise), End-user Industry (BFSI, Healthcare, Manufacturing, IT, and Telecom), and Geography (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa). The market sizes and forecasts are in terms of value (USD) for all the above segments.
Type | |
Software | |
Services |
Size of the Enterprise | |
Small and Medium Enterprise | |
Large Enterprise |
End-User Industry | |
BFSI | |
Healthcare | |
Manufacturing | |
IT and Telecom | |
Other End-User Vertical |
Geography | |
North America | |
Europe | |
Asia-Pacific | |
Latin America | |
Middle East and Africa |
Enterprise Governance, Risk And Compliance Market Size Summary
The Enterprise Governance, Risk, and Compliance (eGRC) market is poised for significant growth, driven by the increasing complexity of global business environments and the need for organizations to manage risks and compliance effectively. As businesses face evolving regulatory requirements and cyber threats, eGRC solutions have become essential for balancing risks and opportunities, making strategic decisions, and ensuring compliance across various sectors. The rise of digitalization and data sharing has heightened the need for robust risk management and compliance solutions, particularly in the financial sector, where cyber threats have surged. Despite the challenges posed by a lack of awareness in smaller enterprises and the dynamic nature of organizational structures, the demand for eGRC solutions continues to expand, fueled by the necessity for efficient financial assessments and cost-saving measures.
North America remains a dominant region in the eGRC market, largely due to its early adoption of these solutions and the stringent regulatory environment that necessitates compliance with federal laws and standards. The region's focus on identity and access management, driven by the rise of hyper-extended enterprises, further propels market growth. Technological advancements such as Big Data, IoT, and cloud-based software are expected to enhance the market's growth opportunities. The competitive landscape of the eGRC market is characterized by strategic initiatives like product development, acquisitions, and collaborations among major players. Recent innovations, such as AI-powered GRC solutions, highlight the industry's shift towards leveraging advanced technologies to improve efficiency and decision-making. As organizations continue to prioritize compliance and risk management as integral components of their corporate strategy, the eGRC market is set to experience robust expansion in the coming years.
Enterprise Governance, Risk And Compliance Market Size - Table of Contents
-
1. MARKET DYNAMICS
-
1.1 Market Overview
-
1.2 Market Drivers
-
1.2.1 Stringent Government Regulations and Mandates
-
1.2.2 Cyber Security Threat Owing to Digitalization
-
-
1.3 Market Restraints
-
1.3.1 Lack of Awareness
-
-
1.4 Industry Value Chain Analysis
-
1.5 Industry Attractiveness - Porter's Five Forces Analysis
-
1.5.1 Bargaining Power of Suppliers
-
1.5.2 Bargaining Power of Buyers/Consumers
-
1.5.3 Threat of New Entrants
-
1.5.4 Threat of Substitute Products
-
1.5.5 Intensity of Competitive Rivalry
-
-
-
2. MARKET SEGMENTATION
-
2.1 Type
-
2.1.1 Software
-
2.1.2 Services
-
-
2.2 Size of the Enterprise
-
2.2.1 Small and Medium Enterprise
-
2.2.2 Large Enterprise
-
-
2.3 End-User Industry
-
2.3.1 BFSI
-
2.3.2 Healthcare
-
2.3.3 Manufacturing
-
2.3.4 IT and Telecom
-
2.3.5 Other End-User Vertical
-
-
2.4 Geography
-
2.4.1 North America
-
2.4.2 Europe
-
2.4.3 Asia-Pacific
-
2.4.4 Latin America
-
2.4.5 Middle East and Africa
-
-
Enterprise Governance, Risk And Compliance Market Size FAQs
How big is the Enterprise Governance, Risk And Compliance Market?
The Enterprise Governance, Risk And Compliance Market size is expected to reach USD 18.72 billion in 2024 and grow at a CAGR of 12.38% to reach USD 33.57 billion by 2029.
What is the current Enterprise Governance, Risk And Compliance Market size?
In 2024, the Enterprise Governance, Risk And Compliance Market size is expected to reach USD 18.72 billion.