Meticulous Research®—a distinguished global market research firm—has issued a pivotal report titled, “Enterprise Governance, Risk, and Compliance Market by Component (Solutions, Services), Organization Size, Deployment Mode, Business Function (Legal & Compliance, Operation Management), Sector (Healthcare), and Geography - Global Forecast to 2030.”
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According to this insightful publication, the global enterprise governance, risk, and compliance (eGRC) market is poised to expand significantly, reaching $39.6 billion by 2030, with a projected CAGR of 15.8% from 2024 to 2030. The market's growth can be largely attributed to stringent regulatory requirements and increasing demands for eGRC solutions across various sectors, particularly within the BFSI industry. Furthermore, the integration of cutting-edge technologies, including AI, ML, and blockchain, is set to create considerable opportunities for stakeholders involved in the eGRC landscape.
While the outlook for the eGRC market is promising, it is not without challenges. The disparity in regulatory policies across different regions could inhibit growth. Additionally, ongoing concerns regarding data privacy, security risks, and a lack of understanding surrounding eGRC solutions are expected to pose hurdles that need to be effectively managed.
The research report segments the eGRC market based on various criteria, including components, organization size, deployment modes, business functions, and industry sectors. This segmentation provides a detailed analysis of current market trends on both global and regional levels, alongside an evaluation of the competitive landscape within the eGRC market.
Component Breakdown: The global enterprise governance, risk, and compliance market is classified into solutions and services. It is expected that the solutions segment will hold the largest share of the market in 2024. The increasing demand for risk management solutions, compliance tools, and audit management applications is a driving factor in the adoption of comprehensive eGRC solutions. These systems are essential for organizations seeking to monitor compliance effectively, mitigate risks, and establish transparent governance processes.
In contrast, the services segment is projected to experience the highest growth rate during the forecast period. The need for specialized consulting, implementation, and managed services is escalating as organizations strive to optimize their eGRC strategies. With the complexities of regulatory environments becoming more pronounced, the demand for professional guidance is expected to grow.
Analysis by Organization Size: The eGRC market is also segmented according to organization size, encompassing large enterprises and small & medium-sized enterprises (SMEs). In 2024, large enterprises are anticipated to account for a greater share of the market. Given the multifaceted risks these organizations face, the adoption of comprehensive eGRC solutions is essential for managing operational, financial, and compliance-related risks across diverse jurisdictions.
However, SMEs are projected to grow at the fastest rate during the forecast period. The recognition of the importance of structured risk management processes is gaining traction among smaller businesses. eGRC solutions offer SMEs a streamlined approach to address compliance and data privacy concerns, enhancing their operational efficiency despite resource limitations.
Deployment Modes Assessment: The report further categorizes the eGRC market by deployment modes, distinguishing between on-premise and cloud-based solutions. On-premise solutions are expected to capture the larger share of the market in 2024, driven by the stringent data security requirements prevalent in regulated sectors like healthcare and finance. Many organizations prefer on-premise solutions for their ability to deliver customized features and facilitate integration with existing systems.
Nonetheless, cloud-based eGRC solutions are anticipated to experience the highest growth rate during the forecast period. The flexibility and cost-effectiveness associated with cloud deployments are appealing, particularly for SMEs. As organizations continue to recognize the benefits of cloud security enhancements, the adoption of cloud-based eGRC solutions is likely to accelerate.
Business Functions Analysis: The global eGRC market is also segmented by business functions, including finance & accounting, information technology (IT), legal & compliance, operations management, and human resources. The finance & accounting segment is expected to dominate the market in 2024, driven by the increasing complexity of financial regulations. The adoption of eGRC solutions is becoming essential for organizations to manage compliance, improve governance, and enhance financial operations effectively.
This segment is also projected to show the highest growth rate during the forecast period, as organizations invest in eGRC tools to improve audit controls and manage internal financial risks.
Sector Overview: The global eGRC market includes various sectors such as BFSI, IT & telecommunications, energy & utilities, healthcare, manufacturing, and government. The BFSI sector is expected to lead the market, attributed to the rising need for eGRC solutions to ensure regulatory compliance and protect sensitive information. These solutions are critical in assessing risks associated with financial operations, thus driving demand.
Conversely, the healthcare sector is anticipated to witness the fastest growth during the forecast period. The heightened focus on compliance management and the increasing prevalence of digital health initiatives are compelling healthcare organizations to adopt comprehensive eGRC solutions.
Regional Analysis: Geographically, the report categorizes the eGRC market into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America is expected to hold the largest share of the market in 2024, driven by the high adoption of eGRC solutions across heavily regulated industries. The region’s focus on data privacy and cybersecurity, along with the presence of major players in the market, further enhances its growth potential.
On the other hand, the Asia-Pacific region is poised to exhibit the highest growth rate. The emergence of data protection laws and the digital transformation of businesses in this region are contributing to the growing demand for eGRC solutions.
Key Players
The key players operating in the global enterprise governance, risk and compliance market are IBM Corporation (U.S.), Microsoft Corporation (U.S.), SAP SE (Germany), Dell Inc. (U.S.), SAS Institute Inc. (U.S.), Wolters Kluwer N.V. (Netherlands), Software AG (Germany), Oracle Corporation (U.S.), Mphasis Limited (India), Future Shield Inc. (Canada), SAI360 Inc. (U.S.), OneTrust LLC (U.S.), Blue Umbrella Limited (Hong Kong), MetricStream Inc. (U.S.), and SureCloud Ltd (U.K.).
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/enterprise-governance-risk-and-compliance-market-5702
Key questions answered in the report:
- Which are the high-growth market segments in terms of component, organization size, deployment mode, business function, sector, and geography?
- What is the historical market size for enterprise governance, risk and compliance across the globe?
- What are the market forecasts and estimates for 2024–2030?
- What are the major drivers, restraints, opportunities, and challenges in the global enterprise governance, risk and compliance market?
- Who are the major players in the global enterprise governance, risk and compliance market, and what are their market shares?
- How is the competitive landscape?
- What are the recent developments in the global enterprise governance, risk and compliance market?
- What are the different strategies adopted by the major players in the market?
- What are the geographic trends and high-growth countries?
- Who are the local emerging players in the global enterprise governance, risk and compliance market, and how do they compete with other players?
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