Enterprise Governance, Risk, and Compliance Market by Components (Software and Services), Enterprise Types (Small & Medium Enterprise and Large Enterprise), Software (Audit Management, Compliance Management, Risk Management, Policy Management, Incident Management, and Others), Service (Integration, Support, and Consulting), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

The global enterprise governance, risk, and compliance market was valued at USD 31.25 billion in 2019. The market is projected to expand at a CAGR of 13.9% during the forecast period, 2021 – 2028. The growth of the market is attributed to rising adoption of risk and compliance management solutions by enterprises to overcome reputational and monetary threats of non-compliance.
 

Enterprise governance, risk, and compliance (EGRC) is a strategy for managing enterprise risks, compliance with regulations, and governance. It can be implemented by private, public, small, or large associations, who want to manage risks, align their business goals efficiently, and comply with rules and regulations.

Market Trends, Drivers, Restraints, and Opportunities:

• Regulation of policies and introduction of new policies, due to high growth in developing countries, is expected to drive the demand for EGRC.
• Need for continuous monitoring and analysis of data to ensure privacy and security fuels the demand for EGRC.
• Implementation of EGRC has helped in overcoming challenges of hyper-connected business models.
• Increasing complications of regulatory, compliance, and risk management in business has encouraged the implementation of EGRC across several industries.

Scope of the Report:

The report on the enterprise governance, risk, and compliance market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights:

The software segment held a major share of around 64% of the total revenue in 2019
Based on components, the global enterprise governance, risk, and compliance market is bifurcated into software and service. The software segment is expected to expand at a robust CAGR during the forecast period. Rising need for valuation of suppliers and third party audits are estimated to boost the market. Growth of the market is attributed to reduction in cost of software and increasing software with integrated solutions to tackle several guidelines such as quality control, OSHA, and supply chain. The analytics technology is used in handling internal audit, which helps to identify risk assessment tools and safeguard risk and compliance tools in the organization. Increasing use of WIFI and low cost of internet connectivity are decreasing the cost of technology.
 

The large enterprise segment held a key share of the total revenue in 2019
On the basis of enterprise types, the global enterprise governance, risk, and compliance market is segregated as small & medium enterprise and large enterprise. The large enterprise segment is estimated to expand at a substantial CAGR during the forecast period. Regulatory scenarios are changing and large organizations are focused on developing transparency to reduce threats related to the bottom line of the balance sheet. This has increased the demand for EGRC in large organizations.

The small and medium enterprise segment is expected to expand at a CAGR of 14.5% during the forecast period. Irrespective of the size of the balance sheet, it is mandatory for companies operating in manufacturing, BFSI, retail, and telecom sectors to follow strict regulations and manage risks related to the industry.

The risk management segment is expected to expand at a rapid pace during the forecast period
In terms of software, the global enterprise governance, risk, and compliance market is fragmented as audit management, compliance management, risk management, policy management, incident management, and others. The risk management segment held around 25% share of the total revenue in 2019. It helps to prevent breaches against penalties.

The audit management segment was valued at USD 4.40 billion in 2019. Audit management solutions assist organizations in auditing and handling compliance responsibilities by providing an integrated platform to access information about previous assessments and manage ongoing ones.

The consulting segment held a major share of around 39% of the total revenue in 2019
On the basis of services, the global enterprise governance, risk, and compliance market is segregated as integration, support, and consulting. Enterprise governance and compliance management are rapidly growing in response to advancements in technology, personnel requirements, hiring, and consumer demands.

Major companies such as SAP SE, Bwise, Thomson Reuters, and Wolters Kluwer provide solutions with their consultancy portfolio, which helps organizations to evaluate trends and current practices as well as accomplish value-added results.

The market in North America is expected to expand at a CAGR of 12.3% during the forecast period
Based on regions, the global enterprise governance, risk, and compliance market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in North America held a major share of the total revenue in 2019. The organizations in this region are adopting advanced and agile software solutions that involve few resources, due to lack of staff and cyber threats. EGRC helps in managing the general activities of the organizations.

Segments

Segments Covered in the Report:
The global enterprise governance, risk, and compliance market has been segmented on the basis of

Components

• Software
• Services

Enterprise Types

• Small & Medium Enterprise
• Large Enterprise

Software

• Audit Management
• Compliance Management
• Risk Management
• Policy Management
• Incident Management
• Others

Services

• Integration
• Support
• Consulting

Regions

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Competitive Landscape

Key players in the global enterprise governance, risk, and compliance market include MetricStream Inc., SAP SE, Wolters Kluwer, Thomson Reuters, SAS Institute, IBM, Dell EMC, Microsoft, MetricStream, Oracle, Software AG, FIS, ProcessGene, NAVEX Global, Ideagen, MEGA International, SAI Global, LogicManager, Alyne, and BWise. Retailers are focused on launching advanced solutions and partnerships to comply with new governance policies.