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Enterprise Governance, Risk, and Compliance Market Size 2031
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Enterprise Governance, Risk, and Compliance Market Size 2031

Segments - 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 2023 – 2031

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Author : Raksha Sharma
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Fact-checked by : V. Chandola
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Editor : Shruti Bhat

Upcoming | Report ID :ICT-SE-463 | 4.1 Rating | 71 Reviews | 193 Pages | Format : PDF Excel PPT

Report Description


Enterprise Governance, Risk, and Compliance Market Outlook

The global enterprise governance, risk, and compliance market size was valued at around USD 46.18 Billion in 2022, is expected to reach around USD 148.99 Billion by 2031 and expanding at a CAGR of 13.9% during the forecast period, 2023–2031. 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.

Enterprise Governance, Risk, and Compliance Market Outlook

  • 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 Enterprise Governance, Risk, and Compliance Market 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.

Attributes

Details

Report Title

Enterprise Governance, Risk, and Compliance Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2022

Historic Data

2016–2021

Forecast Period

2023-2031

Segmentation

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

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

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

Enterprise Governance, Risk, and Compliance Market Segment Insights

Components Segment Analysis

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.

Enterprise Governance, Risk, and Compliance Market Components

Enterprise Types Segment Analysis

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.

Software Segment Analysis

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.

Enterprise Governance, Risk, and Compliance Market Software

Services Segment Analysis

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.

Regional Analysis

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.

Enterprise Governance, Risk, and Compliance Market Region

Segments

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

Key Players

  • 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
  • BWise

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.

Enterprise Governance, Risk, and Compliance Market Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Enterprise Governance, Risk, and Compliance Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Enterprise Governance, Risk, and Compliance Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Enterprise Governance, Risk, and Compliance Market - Supply Chain
  4.5. Global Enterprise Governance, Risk, and Compliance Market Forecast
     4.5.1. Enterprise Governance, Risk, and Compliance Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Enterprise Governance, Risk, and Compliance Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Enterprise Governance, Risk, and Compliance Market Absolute $ Opportunity
5. Global Enterprise Governance, Risk, and Compliance Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Enterprise Governance, Risk, and Compliance Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Enterprise Governance, Risk, and Compliance Demand Share Forecast, 2019-2026
6. North America Enterprise Governance, Risk, and Compliance Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Enterprise Governance, Risk, and Compliance Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Enterprise Governance, Risk, and Compliance Demand Share Forecast, 2019-2026
7. Latin America Enterprise Governance, Risk, and Compliance Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Enterprise Governance, Risk, and Compliance Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Enterprise Governance, Risk, and Compliance Demand Share Forecast, 2019-2026
8. Europe Enterprise Governance, Risk, and Compliance Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe Enterprise Governance, Risk, and Compliance Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Enterprise Governance, Risk, and Compliance Demand Share Forecast, 2019-2026
9. Asia Pacific Enterprise Governance, Risk, and Compliance Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Enterprise Governance, Risk, and Compliance Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Enterprise Governance, Risk, and Compliance Demand Share Forecast, 2019-2026
10. Middle East & Africa Enterprise Governance, Risk, and Compliance Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Enterprise Governance, Risk, and Compliance Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Enterprise Governance, Risk, and Compliance Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Enterprise Governance, Risk, and Compliance Market: Market Share Analysis
  11.2. Enterprise Governance, Risk, and Compliance Distributors and Customers
  11.3. Enterprise Governance, Risk, and Compliance Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     11.4.1. MetricStream Inc.
     11.4.2. SAP SE
     11.4.3. Wolters Kluwer
     11.4.4. Thomson Reuters
     11.4.5. SAS Institute
     11.4.6. IBM
     11.4.7. Dell EMC
     11.4.8. Microsoft
     11.4.9. MetricStream
     11.4.10. Oracle
     11.4.11. Software AG

Methodology

Our Clients

Siemens Healthcare
Microsoft
FedEx Logistics
Honda Motor Co. Ltd.
The John Holland Group
Deloitte
Pfizer
sinopec