Enterprise Governance, Risk & Compliance Market to Witness Growth at 14.0% by 2030

Posted on 2022-05-30 by researchinsights in Telecommunications // 0 Comments

San Francisco, California , USA, May 30, 2022 — /EPR Network/ —

Enterprise Governance, Risk & Compliance Industry Overview

The global enterprise governance, risk & compliances market size was valued at USD 40.84 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 14.0% from 2022 to 2030.

Governance Risk management regulates how an organization can achieve its targets by formulating preventive measures against the financial menace. The implication of compliance helps an organization follow the laid laws, guidance, rules, and procedures. It even refers to the ability that the internal employees of an organization need to follow the policies and procedures.

GRC and EGRC benefit an organization by implicating policies and procedures to mitigate risk and adopt a healthy workflow. Enterprise Governance Risk Compliances regulate an organization by monitoring risk management, controlling risk, and identifying risk hazards that might occur in the critical business environment. EGRC ensures that the company adheres to the strict norms and maintains the standards for complete growth and prosperity.

Gather more insights about the market drivers, restrains and growth of the Global Enterprise Governance, Risk & Compliance market

Enterprise governance risk & compliances (EGRC) plays a crucial role for all the industry verticals; however, the strict rules imposed by the government authorities are increasing now and then. The compliances are formulated to ensure that the industries work with accountability and take necessary measures to overcome risk. The future of any organization depends upon how actively they understand the external and internal factors to make time to time decisions with the help of EGRC guidelines. The rise of data breaches in various industries has paved the way for escalating information security. The evolvement of industries around the globe that involves complex transactions has given a vast scope for Governance Risk Compliance which is essential for market growth.

The global economic crisis of 2008 led to the sweeping of new regulations for the banking, financial services, and insurance (BFSI) sector, necessitating a look at external and internal processes and consequences. Moreover, consumer privacy regulations and laws in Europe and other regions have created unique challenges for different multi-national entities that carry their businesses on the web.

The COVID-19 pandemic forced organizations and industries to adopt work from home and remote location arrangements, which led them to face challenges like data confidentiality and data breaching. During the phase of the pandemic, EGRC has played a vital role in data protection and safety. Moreover, the lack of understanding of EGRC in medium and small businesses has stunted the market growth. Risk management is not all about data breaching or cyber risks but about the people in the organization, working culture system, and surroundings.

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Enterprise Governance, Risk & Compliance Market Segmentation

Grand View Research has segmented the global enterprise governance, risk & compliances market based on component, software, services, enterprise type, vertical, and region:

Component Outlook (Revenue, USD Million, 2018 – 2030)
- Software
- Services
Software Outlook (Revenue, USD Million, 2018 – 2030)
- Audit Management
- Compliance Management
- Risk Management
- Policy Management
- Incident Management
- Others
Services Outlook (Revenue, USD Million, 2018 – 2030)
- Integration
- Consulting
- Support
Enterprise Type Outlook (Revenue, USD Million, 2018 – 2030)
- Small and Medium Enterprise (SME)
- Large Enterprise
Vertical Outlook (Revenue, USD Million, 2018 – 2030)
- BFSI
- Construction & Engineering
- Energy & Utilities
- Government
- Healthcare
- Manufacturing
- Retail & Consumer Goods
- Telecom & IT
- Transportation & Logistics
- Others
Regional Outlook (Revenue, USD Million, 2018 – 2030)
North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)

Market Share Insights

April 2021: Oracle partnered with CherryRoad Technologies (CherryRoad). CherryRoad has highly regarded expertise in configuring and implementing tailored and innovative solutions with the Oracle Governance, Risk and Compliance (GRC) suite of applications.
March 2021: IBM announced the release of IBM OpenPages Data Privacy Management, a new module in the OpenPages platform that enables organizations to meet new data privacy challenges head-on. This module will give users a unified view of all of the private data assets being stored across their organization, and it will enable users to run privacy assessments on them.

Key Companies profiled:

Some prominent players in the global enterprise governance, risk & compliances market include

SAP SE
Bwise
MetricStream Inc.
Thomson Reuters
Wolters Kluwer

Order a free sample PDF of the Enterprise Governance, Risk & Compliance Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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