Enterprise Governance, Risk and Compliance Software Market Size Report, Industry Share, Analysis, Growth, 2032

Industry Prospective:

The global Enterprise Governance, Risk, and Compliance Software market was worth around USD 36912.5 Million in 2021 and is estimated to grow to about USD 78913.01 Million by 2028, with a compound annual growth rate (CAGR) of approximately 13.5 percent over the forecast period. The report analyzes the Enterprise Governance, Risk and Compliance Software market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the Enterprise Governance, Risk and Compliance Software market.

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Global Enterprise Governance, Risk and Compliance Software Market: Overview

Global Enterprise Governance, Risk and Compliance Software Market Report, GRC solutions have emerged as a result of the increasingly complex regulatory, compliance, and risk management environment in businesses. Enterprise governance, risk, and compliance (EGRC) enable risk and compliance management teams to analyze and share data to gain a 360-degree view of the organization's risk landscape, allowing executives and boards to develop informed business strategies. Market growth is being driven by the increased deployment of EGRC software systems across companies to reduce monetary and reputational costs associated with non-compliance.

Rapid globalization and commercialization have prompted governments to develop new policies to promote fair trade. The EGRC plays a critical role in addressing the complexities of adhering to stringent regulatory policies. Furthermore, changes in a country's economy resulting in the implementation of new policies or revisions to existing ones. As a result, to avoid non-compliance, businesses must keep up with these changes and update their existing EGRC systems.

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COVID-19 Impact:

As a result of the latest outbreak, risk managers and compliance officers are battling the COVID-19 pandemic. Risk management optimization has swiftly emerged as one of the finest defenses an organization may have to ensure business continuity in this situation. By wisely investing in risk technology, businesses are putting their risk teams' skills to good use. Despite the fact that being proactive is the best risk management strategy in normal circumstances, because the pandemic is a danger that has already materialized, there has been a focus on ways that can react rapidly to the latest developments.

The Covid-19 pandemic is projected to hasten the need for a digital workforce, thus exposing businesses to the risk of mishandling data. For data and intellectual property (IP) security and compliance in remote work situations, the EGRC integration is strongly recommended. The Covid-19 impact assessment is already being used by businesses to improve visibility and identify potential hazards in the supply chain and distribution network.

Enterprise Governance, Risk and Compliance Software Market: Growth Drivers

Driver: Increase in stringent compliance mandates

The requirement to comply with numerous rules imposed by governing bodies, as well as the increasingly complicated regulatory environment, is projected to drive demand for EGRC solutions. Failure to comply with compliance rules and laws can result in significant financial losses, which are usually in the form of penalties.

Restraint: Varying structure of regulatory policies

Regulatory policies differ in structure from country to country and from business to business. Various countries lack a governing body to oversee these regulations, which must be controlled and implemented while taking into account a variety of elements, including microeconomic risk considerations and commercial requirements. One of the restricting factors for the growth of the EGRC market is the lack of a defined standard that must be followed.

Opportunity: Integration of AI and blockchain technologies into EGRC solutions

The expanding volume of data presents a variety of options for business professionals in areas such as audit, risk, and compliance to improve their performance. Furthermore, the growing necessity to evaluate data silos in order to identify risk and deliver it to stakeholders at the appropriate moment has become critical. As a result, a number of companies have begun to offer AI-powered solutions to help businesses meet various regulatory and compliance needs.

Report Scope:

Challenge: Providing a comprehensive EGRC solution

The majority of the businesses cater to a variety of industries, including banking, financial services, and insurance (BFSI), healthcare, legal, retail, and eCommerce, among others. As a result, businesses concentrate on building solutions that can meet the needs of these industry sectors, resulting in a desire for diverse solutions that can suit the needs of each business segment. Delivering an integrated EGRC solution that can fulfill the diverse business requirements of BFSI, healthcare, and other industries is a big problem that could stymie industry progress.

Global Enterprise Governance, Risk and Compliance Software Market: Segmentation

The global Enterprise Governance, Risk and Compliance Software market is segregated based on category, hospital capacity, location, and region.

By Offering, the market is classified into Software and service. The category had a significant share in 2021 and is expected to maintain its dominance throughout the forecast period.  Software accounted for largest revenue in 2021, and this dominance is expected to continue over the projected period. The decreasing cost of ownership of software with integrated solutions, which are widely utilized to address a variety of laws such as supply chain compliance, quality control, and OSHA, is likely to be a significant driver of market growth.

By Organization Size, the market is divided into the large enterprises and SMEs. With the largest revenue share, the large enterprise category dominated the global market. Large firms are increasingly focusing on developing transparency to mitigate dangers linked with the balance sheet's bottom line, given shifting regulatory conditions. To expand their client base, EGRC providers are focusing on addressing IT, financial, and other difficulties encountered by major organizations.

Recent Developments

• In April 2021 CherryRoad Technologies and Oracle teamed up (CherryRoad). CherryRoad is known for developing and executing unique and innovative solutions leveraging Oracle's Governance, Risk, and Compliance (GRC) suite of products.
• In March 2021, IBM has announced IBM OpenPages Data Privacy Management, a new module for the OpenPages platform that helps businesses address emerging data privacy problems. This module will provide users with a unified view of all private data assets stored across their organization, as well as the ability to run privacy assessments on them.

Regional Landscape

North America accounts for a sizable portion of global demand for enterprise governance, risk, and compliance solutions, because of the disappearing boundaries in hyper-extended enterprises. The security risks associated with hyper-extended enterprises are also increasing. This factor has resulted in a greater emphasis on identity and access management, for which the country's government is developing stricter regulations.

During the projection period, Asia Pacific is expected to grow at an exponential rate. The increased demand for solutions across industries such as manufacturing, government, and healthcare is driving the region's growth. To strengthen their market position, key market players are focusing on completing various business methods such as acquisition, partnership, merger, and others.

Enterprise Governance, Risk and Compliance Software Market Competitive Landscape

Some of the main competitors dominating the global hybrid aircraft market include -IBM (US), Microsoft (US), Oracle (US), SAP (Germany), SAS Institute (US), ServiceNow (US), Thomson Reuters (Canada), Wolters Kluwer (Netherlands), Dell EMC (US), FIS (US), Software AG (Germany), RSA Security (US), MEGA International (France), Ideagen (UK), Mphasis (India), MetricStream (US), Protiviti (US), SAI Global (US), ProcessGene (Israel), LogicManager (US), Quantivate (US), Riskonnect (US), NAVEX Global (US), Alyne(Germany), and Lexcomply (India), StandardFusion (Canada).

Global Enterprise Governance, Risk and Compliance Software Market is segmented as follows:

Based on Offering:

• Software
• Services

Based on Software:

• Usage
• Type

Based on Deployment Mode:

• Cloud
• On-premises

Based on Organization Size:

• Large Enterprises
• SMEs

Based on Business Function:

• Finance
• IT
• Legal
• Operation

Based on End User:

• BFSI
• Telecommunication
• Energy and Utility
• Government
• Healthcare
• Manufacturing
• Mining and Natural Resources
• Retail and Consumer Goods
• IT
• Transportation and Logistics
• Others (Construction and Engineering, Academia, Media and Entertainment, Oil and Gas, and Tourism and Hospitality)

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa