Global enterprise governance, risk and compliance software market is expected to reach USD 49,900 million by 2024 and is expected to exhibit a CAGR of more than 10% between 2017 and 2024.
Enterprise governance, risk, and compliance (e-GRC) cover how a company addresses governance, risk, and compliance. The method of effectual e-GRC involves planning and managing for risks, ensuring a company is complying with all regulations and that governance, both in terms of people and processes, is being controlled monitored.
The e-GRC helps to the company to plan for the future, environmental or economic changes, and business scenarios. Moreover, it also helps in analyze business risk, monitor business metrics, analyze the current market scenario etc.
The global enterprise governance, risk, and compliance software market was valued at around USD 23,100 million in the year 2016 and it is expected to reach approximately USD 49,900 million by 2024. The global enterprise governance, risk and compliance software market is expected to grow at a CAGR of over 10.1% between 2017 and 2024.
Drivers and Restraints
The major factor driving the growth of enterprise governance, risk and compliance software market is increasing adoption of eGRC solutions for big data and IoT. The awareness among the organizations is increasing, about the deployment of security solutions in their day to day business operations to protect and secure the information and data from unauthorized access and cyber-attacks. In the last few years, the number of data breaches and cyber-attacks has increased at a rapid pace. Every 39 seconds, hackers affecting one of three Americans every year.
The rising number of risk factors against business data is expected to increase the adoption of compliance solutions and security across verticals, which is expected to accelerate the growth of global enterprise governance, risk, and compliance (eGRC) market during the forecast period.
Moreover, owing to rising demand for economic and regulatory climate, various financial services firms are transforming operations to enhance the performance.
The fluctuating regulatory policies and lack of awareness within the organization and are acting as restraints for enterprise governance, risk, and compliance (eGRC) market, and are expected to hinder the growth of the market to some extent.
Software and services are two essential components of enterprise governance, risk and compliance solutions. Audit management, Compliance management, Risk management, Policy management, Incident management, Business continuity management, IT eGRC, financial control management, and issue management are the major type of software’s used to manage the compliance and risk in the organization. The risk management software accounted major share in the global e-GRC market. The risk management software helps to improve data mining, considerably more risk analysis options such as computer assistance etc., better reporting culture, and stronger decision-making ability, such as with creating superior quality counteractive actions.
The GRC Cloud is an easy and fast way to get e-GRC apps up and running with security, optimal reliability, and scalability. The GRC Cloud accelerates the operation of e-GRC apps and requires lesser funds than traditional on-premise infrastructure. The cloud e-GRC is expected to register high growth during the forecast period in the global e-GRC software market.
Small and Medium-sized Businesses (SMBs) are a fundamental point in shaping enterprise policy. The SMBs are a key part of the global innovation, economic growth, job creation, and social integration. The SMBs organization size is expected to grow at CAGR of 10.4% in the global enterprise governance, risk and compliance software market over the forecast period.
The eGRC software’s are used for management of a financial process such as monitoring internal and external audits. The e-GRC solutions are majorly used for disclosure measurement, financial reporting, tax management, accounting, and risk and treasury. The finance business function is dominating the enterprise governance, risk and compliance software market.
Banking, Financial Services & Insurance (BFSI) accounted major share in the global e-GRC market and expected to remain dominant over the forecast period. Banking and financial services organizations fight against increasing sweeping changes and regulatory challenges in an unsure landscape. The strong regulations, massive capital investment, and multifarious associations with industry peers generate demand for sophisticated software to handle all the risk measures.
The developed economies of the U.S. and Canada and high focus on innovations generate demand for an eGRC solution in North America is the key factor contributing towards a high share of the region in the global market. The rising awareness for business productivity, with competently designed eGRC solutions offered by vendors present in the APAC region, has led the Asia Pacific to become a highly potential market.
The report includes detailed profiles of the prominent market players that are trending in the market. The list of the players that are compiled in the report is as Microsoft, SAP SE, SAS Institute Inc., Oracle Corporation, Bwise, Fidelity National Information Services Inc. , Wolters Kluwer, Metricstream Inc., Thomson Reuters, EMC Corporation (A Dell Company), and International Business Machines Corporation among others
The key market players sustain the competitive edge in the global market by making investments in the strategic agreement with another leader to provide an excellent solution. For instance, In January 2018, the SAP, one of a key leader in the e-GRC market has signed a strategic deal with IBM TO accelerate SAP S/4HANA Implementations.
This report is based on in-depth qualitative and quantitative analyses of the global Enterprise Governance, Risk and Compliance Software market. Zion Market Research has collected and analyzed key data belong to the global Enterprise Governance, Risk and Compliance Software market using a variety of methods. Quantitative analysis has been done following various projection and sampling techniques.
The qualitative analysis involved primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes were validated through experts' opinions. The market dynamics have been determined after conducting a detailed study of the micro and macroeconomic indicators of the market.
Various parameters have been taken into account while estimating market size. The revenue generated by the leading industry participants in from the sales of Enterprise Governance, Risk and Compliance Software across the world has been calculated through primary and secondary research.
Zion Market Research employs the combination of secondary research followed by extensive primary research. Under secondary research, we refer to prominent paid as well as open access data sources including product literature, company annual reports, government publications, press releases, industry association’s magazines and other relevant sources for data collection. Other prominent secondary sources include STATISTA, trade journals, trade associations, statistical data from government websites, etc.
For this study, Zion Market Research has conducted all-encompassing primary research with key industry participants to collect first had data. Moreover, in-depth interviews with key opinion leaders also assisted in validation of findings from secondary research and to understand key trends in the Enterprise Governance, Risk and Compliance Software industry. Primary research makes up the major source of data collection and validation.
We conduct primary interviews with industry participants and commentators on an ongoing basis to validate data and analysis. A typical research interview fulfills the following functions:
Participants who typically participate in such a process include, but are not limited to:
Key opinion leaders specializing in different areas corresponding to different industry verticals
Secondary research sources that are typically referred to include, but are not limited to:
News articles, press releases and webcasts specific to companies operating in the market
Following a comprehensive secondary and primary research and insights thus gathered, analysts at Zion Research have provided an in-depth analysis of various aspects of the Enterprise Governance, Risk and Compliance Software market.
Where no hard data is available, we use models and estimates to produce comprehensive data sets. A rigorous methodology is adopted, wherein the available hard data is cross-referenced with the following data types to produce estimates: