The global enterprise governance, risk and compliance market is expected to reach USD 64.6 billion by 2025, according to a new report by Grand View Research, Inc.Rising complex compliance, regulator, and risk management environment in the business has been a major factor driving market growth. In addition, recent developments in big data, cloud computing, and Internet of Things (IoT) and its implementation across compliance and risk management processes also paved the way for greater development of GRC solutions.
The need for compliance management grew significantly owing to the advent of new regulations by government bodies across various industries. Companies that deliver GRC solutions are working with various other private corporations as well as public organizations for developing and implementing solutions to reduce the damage caused by the risks within the business. The financial sector has become more strategic and cautious, realizing the significance of identifying and mitigating the risks of doing business with corrupt and criminal entities. As a result, organizations are increasingly pursuing to invest in compliance departments.
Enterprise GRC consulting was the largest service category in 2016 and is expected to maintain a comparatively low growth rate over the forecast period. It constituted with a share of about 39% in 2016. Integration services segment is expected to observe the fastest growth over the next eight years with an estimated CAGR of 13.2% from 2017 to 2025.
Integrated GRC solutions helps organization in making critical connection between strong business results and compliance processes in the areas of revenue management, brand protection and reputation, customer retention and attraction, lower costs/higher profitability, asset protection, improved workforce performance, and many more. Therefore, the segment is likely to continue growing in the near future.
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Further key findings from the report suggest:
The global enterprise governance, risk and compliance market was valued at USD 22.11 billion in 2016 and is expected to grow at a CAGR of 12.7% from 2016 to 2025
Risk management emerged as the largest solution segment in 2016 and is estimated to generate revenue over USD 15.96 billion by 2025
Global enterprise governance, risk and compliance demand in policy management was USD 3.16 billion in 2016 and is anticipated to witness staggered growth over the next eight years
The U.S. large enterprise market for EGRC is estimated to reach an overall market size of USD 11.92 billion by 2025
The industry in Asia Pacific is projected to witness substantial growth over the next decade owing to various developments across major economies. The regional market is expected to grow at a CAGR of 14.2% from 2017 to 2025.
Key players including SAP SE, Thomson Reuters, Wolters Kluwer, MetricStream Inc., and Bwise dominated the global enterprise governance, risk and compliance market while accounting for over 51% of the total revenue in 2016
Grand View Research has segmented the global enterprise governance, risk and compliance market on the basis of solution, services, enterprise type, vertical type, and region:
Solution Outlook (Revenue, USD Million, 2014 - 2025)
Service Outlook (Revenue, USD Million, 2014 - 2025)
Enterprise Type Outlook (Revenue, USD Million, 2014 - 2025)
Small & Medium Enterprise (SME)
Vertical Type Outlook (Revenue, USD Million, 2014 - 2025)
Construction & Engineering
Energy & Utilities
Retail & consumer goods
Telecom & IT
Transportation & Logistics
Regional Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2025)
Middle East & Africa
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