GVR Report cover Enterprise Governance, Risk And Compliance Market Size, Share & Trends Report

Enterprise Governance, Risk And Compliance Market Size, Share & Trends Analysis Report By Component, By Software, By Services, By Organization Size, By Vertical, By Region, And Segment Forecasts, 2023 - 2030

  • Report ID: GVR-1-68038-670-7
  • Number of Pages: 165
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2021
  • Industry: Technology

Report Overview

The global enterprise governance, risk and compliance market size was valued at USD 47,223.0 million in 2022 and is projected to expand at a CAGR of 13.8% from 2023 to 2030 The growth of this market can be attributed to the benefits of implementing EGRC, which include stability, optimization, transparency, reduced costs, and consistency, among others. Additionally, the presence of companies such as Microsoft, Oracle Corporation, SAP SE, and Software AG, which offer a solution with unique attributes, resulted in a wide range of products available in the market, driving its growth.

 U.S. Enterprise Governance, Risk & Compliance Market Size, by component, 2020 - 2030 (USD Billion)

For instance, in September 2021, Microsoft announced the general availability of its Azure Purview, a cloud-native data governance solution that helps businesses to govern multi-cloud, SaaS, and on-premises data. Integrating AI with Enterprise Governance Risk and Compliances enhances the capabilities of the offered Enterprise Governance Risk and Compliances solution, which can help the solution be widely adopted in multiple industries to cater to high demand. For instance, the major cause of the high adoption of enterprise governance risk and compliance solutions in the financial institution includes increased technical needs among financial institutions in terms of complex systems for conducting various processes and managing compliances, among others.

Enterprise governance risk & compliance plays a crucial role for a wide range of industries; along with this, the strict regulation established by governments and other organizations has resulted in the growth of the enterprise governance, risk and compliance market during the forecast period. Compliances formulated aim to ensure industries are accountable and take measures to overcome any risks. The future of any organization depends on understanding internal and external factors for making time-to-time decisions in line with the enterprise governance, risk and compliance (EGRC) guidelines.

The increased number of data breaches across industries has increased the demand for information security. The increased complexity of the transaction happening in industries has paved the way for the growth of the EGRC market during the forecast period. GRC and EGRC benefit an organization in various aspects, including managing risks across the organization and preparing safeguards against attacks, streamlining processes and standardizing workflow, offering a buffer against company regulatory scrutiny and errors, and ensuring control systems are in place for consistency across the enterprise.

The capability of EGRC to provide an entire package of the aspects mentioned above has resulted in the market's growth during the forecast period. The inception of the COVID-19 pandemic has resulted in enterprises/organizations adopting work-from-home, and remote working styles, which has resulted in organizations facing issues such as data confidentiality and breaching, among others. This space was easily an EGRC solution, resulting in increased revenue during this period. However, the case is quite different in the case of SMBs, where due to a lack of understanding, SMBs are finding it harder to adopt EGRC.

The companies in the EGRC market have been coming up with an EGRC solution with additional features, attracting customers and enabling the companies to capture a significant share of the EGRC market. For instance, MetricStream offers an AI-powered GRC solution enabling resilience and agility; some of the company's major customers include Trimble Inc., Cummins Inc., Capricorn Group Limited, and UBS, among others. Thus, EGRC solutions offering with additional features has been gaining traction in the EGRC market, driving its growth during the forecast period.

Component Insights

The software segment is expected to occupy the largest share of the market during the forecast period. The growth of this segment can be attributed to a large number of players in the EGRC market offering software solution. Moreover, many companies in the EGRC market have a presence spanning the globe, which has resulted in the wider adoption of the software segment during the forecast period. For instance, as of 2021, Oracle has user communities in 97 countries and 5 million registered members of Oracle customer and developer communities. The wide reach of the major companies in the market has resulted in high market growth during the forecast period.

The services segment is expected to have significant growth during the forecast period. The services segment's added benefits, including accessibility, cost-effectiveness, scalability, analytics, data storage, heightened security, and operational management, among others, have resulted in the growth of this segment during the forecast period. The presence of companies in the EGRC market offering SaaS GCR solutions paved the way for the services segment's growth. For instance, Archer Technologies LLC (a U.S.-based GRC solution provider) offers SaaS GRC solutions. The existence of such companies catering to the demand is expected to continue during the forecast period driving the market growth.

Software Insights

The risk management segment of the EGRC market by software is expected to occupy the largest share in 2022. The growth of this segment can be attributed to the increased demand in the market for tackling risks faced by organizations regarding their development. Risk management vendors meet the need by governing risk assessment and follow-up services. The COVID-19 pandemic has also resulted in remote working, for which the companies had to manage unforeseen risks, helping the growth of the risk management segment. Additionally, businesses are looking for risk management for certain processes requiring specialized demand. For instance, credit risk management is experiencing transformation, wherein financial institutions/banks prefer solutions such as real-time early warning systems for credit monitoring to tackle non-performing assets.

The compliance management segment is projected to have the highest CAGR from 2023 to 2030. Opting for compliance management includes easy collaboration, automating compliance processes, simplifying tracking regulatory changes, reducing operation costs, and increasing customer satisfaction, among others. The number of companies in the market that offers compliance management solution is also high, some of which includes IBM, and Microsoft, among others. The presence of such companies catering to the demand across industries has accelerated the growth of the compliance management segment during the forecast period.

Services Insights

Consulting segment is expected to hold the largest share of the EGRC market revenue by services. The requirement of each of the businesses varies depending upon the industry being served, enterprise size, the complexity of the challenges being addressed, and changing government regulations across countries. All these aspects have resulted in the growth of the consulting segment of the enterprise governance, risk & compliance market during the forecast period.

The integration segment of the enterprise governance, risk & compliance market by services is projected to have the highest CAGR during the forecast period. Integration segment growth can be attributed to the benefits of integrated solutions, which include consistency in GRC measures, effective compliance programs for addressing constant changes in technology and regulation, proactively responding to risks by breaking down restrictive organization silos, and function, among others. All the aspects mentioned above of integrated GRC solutions have resulted in the growth of the integrated segment of the EGRC market during the forecast period.

Organization Size Insights

The large enterprise governance, risk & compliance market segment by organization size is projected to have significant growth in the market during the forecast period 2023-2030. The benefits of adopting the EGRC solution are the major factor resulting in the development of this segment during the forecast period. Some major attributes include full customization, 24/7 automation, smoother onboarding/integration, complete visibility/management, data security, and real-time reporting & monitoring, among others. Since large enterprises generally have the following characteristics: customer base, complex business operation, a high number of employees, and larger organization network, wherein implementation of GRC becomes crucial, directly fueling the growth of this segment during the forecast period.

 Global Enterprise Governance, Risk & Compliance Market Share, by organization size, 2022 (%)

The SMEs segment of the enterprise governance, risk & compliance market by organization size is projected to have the highest growth during the forecast period. This growth can be attributed to the SMEs focus on enforcing advanced cloud-based risk compliance policies and cost-effective services. In the competitive world, SMEs mainly depend upon factors such as delivery time and cost-effectiveness to gain traction in the market. Implementing the EGRC solution ticks all the boxes concerned with the success of SMEs, thus resulting in the growth of this segment during the forecast period.

Vertical Insights

BFSI is estimated to occupy the largest share in the enterprise governance, risk & compliance market by vertical in 2022 & 2030. The digitalization and adoption of other technologies in the financial sector have been on the rise in the prior years. This change in the financial industry is also benefiting the enterprise governance, risk & compliance market, which has resulted in the growth of the BFSI segment. For instance, in November 2022, The Bank of East Asia, Limited selected Wolters Kluwer N.V. (Dutch software solution provider) for offering its regulatory reporting software (OneSumX). Such adoption has been taking place in high numbers resulting in increased growth of the BFSI segment during the forecast period.

IT & Telecom is projected to be the fastest growing segment in the enterprise governance, risk & compliance market by vertical. The telecom industry has been known for adopting innovation and new technology; the COVID-19 pandemic further accelerated this trend. The number of cyber-attacks in the telecom industry has been on the rise, which has directly fueled the adoption of GRC. For instance, in May 2022, Lumen Technologies (U.S.-based enterprise technology platform provider) published its quarterly DDoS report, according to which of the 500 large attacks that happened in Q1 2022, the telecom industry alone accounted for 76% of all the DDoS attacks. Such a high number of cyberattacks in the telecom industry has resulted in Telecom companies adopting all measures to secure the data, network, and others, thus resulting in the growth of IT & telecom during the forecast period.

Regional Insights

North America is estimated to be holding the largest share in the enterprise governance, risk & compliance market by region. This region is home to some of the major players in the EGRC market, which includes Dell Inc., IBM, Microsoft, and Oracle, among others. The presence of the major companies has directly fueled the growth of this region. Moreover, businesses in this region have better attitudes towards digitalization, cyber security, and data protection. For instance, in September 2022, a report published by the International Institute for Management Development named "2022 IMD World Digital Competitiveness Ranking", according to which the U.S. ranks second among all the countries in terms of digital competitiveness.

Enterprise Governance, Risk And Compliance Market Trends by Region

Asia Pacific is projected to have the highest growth rate during the forecast period of 2023-2030. The growth of the Asia Pacific region can be attributed to the technological advancement that has taken place in countries such as China and Japan. Major countries in the Asia Pacific are among the leaders in the latest technologies, such as 5G and automation. This trend of keeping up with the latest technology will also result in increased adoption of GRC in the Asia Pacific region in the coming years. Additionally, a growing economy such as India is also witnessing increased EGRC digitalization and data protection regulation, compliance which businesses must follow. All these aspects mentioned above have also driven the growth of GRC adoption in India, eventually resulting in the development of the Asia Pacific region.

Key Companies & Market Share Insights

The top global competitors in the enterprise governance, risk & compliance market include Microsoft, IBM, Oracle, and SAP SE, among others. These companies have a presence in many countries and have developed a GRC solution that facilitates usage in multiple industries. Moreover, these companies have offered unique features in the GRC solution, resulting in their dominance in the enterprise governance, risk & compliance market. For instance, SAP SE offers GRC solutions and cybersecurity for continuously monitoring risks, international trade management, and predictive capabilities for better risk management.Some prominent players in the global enterprise governance, risk and compliance market include:

  • Dell Inc.

  • FIS

  • IBM`

  • Maclearglobal.com

  • MetricStream

  • Microsoft

  • Módulo Security Solutions S.A.

  • Oracle

  • SAI Global Compliance, Inc.

  • SAP SE

  • SAS Institute Inc.

  • Software AG

  • Thomson Reuters

  • Wolters Kluwer N.V.

Enterprise Governance, Risk And Compliance Market Report Scope

Report Attribute

Details

Market size value in 2023

USD 54,613.4 million

Revenue forecast in 2030

USD 134.86 billion

Growth rate

CAGR of 13.8% from 2023 to 2030

Base year for estimation

2022

Historical data

2018 - 2021

Forecast period

2023 - 2030

Quantitative units

Revenue in USD million and CAGR from 2023 to 2030

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Component, software, services, organization size, vertical, region

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

U.S.; Canada; Germany; UK; China; India; Japan; Brazil; Mexico.

Key companies profiled

Dell Inc.; FIS; IBM; Maclearglobal.com; MetricStream; Microsoft; Módulo Security Solutions S.A.; Oracle; SAI Global Compliance, Inc.; SAP SE; SAS Institute Inc.; Software AG; Thomson Reuters; Wolters Kluwer N.V.

Customization scope

Free report customization (equivalent to up to 8 analysts’ working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options.

 

Global Enterprise Governance, Risk And Compliance Market Segmentation

This report forecasts revenue growth at global, regional & country levels and provides an analysis on the industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global enterprise governance, risk and compliance market report based on component, software, services, organization size, 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

  • Organization Size Outlook (Revenue, USD Million, 2018 - 2030)

    • Small & Medium Enterprise (SMEs)

    • 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

  • Region Outlook (Revenue, USD Million, 2018 - 2030)

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

      • Rest of Europe

    • Asia Pacific

      • China

      • India

      • Japan

      • Rest of Asia Pacific

    • Latin America

      • Brazil

      • Mexico

      • Rest of Latin America

    • Middle East & Africa (MEA)

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