Enterprise Governance, Risk And Compliance (eGRC) Market Size, Share & Trends Analysis Report By Component, By Software, By Services, By Software Usage, By Organization Size, By Deployment Mode, By Business Function, By Vertical, And Segment Forecasts, 2024 - 2030

Research Methodology

A three-pronged approach was followed for deducing the enterprise governance, risk and compliance market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for enterprise governance, risk and compliance market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of enterprise governance, risk and compliance market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Enterprise Governance, Risk And Compliance Market Categorization:

The enterprise governance, risk and compliance market was categorized into six segments, namely component (Software, Services), software (Audit Management, Compliance Management, Risk Management, Policy Management, Incident Management), services (Integration, Consulting, Support), organization size (Small & Medium Enterprise, Large enterprise), vertical (BFSI, Construction & Engineering, Energy & Utilities, Government, Healthcare, Manufacturing, Retail & Consumer Goods, Telecom & IT, Transportation & Logistics), and regions (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).

Segment Market Methodology:

The enterprise governance, risk and compliance market was segmented into component, software, services, organization size, vertical, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The enterprise governance, risk and compliance market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into nine countries, namely, the U.S.; Canada; Germany; the UK; China; India; Japan; Brazil; Mexico..

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Enterprise governance, risk and compliance market companies & financials:

The enterprise governance, risk and compliance market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• FIS, FIS provides technological solutions for merchants, banks, and capital markets organizations globally. The following business segments comprise the company's operations: The solutions for merchants, banking, capital markets, corporate, and others are referred to as Merchants Solutions, Banking Solution, and Capital Market Solution, respectively. For retail and institutional banking, asset and wealth management, payments, enterprise risk and compliance, and more, FIS provides a broad range of solutions. In addition, the company offers wealth management solutions, ancillary apps, network services, electronic funds transfer, and fraud and risk management solutions.

• Maclearglobal.com, A portfolio of enterprise, governance, risk, and compliance (GRC) software is offered by MaclearGlobal.com. A centralized Software-as-a-Service (SaaS) platform for measuring, tracking, and managing corporate governance, compliance, and risk management is the company's Maclear eGRC Suite. Solutions for risk management, asset management, business continuity, vendor management, policy and compliance, threat management, and incident management are all included in the suite. The business also provides training services and professional services. Maclearglobal.com has affiliations with we45, Rackspace Technology, Auditime, and Wipfli LLP. Serving clients and partners in North America, Europe, the Middle East & Africa, and Asia Pacific, the privately held business.

• MetricStream, MetricStream provides solutions for quality, compliance, risk, and governance management. The company offers an enterprise compliance platform, electronic document management software, risk management systems, and compliance management solutions. In addition, the organization provides hosting, validation, implementation, maintenance, and training. Contract management, audit management, legal issues, financial control, supplier performance, regulatory compliance, quality management, NERC compliance, supply chain risk management, and supplier compliance are all areas in which MetricStream offers both on-premise and cloud-based solutions. MetricStream assists its clients with components of vendor governance, social compliance, trade monitoring, loss prevention, FDA GXP compliance, FCPA compliance, and quality assurance. Additionally, the company offers solutions for food safety, danger and vulnerability, product compliance, spreadsheet control management, and food quality audits.

• Microsoft Corporation, Microsoft is among the top providers of IT technologies. It creates and provides devices, services, software, and solutions. The following business segments are used by the corporation to operate: Intelligent Cloud; Productivity and Business Processes; and More Personal Computing. Office Commercial, Office Consumers, LinkedIn, and Dynamics Business Solution are just a few of the goods and services offered by the Productivity and Business Processes category. The server products and cloud services and enterprise services sub-segments comprise the Intelligent Cloud segment, which deals with public, private, and hybrid server goods and cloud services. All device-related products and services for consumers, developers, and IT professionals are included in the More Personal Computing sector. Search engines, game consoles, Windows operating systems, and devices are all offered in this section.

• Oracle Corporation, Oracle is a global leader in providing infrastructure and application solutions for information technology (IT) environments. Its broad range of goods, services, software, and technologies serve businesses globally in a number of industries. To assist organize and secure the data of its clients, the firm has developed the first autonomous database in history. The business also creates on-premise, cloud, and NetSuite apps. It serves the following sectors: public sector, retail, utilities, food and beverage, healthcare, hospitality, engineering and construction, communications, and life sciences. The company operates in two primary business segments: Products and Services. The Products segment offers various financial software solutions such as Oracle FLEXCUBE, Oracle Financial Services Analytical Applications (OFSAA), Oracle Financial Services Analytical Applications Infrastructure (AAI), Oracle Financial Crime and Compliance Management (FCCM), Oracle Financial Services, Enterprise Risk Management, Oracle Financial Services Analytical Applications for customer insight, Oracle Banking Digital Experience, Oracle Banking APIs, Oracle Banking Liquidity Management, Oracle Banking Virtual Account Management, and Oracle Banking Corporate Lending. The Services segment provides IT solutions and consulting services. The company has a global presence with offices in the Americas, Europe, Asia Pacific, Middle East, and Africa.

• SAI Global Pty Limited, SAI Global Pty Limited offers integrated risk management solutions, assurance, and property services. Their main business areas include standard aggregation, ethics and compliance learning, regulatory content, risk assessments, certification, testing, and audits. In 2019, SAI Global Pty Limited acquired BWise from Nasdaq. The company operates through two product categories: risk and compliance software and ethics and compliance learning solutions. Their 360 integrated risk management solution covers various applications such as compliance management, EHS, operational excellence, ethics & compliance learning, operational enterprise risk, digital and vendor risk, among others. SAI Global Pty Limited's clients are primarily from the BFSI, healthcare, mining & utilities, and pharmaceuticals industries. The company has partnerships with several businesses including Accenture, cornerstone, The ERM International Group Limited, Golder Associates, and Grant Thornton. SAI Global Pty Limited is a privately held company with a global presence in North America, Asia Pacific, Europe, and Middle East & Africa (EMEA).

• SAP SE, Enterprise application software is offered by SAP SE. The company also offers solutions based on the Internet of Things (IoT), analytics, and machine learning. SAP SE classifies the products in its portfolio according to the following categories: business technology platform, HR & people engagement, ERP & finance, supply chain management, CRM & customer engagement, and network & expenditure management. The clientele of the company encompasses public service organizations, financial service providers, and established players in several sectors and industrial verticals, such as energy and natural resources and consumer-focused enterprises. Qualtrics, Applications, Technology & Support, Concur, and Services are the four reportable segments of SAP.  Additionally, the business provides governance, risk, and compliance solutions to a range of international businesses. Through ongoing testing and monitoring of critical issues and control status, the SAP Process Control solution assists businesses in streamlining their internal control processes. Through real-time enterprise data scanning, the company's Business Integrity solution enhances fraud prevention and detection.

• SAS Institute Inc., SAS Institute Inc. is a company that develops software applications for business intelligence and software development purposes. Its software products include fraud management, IT management, financial intelligence, and data integration. The company also provides data management software and related services to its customers. SAS Institute offers a range of enterprise solutions that cater to customer intelligence, cloud analytics, decision management, fraud and security intelligence, data management, audit management, risk management, compliance management, policy management, analytics, in-memory analytics, performance management, risk management, supply chain intelligence, and other areas. The company's security intelligence solution employs multiple analytical techniques, such as predictive modeling, anomaly detection, and social network analysis, to detect frauds and threats. Additionally, its risk management solution enables enterprises to comply with regulations mandated by different jurisdictions across the world.  SAS Institute serves a diverse range of industries, including casinos, communications, consumer goods, automotive, banking, defense and security, government, healthcare, health insurance, high-tech manufacturing, higher education, hotels, insurance, and others.

• Software AG, Software AG provides solutions for business process transformation, covering areas such as business design, strategy, and risk and compliance management, as well as process mining and analysis, business automation and connectivity, and more. They also have solutions for IoT and analytics, including IoT analytics, IoT application development, IoT device connectivity, IoT device management, IoT edge computing, IoT integration, and others. Additionally, their services include API, integration, and microservices, such as B2B integration, API management, mainframe integration, application integration, microservices, and others. Software AG operates through three business lines: Digital Business, Adabas & Natural (A&N), and Professional Services, which offers consulting and implementation services. The company serves a diverse range of customers, including Alicorp, the Ministry of Transport and Road Safety, Linfox, including others.

• Thomson Reuters, Thomson Reuters is a company that provides information and technology services to professionals in the areas of tax, legal, compliance, and accounting. The company operates through five segments, including Legal Professionals, Corporates, Tax and Accounting Professionals, Reuters News, and Global Print. Its Corporate segment offers compliance, regulatory, tax, and IT products to small and medium-sized businesses, multinational organizations, in-house legal teams, and professionals. Thomson Reuters also provides information and analytics solutions to facilitate transactions and connections between investment communities, trading, corporate, and financial professionals, as well as regulatory and operational risk management solutions. The company delivers online and print information, software, services, and decision-making tools to support legal, government, and business professionals. It also provides accounting information and integrated tax compliance solutions to law firms, corporations, accounting firms, and government offices. In addition, the company operates Reuters, which provides information services and real-time multimedia news to television, newspapers, and cable networks. Thomson Reuters has a strong global presence in North America, EMEA, and the Asia Pacific, and its shares are listed on the New York Stock Exchange and Toronto Stock Exchange under the ticker symbol TRI.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Enterprise Governance, Risk And Compliance Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Enterprise Governance, Risk And Compliance Market Report Assumptions:

• The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.