Enterprise Governance, Risk & Compliance Market Worth $134.8 Billion By 2030

April 2022 | Report Format: Electronic (PDF)

Enterprise Governance, Risk & Compliance Market Growth & Trends

The global enterprise governance, risk & compliance market size is projected to reach USD 134.8 billion by 2030, registering a CAGR of 14.0% from 2022 to 2030, according to a new study by Grand View Research Inc. GRC and EGRC benefit an organization by implicating policies and procedures to mitigate risk and adopt a healthy workflow. Enterprise Governance, risk compliances regulate an organization by monitoring risk management, controlling risk, and identifying risk hazards that might occur in the critical business environment. EGRC ensures that the company adheres to the strict norms and maintains the standards for complete growth and prosperity.

The significant growth of the digital era is playing a pivotal role in the development of the EGRC market, and the rapid increase of electronic communication via smartphones, tablets, and cameras has drastically increased the exchange of private data internally and externally for various business purposes. The rapid growth in data has given rise to improved analytical and digital tools, including EGRC software.

Enterprise Governance Risk & Compliances plays a crucial role for all the industry verticals; however, the strict rules imposed by the government authorities are increasing now and then. The compliances are formulated to ensure that the industries work with accountability and take necessary measures to overcome risk. The future of any organization depends upon how actively they understand the external and internal factors to make time to time decisions with the help of EGRC guidelines. The rise of data breaches in various industries has paved the way for escalating information security. The evolvement of industries around the globe that involves complex transactions has given a vast scope for Governance Risk Compliance which is essential for market growth.

Enterprise GRC software accounted for the largest revenue share based on component in 2018 and is anticipated to maintain its dominance over the forecast period. Implementation of EGRC software helps organizations improve performance, gain visibility, and reduce compliance and risk costs. The services segment is expected to witness a healthy CAGR over the forecast period. This can be attributed to the development of advisory, integration, and software-as-service solutions, which have paved the way for improved performance and implementation.

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Enterprise Governance, Risk & Compliance Market Report Highlights

  • Enterprises of all sizes are trying to implement new EGRC software to stay ahead of their competitors in a competitive market landscape. Organizations have made it a mandatory to install EGRC software as a critical capital undertaking because of which information protection has come into the spotlight

  • The large enterprises segment is anticipated to lead growth, with a CAGR exceeding 10% from 2022 to 2030

  • Policy management software (PMS) will emerge as the third fastest-growing segment; these software-based programs, including cloud and web-based solutions, help organizations better manage data and keep control over the policies and procedures

  • PMS software is rapidly changing with more innovation and technology-based services under the guidance of EGRC solutions

  • Audit management will be the second-largest market segment, as it helps organizations manage the audits with the help of compliances. The segment in 2021 captured over 20% of the overall market revenue

  • Asia Pacific market is projected to witness substantial growth over the next decade. Leading countries contributing to the region’s growth include Japan, South Korea, Taiwan, Vietnam, and Indonesia. The rapid increase of digital technology in the area will provide extra access to transformation to solve economic and social factors

Enterprise Governance, Risk & Compliance Market Segmentation

Grand View Research has segmented the global enterprise governance, risk & 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 Outlook (Revenue, USD Million, 2018 - 2030)

  • Small and Medium Enterprise (SME)

  • 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

EGRC Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

  • Asia Pacific

    • China

    • India

    • Japan

  • Latin America

    • Brazil

    • Mexico

  • Middle East & Africa

List of Key Players in Enterprise Governance, Risk & Compliance (EGRC) Market

  • Wolters Kluwer

  • Thomson Reuters

  • SAP SE

  • MetricStream Inc.

  • Bwise

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