Enterprise governance, risk, and compliance management solutions facilitate rigorous support to companies & organizations and offer opportunities to specialize in cyber law, health law, security, corporate compliance, and financial services. Enterprise governance, risk, and compliance solutions help people in managing broad issues of corporate governance, efficient corporate compliance, and enterprise risk management. Meanwhile, it also facilitates specialized support in vital areas like human capital, financial advisory, anti-fraud, information technology, financial reporting, tax, and other related services.
The growing complexities in compliance regulatory and risk management atmospheres in corporate businesses are the major reason for the growth of the global enterprise governance, risk, and compliance (eGRC) market. The enterprise governance, risk, and compliance management solutions effectively monitor and define the internal and external business atmosphere. The growing number of risks involved in the business atmosphere is propelling the growth of adoption of such compliance solutions in the market. Such solutions help to analyze and share valuable data for 360-degree verification of the business landscape in the particular organization, thereby helping boards and executives to formulate advanced and informed business strategies.
The implementation of such software across different verticals in the market helps prevent reputational and monetary risk arising due to the non-compliance. Hence, it is vigorously offering an impetus for the growth of the market globally. Commercialization and rapid globalization are providing enough thrust to encourage the government to frame new policies for transparent and fair trade practices. However, such enterprise governance, risk, and compliance solutions help in addressing the complexities of compliance with strict regulatory policies. The growing need for security due to the growing adoption of artificial intelligence and internet of things technology is creating many lucrative growth opportunities in the market that is likely to bolster the growth of the global enterprise governance, risk, and compliance (eGRC) market in the forthcoming years.
The global enterprise governance, risk, and compliance (eGRC) market can be segmented into end-user, enterprise, service, software, component, and region.
By end-user, the market can be segmented into transportation & logistics, telecom & IT, retail & consumer goods, manufacturing, healthcare, government, energy & utilities, construction & engineering, BFSI, and others.
By enterprise, the market can be segmented into large enterprises and small & medium enterprises.
By service, the market can be segmented into support, consulting, and integration.
By software, the market can be segmented into the incident, policy, risk, compliance, and other management.
By component, the market can be segmented into services and software.
North America accounts for the largest share in the global enterprise governance, risk, and compliance (eGRC) market due to the growing risk of government scrutiny and cyber-attacks. Also, the development of high-end management solutions in the region will further drive the growth of the regional market in the forthcoming years.
Some of the significant players in the global enterprise governance, risk, and compliance (eGRC) market are StandardFusion, Lexcomply, Alyne, NAVEX Global, Riskonnect, Quantivate, LogicManager, ProcessGene, SAI Global, Protiviti, MetricStream, Mphasis, Ideagen, MEGA International, RSA Security, Software AG, FIS, Dell EMC, Wolters Kluwer, Thomson Reuters, ServiceNow, SAS Institute, Oracle, Microsoft, and IBM. To cite, in January 2020, XebiaLabs launched innovative software to track security and compliance risk assessment. The software helps in generating the latest status regarding IT governance violations, production security vulnerabilities, and several others.