Enterprise Governance, Risk and Compliance Market Analysis 2020, & Forecast 2021-2026 (Includes Business Impact of COVID-19)

  • TBI588149
  • August 01, 2019
  • Global
  • 132 pages
  • HCCResearch
                                          

Abstract, Snapshot, Market Analysis & Market Definition: Global Enterprise Governance, Risk and Compliance Market

The global Enterprise Governance, Risk and Compliance market size is projected to reach US$ 73.38 billion by 2026, from US$ 35.44 billion in 2020, at a CAGR of 12.9% during 2021-2026. Increasing adoption of compliance and risk management solutions by various enterprises is anticipated to be the key growth driver. Moreover, rising complex compliance, regulatory, and risk management environment in businesses has paved the way to implement GRC solutions among various industries. GRC is an innovative and multifaceted approach that encompasses people, technologies, and processes to help improve performance, gain visibility, and reduce compliance costs. The major factor responsible for the advent of GRC within companies is growing demand for corporate governance and conformity. Moreover, proper governance ensures economic growth and success of an organization. EGRC comprises software wherein data, policies, and controls are strategically achieved and are visible throughout the enterprise. For instance, strategy, buoyed by a common technology platform, creates transparency and consistency, fosters operational efficiency, enables collaboration, and ensures success and continuity of the organization. Instead of treating each conformity and risk issue as an individual problem, firms are now seeking for a common approach. Companies that do not implement such integrated solutions are paying substantially in terms of increased complexity, wasted resources, decreased flexibility, and greater exposure to threats, which eventually impede business growth and performance. In the last few years, notable corporate crises, such as Lululemon Athletica and Sony, have created the need to understand, assess, and manage likely challenges across the organizations. Threats in all aspects of business as well as ad hoc management of those crises leave them susceptible to impact their revenues and reputation. The global economic crisis of 2008 led to sweeping of new regulations for the Banking, Financial Services, and Insurance (BFSI) sector, necessitating a look at external and internal processes and consequences. Moreover, consumer privacy regulations and laws in Europe and other regions have created unique challenges for different multi-national entities that carry their businesses on the web.

Market Segmentation, Outlook & Viewpoint: Global Enterprise Governance, Risk and Compliance Market

Component Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025)

  • Software
  • Services

Software Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025)

  • Audit Management
  • Compliance Management
  • Risk Management
  • Policy Management
  • Incident Management
  • Others

Services Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025)

  • Integration
  • Consulting
  • Support

Enterprise Type Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025)

  • Small & medium enterprise
  • Large enterprise

Vertical Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025)

  • BFSI
  • Construction & Engineering
  • Energy & Utilities
  • Government
  • Healthcare
  • Manufacturing
  • Retail & consumer goods
  • Telecom & IT
  • Transportation & Logistics
  • Others

Key Players, Recent Developments & Regional Insights: Global Enterprise Governance, Risk and Compliance Market

The large enterprises segment led the EGRC market and was valued at USD 19.33 billion in 2018. In view of changing regulatory scenarios, management in large organizations is increasingly focused on building transparency to mitigate threats associated with the bottom line of the balance sheet. This, as a result, has led to the emergence of GRC solutions and services in large organizations. The small and medium enterprise (SME) segment is anticipated to exhibit a CAGR of 13.7% over the forecast period. Regardless of the size of the balance sheet in the current scenario, it is mandatory for several companies operating in the BFSI, manufacturing, telecom, and retail sectors, among others, to adhere to strict regulations and manage risks associated with the industry. Thus, increasing government regulation across several verticals to protect consumers is anticipated to boost spending on GRC solutions and services in SMEs.

Vertical Insights

BFSI emerged as the largest segment in the enterprise governance, risk and compliance market and was valued at USD 5.74 billion in 2018. Banks and financial institutions are swamped by regulations introduced as a repercussion of the 2008 financial crisis. The devastating impact of the crisis on the global economy resulted in regulators imposing stricter norms and ensuring accountability, transparency, and risk management. Main regulators driving IT spending for governing compliance are BASEL III, Dodd Frank Act, EMIR, SEPA, and MIFID II. Telecom and IT emerged as the fastest growing sector for GRC, projected to exhibit a CAGR of 14.1% from 2018 to 2025. The sector faces an increasingly challenging and complex business environment with rising pressure to persist while ensuring long-term sustainability. Thus, it is dealing with several conformity requirements across multiple geographies, including ongoing license rights. Organizations in this sector are also implementing effective ways of managing and prioritizing impending challenges along with complying with cross-border and local legislation, mandates, and standards.

Regional Insights

North America is projected to continue its dominance, accounting for over 30% of the overall market share in terms of revenue in 2025. Rise in cyber-attacks within the region in the last few years has increased the need for EGRC management solutions significantly. Moreover, emergence of technologies such as big data, IoT, and cloud software is anticipated to propel growth of GRC software over the forecast period. Asia Pacific is projected to witness a substantial CAGR of 15.8% over the forecast period owing to a high adoption of internet and mobile technology in the last few years. Emerging economies such as India, China, and Japan have been experiencing strong economic growth. Also, growing technology user base and rapidly developing infrastructure are responsible for driving the market.

Enterprise Governance, Risk and Compliance (EGRC) Market Share Insights

The global market is highly competitive and fairly concentrated, with the top five companies accounting for the maximum share in 2018. Key market participants include SAP SE; Bwise; MetricStream Inc.; Thomson Reuters; and Wolters Kluwer. Most companies have been using strategies such as collaboration, acquisition, and new product development and launch to strengthen their position. Application development and customized software are expected to be the key parameters for staying competitive, with frequent mergers and acquisitions being undertaken as an attempt to diversify product portfolio and to gain market share. For instance, Thomson Reuters, a GRC solution provider acquired 16 companies worth USD 316 million from 2014 to 2016 to make a remarkable expansions in its business.

Key Insights Covered: Global Enterprise Governance, Risk and Compliance Market

1. North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Enterprise Governance, Risk and Compliance industry. 2. Global major manufacturers" operating situation (sales, revenue, growth rate and gross margin) of Enterprise Governance, Risk and Compliance industry. 3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Enterprise Governance, Risk and Compliance industry. 4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Enterprise Governance, Risk and Compliance industry. 5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Enterprise Governance, Risk and Compliance industry.

Research Methodology: Global Enterprise Governance, Risk and Compliance Market

  • Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
  • Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
  • Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among other

Table of Contents
Chapter 1 Methodology and Scope
1.1 Research Methodology
1.2 Research Scope and Assumptions
1.3 List of Data SourcesChapter 2 Executive Summary
2.1 Enterprise governance, risk and compliance - Market snapshot and key buying criteria, 2015 - 2025
2.2 Global enterprise governance, risk, and compliance market, 2015 - 2025 (USD Million)
2.3 Global enterprise governance, risk and compliance market by region, 2015 - 2025 (USD Million)
2.4 Global enterprise governance, risk and compliance market by component, 2015 - 2025 (USD Million)
2.5 Global enterprise governance, risk and compl
|  read more...

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