Global enterprise governance, risk and compliance market
Posted by pallavi on January 27th, 2020
Global enterprise governance, risk and compliance market was valued US$ 25.32 Bn in 2017 and is expected to reach US$ 66.76 Bn by 2026, at a CAGR of 12.88% during a forecast period.
Enterprise governance, risk, and compliance (GRC) is a strategic discipline that enables organizations to identify and protect against all types of risks and also increase operations.
The increasing demand for corporate governance, regulatory requirements and compliance are boosting the enterprise governance risk and compliance market. Moreover, reducing costs, rationalizing controls, identify operational inefficiencies are adding fuel to the growth of the market. However, lack of awareness and restricted resources is also hampering the growth of enterprise governance, risk and compliance market. Additionally, changing the structure of regulatory policies is hindering the market growth.
The software segment is expected to largest market share in the forecast period. Reducing total cost of ownership of software with integrated solutions to tackle myriad regulations, such as compliance to supply chain, and quality control is expected to key factor driving market growth. Moreover, growing need for assessment of third-party and supplier risk and audits are likely to boost the market at a major rate.
The BFSI sector accounted for a significant market share of over the enterprise GRC market in 2017. Banks and financial institutions are swamped by regulations introduced as a consequence of the 2008 financial crisis. The devastating impact of the crisis on the global economy resulted in regulators imposing harsher norms and ensuring accountability, transparency, and risk management.
North America is estimated to continue to lead the market in the forecast period. Rising cyber-attacks within the region over the last few years has significantly augmented the need for enterprise governance, risk and compliance management solutions.
Some of the key players in the global enterprise governance, risk and compliance market are Microsoft, BWise, SAS Institute Inc., IBM Corporation, FIS, Thomson Reuters, Wolters Kluwer, MetricStream Inc., EMC Corporation, Oracle, SAP SE, Newport Consulting Group, Deloitte LLP, Maclear SA, Software AG, Protiviti Inc and Modulo Security, LLC.
Global Enterprise Governance, Risk and Compliance Market by Component
• Large Enterprise
• North America
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Joined: July 22nd, 2019
Articles Posted: 132
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