Exploring Key Insights of the Enterprise Governance, Risk and Compliance (eGRC) Market: Growth Prospects, Emerging Trends, and Opportunities
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How Rapidly is the Enterprise Governance, Risk and Compliance (eGRC) Market Expected to Expand Between 2025 and 2034 Based on Current Trends?
In recent times, there has been a quick expansion in the market size of enterprise governance, risk and compliance (eGRC). The market, valued at $40.62 billion in 2024 is projected to reach $45.65 billion in 2025, growing at a compound annual growth rate (CAGR) of 12.4%. Factors such as the need for risk management, concerns related to data security, challenges faced due to globalization, requirements for audit and accountability, and the necessity of operational efficiency have contributed to the growth experienced in the historic period.
The market size for enterprise governance, risk and compliance (eGRC) is predicted to exhibit swift expansion in the forthcoming years, ultimately reaching $83.78 billion in 2029 with a compound annual growth rate (CAGR) of 16.4%. The projected growth during this timeframe is largely due to factors such as the evolving landscape of cybersecurity threats, priorities surrounding climate and sustainability, advancements in real-time monitoring and reporting, as well as resilience planning. Key trends that are expected to shape the forecast period encompass the progression of regulatory technology (regtech), developments in advanced analytics and AI, emphasis on technology integration and cybersecurity risk, as well as the integration of regulatory technology (regtech).
How Are the key drivers Contributing to the Expansion of the Enterprise Governance, Risk and Compliance (eGRC) Market?
The escalation of cyber-attack occurrences is predicted to fuel the expansion of the enterprise governance, risk, compliance (eGRC) market in the future. Cyber-attacks involve unauthorized attempts to access a computer, computing system or network aiming to inflict damage. To avail of features like risk and compliance management, business resilience applications, and financial audit management, organizations worldwide are embracing eGRC solutions. For example, in April 2024, The Department for Science, Innovation, and Technology, a UK government department, reported that UK businesses confronted roughly 7.78 million diverse types of cybercrimes, as well as around 116,000 non-phishing cybercrimes in 2023. For UK charities, the number is around 924,000 varied cybercrimes in the same timeframe. Consequently, the surge in cyber-attack incidents is sparking the growth of the enterprise governance, risk, and compliance (eGRC) market.
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Which Key Players Are Shaping the Future of the Enterprise Governance, Risk and Compliance (eGRC) Market?
Major companies operating in the enterprise governance, risk and compliance (eGRC) market include:
• Microsoft Corporation_x000D_
• The International Business Machines Corporation_x000D_
• Oracle Corporation_x000D_
• SAP SE_x000D_
• Thomson Reuters_x000D_
How Are the Latest Trends Influencing the Growth of the Enterprise Governance, Risk and Compliance (eGRC) Market?
The emergence of technological innovations is a rising trend witnessed in the enterprise governance, risk, and compliance (eGRC) market. A primary strategy for the prominent enterprises in this market is to create unique technology-based solutions to enhance their standing. As an illustration, MetricStream, a prominent American software enterprise specializing in integrated risk management (IRM) and governance, risk, and compliance (GRC), launched ConnectedGRC in January 2022. This solution, featuring advanced AI, in-depth domain skills, and risk quantification capabilities, was designed to tackle pressing business issues such as risk, compliance, audit, cybersecurity, and environmental, social, and governance (ESG). The cumulative GRC software from MetricStream facilitates efficient collaboration, information exchange, and quantitative risk management among professionals. BusinessGRC, CyberGRC, and ESGRC are the three unique product lines offered by ConnectedGRC.
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Which Key Segments of the Enterprise Governance, Risk and Compliance (eGRC) Market Are Poised for Growth and Innovation?
The enterprise governance, risk and compliance (eGRC) market covered in this report is segmented –
1) By Component: Software, Services
2) By Organization Size: Large Enterprise, Small And Medium Enterprise
3) By Deployment Model: Cloud-Based, On-Premise
4) By Vertical: Banking, Financial Services And Insurance (BFSI), Healthcare, Government, Energy And Utilities, Manufacturing, Retail And Consumer Goods, Telecom And Information Technology (IT), Other Verticals
Subsegments:
1) By Software: Risk Management Software, Compliance Management Software, Audit Management Software, Policy Management Software, Incident Management Software, Third-Party Risk Management Software, Business Continuity Management Software
2) By Services: Consulting Services, Implementation Services, Support And Maintenance Services, Training And Education Services, Managed Services
What Regions Are At the Forefront of Enterprise Governance, Risk and Compliance (eGRC) Market Expansion?
North America was the largest region in the enterprise, governance, risk, and governance (eGRC) market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the enterprise governance, risk and compliance (egrc) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Are the Core Features That Define the Enterprise Governance, Risk and Compliance (eGRC) Market?
The enterprise governance, risk, and compliance (eGRC) refer to a strategy used by enterprises to manage their governance, corporate compliance and enterprise risk management with applicable regulations while effectively maintaining business objectives. eGRC helps enterprises to achieve anticipated goals through the automation of workflow, while simultaneously ensuring that is adherence to government regulations and internal controls that employees must adhere to company-wide.
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