EGRC Market Segmented: By End User Vertical Type (Media & Entertainment, BFSI, E-Commerce, and Hospitality); by Deployment: (Cloud and On Premises) and Region - Global Analysis of Market Size, Share & Trends for 2019 - 2020 and Forecasts to 2030
[ 170 + Pages Research Report ] EGRC Market to surpass USD 110.2 billion by 2030 from USD 36.57 billion in 2020 at a CAGR of 11.6% in the coming years, i.e., 2021-30.
Enterprise governance, risk, and compliance management (eGRC) offer organizations solid opportunities and support to specialize in corporate conformity, financial services, health or protection, and cyber law. Enterprise management, risk, and compliance services assist customers in the management of broad corporate risk issues, reliable compliance, and corporate governance while providing specialist support for key areas such as taxation, financial reporting, IT, anti-fraud, and monetary advisory services, and human capital services.
The global EGRC Market is expected to project a notable CAGR of 11.6% in 2030.
Global EGRC Market market to surpass USD 110.2 billion by 2030 from USD 36.57 billion in 2020 at a CAGR of 11.6% in the coming years, i.e., 2021-30. Some of the variables that increase consumer growth globally are low ownership costs, safer, and increased efficiency. Moreover, the growth is stimulated by the growing amount of enterprise data, coupled with deeper interdependence and data management challenges, and the increased need for data management and standardization among enterprises in a range of industries. Surging risk and the increasing profit of companies are anticipated to help the growth of the market. The market also benefits from the increased number of partnerships among key players and the increasing interest in monitoring the lifecycle of content among companies.
BFSI segment to grow with the highest CAGR during 2020-30
Global EGRC Market is segmented by End-user vertical Type into Media & Entertainment, BFSI, E-Commerce, and Hospitality. During the projected timeline, BFSI is expected to have the highest market share. The most significant factors that drive the use of eGRC software in this sector include increased software requirements from different banks for money-laundering management, terrorist funding, foreign exchange risk, and interest rate risk. But, due to the increased demand for eGRC software due to the increase in fraud and bribery, the supply chain risk, the risk of intellectual property, and reputational risks in the production industry, the manufacturing sector is expected to rise at a high level during the projected timeframe.
Cloud segment to grow with the highest CAGR during 2020-30
Global EGRC Market is divided by deployment type into deployment mode into Cloud and on-premises. For Enterprise governance, risk, and compliance management, the cloud is mainly the preferred option because it makes it easy to operate, saves costs, and facilitates flexibility. In addition, marketing initiatives from leading solutions providers have helped create the cloud as a viable and seamless deployment alternative amongst traditionally viewed industries. The cloud deployment model allows consistency in operations and fast real-time implementation for enterprises. This is the reason why cloud management applications gain greater popularity than on-premises applications in Japanese enterprises. It also offers a range of advantages including reduced running cost, quick deployment, and greater connected resources scalability.
Growing enterprise data
The growth of the enterprise governance, risk, and compliance management market is stimulated by a growing amount of enterprise data, coupled with deeper interdependence and data management challenges, and the increased need for data management and standardization among enterprises in a range of industries.
Stringent government regulation
Government imposes strict regulations on various eGRC deployment organizations, which assists companies in evaluating, detecting, analyzing, and considering both opportunities and risks to safeguard the corporate brand and build value for its shareholders. A new regulatory structure, with strict policies on financial crime, has been implemented by the Singapore government. In addition, the Chinese Government has applied a GRC solution in organizations to enhance risk monitoring, segregation of duties (SOD), management reporting, and continuous control monitoring, according to a study carried out in China (CCM).
High capital cost and lack of knowledge
On the contrary, the lack of knowledge about the importance of management solutions for enterprises may hinder market growth in the next few years. Moreover, Uncertainty regarding investment returns will impact the growth of the management sector of the enterprise.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global EGRC Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa. During the projected timeline, APAC ought to have the highest share in the total market for EGRC. This market has been segmented into China, Japan, South Korea, and APAC's Rest (RoAPAC). RoAPAC contains Singapore, Thailand, Malaysia, India, New Zealand, and Australia. APAC Enterprise governance, risk, and compliance management are anticipated to fetch a significant share of the global revenue owing to rising developed technical infrastructure, stable IT systems, numerous corporations' interests, strong investment capabilities, etc. These features provide enough space for the regional sector to stay among the top nations throughout the forecast period. The presence of numerous industry leaders in Japan provides a boost to the competitive landscape hence fueling the regional market growth.
Global EGRC Market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – the United States and Canada
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