Global Enterprise Governance, Risk & Compliance Market Projected to Reach USD 77,500 Million by 2026

17-Jun-2020 | Facts and Factors

Findings from Facts and Factors report “Enterprise Governance, Risk & Compliance Market By Components (Software and Services), Deployment Modes (Cloud and On-Premises), Enterprise Size (Small and Medium-Sized Enterprises (SMEs), and Large Enterprises), Business Functions (Finance, IT, Legal, and Operation), and Verticals (BFSI, Construction and Engineering, Energy and Utility, Government, Healthcare, Manufacturing, Mining and Natural Resources, Retail and Consumer Goods, Telecom and IT, Transportation and Logistics, and Others): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026” states that the global enterprise governance, risk & compliance market in 2019 was approximately USD 31,200 million. The market is expected to grow at a CAGR of nearly 14.0% and is anticipated to reach over USD 77,500 million by 2026.

Enterprise Governance, Risk & Compliance Market Size

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Governance, risk and compliance refers to the company's strategy for managing issues of governance, risk management (ERM) and corporate compliance with regards to regulatory framework. In general, the effective and ethical management of executives and employees by a company is referred as governance. Compliance with standards and regulations for company activities, data management and other business processes. Risk management is the capability of a company to mitigate risks effectively that can hamper the company performance. Governance, risk and compliance services enable companies to deploy and evaluate the effectiveness of their GRC strategies. As GRC strategies are implemented across various departments of a company, GRC services and software need management and coordination across numerous departments such as IT, security, management, auditing, etc.

Browse the full “Enterprise Governance, Risk & Compliance Market By Components (Software and Services), Deployment Modes (Cloud and On-Premises), Enterprise Size (Small and Medium-Sized Enterprises (SMEs), and Large Enterprises), Business Functions (Finance, IT, Legal, and Operation), and Verticals (BFSI, Construction and Engineering, Energy and Utility, Government, Healthcare, Manufacturing, Mining and Natural Resources, Retail and Consumer Goods, Telecom and IT, Transportation and Logistics, and Others): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026" https://www.fnfresearch.com/enterprise-governance-risk-compliance-market-by-components-software-1188

With rapid globalization, the demand for corporate transparency has increased and there has been a significant growth in third party business relationships. Consumer confidence has become one of the key asset for organizations and organizations are focusing on protecting this confidence. This has influenced enterprises to avoid any type of negative impact on the company's reputation in the market, which has been a factor fueling the adoption of GRC programs by many organizations.

Moreover, similar to consumer confidence, investor confidence is also important for organizations. Investors are often attracted towards a company with minimum risks. Lack of investor confidence may lead to a decrease in the new investment. Hence, companies are using various GRC strategies for retaining investor confidence. In addition, another key growth driving factor for the global enterprise governance, risk & compliance is the increasing role of auditors and regulators in preventing violations and keeping the company's position stable in the market.

By component, the software segment dominated the global enterprise governance, risk & compliance market in 2019, accounting for a market share of nearly 60% in 2019. With the rising complexity of business operations, the GRC software has become important for efficient functioning of business, which is crucial for GRC software market. Based on enterprise size, the large enterprise segment held a major share of approximately 75% in the global enterprise governance, risk & compliance market in 2019.

One f the key growth fueling factor for the large enterprise governance, risk & compliance segment is the changing regulatory framework. By vertical, the BFSI segment dominated the global enterprise governance, risk & compliance market in 2019, accounting for a market share of nearly 20%. The BFSI sector has been spending heavily to meet the government regulations and standards, which has been a key growth driving factor for the enterprise GRC in BFSSI sector.

Based on region, the North America region accounted for market share of nearly 35% in the global enterprise governance, risk & compliance market in 2019. Stringent regulatory framework in U.S. has been a key growth driving factor for the North America enterprise governance, risk & compliance market.

Report Scope

Report Attribute

Details

Market Size in 2019

USD 31,200 Million

Projected Market Size in 2026

USD 77,500 Million

CAGR Growth Rate

14.0% CAGR

Base Year

2019

Forecast Years

2019-2026

Key Market Players

IBM, Wolters Kluwer, Microsoft, Oracle, Alyne, SAS Institute, SAP, Software AG, Dell EMC, FIS, MetricStream, MEGA International, Thomson Reuters, LogicManager, SAI Global, NAVEX Global, Ideagen, ProcessGene, and Others.

Key Segment

By Application, By Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa

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Some of the leading players in the global market include

IBM, Wolters Kluwer, Microsoft, Oracle, Alyne, SAS Institute, SAP, Software AG, Dell EMC, FIS, MetricStream, MEGA International, Thomson Reuters,  LogicManager, SAI Global, NAVEX Global, Ideagen, ProcessGene, and Others.

This report segments the enterprise governance, risk & compliance market as follows:

By Components Segmentation Analysis

  • Software
  • Services

By Deployment Modes Segmentation Analysis

  • Cloud
  • On-premises

By Enterprise Size Segmentation Analysis

  • Small and Medium-sized Enterprises (SMEs)
  • Large Enterprises

By Business Functions Segmentation Analysis

  • Finance
  • IT
  • Legal
  • Operation

By Verticals  Segmentation Analysis

  • BFSI
  • Construction and Engineering
  • Energy and Utility
  • Government
  • Healthcare
  • Manufacturing
  • Mining and Natural Resources
  • Retail and Consumer Goods
  • Telecom and IT
  • Transportation and Logistics
  • Others

By Regional Segmentation Analysis

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

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