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Enterprise Governance, Risk, and Compliance (eGRC) Market Size, Share & Industry Analysis, By Component (Software and Services), By Deployment Model (Cloud-based, On-premise), By Organization Size (Large Enterprises, and Small and Medium Enterprises (SMEs)), By Vertical (BFSI, Healthcare, Government, Energy & Utilities, Manufacturing, Retail & Consumer Goods, Telecom & IT, and Others), and Regional Forecast, 2024-2032

Last Updated: May 21, 2024 | Format: PDF | Report ID: FBI101415

 

KEY MARKET INSIGHTS

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The global enterprise governance, risk, and compliance (eGRC) market size was valued at USD 38.35 billion in 2023. The market is projected to grow from USD 43.65 billion in 2024 to USD 111.31 billion by 2032, exhibiting a CAGR of 12.4% during the forecast period.


The enterprise governance, risk, and compliance (eGRC) is a approach to managing regulatory requirements, risks, and corporate governance practices within an organization. It combines technology, processes, and policies


eGRC (Enterprise Governance, Risk, and Compliance) is a comprehensive approach to managing organizational governance, risk, and compliance activities using digital platforms. It integrates processes, information, and technology to streamline operations, enhance decision-making, and ensure regulatory compliance. Its advantages include improved risk visibility, enhanced transparency, streamlined compliance processes, reduced costs, and better alignment of organizational goals. eGRC finds applications across industries, such as finance, healthcare, and manufacturing, facilitating efficient risk assessment, regulatory adherence, policy management, and strategic planning. Overall, eGRC empowers organizations to proactively manage risks, maintain compliance, and achieve their objectives in an increasingly complex regulatory environment.


The impact of COVID-19 on the global market has been exceptional and surprising, with eGRC components witnessing a diverse demand across the region during the pandemic. Numerous enterprises are leveraging the proficiencies of their risk management teams by focusing on smart investments into risk managing technologies. Hereafter, enterprises are progressively implementing these solutions to aid employers in addressing exposures related to COVID-19.


The growth of the market is mainly driven by the rising demand for eGRC solutions by end-use enterprises to overcome the reputational and monetary hazards of non-compliance. Governments and organizations globally are adopting enterprise GRC solutions to leverage numerous features such as risk & compliance management, business resiliency applications, audit management, among others. Also, the increasing cyber-attack incidents are expected to fuel the growth of the market during the forecast period. According to AAG IT Services cyber-crime statistics, the total number of ransomware attacks in the first half of 2022 accounted for 236.1 million. This fact has stimulated enterprises to implement innovative risk management solutions to reduce the possibilities of cybersecurity attacks.


Enterprise Governance, Risk, & Compliance (eGRC) Market Trends


Integration of the AI, IoT, and ML with eGRC Solutions to Aid Market Growth


The integration of technologies such as the Internet of Things (IoT), AI, machine learning (ML), cloud, and others, with eGRC solutions is expected to accelerate the demand for the solutions. The AI-enabled eGRC solutions are highly adopted across enterprises as they offer effective analysis features. The AI-enabled solutions assist in the enormous processing volumes of data that governments and enterprises have to deal with regularly. These solutions also provide features such as process optimization, reduced costs, improved effectiveness, and others. Key players in the market aim to advance their product portfolio by launching solutions based on AI and ML technologies.



  • For instance, in May 2023, Caveonix introduced Caveonix Cloud 5.0, aimed at securing enterprise digital evolution. The AI-powered platform is designed to streamline and effectively address our clients' security and compliance needs. It encompasses an integrated eGRC and Cloud Native Application Protection Platform, featuring Cloud Workload Protection Platform and Cloud Security Posture Management, ensuring comprehensive protection.


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Enterprise Governance, Risk, and Compliance (eGRC) Market Growth Factors


Increasing Stringency of Compliance Mandates for Enterprises to Drive the Market


The increasing complication of governing standards and the necessity to fulfill different protocols enforced by governing organizations are expected to generate huge demand for solutions. eGRC guidelines directly impact IT organizations and the associated commercial procedures. Organizations are concentrated on shifting from traditional directives and regulatory compliance rules such as the Sarbanes-Oxley Act (SOX) to advanced risk- and compliance-related regulatory authorities.


In the present economic situation, numerous organizations deploy solutions across their business units to advance their business road maps.


Continuing to comply with the guidelines and regulations, including GDPR, COBIT, HIPAA, and other states & federal directives, is becoming complex for organizations to escape operational loss. Failure to fulfill these regulations requirements can result in enormous business loss. Consequently, the increasing stringency of compliance directives is expected to drive the enterprise governance, risk, and compliance market growth in the upcoming years.


Following are some regulations and compliance acts in North America & Europe:



  • Control Objectives for Information and Related Technologies (COBIT)

  • The General Data Protection Regulation (GDPR)

  • The Federal Financial Institutions Examination Council (FFIEC)

  • Health Insurance Portability and Accountability Act (HIPAA)

  • The Gramm-Leach-Bliley Act (GLBA)

  • The Federal Information Security Management Act (FISMA)

  • The Payment Card Industry Data Security Standard (PCI DSS)

  • The National Institute of Standards and Technology (NIST)


RESTRAINING FACTORS


Data Privacy and Information Security Concerns Associated with Cloud Solutions to Impede Growth


The market is developing at a prompt pace, owing to its multi-tasking capabilities across numerous verticals. The arrangement of regulatory policies and governance varies from enterprise to enterprise and country to country. Several countries, such as Iraq, Afghanistan, Nigeria, and others, do not have an allocated body to government regulatory guidelines. Such policies and guidelines must be implemented and controlled by considering multiple factors, such as micro and macro-economic risk factors coupled with the corporate requirements.


The lack of awareness of the solution in developing nations can be considered one of the restraining factors for the market's growth. Such factors are making it challenging for providers to provide solutions to the end-user requirements across developing nations.


Enterprise Governance, Risk, and Compliance (eGRC) Market Segmentation Analysis


By Component Analysis


Increasing Implementation of eGRC Software among Enterprises to Propel the Market


Based on the component, the market has been bifurcated into software and services. Among them, the software is predicted to grasp the largest market share during the estimated period. The growth is due to the increasing demand for software such as the SAP GRC, GRC Envelop, SAI360, and IBM OpenPages. With the advancement of the updated and automated eGRC programs, the demand for software is expected to surge.


The services segment is likely to grow at a noteworthy CAGR during the study period. The growth is attributable to the increasing adoption of advisory services to tackle enterprises' numerous risk and compliance encounters.


By Deployment Model Analysis


Rising Demand from Enterprises for Cloud-based Deployment Will Support the Growth


Based on the deployment model, the market is distributed into on-premise and cloud-based. The on-premise is probable to dominate the market share. The segment's growth is mainly due to the growing adoption of on-premise software deployment across start-ups and SMEs.


The cloud is projected to display the highest CAGR during the forecast period. This is attributable to the escalating implementation of cloud-based applications to advance an in-depth analysis of risk and decrease complexity.


By Organization Size Analysis


Implementation of eGRC Solutions among SMEs to Aid Market Growth


The market is separated into small & medium enterprises (SMEs) and large enterprises based on the organization size.


Among them, SMEs are likely to hold the largest market share during the estimated period. SMEs are highly focused on implementing cost-effective solutions based on emerging digital technologies such as artificial intelligence (AI), cloud, and others across their business units. Growing government guidelines and global enterprise governance risk policies for SMEs to secure clients’ information are expected to boost investment in software and services.


The large enterprise segment is anticipated to grow at the uppermost CAGR during the prediction period. These solutions aid large enterprises to advance their operational efficiency and deliver improved customer experience across the different locations.


By Vertical Analysis


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Adoption of eGRC Solutions in the BFSI Sector to Fuel the Market


Based on verticals, the market is divided into government, BFSI, healthcare, telecom & IT, energy & utilities, retail & consumer goods, manufacturing, and others.


Among all, the BFSI segment is expected to hold the largest share during the estimated period. Also, the adoption of solutions across the government segment is growing traction owing to their ease of use and cost-effectiveness. These solutions assist government regulatory and state-owned enterprises to create their own agreement and risk plans/strategies more proficient and effective.


Healthcare is expected to record significant growth during the estimated period. The growth is owing to the mounting adoption of cloud-based solutions to reduce privacy concerns and increase information security. Also, the growing implementation of these solutions across other industry verticals such as telecom & IT, BFSI, manufacturing, energy & utilities, retail & consumer goods, and others will propel the growth of the market.


REGIONAL INSIGHTS 


Geographically, the market is divided across five major regions, namely North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.


North America Enterprise Governance, Risk, and Compliance (eGRC) Market Size, 2023 (USD Billion)

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North America is likely to dominate the market share in terms of revenue during the projection period. The growth in the region is due to the early adoption of innovative technologies and key players such as Oracle Corporation, Microsoft Corporation, and IBM Corporation. Also, the increasing implementation of cloud-based computing applications and growing liability of information breaches to cyber threats are likely to further boost regional growth. Key players in the market are focusing on launching new products to expand their products portfolio.



  • For instance, in September 2019, OneTrust, LLC launched its flexible and integrated governance, risk, and compliance management platform - "OneTrust GRC". The aim is to deliver a complete, seamless, and measured view of businesses’ risk portfolios.


Asia Pacific is predicted to develop exponentially during the forecast period. The growth in the region is due to the increasing demand for solutions across industries such as manufacturing, government, and healthcare. Key market players are concentrating on completing various business strategies such as acquisition, partnership, merger, and others to augment their market position.


Europe is expected to exhibit a significant growth level during the projection period. The growth in the region is attributable to the presence of a large number of solution providers and end-users.


The Middle East & Africa, and Latin American regions are likely to observe a progressively rising growth rate throughout the forecast period. The growth is attributable to the growing investment by country governments to implement progressive technologies such as AI, 5G, ML, cloud, IoT, and others.


List of Key Companies in Enterprise Governance, Risk, and Compliance (eGRC) Market


Key Players Develop Innovative eGRC Solutions to Strengthen their Position


Major players such as IBM Corporation, MetricStream Inc., SAP SE, and Microsoft Corporation are strengthening their market position by advancing their present product outlines. In addition, key players in the market are deploying eGRC solutions with advanced technologies such as ML, AI, IoT, cloud, and others to augment the products and deliver cutting-edge solutions.



  • For instance, in April 2020, Tricor Group (Tricor), a Hong Kong-based company, acquired Malaysian operations of Axcelasia Inc., an SGX-Listed company. The aim is to provide GRC solutions for end-users to manage their complex compliance and regulatory requirements and responsibilities.


List of Key Companies Profiled:



  • SAS Institute (United States)

  • IBM Corporation (United States)

  • Microsoft Corporation (United States)

  • SAP SE (Germany)

  • Thomson Reuters Corporation (Canada)

  • Wolters Kluwer N.V. (Netherlands)

  • MetricStream Inc. (United States)

  • BWise (United States)

  • Infosys Limited (India)

  • Software AG (Germany)

  • Dell Technologies (United States)

  • SAI Global (United States)

  • NAVEX Global, Inc. (United States)

  • LogicManager (United States)

  • Ideagen Plc (United Kingdom)

  • Tevora (United States)

  • OneTrust, LLC (United States)

  • Blue Umbrella Limited (Hong Kong)

  • Riskonnect, Inc. (United States)

  • Origami Risk (United States)

  • Onetrust LLC (United States)


KEY INDUSTRY DEVELOPMENTS:



  • March 2024: Credo AI debuts governance, risk, and compliance solutions for AI to facilitate the safe adoption of AI technologies. This GRC for AI introduces a range of new features and a user-friendly redesign of the Credo AI interface. This platform upgrade caters to AI Governance Custodians by simplifying the tasks required to ensure the safe and ethical use of AI.

  • February 2024: Swiss GRC, a European software company specializing in governance, risk, and compliance, declared its expansion into the Indian market. Swiss GRC will provide on-premise and private cloud deployment choices tailored for the Indian market, catering especially to BFSI players and governmental entities.

  • February 2024: iOPEX introduced a compliance and governance add-on tailored for ServiceNow's creator workflows. This cutting-edge add-on is specifically designed to augment ServiceNow's capabilities by seamlessly incorporating comprehensive governance and compliance features, including advanced integrated risk management strategies.

  • January 2024: Anecdotes, headquartered in California and specializing in AI technology, secured a USD 25 million investment to grow its governance, risk management, and compliance operations. Its objective is to enhance GRC functions by implementing automated workflows, plugins, and application integrations for streamlined processes.

  • June 2023: MetricStream, a leading provider of governance and integrated risk management, risk, and compliance solutions, unveiled AiSPIRE, its innovative AI-powered GRC product. AiSPIRE harnesses GRC ontology-based knowledge graphs, large language models, and generative AI capabilities to maximize the utilization of a firm’s current GRC and transactional data.


REPORT COVERAGE


The enterprise governance, risk, & compliance (eGRC) market report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading product applications. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the advanced market over recent years.


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Report Scope and Segmentation










































ATTRIBUTE



DETAILS



Study Period



2019-2032



Base Year



2023



Estimated Year



2024



Forecast Period



2024-2032



Historical Period



2019-2022



Growth Rate



CAGR of 12.4% from 2024 to 2032



Unit



Value (USD Billion)



Segmentation



By Component



  • Software

  • Services


By Deployment Model



  • Cloud-based

  • On-premise


By Organization size



  • Large Enterprise

  • Small & Medium Enterprise


By Vertical



  • BFSI

  • Healthcare

  • Government

  • Energy & Utilities

  • Manufacturing

  • Retail & Consumer Goods

  • Telecom & IT

  • Others (Transportation & Logistics, Construction, etc.)


By Region



  • North America (Component; Deployment Model; Organization size; Vertical and Country) 


    • United States

    • Canada


  • Latin America (Component; Deployment Model; Organization size; Vertical and Country)


    • Brazil

    • Mexico

    • Rest of Latin America


  • Europe (Component; Deployment Model; Organization size; Vertical and Country)


    • United Kingdom

    • Germany

    • France

    • Russia

    • Rest of Europe


  • The Middle East & Africa (Component; Deployment Model; Organization size; Vertical and Country)


    • GCC

    • South Africa

    • Rest of the Middle East & Africa


  • Asia Pacific (Component; Deployment Model; Organization size; Vertical and Country)


    • China

    • India

    • Japan

    • Rest of Asia Pacific







Frequently Asked Questions

Fortune Business Insights says that the global market value stood at USD 38.35 billion in 2023.

By 2032, the market size is expected to reach USD 111.31 billion.

The market is expected to grow at a CAGR of 12.4% during the forecast period (2024-2032).

Within component, the software segment is expected to lead the global market share during the forecast period.

The rising demand for mandatory regulatory & compliance policies is one of the key drivers for the market growth.

SAP SE, MetricStream Inc., Thomson Reuters, Wolters Kluwer, IBM Corporation, and Microsoft Corporation are the top companies in the market.

The BFSI segment holds the major market share

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