Global Enterprise Governance, Risk and Compliance Market 2019-2024: —
The Enterprise Governance, Risk, and Compliance (eGRC) Market is expected to register a CAGR of 12.5% in the forecast period (2019-2024). Organizations operate in a complex and highly dynamic global environment. Hence, managing risk and compliance due to the impact of the changes around is one of the biggest challenges that an organization faces.
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- Enterprise GRC market helps organizations anticipate, understand, and holistically manage their risks. As a result, organizations can balance risks and opportunities, make strategic decisions effectively, and respond efficiently to the changes occurring within and outside the enterprise.
- Implementation of stringent regulations and mandates by the government across various end-user verticals has increased the need to adopt eGRC solutions that fulfill the need for compliance, audit, and risk management, etc. Around 57% of senior-level executives rank “risk and compliance” as one of the top two risk categories they feel least prepared to address.
- Moreover, the rising threats amongst organizations owing to digitalization and sharing of vast data across the globe have led to different forms of cyber threats and attacks. Hence, the cybersecurity threat is one of the critical drivers for eGRC software adoption. The increasing need for efficiency in financial assessment and cost-saving solutions is expected to fuel the market growth.
- However, lack of awareness about the various benefits of eGRC, especially in small and medium businesses, has hindered market growth. Furthermore, continuous changes in the company’s code of conducts and organizational structures are likely to curb market growth. For instance, only 36% of organizations have a formal enterprise risk management (ERM) program.
Scope of Enterprise Governance, Risk and Compliance Market Report:
Enterprise GRC is defined as a company's coordinated strategy for managing the broad issues of corporate governance, enterprise risk management (ERM) and corporate compliance concerning regulatory requirements. It is the integrated collection of capabilities that enable an organization to achieve objectives reliably, address uncertainty, and act with integrity.
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Key Market Trends:
Risk management Expected to Emerge as the Largest Software Category
- Risk management is expected to account for the highest market share in terms of overall revenue amongst the other software solutions in the eGRC market. Risk management helps enterprises avert breaches and make sure that any risk associated with the activities of the enterprise is identified and addressed in a way that supports the organization's business goals.
- According to the Risk Management Association, the most significant risk management challenges in 2018 were an operational risk (including cyber and third-party risks); regulatory compliance; and credit. As a result, a substantial increase in expenditure was observed owing to regulatory compliance.
- EGRC help organizations manage risk across an enterprise and prepare safeguards those against risks. By having the exact mechanisms in place to identify, manage, measure, and anticipate risks, executive management can develop policies and institute procedures to minimize risks and their impacts.
North America Expected to Dominate the Market:
- North America is projected to continue its dominance in terms of revenue in the forecast period. This is majorly due to the early adoption of enterprise governance, risk, and compliance management solutions in the region. Demand for EGRC solutions is highest in the US due to stringent corporate governance regulations.
- Moreover, the emergence of technologies such as big data, IoT, and cloud software is anticipated to propel the growth of GRC software over the forecast period. Due to this, a significant rise in cyber-attacks within the region has increased over the last few years, hence proliferating the market growth.
- Also, the region dominates the life sciences industry; hence, significant players are aggressively enhancing their ability to deliver advanced products in the life sciences market. Efforts are also made by the vendors to deliver the products on time which is not impacted by regulatory compliance, which in turn encourages them to deploy enterprise GRC solutions.
The enterprise governance, risk, and compliance market is relatively a high competition market and is moderately concentrated. The major companies have been using various strategies such as new product development, acquisition, and collaboration to strengthen their market share. Innovation and updating the features are common as the corporate governance and compliance policies evolve for the end users.
- May 2019 - IBM and Thomson Reuters collaborated to bundle the regulatory intelligence offerings together into a single product for financial services clients. The solution aims to digitize manual GRC processes, by integrating risk data then using AI to help boost the visibility of related regulatory risks.
- June 2018 - IBM OpenPages GRC Platform V8.0 added a reimagined task-based user interface, enhancing both the efficiency and effectiveness of the first line of defense. IBM OpenPages GRC Platform V8.0 is an integrated GRC platform that companies can use as a tool to assist in managing risk and regulatory challenges across the enterprise.
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