Global Enterprise Governance, Risk, and Compliance (eGRC) Market was valued US$ XX Mn in 2019 and is expected to grow US$ XX Mn by 2027, at a CAGR of XX% during the forecast period.
Managing regulatory risk for any organization is the top risk. For organizations, managing regulatory risk is becoming vital as enterprise governance risk compliance supports organizations to manage and integrate IT operations that are conditional on regulation. With the introduction of government regulations across the industry, verticals globally have led organizations to implement enterprise governance, risk, and compliance (eGRC).The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
Enterprise Governance, risk, and compliance (eGRC) policies directly influence IT processes, the aligned IT infrastructure, and associated business processes. In the past, organizations that were exclusively focused on regulatory compliance directives, for example, Sarbanes-Oxley (SOX), are now obliged to the need of addressing an extensive array of eGRC-related regulatory concerns that are widespread across several geographies and their respective administrations.
Removing the borders of where & how an enterprise function entails to crafting an environment of risk visibility, flexible business process design, and information transparency, that is essential to the future of an effective enterprise. In many cases, these efforts are not reinforced strongly comparable to their potential, thereby resulting in poor eGRC support and reduced business agility. The present economic scenario is perceiving many organizations to forcefully address eGRC regulation, including SOX, Gramm-Leach-Bliley, and HIPAA amongst others, and its resultant effect on their business improvement road maps. Additional, several organizations proactively choose to tackle their eGRC processes, such as enterprise risk assessments and thereby integrating it into business process changes numerous eGRC initiatives functioning within the industry, like Enterprise eGRC initiatives & Operational eGRC initiatives are Sarbanes-Oxley Act, Company Ethics/ Foreign Corrupt Practices Act (FCPA), BSA (Bank Secrecy Act), primarily designed for Anti-Money Laundering, FDA cGXP/ISO 13485/21CFR Part 11, HACCP/ISO22000 Compliance and among others.
Key Market Trends
Risk management Expected to Emerge as the Largest Software Category
Risk management is expected to account for the largest market share in terms of overall revenue amongst the other software solutions in the enterprise governance, risk, and compliance (eGRC) market. Risk management helps enterprises prevent breaches and make sure that any risk related to 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 important risk management challenges in 2018 were an operational risk (including cyber and third-party risks), regulatory compliance, and credit. Therefore, a substantial increase in expenditure was witnessed because of regulatory compliance.
Based on the deployment mode, cloud-based deployment of enterprise governance, risk & compliance (eGRC) software is expected to exhibit a significant CAGR during the forecast period.
Surging penetration of cloud-based BYOD devices culture and application dependence would drive the growth of cloud-based eGRC software in the future. Furthermore, the demand for cloud-based eGRC software would increase as it enables to achieve data, policies, and controls and is visible throughout the enterprise. Cloud-based software would help an organization to gain an in-depth analysis of risk, and decrease complexity.
May 2019, IBM and Thomson Reuters announced collaboration joint collaboration to introduce powerful AI data and data combination to support banking industry to address rising regulatory requirements.
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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Scope of the Enterprise Governance, Risk, and Compliance (eGRC) Market
Global Enterprise Governance, Risk, and Compliance (eGRC) Market, By Component
Global Enterprise Governance, Risk, and Compliance (eGRC) Market, By Deployment Mode
Global Enterprise Governance, Risk, and Compliance (eGRC) Market, By Organization Size
• Large Enterprises
• Small & Medium Enterprises
Global Enterprise Governance, Risk, and Compliance (eGRC) Market, By Business Function
• Information Technology
Global Enterprise Governance, Risk, and Compliance (eGRC) Market, By Type
• Policy Management
• Compliance Management
• Audit Management
• Incident Management
• Risk Management
Global Enterprise Governance, Risk, and Compliance (eGRC) Market, By Industry Vertical
• IT & Telecom
• Energy & Utilities
• Government & Defense
Global Enterprise Governance, Risk, and Compliance (eGRC) Market, By Region
• North America
• Asia Pacific
• Middle East & Africa
• South America
Key players operating in the Global Enterprise Governance, Risk, and Compliance (eGRC) Market
• IBM Corporation
• Lockpath Inc.
• LogicManager Inc.
• MetricStream Inc.
• Microsoft Corporation
• SAP SE
• SAS Institute Inc.
• Oracle Corporation
• RSA Security LLC
• Thomson Reuters
• Wolters Kluwer
• Software AG
• SAI Global
• NAVEX Global
• MEGA International
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