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Global Enterprise Governance, Risk, and Compliance Market: By Component: Software, Services; By Software: Audit Management, Others; By Services; By Enterprise Size; By Industry Vertical; Regional Analysis; Historical Market and Forecast (2018-2028); Market Dynamics; Competitive Landscape; Industry Events and Developments
Global Enterprise Governance, Risk, and Compliance Market Outlook
The global enterprise governance, risk, and compliance market attained a value of more than USD 39.61 billion in 2021. The market is further expected to grow in the forecast period of 2023-2028 at a CAGR of 13.7% to reach over USD 85.58 billion by 2027.
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BFSI Segment to Augment the Enterprise Governance, Risk, and Compliance Industry Growth
The BFSI (banking, financial services, and insurance) sector is projected to occupy a substantial market share in the enterprise governance, risk, and compliance industry during the forecast period. Enterprise governance, risk, and compliance is essential for successful risk management because it recognises potential threats to customers and third parties across all lines of business and operations in the BFSI industry. Major banks and financial institutions observed a significant increase in phishing and other associated attacks. Furthermore, Mexico experienced a significant rise in banking trojans, ransomware attacks, point-of-sale malware, ATM exploitation, and customer scamming in the historical period. The rise in these issues galvanised banks and financial institutions to utilise analytics to detect any entity-level linkages and monitor suspicious activities of different linked accounts used for illegal activities. Hence, large investments were made by banks and financial institutions which made a positive impact on the growth of the industry.
North America to Provide Significant Growth Opportunities to the Enterprise Governance, Risk, and Compliance Industry
Geographically, North America accounts for a significant share in the industry owing to the early adoption of innovative technologies and the presence of prominent key players within the region. The demand for enterprise governance, risk, and compliance is one of the highest in the United States because of strict corporate governance regulations. Furthermore, the increased application of cloud computing and the growing risk of cyber-attacks within the region are aiding the industry. Meanwhile, the rapidly advancing IT infrastructure and the necessity to address internal and external business risks are also driving the enterprise governance, risk, and compliance industry.
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Enterprise Governance, Risk, and Compliance: Market Segmentation
Enterprise governance, risk, and compliance, often abbreviated as eGRC, is an organisational strategy that addresses governance, risk management, and compliance by creating policies, procedures, regulatory controls, risk assessment, risk monitoring, and internal controls. It enables organisations to achieve their targeted goals through workflow automation while adhering to policy standards and regulatory requirements, as a result eliminating financial risks and protecting the organisation's brand image.
By component, the market is divided into:
- Software
- Services
Based on software, the industry can be segmented into:
- Audit Management
- Compliance Management
- Risk Management
- Policy Management
- Incident Management
- Others
By services, the industry can be categorised into:
- Integration
- Consulting
- Support
Based on enterprise size, the industry can be segmented into:
- Small and Medium Enterprise (SME)
- Large Enterprise
On the basis of industry vertical, the industry can be categorised into:
- BFSI
- Construction and Engineering
- Energy and Utilities
- Government
- Healthcare
- Manufacturing
- Retail and Consumer Goods
- Telecom and IT
- Transportation and Logistics
- Others
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Integration of Technology to Bolster the Growth of the Enterprise Governance, Risk, and Compliance Industry
The global enterprise governance, risk, and compliance industry is being driven by the integration of technologies like artificial intelligence (AI), internet of things (IoT), machine learning (ML), and cloud computing, enhancing the traditional software solutions and services. Additionally, the AI-enabled enterprise governance, risk, and compliance solutions are highly adopted across organisations because they offer effective analytical features. Furthermore, the AI-enabled solutions help organisations and governments to regularly deal with the enormous data processing volumes. These solutions offer features such as process optimisation, cost reduction, and improved effectiveness. Over the forecast period, the growing integration of technologies like artificial intelligence and machine learning owing to the rapid digitalisation across industry verticals is expected to significantly contribute to the market growth.
Key Industry Players in the Global Enterprise Governance, Risk, and Compliance Market
The report gives a detailed analysis of the following key players in the global enterprise governance, risk, and compliance market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- BWise
- Dell EMC
- Microsoft Corporation
- IBM Corporation
- Maclear
- MetricStream,Inc
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
The increasing adoption by various companies of compliance and risk management solutions is expected to be the key growth driver for the eGRC market.
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report | Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Component, Software, Services, Enterprise Size, Industry Vertical, Region |
| Breakup by Component | Software, Services |
| Breakup by Software | Audit Management, Compliance Management, Risk Management, Policy Management, Incident Management, Others |
| Breakup by Services | Integration, Consulting, Support |
| Breakup by Enterprise Size | Small and Medium Enterprise (SME), Large Enterprise |
| Breakup by Industry Vertical | BFSI, Construction and Engineering, Energy and Utilities, Government, Healthcare, Manufacturing, Retail and Consumer Goods, Telecom and IT, Transportation and Logistics, Others |
| Breakup by Region | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Market Dynamics | SWOT, Porter's Five Forces, Key Indicators for Price and Demand |
| Competitive Landscape | Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications |
| Companies Covered | BWise, Dell EMC, Microsoft Corporation, IBM Corporation, Maclear, MetricStream, Inc., Others |
| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Enterprise Governance, Risk, and Compliance Market Analysis
8.1 Key Industry Highlights
8.2 Global Enterprise Governance, Risk, and Compliance Historical Market (2018-2022)
8.3 Global Enterprise Governance, Risk, and Compliance Market Forecast (2023-2028)
8.4 Global Enterprise Governance, Risk, and Compliance Market by Component
8.4.1 Software
8.4.1.1 Historical Trend (2018-2022)
8.4.1.2 Forecast Trend (2023-2028)
8.4.2 Services
8.4.2.1 Historical Trend (2018-2022)
8.4.2.2 Forecast Trend (2023-2028)
8.5 Global Enterprise Governance, Risk, and Compliance Market by Software
8.5.1 Audit Management
8.5.1.1 Historical Trend (2018-2022)
8.5.1.2 Forecast Trend (2023-2028)
8.5.2 Compliance Management
8.5.2.1 Historical Trend (2018-2022)
8.5.2.2 Forecast Trend (2023-2028)
8.5.3 Risk Management
8.5.3.1 Historical Trend (2018-2022)
8.5.3.2 Forecast Trend (2023-2028)
8.5.4 Policy Management
8.5.4.1 Historical Trend (2018-2022)
8.5.4.2 Forecast Trend (2023-2028)
8.5.5 Incident Management
8.5.5.1 Historical Trend (2018-2022)
8.5.5.2 Forecast Trend (2023-2028)
8.5.6 Others
8.6 Global Enterprise Governance, Risk, and Compliance Market by Services
8.6.1 Integration
8.6.1.1 Historical Trend (2018-2022)
8.6.1.2 Forecast Trend (2023-2028)
8.6.2 Consulting
8.6.2.1 Historical Trend (2018-2022)
8.6.2.2 Forecast Trend (2023-2028)
8.6.3 Support
8.6.3.1 Historical Trend (2018-2022)
8.6.3.2 Forecast Trend (2023-2028)
8.7 Global Enterprise Governance, Risk, and Compliance Market by Enterprise Size
8.7.1 Small and Medium Enterprise (SME)
8.7.1.1 Historical Trend (2018-2022)
8.7.1.2 Forecast Trend (2023-2028)
8.7.2 Large Enterprise
8.7.2.1 Historical Trend (2018-2022)
8.7.2.2 Forecast Trend (2023-2028)
8.8 Global Enterprise Governance, Risk, and Compliance Market by Industry Vertical
8.8.1 BFSI
8.8.1.1 Historical Trend (2018-2022)
8.8.1.2 Forecast Trend (2023-2028)
8.8.2 Construction and Engineering
8.8.2.1 Historical Trend (2018-2022)
8.8.2.2 Forecast Trend (2023-2028)
8.8.3 Energy and Utilities
8.8.3.1 Historical Trend (2018-2022)
8.8.3.2 Forecast Trend (2023-2028)
8.8.4 Government
8.8.4.1 Historical Trend (2018-2022)
8.8.4.2 Forecast Trend (2023-2028)
8.8.5 Healthcare
8.8.5.1 Historical Trend (2018-2022)
8.8.5.2 Forecast Trend (2023-2028)
8.8.6 Manufacturing
8.8.6.1 Historical Trend (2018-2022)
8.8.6.2 Forecast Trend (2023-2028)
8.8.7 Retail and Consumer Goods
8.8.7.1 Historical Trend (2018-2022)
8.8.7.2 Forecast Trend (2023-2028)
8.8.8 Telecom and IT
8.8.8.1 Historical Trend (2018-2022)
8.8.8.2 Forecast Trend (2023-2028)
8.8.9 Transportation and Logistics
8.8.9.1 Historical Trend (2018-2022)
8.8.9.2 Forecast Trend (2023-2028)
8.8.10 Others
8.9 Global Enterprise Governance, Risk, and Compliance Market by Region
8.9.1 North America
8.9.1.1 Historical Trend (2018-2022)
8.9.1.2 Forecast Trend (2023-2028)
8.9.2 Europe
8.9.2.1 Historical Trend (2018-2022)
8.9.2.2 Forecast Trend (2023-2028)
8.9.3 Asia Pacific
8.9.3.1 Historical Trend (2018-2022)
8.9.3.2 Forecast Trend (2023-2028)
8.9.4 Latin America
8.9.4.1 Historical Trend (2018-2022)
8.9.4.2 Forecast Trend (2023-2028)
8.9.5 Middle East and Africa
8.9.5.1 Historical Trend (2018-2022)
8.9.5.2 Forecast Trend (2023-2028)
9 North America Enterprise Governance, Risk, and Compliance Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2022)
9.1.2 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Historical Trend (2018-2022)
9.2.2 Forecast Trend (2023-2028)
10 Europe Enterprise Governance, Risk, and Compliance Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2022)
10.1.2 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Historical Trend (2018-2022)
10.2.2 Forecast Trend (2023-2028)
10.3 France
10.3.1 Historical Trend (2018-2022)
10.3.2 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Historical Trend (2018-2022)
10.4.2 Forecast Trend (2023-2028)
10.5 Others
11 Asia Pacific Enterprise Governance, Risk, and Compliance Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2022)
11.1.2 Forecast Trend (2023-2028)
11.2 Japan
11.2.1 Historical Trend (2018-2022)
11.2.2 Forecast Trend (2023-2028)
11.3 India
11.3.1 Historical Trend (2018-2022)
11.3.2 Forecast Trend (2023-2028)
11.4 ASEAN
11.4.1 Historical Trend (2018-2022)
11.4.2 Forecast Trend (2023-2028)
11.5 Australia
11.5.2 Historical Trend (2018-2022)
11.5.2 Forecast Trend (2023-2028)
11.6 Others
12 Latin America Enterprise Governance, Risk, and Compliance Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2022)
12.1.2 Forecast Trend (2023-2028)
12.2 Argentina
12.2.1 Historical Trend (2018-2022)
12.2.2 Forecast Trend (2023-2028)
12.3 Mexico
12.3.1 Historical Trend (2018-2022)
12.3.2 Forecast Trend (2023-2028)
12.4 Others
13 Middle East and Africa Enterprise Governance, Risk, and Compliance Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2022)
13.1.2 Forecast Trend (2023-2028)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2022)
13.2.2 Forecast Trend (2023-2028)
13.3 Nigeria
13.3.1 Historical Trend (2018-2022)
13.3.2 Forecast Trend (2023-2028)
13.4 South Africa
13.4.1 Historical Trend (2018-2022)
13.4.2 Forecast Trend (2023-2028)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 BWise
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Dell EMC
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Microsoft Corporation
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 IBM Corporation
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Maclear
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 MetricStream, Inc.
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Enterprise Governance, Risk, and Compliance Market: Key Industry Highlights, 2018 and 2028
2. Global Enterprise Governance, Risk, and Compliance Historical Market: Breakup by Component (USD Billion), 2018-2022
3. Global Enterprise Governance, Risk, and Compliance Market Forecast: Breakup by Component (USD Billion), 2023-2028
4. Global Enterprise Governance, Risk, and Compliance Historical Market: Breakup by Software (USD Billion), 2018-2022
5. Global Enterprise Governance, Risk, and Compliance Market Forecast: Breakup by Software (USD Billion), 2023-2028
6. Global Enterprise Governance, Risk, and Compliance Historical Market: Breakup by Services (USD Billion), 2018-2022
7. Global Enterprise Governance, Risk, and Compliance Market Forecast: Breakup by Services (USD Billion), 2023-2028
8. Global Enterprise Governance, Risk, and Compliance Historical Market: Breakup by Enterprise Size (USD Billion), 2018-2022
9. Global Enterprise Governance, Risk, and Compliance Market Forecast: Breakup by Enterprise Size (USD Billion), 2023-2028
10. Global Enterprise Governance, Risk, and Compliance Historical Market: Breakup by Industry Vertical (USD Billion), 2018-2022
11. Global Enterprise Governance, Risk, and Compliance Market Forecast: Breakup by Industry Vertical (USD Billion), 2023-2028
12. Global Enterprise Governance, Risk, and Compliance Historical Market: Breakup by Region (USD Billion), 2018-2022
13. Global Enterprise Governance, Risk, and Compliance Market Forecast: Breakup by Region (USD Billion), 2023-2028
14. North America Enterprise Governance, Risk, and Compliance Historical Market: Breakup by Country (USD Billion), 2018-2022
15. North America Enterprise Governance, Risk, and Compliance Market Forecast: Breakup by Country (USD Billion), 2023-2028
16. Europe Enterprise Governance, Risk, and Compliance Historical Market: Breakup by Country (USD Billion), 2018-2022
17. Europe Enterprise Governance, Risk, and Compliance Market Forecast: Breakup by Country (USD Billion), 2023-2028
18. Asia Pacific Enterprise Governance, Risk, and Compliance Historical Market: Breakup by Country (USD Billion), 2018-2022
19. Asia Pacific Enterprise Governance, Risk, and Compliance Market Forecast: Breakup by Country (USD Billion), 2023-2028
20. Latin America Enterprise Governance, Risk, and Compliance Historical Market: Breakup by Country (USD Billion), 2018-2022
21. Latin America Enterprise Governance, Risk, and Compliance Market Forecast: Breakup by Country (USD Billion), 2023-2028
22. Middle East and Africa Enterprise Governance, Risk, and Compliance Historical Market: Breakup by Country (USD Billion), 2018-2022
23. Middle East and Africa Enterprise Governance, Risk, and Compliance Market Forecast: Breakup by Country (USD Billion), 2023-2028
24. Global Enterprise Governance, Risk, and Compliance Market Structure
Key Questions Answered in the Report
In 2021, the global enterprise governance, risk, and compliance market attained a value of more than USD 39.61 billion.
The market is projected to grow at a CAGR of 13.7% between 2023 and 2028.
The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach over USD 85.58 billion by 2027.
The major drivers of the industry, such as the growing concerns of cyber-attacks and suspicious banking activities, strict corporate governance regulations, advancing IT infrastructure, and the necessity to address external and internal business risks, are expected to aid the market growth.
The key market trends guiding the growth of the industry include the integration of advanced technology like artificial intelligence, machine learning, and cloud computing, among others.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The different components are software and services.
The different segments, based on software, include audit management, compliance management, risk management, policy management, incident management, and others.
On the basis of services, the industry can be bifurcated into integration, consulting, and support.
The different segments based on enterprise size are small and medium enterprise (SME) and large enterprise.
The significant industry verticals are BFSI, construction and engineering, energy and utilities, government, healthcare, manufacturing, retail and consumer goods, telecom and IT, transportation and logistics, and others.
The major players in the industry are BWise, Dell EMC, Microsoft Corporation, IBM Corporation, Maclear, MetricStream Inc, and others.
Analyst Review
The global enterprise governance, risk, and compliance market attained a value of more than USD 39.61 billion in 2021, driven by the advancing IT infrastructure, necessity to address external and internal business risks, and the integration of technology like artificial intelligence, machine learning, and cloud-computing. Aided by the growing concerns regarding cyber-attacks and the stringent corporate governance regulations, the market is expected to witness a further growth in the forecast period of 2023-2028, growing at a CAGR of 13.7%. The market is projected to reach over USD 85.58 billion by 2027.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. By component, the global enterprise governance, risk, and compliance market is divided into software and services. Based on software, the industry can be segmented into audit management, compliance management, risk management, policy management, incident management, and others. On the basis of services, the industry can be divided into integration, consulting, and support. The market is categorised based on enterprise size into small and medium enterprise (SME) and large enterprise. On the basis of the industry verticals, the market can be divided into BFSI, construction and engineering, energy and utilities, government, healthcare, manufacturing, retail and consumer goods, telecom and IT, transportation and logistics, and others. The major regional markets for enterprise governance, risk, and compliance are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include BWise, Dell EMC, Microsoft Corporation, IBM Corporation, Maclear, and MetricStream Inc, among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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