How Has The Enterprise Governance, Risk and Compliance (eGRC) Market Size Evolved Historically?
The enterprise governance, risk and compliance (egrc) market has seen considerable growth due to a variety of factors.
• The market size for enterprise governance, risk, and compliance (eGRC) has seen a significant increase recently. The value is projected to escalate from $40.62 billion in 2024 to $45.65 billion in 2025, with a compound annual growth rate (CAGR) of 12.4%.
The expansion in the historic period can be credited to factors such as risk management necessities, data security worries, the difficulties of globalization, the requirements of audit and accountability, as well as operational efficiency.
What Can Be Expected from the Enterprise Governance, Risk and Compliance (eGRC) Market in the Coming Years?
The enterprise governance, risk and compliance (egrc) market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for enterprise governance, risk and compliance (eGRC) is predicted to experience quick expansion in the coming years. By 2029, it's expected to reach $83.78 billion, with a compound annual growth rate (CAGR) of 16.4%.
The anticipated growth within this timeframe is due to factors such as the evolving landscape of cybersecurity threats, considerations of climate and sustainability, real-time monitoring and reporting, as well as resilience planning. Key trends during this forecast period encompass the progression of regulatory technology (regtech), advanced analytics and AI, technology integration, and a focus on cybersecurity risk and regulatory technology (regtech) integration.
What Key Factors and Trends are Driving the Growth of the Enterprise Governance, Risk and Compliance (eGRC) Market?
The surge in cyber-attack incidents is predicted to fuel the expansion of the enterprise governance, risk, and compliance (eGRC) market. Cyber-attacks entail unauthorized attempts to access a computer, computing system, or network with the aim to inflict harm. eGRC solutions are being adopted by organizations worldwide to utilize benefits such as risk audits, compliance management, financial auditing services, and business resiliency applications. In April 2024, reports issued by The Department for Science, Innovation, and Technology, a government entity based in the UK, estimated that UK businesses encountered approximately 7.78 million cybercrimes of various types and around 116,000 non-phishing cybercrimes in 2023. The estimate for UK charities includes nearly 924,000 cybercrimes of varying kinds during the same timeline. Consequently, the escalating cyber-attack incidents are propelling the growth of the enterprise governance, risk, and compliance (eGRC) market.
How Are The Segments Defined Within The Global Enterprise Governance, Risk and Compliance (eGRC) Market?
The enterprise governance, risk and compliance (eGRC) market covered in this report is segmented –
1) By Component: Software, Services
2) By Organization Size: Large Enterprise, Small And Medium Enterprise
3) By Deployment Model: Cloud-Based, On-Premise
4) By Vertical: Banking, Financial Services And Insurance (BFSI), Healthcare, Government, Energy And Utilities, Manufacturing, Retail And Consumer Goods, Telecom And Information Technology (IT), Other Verticals
Subsegments:
1) By Software: Risk Management Software, Compliance Management Software, Audit Management Software, Policy Management Software, Incident Management Software, Third-Party Risk Management Software, Business Continuity Management Software
2) By Services: Consulting Services, Implementation Services, Support And Maintenance Services, Training And Education Services, Managed Services
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How Are New Trends Expected To Influence The Growth Of The Enterprise Governance, Risk and Compliance (eGRC) Market?
Trend 1
On the enterprise governance, risk, and compliance (eGRC) market, technological innovations are growing in popularity. The principal players in this field are concentrating their efforts on crafting new tech-based solutions to consolidate their standing. For example, MetricStream, a leading software firm in the US specialising in integrated risk management (IRM) and governance, risk, and compliance (GRC), set its endeavors in motion in January 2022. They launched an AI-inclusive solution, named ConnectedGRC, which also incorporates deep domain capabilities and risk quantification abilities. This innovative solution specializes in tackling a range of pressing business concerns, such as risk, compliance, audit, cyber risks, and environmental, social, and governance (ESG) concerns. Thanks to MetricStream's integrated GRC software, professionals have the opportunity to work together more productively, disseminate information, and manage risk in a quantitative manner. ConnectedGRC is a three-pronged solution, providing BusinessGRC, CyberGRC, and ESGRC as distinct product lines.
Who Are the Key Players in the Enterprise Governance, Risk and Compliance (eGRC) Market?
Major companies operating in the enterprise governance
• risk and compliance (eGRC) market include:
• Microsoft Corporation
• The International Business Machines Corporation
• Oracle Corporation
• SAP SE
• Thomson Reuters
• Wolters Kluwer N.V.
• SAS Institute Inc.
• RSA Security LLC
• Workiva
• OneTrust LLC
• MetricStream Inc.
• NAVEX Global Inc.
• Sword GRC
• Riskonnect Inc.
• Resolver Inc.
• ACL Services Ltd.
• Convercent
• ProcessUnity Inc.
• SureCloud
• Lockpath
• LogicManager Inc.
• Cura Software
• LogicGate Inc.
• SAI Global
• Quantivate LLC
• Alyne GmbH
• CyberSaint Security
• 360factors Inc.
• ConvergePoint Inc.
• Bwise Beheer B.V.
What Is The Most Dominant Region In The Enterprise Governance, Risk and Compliance (eGRC) Market?
North America was the largest region in the enterprise, governance, risk, and governance (eGRC) market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the enterprise governance, risk and compliance (egrc) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
