The global Enterprise Governance, Risk & Compliance Market size is expected to reach USD 97.3 billion by 2028, according to a new report by Grand View Research, Inc., recording a CAGR of 13.7% over the forecast period. The growing need to comply with regulations related to data privacy, business function, and IT infrastructure has compelled industries, such as BFSI, IT & telecom, and oil & gas, to adopt enterprise governance, risk & compliance (EGRC) solutions. For instance, the BFSI sector is required to comply with regulations that safeguard the interest of investors. Non-compliance can lead to huge monetary losses or cancellation of operating licenses.
Moreover,
EGRC offers a range of benefits, such as efficient management of policies,
audits, compliances, risks, and incident response, enabling companies to
effectively safeguard their operations. All these factors are contributing to
the growing demand for EGRC across enterprises. The integration of analytics
and big data technology with EGRC solutions has resulted in enhanced
operational features, offering new growth prospects for the market.
Potential
advancements in big data, IoT, artificial intelligence, and cloud computing in
GRC solutions are expected to augment the industry growth. The consequent need
for regularly monitoring and analyzing the rising volumes of digital data to
ensure data security and privacy protection, coupled with mandatory compliance
are driving the demand for EGRC. Countries with continuously growing economies,
such as China, Japan, India, Brazil, France, and Germany, often change or
upgrade their regulations for international and national trades.
This
requires enterprises to stay abreast with updated EGRC solutions and be wary of
the potential risks of non-compliance. Advanced EGRC solutions are capable of
handling data-driven GRC using big data, and data analytics tools. Moreover,
appropriate governance ensures the economic growth and success of an
enterprise. Robust corporate governance enables investors to maintain their
confidence and helps enterprises in effectively raising funds.
Related Press
Release @ Enterprise
Governance, Risk & Compliance Market Report
Enterprise Governance, Risk & Compliance Market
Report Highlights
- The BFSI
segment accounted for the largest market share in 2020 and is anticipated
to record a CAGR exceeding 10.0% over the forecast period due to the
stringent regulatory policies across the financial sector that safeguards
public money and investor interest
- The compliance
management segment is expected to register the fastest CAGR over the
forecast period
- Compliance
management is the essence of the EGRC solution, which monitors the changes
in governance policies or updates in regulations to ensure compliance and
prevent financial losses due to non-compliance
- North
America led the global market in 2020 and is expected to maintain its
dominance even during the forecast period
- The presence
of many large-scale enterprises that are prone to financial and
reputational losses due to risks of non-compliance and data theft are
contributing to the market growth in North America
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
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Email: sales@grandviewresearch.com
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