Enterprise Governance, Risk and Compliance Software Market by Component (Software (Audit management, Compliance Management, Risk management, Policy management, Incident management, and Others (Business continuity management, IT eGRC, financial control management, and issue management)), and Services (Consulting and training, Integration, and Support); Deployment Model (Cloud, and On-premises); Organization Size (Enterprises, Small and Midsize business (SMBs)) ; Business Function (Finance, IT, Operations, and Legal); Industry vertical (BFSI, Healthcare, Government, Construction and Engineering, Energy and utilities, Manufacturing, Mining and natural re Components, Retail and consumer goods, Telecom and IT, Transportation and logistics, and Others)-Global Industry Perspective, Comprehensive Analysis and Forecast, 2019 – 2024
Wiseguyreports.Com Adds “Enterprise Governance, Risk and Compliance Software – Market Demand, Growth, Opportunities and Analysis of Top Key Players to 2024” To Its Research Database
Report Brief The report covers forecast and analysis for the enterprise governance, risk and compliance software market on a global and regional level The report includes the positive and the negative factors that are influencing the growth of the market Detailed information about the market opportunities are discussed The key target audience for the market has been determined in the report The revenue generated by the prominent industry players has been analyzed in the report The market numbers have been calculated using top-down and the bottom-up approaches The enterprise governance, risk and compliance software market has been analyzed using Porters Five Forces Analysis The market is segmented on the basis of product and application, which in turn bifurcated on regional level as well All the segments have been evaluated based on the present and the future trends The report deals with the in-depth quantitative and qualitative analyses of the enterprise governance, risk, and compliance software market The report includes the detailed company profiles of the prominent market players
Enterprise governance, risk, and compliance (e-GRC) cover how a company addresses governance, risk, and compliance. The method of effectual e-GRC involves planning and managing for risks, ensuring a company is complying with all regulations and that governance, both in terms of people and processes, is being controlled monitored.
The e-GRC helps to the company to plan for the future, environmental or economic changes, and business scenarios. Moreover, it also helps in analyze business risk, monitor business metrics, analyze the current market scenario etc.
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The global enterprise governance, risk, and compliance software market was valued at around USD 23,100 million in the year 2016 and it is expected to reach approximately USD 49,900 million by 2024. The global enterprise governance, risk and compliance software market is expected to grow at a CAGR of over 10.1% between 2017 and 2024.
Drivers and Restraints
The major factor driving the growth of enterprise governance, risk and compliance software market is increasing adoption of eGRC solutions for big data and IoT. The awareness among the organizations is increasing, about the deployment of security solutions in their day to day business operations to protect and secure the information and data from unauthorized access and cyber-attacks. In the last few years, the number of data breaches and cyber-attacks has increased at a rapid pace. Every 39 seconds, hackers affecting one of three Americans every year.
The rising number of risk factors against business data is expected to increase the adoption of compliance solutions and security across verticals, which is expected to accelerate the growth of global enterprise governance, risk, and compliance (eGRC) market during the forecast period.
Moreover, owing to rising demand for economic and regulatory climate, various financial services firms are transforming operations to enhance the performance.
The fluctuating regulatory policies and lack of awareness within the organization and are acting as restraints for enterprise governance, risk, and compliance (eGRC) market, and are expected to hinder the growth of the market to some extent.
Software and services are two essential components of enterprise governance, risk and compliance solutions. Audit management, Compliance management, Risk management, Policy management, Incident management, Business continuity management, IT eGRC, financial control management, and issue management are the major type of softwares used to manage the compliance and risk in the organization. The risk management software accounted major share in the global e-GRC market. The risk management software helps to improve data mining, considerably more risk analysis options such as computer assistance etc., better reporting culture, and stronger decision-making ability, such as with creating superior quality counteractive actions.
The GRC Cloud is an easy and fast way to get e-GRC apps up and running with security, optimal reliability, and scalability. The GRC Cloud accelerates the operation of e-GRC apps and requires lesser funds than traditional on-premise infrastructure. The cloud e-GRC is expected to register high growth during the forecast period in the global e-GRC software market.
Small and Medium-sized Businesses (SMBs) are a fundamental point in shaping enterprise policy. The SMBs are a key part of the global innovation, economic growth, job creation, and social integration. The SMBs organization size is expected to grow at CAGR of 10.4% in the global enterprise governance, risk and compliance software market over the forecast period.
The eGRC softwares are used for management of a financial process such as monitoring internal and external audits. The e-GRC solutions are majorly used for disclosure measurement, financial reporting, tax management, accounting, and risk and treasury. The finance business function is dominating the enterprise governance, risk and compliance software market.
Banking, Financial Services Insurance (BFSI) accounted major share in the global e-GRC market and expected to remain dominant over the forecast period. Banking and financial services organizations fight against increasing sweeping changes and regulatory challenges in an unsure landscape. The strong regulations, massive capital investment, and multifarious associations with industry peers generate demand for sophisticated software to handle all the risk measures.
The developed economies of the U.S. and Canada and high focus on innovations generate demand for an eGRC solution in North America is the key factor contributing towards a high share of the region in the global market. The rising awareness for business productivity, with competently designed eGRC solutions offered by vendors present in the APAC region, has led the Asia Pacific to become a highly potential market.
The report includes detailed profiles of the prominent market players that are trending in the market. The list of the players that are compiled in the report is as Microsoft, SAP SE, SAS Institute Inc., Oracle Corporation, Bwise, Fidelity National Information Services Inc. , Wolters Kluwer, Metricstream Inc., Thomson Reuters, EMC Corporation (A Dell Company), and International Business Machines Corporation among others
The key market players sustain the competitive edge in the global market by making investments in the strategic agreement with another leader to provide an excellent solution. For instance, In January 2018, the SAP, one of a key leader in the e-GRC market has signed a strategic deal with IBM TO accelerate SAP S/4HANA Implementations.
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Major Key Points in Table of Content
Chapter 1. Introduction
1.1. Report description and scope
1.2. Research scope
1.3. Research methodology
1.3.1. Market research process
1.3.2. Market research methodology
Chapter 5. Global Enterprise governance, risk, and compliance (eGRC) software market Component Segment Analysis
5.1. Global enterprise governance, risk, and compliance (eGRC) software market: Component type overview
5.1.1. Global enterprise governance, risk, and compliance (eGRC) software market revenue share, by Component, 2017 and 2024
5.2.1. Global Software Market, 2016 2024(USD Million)
22.214.171.124. Audit Management
126.96.36.199. Compliance Management
188.8.131.52. Risk Management
184.108.40.206. Policy Management
220.127.116.11. Incident Management
18.104.22.168. Others (Business Continuity Management, IT eGRC, Financial Control Management, and Issue Management)
5.3.1. Global Services Market , 2016 2024(USD Million)
22.214.171.124. Consulting and Training
Chapter 11. Company Profile
11.1. SAP SE
11.1.3. Product portfolio
11.1.4. Business strategy
11.1.5. Recent developments
11.2.3. Product portfolio
11.2.4. Business strategy
11.2.5. Recent developments
11.3. SAS Institute
11.3.3. Product portfolio
11.3.4. Business strategy
11.3.5. Recent developments
11.4.3. Product portfolio
11.4.4. Business strategy
11.4.5. Recent developments
11.5.3. Product portfolio
11.5.4. Business strategy
11.5.5. Recent developments
11.6.3. Product portfolio
11.6.4. Business strategy
11.6.5. Recent developments
11.7. Wolters Kluwer
11.7.3. Product portfolio
11.7.4. Business strategy
11.7.5. Recent developments
11.8. EMC Corporation
11.8.3. Product portfolio
11.8.4. Business strategy
11.8.5. Recent developments
11.9. THOMSON REUTERS
11.9.3. Product portfolio
11.9.4. Business strategy
11.9.5. Recent developments
11.10. International Business Machines Corp.
11.10.3. Product portfolio
11.10.4. Business strategy
11.10.5. Recent developments
11.11. MetricStream Inc.
11.11.3. Product portfolio
11.11.4. Business strategy
11.11.5. Recent developments
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