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The global enterprise governance risk compliance (EGRC) market is touted to touch USD 48 billion at 13% CAGR over the predicted years (2017-2023). Enterprise Governance Risk Management and Compliance is a way in which any enterprise addresses governance, handles risk and compliance via creating internal controls, risk monitoring, risk assessment, regulatory controls, policies and procedures which employees must follow. EGRC plays a vital role. It aids organizations in managing risks across an enterprise along with preparing safeguards for minimizing risks and its impact. It ensures standardized workflows and streamlined processes, buffers an organization against errors and regulatory scrutiny and ensures that the systems and controls are in place for the data to remain constant across the enterprise.
There are plentiful factors that is boosting the growth of the enterprise governance risk compliance market. These factors as per the Market Research Future (MRFR) report include reduced costs, need for better operational efficiency, improve business performance, need for corporate governance, growing regulatory requirements, and various benefits such as identifying operational inefficiencies, rationalizing controls and reducing costs, growing associations and business partnerships, and compliance mandates. On the contrary, lack of awareness regarding EGRC in small & medium businesses coupled with fluctuating regulatory policies are factors that may impede the growth of the enterprise governance risk compliance market over the predicted years.
Enterprise Governance, Risk, and Compliance Market Segmentation
MRFR report provides an extensive segmental analysis of the enterprise governance risk compliance market on the basis of deployment model, component, end-user and organization size.
Based on component it is segmented into software and service. Software is further segmented into financial control management, risk management, compliance management, policy management and audit management. Of these, risk management will have the maximum share in the market. Service is further segmented into consulting, integration and support. Of these, consulting will lead the market.
Based on deployment model, the eGRC Market is segmented into on premise and cloud. Of these, cloud will dominate the market over the predicted years.
Based on organization size, it is segmented into large enterprise and small and medium sized enterprise. Of these, small and medium sized enterprise will have the maximum share in the market.
Based on end-user, the enterprise governance risk compliance market is segmented into government, education, manufacturing, healthcare, retail, IT and Telecom, transportation, energy and BFSI. Of these, BFSI will rule the market over the predicted years.
The prominent players in the enterprise governance, risk, and compliance market are – Dell EMC (U.S.), SAS (U.S.), Oracle (U.S.), IBM Corporation (U.S.), Microsoft Corporation (U.S.), MetricStream (U.S.), Resolver (UK), BWise (Netherlands), Resources Connection, Inc. (U.S.), among others.
By region, the enterprise governance risk compliance market covers growth opportunities and latest trends across Americas, Rest of the World, Europe and Asia Pacific. Of these, North America will lead the market over the predicted years. This region has immense focus on risk management along with stringent regulations for compliance and risk management. The enterprise governance risk compliance market in Europe will have a positive growth in the market. Developing economies in the APAC region such as Japan, China and others are showing increasing use of EGRC systems. This region is predicted to have a sudden hike in the market over the predicted years.
TABLE OF CONTENTS
1 Market Introduction
1.2 Scope Of Study
1.2.1 Research Objective
1.3 Market Structure
2 Research Methodology
2.1 Research Type
2.2 Primary Research
2.3 Secondary Research
2.4 Forecast Model
2.4.1 Market Data Collection, Analysis & Forecast
2.4.2 Market Size Estimation
2.4.3 Market Crackdown & Data Triangulation
3 Market Dynamics
3.2 Market Drivers
3.3 Market Challenges
3.4 Market Opportunities
4 Executive Summary
5. Market Factor Analysis
5.1 Porter’s Five Forces Analysis
5.2 Supply Chain Analysis
6 Enterprise Governance, Risk, And Compliance Market
6.2 Market Statistics
6.2.1 By Component
220.127.116.11.1 Audit Management
18.104.22.168.2 Policy Management
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Michael Owens serves as the marketing advisor of Head45 in Cardiff Bay. He is a specialist in customer experience and an expert brand strategist who is keen to take on challenges that will help the business expand. Michael puts his creative energy into penning posts that are both interesting and useful for the most popular blogging sites.