Global enterprise governance, risk and compliance software market is expected to reach USD 49,900 million by 2024 and is expected to exhibit a CAGR of more than 10% between 2017 and 2024.
Sarasota, FL -- (SBWIRE) -- 04/19/2019 -- The new report by the Zion Market Research on the "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, 2016 - 2024" has a vast information about the market and its potential.
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 exhibit a CAGR of more than 10% between 2017 and 2024.
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The chief factor that will trigger the growth of the Enterprise Governance, Risk and Compliance Software market is the increasing adoption of big data and IoT in eGRC solutions. 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. Moreover, rising demand for economic and regulatory climate, various financial services firms are transforming operations to enhance the performance, and this will propel the growth of the Enterprise Governance, Risk and Compliance Software market.
Our research analysts came up with the conclusion that, increasing number of risk factors against business data are expected to increase the adoption of compliance solutions and security across verticals, which is expected to accelerate demand for the enterprise governance, risk and compliance software market in the coming years.
The global enterprise governance, risk and compliance software market is segmented on the basis of the component, deployment model, organization size, business function, industry vertical, and the geographical regions.
Global Enterprise Governance, Risk, and Compliance Software Market: Component Segment Analysis
Others (Business continuity management, IT eGRC, financial control management, and issue management)
Consulting and training
Global Enterprise Governance, Risk, and Compliance Software Market: Deployment Model Segment Analysis
Global Enterprise Governance, Risk, and Compliance Software Market: Organization Size Analysis
Small and Midsize business (SMBs)
Global Enterprise Governance, Risk and Compliance Software Market: Business Function Segment Analysis
Global Enterprise Governance, Risk, and Compliance Software Market: Industry vertical Segment Analysis
Construction and Engineering
Energy and Utilities
Mining and Natural Resources
Retail and Consumer Goods
Telecom and IT
Transportation and Logistics
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Global Enterprise Governance, Risk and Compliance Software Market: Regional Segment Analysis
The Middle East and Africa
Rest of Asia Pacific
Software and services are the two types of components of Enterprise Governance, Risk, and Compliance (eGRC) Market. The software segment accounted major share in the Enterprise Governance, Risk and Compliance Software market in 2017. The rising demand for e GRC software for audit management, compliance management, risk management, policy management etc. is expected to propel the growth of segment over the forecast period.
The cloud deployment model is dominating the Enterprise Governance, Risk and Compliance Software market in 2017. The automatic software updates, elasticity, and disaster recovery through cloud-based backup systems is expected to drive the growth of segment over the forecast period.
For regular audits and various other regulatory mandates, the enterprises have been greatly adopting eGRC solutions. Moreover, growing digitization and increased cyber risks to critical business information and data generate the demand for eGRC softwares globally. The TechAdvisory.org published a report which says, according to small business trends, in between 2015 and 2016, about 55% of companies has experienced cyber attach at least for ones. Moreover, about 50% companies have experienced data breaches with employee and customer information the year.
For the business process management, finance eGRC helps in segregation of roles and duties. The finance business function is dominating the Enterprise Governance, Risk and Compliance Software market in 2017. The rising adoption eGRC software for management for a financial process such as monitoring internal and external audits is expected to propel the growth of segment over the forecast period.
BFSI, healthcare, government, construction and engineering, energy and utilities, manufacturing, mining and natural resources, retail and consumer goods, telecom and it, and transportation and logistics are the major industry verticals where e-GRC software are widely used. In 2017, the Banking, Financial Services and Insurance (BFSI) segment accounted for a major share in the global e-GRC software market in 2017. The heavy regulations, reliability expectations, huge capital investment, and complex relationships with industry peers is expected to boost the demand for BFSI segment over the forecast period.
The market is growing at a rapid rate in the developed regions. North America dominates the battery management systems market. The increasing demand for energy storage through renewable energy storage systems in the region is expected to propel the growth of battery management system market over the forecast period.
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North America has registered an influential share in the enterprise governance, risk and compliance software market region in 2017. North America is the well-developed region. The high awareness in the region about the eGRC software's and services, which helps to generate high revenue for the global market.
The major market players in the enterprise governance, risk and compliance software market are 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