Enterprise Governance, Risk & Compliance Market Size Worth $96.98 Billion By 2028 | CAGR: 14.1% : Polaris Market Research
NEW YORK, Nov. 29, 2021 /PRNewswire/ -- The global enterprise governance, risk & compliance market size is expected to reach USD 96.98 Billion by 2028 according to a new study conducted by Polaris Market Research. the market is anticipated to register a CAGR of 14.1% from 2021-2028. Changing business conditions as a result of the Covid-19 epidemic, security requirements with expanding Internet of Things (IoT) & Artificial Intelligence (AI) technology, and external reporting demands are projected to boost the overall growth of the market. The widespread adoption of EGRC software systems across companies to reduce monetary and reputational penalties associated with non-compliance is driving the market growth. Changing regulatory constraints and increased corporate complexities are also predicted to fuel the industry's expansion in the forecast period.
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Key Highlights of Enterprise Governance, Risk & Compliance Market
- Based on components, the software segment accounted for the largest market share and is expected to continue the same in the coming years. To coordinate and control the requirements, the software is utilized to satisfy the strategies comprising policy management, compliance management, audit management, and risk management.
- By software, the policy management segment is expected to grow at the fastest rate in the global enterprise governance, risk & compliance market during the forecast period, on account of increasing adoption among SMEs and emerging digital firms through global resources.
- In terms of vertical, the BFSI segment dominated the global market and is projected to grow with the same trend over the forecast period. Banking, finance, and insurance are expected to perform functions with the integration of data and technology architecture to manage the emerging risk landscape as technological advances become more prevalent.
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Regional Developments
North America is witnessing a rise in the adoption of high technology in diverse business sectors, and as a result, it is regarded as the key driving reason to increase the growth of enterprise implementation, governance, risks, and compliance in the enterprise governance, risk, and compliance market. The majority of suppliers in this region are active in developing goods and services based on analytics, artificial intelligence (AI), natural language processing (NLP), and Machine Learning (ML), which is expected to propel the region's market expansion.
Competitive Outlook
Strategic alliances with other enterprise governance, risk, and compliance providers, as well as regional expansions, are some of the primary techniques used by prominent players to drive sales growth. The enterprise governance, risk & compliance market will gain momentum in the next years due to prominent industry participants' strong financial positions and new technological breakthroughs. Market participants such BWise, Dell EMC, Fidelity National Information Services, Inc. (FIS), FIS, IBM Corporation, Ideagen, Maclear, mega international, metricstream, MetricStream Inc., Microsoft Corporation, Modulo Security, LLC, MPHASIS, Oracle Corporation, RSA Security, SAS Institute Inc., SAP SE, Servicenow, Software AG, Thomson Reuters, Wolter Kluwer
Target Audience
- Supply Side: IT Solutions Provider
- Demand Side: Transportation & Logistics, Construction & Engineering Sector
- Regulatory Side: Ministry of Corporate Affairs
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Polaris Market Research has segmented the enterprise governance, risk & compliance market report on the basis of component, software, services, enterprise type, vertical, and region:
Enterprise Governance, Risk & Compliance, Component Outlook (Revenue – USD Million, 2016 – 2028)
- Software
- Services
Enterprise Governance, Risk & Compliance, Software Outlook (Revenue – USD Million, 2016 – 2028)
- Audit Management
- Compliance Management
- Risk Management
- Policy Management
- Incident Management
- Others
Enterprise Governance, Risk & Compliance, Services Outlook (Revenue – USD Million, 2016 – 2028)
- Integration
- Consulting
- Support
Enterprise Governance, Risk & Compliance, Vertical Outlook (Revenue – USD Million, 2016 – 2028)
- BFSI
- Construction & Engineering
- Energy & Utilities
- Government
- Healthcare
- Manufacturing
- Retail & Consumer Goods
- IT & Telecom
- Transportation & Logistics
- Others
Enterprise Governance, Risk & Compliance, Regional Outlook (Revenue – USD Million, 2016 – 2028)
- North America
- U.S.
- Canada
- Europe
- France
- Germany
- UK
- Italy
- Spain
- Netherlands
- Austria
- Asia Pacific
- China
- India
- Japan
- Malaysia
- Indonesia
- South Korea
- Latin America
- Mexico
- Brazil
- Argentina
- Middle East & Africa
- UAE
- Saudi Arabia
- Israel
- South Africa
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About Polaris Market Research
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises. We at Polaris are obliged to serve our diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide our customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to our customers.
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