The global Enterprise, Governance, Risk and Compliance (Egrc) market was valued at USD 19.30 billion in 2016 and is projected to reach USD 65.29 billion by 2025, growing at a CAGR of 14.5% from 2017 to 2025.
Increasing adoption of risk management and compliance solutions is the major driver of Egrc market. The changing government regulations and their impacts can be mitigated by the use of these products. The multi factor approach of Egrc is expected to boost market demand over the forecast period.
Enterprises are investing generously to maintain a competitive edge in the market. The list of most prominent market players includes IBM, Oracle, Thomson Reuter, SAP SE, Oracle Corp., SAS Institute Inc. and many others.
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The main factor that is responsible for the emergence of EGRC as a business imperative in the organization is a growing demand for corporate governance, regulatory requirements and compliance.
Also, a holistic approach to risk management is required with a more complex risk environment. Enterprise, Governance, Risk and Compliance (EGRC) consists of different types of software such as audit management, risk management, business continuity, compliance & policy management, information security and data management, and regulatory change management. Moreover, it also includes enterprise risk assessment, financial and IT GRC, financial control management etc.
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Rising threats amongst organizations owing to digitalization and sharing of vast data across the globe has led to different forms of threats and attacks. Cyber security threat is one of the key drivers for EGRC software adoption. The biggest growth is seen in enterprise application development by utilizing the agility and cost-effective attributes of cloud technology.
Moreover, the EGRC platform is not only reliable but also helps in making the data efficient across multiple business units. Transparency among business units and free flow of data is a key imperative for organizations. The need for enterprise wide risk management systems to promote transparency and avoid risks is driving the global enterprise governance, risk and compliance (EGRC) market. Rising need for efficiency in financial assessment and cost saving solutions is anticipated to drive market growth in the near future.
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