Global Enterprise Governance, Risk & Compliance Market
The GMI Research forecasts that the Enterprise Governance, Risk & Compliance Market is witnessing an upsurge in demand over the forecast period. This is mainly due to the various benefits of smart cities like better transportation and enhanced infrastructure and the rising strategies by the government.
Introduction of the Enterprise Governance, Risk & Compliance Market
Enterprise governance, risk & compliance help to manage an organization’s entire governance, organization’s risk management, and compliance by meeting the norms. GRC is a structured approach integrating the IT sector with retaining the business objectives efficiently by managing risk and meeting compliance requirements.
Key Players of the Global Enterprise Governance, Risk & Compliance Market:
- Ideagen
- SAS Institute
- NAVEX Global
- SAP SE
- MEGA International
- Oracle
- Software AG
- RSA Archer
- Alyne
- LogicManager
- Wolters Kluwer
- ProcessGene
- MetricStream, Inc.
- Thomson Reuters
- IBM
Enterprise Governance, Risk & Compliance Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
One of the most prominent drivers responsible for the growth of the global enterprise governance, risk & compliance market includes the augmenting espousal of digital platform companies with acceleration in digital capitalizations across the world to relieve the risk and compliances of the companies. In accordance with the UNCTAD Organization Report published in 2019, the global digital market capitalization accomplished USD 7 trillion, expanding to USD 100 Million per year due to the swift acquisition of digital technologies. Thus, IT and telecommunication operations are managed in such a way that it ensures compliance and risk standards. Further, digital tools help in establishing and decreasing risks associated with the use, involvement, influence, ownership, function, and adoption of IT in a company. In addition, the accelerating penetration of the smart and connected IoT led by rapid industrialization and digitalization has further strengthened the market growth. According to the We Forum Organization, IoT connected devices sales outstretched to 21 Billion and will reach 41 Billion by 2025 to accept the latest technologies.
On the other hand, several managerial policies across different countries to govern and operate the businesses will hinder the market growth. Countries including the United States, France, and Germany have rigorous government rules and regulation concerned with the structure of policies that differs from business to businesses.
Type Segment Drivers
Based on the type, policy management is contemplated to witness faster growth in the near future. This is primarily owing to their aggravating endorsement in the Small and Medium Enterprises and multiplying the number of digital companies through the resources. The software allows easy update for organization forms and helps in staff management, automating the workflow & save time, exportable audit-ready reports, and maintaining staff accountability.
Component Segment Drivers
Based on the component, the solution will lead the market due to the acceptance and introduction of the new technology software and platform for digital companies. Thomson Reuters, in 2018, initiated the compliance management solution to assist organizations execute, simplify, and supervise their regulatory and compliance programs.
End-User Segment Drivers
Based on the End-User, BFSI is expected to account for the largest share over the coming years, owing to the increasing consciousness and the implementation of digital technologies in the banking sector.
Regional Drivers
Based on regional coverage, Asia-Pacific is forecasted to witness a robust demand in the next few years. This is primarily because of the altering urban demographics, fast city extension, and rising public-private partnership (PPP) to flourish infrastructure and services. Moreover, several government smart cities projects, including Smart Cities Mission, India; Taipei Smart City Living Lab project, Taiwan; Haikou City Brain, China, are stimulating the enterprise governance, risk & compliance market market share.
Enterprise Governance, Risk & Compliance Market Segmentation:
Segmentation by Type
· Audit Management
· Policy Management
· Risk Management
· Compliance Management
Segmentation by Component
· Services
· Software
· Solution
Segmentation by Enterprise Type
· SMEs
· Large Scale Enterprises
· Mechanical
Global Enterprise Governance, Risk & Compliance Market by End-User
· BFSI
· Building and Construction
· Energy and Utilities
· Healthcare
· Government
· Retail & Consumer Goods
· Telecom & IT
· Transportation & Logistics
· Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
About GMI Research
GMI Research is a market research and consulting company that offers business sights and market research reports for every enterprise, including small & medium enterprises and large organizations. Our research team helps the clients to understand the impact of market dynamics such as market size, share, drivers, growth opportunities, and other aspects. We have a team of analysts and industry experts who conduct market intelligence studies to ensure relevant and fact-based research across a wide range of sectors such as FMCG, Technology, Energy, Healthcare, and other industries. We collect relevant information about the industry using both internal and external databases. Our main focus is to keep our clients abridged of the emerging opportunities and challenges in a wide range of industries. We provide step-by-step assistance to our client through strategic and consulting services to reach a managerial and actionable decision. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping businesses stay ahead of the curve.
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