Meticulous Research® , a prominent global market research organization, has released a detailed report titled, “Enterprise Governance, Risk, and Compliance Market by Component (Solutions, Services), Organization Size, Deployment Mode, Business Function (Legal & Compliance, Operation Management), Sector (Healthcare), and Geography - Global Forecast to 2030.”

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The latest findings from Meticulous Research® reveal that the global enterprise governance, risk, and compliance (eGRC) market is anticipated to reach $39.6 billion by 2030 , with a compound annual growth rate (CAGR) of 15.8% from 2024 to 2030 . This growth trajectory is largely driven by the increasing stringency of government regulations and industry standards, particularly in sectors like BFSI (banking, financial services, and insurance). Additionally, the rapid integration of technologies such as AI (artificial intelligence), ML (machine learning), and blockchain into eGRC solutions is expected to create substantial opportunities for stakeholders.

Despite this optimistic growth outlook, the market faces challenges. The diversity in regulatory frameworks across different regions could impede growth, and issues related to data privacy, security, and the lack of training and awareness surrounding eGRC solutions present further hurdles that need to be addressed.

The report segments the global eGRC market by components, organization size, deployment modes, business functions, and sectors, providing an in-depth analysis of market trends on both regional and global scales. It also evaluates the competitive landscape of the eGRC industry.

Component Segmentation: The global enterprise governance, risk, and compliance market is categorized into solutions and services. It is projected that the solutions segment will capture the largest share of the market in 2024. The demand for comprehensive risk management, regulatory compliance, and audit management solutions is on the rise, prompting organizations to invest in eGRC systems that effectively monitor compliance and manage associated risks. These systems facilitate the creation of audit trails, enhancing accountability and transparency within governance processes.

Conversely, the services segment is forecasted to grow at the highest CAGR during the forecast period. This growth is fueled by the increasing need for specialized consulting services, implementation support, and managed services that assist organizations in optimizing their eGRC programs and strategies. As businesses navigate an increasingly complex regulatory landscape, the demand for expert guidance is expected to surge.

Organization Size Analysis: The eGRC market is also segmented by organization size, distinguishing between large enterprises and small & medium-sized enterprises (SMEs). In 2024, large enterprises are projected to account for a larger portion of the market. The complexity of risks faced by large organizations necessitates the adoption of comprehensive eGRC solutions that can effectively manage operational, financial, and reputational risks across multiple business units and jurisdictions.

On the other hand, SMEs are expected to experience the highest growth rate during the forecast period. As these smaller businesses confront challenges related to data security, compliance, and risk management, the structured approach offered by eGRC solutions becomes increasingly appealing. These solutions help SMEs optimize their processes and resource utilization, making them more competitive despite their size.

Deployment Modes: The report categorizes the eGRC market based on deployment modes, distinguishing between on-premise and cloud-based solutions. On-premise deployments are anticipated to hold a larger share of the market in 2024, driven by the need for stringent data security measures, particularly in regulated sectors like finance and healthcare. Organizations often favor on-premise solutions for their ability to provide customized features and seamless integration with existing infrastructure.

However, cloud-based eGRC solutions are expected to show the fastest growth during the forecast period. The flexibility, scalability, and cost-effectiveness of cloud offerings make them increasingly attractive, particularly for SMEs. As cloud security continues to improve, more organizations are likely to embrace cloud-based solutions to meet their risk management and compliance needs.

Business Function Segmentation: The global eGRC market is segmented by various business functions, including finance & accounting, information technology, legal & compliance, operations management, and human resources. The finance & accounting segment is projected to dominate the market in 2024. The growing complexity of financial regulations necessitates robust eGRC systems to manage compliance, enhance governance, and streamline financial operations. Organizations are increasingly leveraging eGRC solutions for internal controls, audit processes, and compliance with financial reporting standards.

This segment is also anticipated to exhibit the highest CAGR during the forecast period, driven by the growing emphasis on risk management and the automation of financial processes.

Sector Analysis: In terms of sectors, the global eGRC market encompasses industries such as BFSI, IT & telecommunications, energy & utilities, healthcare, manufacturing, and government. The BFSI sector is expected to dominate the market, attributed to the pressing need for eGRC solutions to ensure regulatory compliance and protect sensitive financial information. These solutions are crucial in assessing and mitigating risks associated with financial operations.

Meanwhile, the healthcare sector is forecasted to witness the highest growth rate during the forecast period. The increasing focus on compliance management, coupled with the rise of digital health initiatives and the threat of data breaches, is driving healthcare organizations to adopt comprehensive eGRC solutions.

Geographical Insights: Geographically, the report segments the eGRC market into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America is anticipated to hold the largest market share in 2024, driven by the high adoption of eGRC solutions across regulated industries such as BFSI and healthcare. The region’s commitment to data privacy and cybersecurity, along with the presence of major players like IBM Corporation, Microsoft Corporation, and Oracle Corporation, further strengthens its market position.

Conversely, the Asia-Pacific region is expected to exhibit the highest growth rate. The rise of data protection laws in emerging economies is prompting businesses to prioritize compliance and cybersecurity. Additionally, technological advancements and a rapidly evolving digital landscape are fostering the adoption of eGRC solutions.

Key Players

The key players operating in the global enterprise governance, risk and compliance market are IBM Corporation (U.S.), Microsoft Corporation (U.S.), SAP SE (Germany), Dell Inc. (U.S.), SAS Institute Inc. (U.S.), Wolters Kluwer N.V. (Netherlands), Software AG (Germany), Oracle Corporation (U.S.), Mphasis Limited (India), Future Shield Inc. (Canada), SAI360 Inc. (U.S.), OneTrust LLC (U.S.), Blue Umbrella Limited (Hong Kong), MetricStream Inc. (U.S.), and SureCloud Ltd (U.K.).

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/enterprise-governance-risk-and-compliance-market-5702

Key questions answered in the report:

• Which are the high-growth market segments in terms of component, organization size, deployment mode, business function, sector, and geography?
• What is the historical market size for enterprise governance, risk and compliance across the globe?
• What are the market forecasts and estimates for 2024–2030?
• What are the major drivers, restraints, opportunities, and challenges in the global enterprise governance, risk and compliance market?
• Who are the major players in the global enterprise governance, risk and compliance market, and what are their market shares?
• How is the competitive landscape?
• What are the recent developments in the global enterprise governance, risk and compliance market?
• What are the different strategies adopted by the major players in the market?
• What are the geographic trends and high-growth countries?
• Who are the local emerging players in the global enterprise governance, risk and compliance market, and how do they compete with other players?

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