DUBLIN, May 16, 2018 /PRNewswire/ —
The “Enterprise Governance, Risk and Compliance Software Market by Component, and Services, Deployment Model, Organization Size, Business Function, Industry vertical -Global Industry Perspective, Comprehensive Analysis and Forecast, 2016 – 2024” report has been added to ResearchAndMarkets.com's offering.
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 grow at a CAGR of over 10.1% between 2017 and 2024.
Drivers and Restraints:
The major factor driving the growth of enterprise governance, risk and compliance software market is increasing adoption of eGRC solutions for big data and IoT. 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. In the last few years, the number of data breaches and cyber-attacks has increased at a rapid pace. Every 39 seconds, hackers affecting one of three Americans every year.
The rising number of risk factors against business data is expected to increase the adoption of compliance solutions and security across verticals, which is expected to accelerate the growth of global enterprise governance, risk, and compliance (eGRC) market during the forecast period.
Moreover, owing to rising demand for economic and regulatory climate, various financial services firms are transforming operations to enhance the performance.
The fluctuating regulatory policies and lack of awareness within the organization and are acting as restraints for enterprise governance, risk, and compliance (eGRC) market, and are expected to hinder the growth of the market to some extent.
Software and services are two essential components of enterprise governance, risk and compliance solutions. Audit management, Compliance management, Risk management, Policy management, Incident management, Business continuity management, IT eGRC, financial control management, and issue management are the major type of softwares used to manage the compliance and risk in the organization. The risk management software accounted major share in the global e-GRC market. The risk management software helps to improve data mining, considerably more risk analysis options such as computer assistance etc., better reporting culture, and stronger decision-making ability, such as with creating superior quality counteractive actions.
The GRC Cloud is an easy and fast way to get e-GRC apps up and running with security, optimal reliability, and scalability. The GRC Cloud accelerates the operation of e-GRC apps and requires lesser funds than traditional on-premise infrastructure. The cloud e-GRC is expected to register high growth during the forecast period in the global e-GRC software market.
Small and Medium-sized Businesses (SMBs) are a fundamental point in shaping enterprise policy. The SMBs are a key part of the global innovation, economic growth, job creation, and social integration. The SMBs organization size is expected to grow at CAGR of 10.4% in the global enterprise governance, risk and compliance software market over the forecast period.
The eGRC softwares are used for management of a financial process such as monitoring internal and external audits. The e-GRC solutions are majorly used for disclosure measurement, financial reporting, tax management, accounting, and risk and treasury. The finance business function is dominating the enterprise governance, risk and compliance software market.
Banking, Financial Services Insurance (BFSI) accounted major share in the global e-GRC market and expected to remain dominant over the forecast period. Banking and financial services organizations fight against increasing sweeping changes and regulatory challenges in an unsure landscape. The strong regulations, massive capital investment, and multifarious associations with industry peers generate demand for sophisticated software to handle all the risk measures.
The developed economies of the U.S. and Canada and high focus on innovations generate demand for an eGRC solution in North America is the key factor contributing towards a high share of the region in the global market. The rising awareness for business productivity, with competently designed eGRC solutions offered by vendors present in the APAC region, has led the Asia Pacific to become a highly potential market.
The report includes detailed profiles of the prominent market players that are trending in the market. The list of the players that are compiled in the report is as 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
The key market players sustain the competitive edge in the global market by making investments in the strategic agreement with another leader to provide an excellent solution. For instance, In January 2018, the SAP, one of a key leader in the e-GRC market has signed a strategic deal with IBM TO accelerate SAP S/4HANA Implementations.
Key Topics Covered:
1.1. Report description and scope
1.2. Research scope
1.3. Research methodology
2. Executive Summary
2.1. Global enterprise governance, risk, and compliance (eGRC) software market, 2016 2024 (USD Million)
2.2. Global enterprise governance, risk, and compliance (eGRC) software market: Snapshot
3. Enterprise governance, risk, and compliance (eGRC) software Market Dynamics
3.2. Market drivers
3.2.1. Global enterprise governance, risk, and compliance (eGRC) software market drivers: Impact analysis
3.2.2. Increasing Adoption eGRC Solutions in Big Data and IoT
3.2.3. Regulatory and Compliance Mandates
3.3. Market Restraints
3.3.1. Global enterprise governance, risk, and compliance (eGRC) software market restraints: Impact analysis
3.3.2. Changing Structure Of Regulatory Policies
3.3.3. Cyber Security And Third-Party Risks
3.4.1. Rising use of risk analytics in organizations
3.4.2. Growing Market for Cloud-Based Businesses
3.5. Porters five forces analysis
3.6. Market attractiveness analysis
4. Global Enterprise governance, risk, and compliance (eGRC) software market Competitive Landscape
4.1. Company Market Share Analysis
4.2. Strategic Development
4.3. Technology Portfolio
5. Global Enterprise governance, risk, and compliance (eGRC) software market Component Segment Analysis
5.1. Global enterprise governance, risk, and compliance (eGRC) software market: Component type overview
5.1.1. Global enterprise governance, risk, and compliance (eGRC) software market revenue share, by Component, 2017 and 2024
5.2.1. Global Software Market, 2016 2024(USD Million)
126.96.36.199. Audit Management
188.8.131.52. Compliance Management
184.108.40.206. Risk Management
220.127.116.11. Policy Management
18.104.22.168. Incident Management
22.214.171.124. Others (Business Continuity Management, IT eGRC, Financial Control Management, and Issue Management)
5.3.1. Global Services Market , 2016 2024(USD Million)
126.96.36.199. Consulting and Training
6. Global Enterprise governance, risk and compliance (eGRC) software market Deployment Model Segment Analysis
6.1. Global enterprise governance, risk and compliance (eGRC) software market: Deployment Model overview
7. Global Enterprise governance, risk and compliance (eGRC) software market Organization Size Segment Analysis
7.1. Global enterprise governance, risk and compliance (eGRC) software market: Organization Size overview
8. Global Enterprise governance, risk and compliance (eGRC) software market Business Function Segment Analysis
8.1. Global enterprise governance, risk and compliance (eGRC) software market: Organization Size overview
9. Global Enterprise governance, risk and compliance (eGRC) software market Industry vertical Segment Analysis
9.1. Global enterprise governance, risk and compliance (eGRC) software market: Industry vertical overview
9.5. Construction and Engineering
9.6. Energy and Utilities
9.8. Mining and Natural Resources
9.9. Retail and Consumer Goods
9.10. Telecom and IT
9.11. Transportation and Logistics
10. Global Enterprise governance, risk and compliance (eGRC) software market Regional Segment Analysis
11. Company Profiles
- SAP SE
- SAS Institute
- Wolters Kluwer
- EMC Corporation
- THOMSON REUTERS
- International Business Machines Corp.
- MetricStream Inc.
For more information about this report visit https://www.researchandmarkets.com/research/535lcc/enterprise?w=5
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