Market Size of Enterprise Governance, Risk And Compliance Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 18.72 Billion |
| Market Size (2029) | USD 33.57 Billion |
| CAGR (2024 - 2029) | 12.38 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Enterprise Governance, Risk and Compliance (eGRC) Market Analysis
The Enterprise Governance, Risk And Compliance Market size is estimated at USD 18.72 billion in 2024, and is expected to reach USD 33.57 billion by 2029, growing at a CAGR of 12.38% during the forecast period (2024-2029).
Organizations usually operate in a complex and highly dynamic global environment. Hence, managing risk and compliance due to the various impacts of the changes around it is one of the significant challenges that an organization faces.
- Enterprise GRC helps organizations anticipate, understand, and holistically manage their risks. As a result, organizations can balance risks and opportunities, make strategic decisions effectively, and respond efficiently to the changes occurring within and outside the enterprise.
- Implementing stringent regulations and mandates by the government across various end-user verticals has increased the need to adopt eGRC solutions that fulfill the need for compliance, audit, risk management, etc.
- Moreover, the rising threats amongst organizations due to digitalization and the sharing of vast data have led to different forms of cyber threats and attacks. Hence, there lies an increasing need for efficiency in financial assessment and cost-saving solutions, which is further expected to fuel the market's growth opportunities. Therefore, the cybersecurity threat is one of the critical drivers for eGRC software adoption.
- However, a lack of awareness about the various benefits of eGRC, especially in small and medium businesses, has hindered market growth. Furthermore, continuous changes in the company's code of conduct and organizational structures are likely to curb market growth.
