Enterprise Governance, Risk, and Compliance Market was valued at US$ 41.11 Bn in 2022 and is expected to reach US$ 96 Bn by 2029, at a CAGR of 12.88% during a forecast period.
Report Highlights: The Enterprise Governance, Risk, and Compliance Market, valued at US$ 41.11 billion in 2022, is poised for substantial growth, with projections indicating a surge to US$ 96 billion by 2029, reflecting a robust CAGR of 12.88% during the forecast period. The comprehensive analysis covers market values, scope, research methodology, drivers, restraints, and regional insights.
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Market Insights: Enterprise GRC, a strategic discipline empowering organizations to identify and mitigate risks while enhancing operations, has been significantly impacted by the COVID-19 lockdown. The report meticulously examines the short-term and long-term effects on market leaders, followers, and disruptors, offering crucial insights for decision-makers preparing regional strategies.
Scope and Methodology: Encompassing research methodologies, the report offers a detailed analysis of market dynamics, segmentations based on components, deployment modes, business functions, enterprise types, verticals, and regional perspectives. This comprehensive study assists decision-makers in preparing outlines and strategies for companies by region.
Drivers and Restraints: While the market experiences growth due to heightened demand for corporate governance, compliance, and regulatory requirements, challenges such as limited awareness and resources, coupled with evolving regulatory structures, hinder market expansion.
Segment Analysis: The software segment holds prominence, expected to dominate the market due to integrated solutions that reduce total ownership costs, address diverse regulations, and manage third-party risks effectively. Notably, the BFSI sector plays a significant role, grappling with stringent regulations post the 2008 financial crisis, emphasizing transparency and risk management.
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Regional Insights: North America leads the market, driven by rising cyber threats and the subsequent need for robust GRC solutions. The region's escalating cyber-attacks have underscored the importance of enterprise governance, risk, and compliance management solutions.
Key Players: Prominent players in the global Enterprise Governance, Risk, and Compliance Market include Microsoft, BWise, SAS Institute Inc., IBM Corporation, FIS, and others. These companies play pivotal roles in shaping the market landscape, providing essential solutions to address evolving governance and compliance needs.
Conclusion: This comprehensive report offers essential insights into market dynamics, providing a roadmap for investors, decision-makers, and industry stakeholders to navigate the evolving landscape of enterprise governance, risk, and compliance.
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Report Details:
- Base Year: 2022 | Forecast Period: 2023-2029
- Historical Data: 2017 to 2022 | Market Size (2022): US$ 41.11 Bn.
- Forecasted CAGR: 12.88% | Projected Market Size (2029): US$ 96 Bn.
- Segments Covered: Components, Deployment Modes, Business Functions, Enterprise Types, Verticals, Regions
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