According to a new market research report published by Credence Research “Enterprise Governance, Risk and Compliance Market (by Solution Type – Services and software; by Deployment Model – On-premise Deployment and Cloud-based Deployment; by Industrial Vertical – BFSI, IT & Telecommunications, Government, Power & Utilities, Aerospace, Healthcare, Manufacturing, Transportation, Consumer Goods and Construction & Engineering) – Growth, Future Prospects, and Competitive Analysis, 2018 – 2026”, the global enterprise governance, risk and compliance market accounted to hit the market value of US$ 26.49 Bn in 2017 and expected to witness CAGR of 10.08 % across the forecast period through 2018 to 2026.
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Enterprise governance, risk and compliance (EGRC) management is an effective solution for businesses to validate compliance, gather vital risk data and report results to management. As the volatile nature of market continues to affect business environment, organizations are directing their attention towards efficiency of EGRC solutions. An effective EGRC framework enables organizations to integrate & coordinate risk & compliance initiatives with business processes. Further, it represents holistic view of the organization’s risk and compliance postures that help to make more informed decisions and mitigate the associated risk effectively. Instead of acquiring separate solutions for enterprise governance, risks and compliances, organization are effectively opting for single EGRC platform and integrating solutions to satisfy specific EGRC needs.
Overall enterprise governance, risk, and compliance market are segmented based on solutions, deployment model and industrial vertical. EGRC market is primarily directed by the software segment due to rising investment in automated solutions to improve efficiency of risk management, internal audit and compliance practices. As demonstrated by OCEG survey, more than 85% of companies contacted are in support of they would get benefit from integrating the use of software for their EGRC activities. North America was the leading market for enterprise governance, risk, and compliance solutions in 2017 closely followed by Europe, primarily due to rapidly growing adoption for EGRC solutions to mitigate such risks. Demand for EGRC solutions is highest in the U.S. due to stringent corporate governance regulations. However, as other countries such as U.K., Germany, France, Canada, Japan, India, and Australia among several others have begun to enforce similar regulations, demand for EGRC solutions has increased rapidly across the world.
Further, several organizations have procured EGRC solution but have failed to realize the positive impacts or potential of such solutions. The most common reason these organizations failed to garner the effectiveness of EGRC solution is that they typically fragment each solution. Managing EGRC solution in silos results in being uncoordinated operations, even though compliance & risk issues are intertwined and controls are shared. To evade such resource wastes organizations are rapidly moving towards more integrated EGRC solution for their need. With growing competitive nature and penetration of such solution across almost all industrial sectors, EGRC market expected to grow with promising rate throughout the forecast period.
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