In a recently published report, Enterprise Governance, Risk & Compliance (eGRC) Market report for till 2030. The report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Enterprise Governance, Risk & Compliance (eGRC) Market products.
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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further.
Global Enterprise Governance, Risk & Compliance (eGRC) Market is valued approximately USD 28.7 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 13.4 % over the forecast period 2020-2027. Enterprise governance, risk and compliance (eGRC) management provides opportunities to specialize in financial services, corporate compliance, health law, or security and cyber law. Enterprise governance, risk and compliance services offers support in crucial areas such as tax, financial reporting, information technology, anti-fraud, financial advisory, and human capital services. eGRC provides client guidance for the enterprise risk management, efficient corporate compliance, and corporate governance. The risk managers and compliance officers are struggling to tackle this COVID-19 pandemic.
However, businesses or organizations are investing into risk technology as risk management optimization emerged as one of the best for an organization to ensure its business continuity. The increase in stringent compliance mandates, growing need to get a holistic view of data and growing data and security breaches are the factors responsible for the growth of the global Enterprise Governance, Risk & Compliance (eGRC) Market over the forecast period. Furthermore, the rising advancements and other strategic alliance by market key players will create a lucrative demand for this market. For instance: on 01st May 2019, IBM and Thomson Reuters collaborated to introduce new AI and Data combination. This AI and Data combination will help banks address ever-growing regulatory requirements through the powerful combination of artificial intelligence (AI) and real-time regulatory insights. However, varying structure of regulatory policies is the major factor restraining the growth of global Enterprise Governance, Risk & Compliance (eGRC) Market during the forecast period.
The regional analysis of global Enterprise Governance, Risk & Compliance (eGRC) Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the growing adoption advanced technologies has lead the growth of the market. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027.
Major market player included in this report are:
IBM corporation
Microsoft
Oracle
SAP SE
SAS Institute
Thomson Reuters
Wolters Kluwer
Dell EMC
FIS
MetricStream
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Component:
Software
Services
Deployment Mode:
On-Premises
Cloud
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By Enterprise Size:
Large Enterprises
Small and Medium-Sized Enterprises
By Business Function:
Finance
IT
Legal
Operation
By Vertical:
BFSI
Construction and Engineering
Energy and Utility
Government
Healthcare
Manufacturing
Mining and Natural Resources
Retail and Consumer Goods
Telecom and IT
Transportation and Logistics
Others
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Enterprise Governance, Risk & Compliance (eGRC) Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors
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