New York, Dec. 08, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Enterprise Governance, Risk and Compliance (eGRC) Global Market Report 2022: Ukraine-Russia War Impact" - https://www.reportlinker.com/p06371391/?utm_source=GNW
The global enterprise, governance, risk, and governance (eGRC) market is expected to grow from $28.98 billion in 2021 to $33.54 billion in 2022 at a compound annual growth rate (CAGR) of 15.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The enterprise, governance, risk, and governance (eGRC) market is expected to grow to $61.45 billion in 2026 at a compound annual growth rate (CAGR) of 16.3%.
The enterprise governance, risk, and compliance (eGRC) market consist of sales of enterprise governance, risk, and compliance (eGRC) services by entities (organizations, sole traders, and partnerships) that are used by enterprises to manage their governance, corporate compliance and enterprise risk management with applicable regulations while effectively maintaining business objectives. eGRC helps enterprises to achieve anticipated goals through the automation of workflow, while simultaneously ensuring that is adherence to government regulations and internal controls that employees must adhere to company-wide.
The main components of enterprise, governance, risk and compliance (eGRC) market are software and services.Software refers to a set of instructions, data, or programs used to operate a computer and execute specific tasks.
The organization size is large enterprises and small and medium enterprises.The deployment is cloud-based and on-premise.
The various verticals involved BFSI, healthcare, government, energy and utilities, manufacturing, retail and consumer goods, telecom and IT, and other verticals.
North America was the largest region in the enterprise, governance, risk, and governance (eGRC) market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the enterprise, governance, risk, and governance (eGRC) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Increasing cyber-attack incidents are expected to propel the growth of the enterprise governance, risk, and compliance (eGRC) market going forward.A cyber-attack refers to any attempt to gain unauthorized access to a computer, computing system, or computer network with the intent to cause damage.
Organizations globally are adopting eGRC solutions to leverage numerous features such as risk and compliance management, business resiliency applications, and financial audit management.For instance, according to a report published by SonicWall, a US-based cybersecurity company, there has been a 105% surge in ransomware cyberattacks in 2021.
Governments saw an 1885% increase in cyberattacks, while the healthcare industry faced a 755% increase in cyberattacks in 2021. Therefore, the increasing cyber-attack incidents are driving the growth of the enterprise governance, risk, and compliance (eGRC) market.
Technological advancements are a key trend gaining popularity in the enterprise governance, risk, and compliance (eGRC) market.Major companies operating in the enterprise governance, risk, and compliance market are focused on developing new technological solutions to strengthen their position.
For instance, in November 2019, Infosys, a Bangalore-based company operating in the enterprise, governance, risk, and compliance space, introduced an AI (artificial intelligence) and ML (machine learning) based digital application for governance, risk, and compliance (GRC) on MetricStream Cloud.The suite would provide a conversational or chatbot interface and robotic process automation (RPA)-enabled control testing for the MetricStream cloud platform, ensuring that real-time testing is possible while using the latter’s GRC products.
The AI and ML capabilities of the chatbot are aided by natural language processing (NLP) that would allow first-line users to report and track observations and clarify their queries around GRC functionalities and business processes.
In April 2020, Tricor Group, a Hong Kong-based business expansion specialist company, acquired Axcelasia Inc. for an undisclosed amount. With this acquisition, Tricor aims to provide governance, risk, and compliance (GRC) solutions for end-users to manage their complex compliance and regulatory requirements and responsibilities. Axcelasia is a Malaysia-based company operating in enterprise governance, risk, and compliance.
The countries covered in the enterprise, governance, risk, and governance (eGRC) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The enterprise governance, risk and compliance (eGRC) market research report is one of a series of new reports that provides eGRC market statistics, including eGRC industry global market size, regional shares, competitors with a eGRC market share, detailed eGRC market segments, market trends and opportunities, and any further data you may need to thrive in the eGRC industry. This eGRC market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06371391/?utm_source=GNW
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