Enterprise, Governance, Risk and Compliance (EGRC) is a multifaceted and innovative approach where the concerns related to corporate governance, risk management and compliance issues are seen as integrated, aligned and closely related strategic activities with a direct impact on business objectives. The main factor that is responsible for the emergence of EGRC as a business imperative in the organization is a growing demand for corporate governance, regulatory requirements and compliance. Also, a holistic approach to risk management is required with a more complex risk environment. Enterprise, Governance, Risk and Compliance (EGRC) consists of different types of software such as audit management, risk management, business continuity, compliance & policy management, information security and data management, and regulatory change management. Moreover, it also includes enterprise risk assessment, financial and IT GRC, financial control management etc.
The global enterprise governance, risk and compliance (EGRC) market is estimated to reach a market valuation of nearly US$ 16 Bn in 2017 and is expected to be valued at nearly US$ 30 Bn by 2026, projecting a CAGR of 7.1% over the forecast period.
Factors boosting revenue growth of the enterprise governance, risk and compliance (EGRC) market
Rising threats amongst organizations owing to digitalization and sharing of vast data across the globe has led to different forms of threats and attacks. Cyber security threat is one of the key drivers for EGRC software adoption. The biggest growth is seen in enterprise application development by utilizing the agility and cost-effective attributes of cloud technology. Moreover, the EGRC platform is not only reliable but also helps in making the data efficient across multiple business units. Transparency among business units and free flow of data is a key imperative for organizations. The need for enterprise wide risk management systems to promote transparency and avoid risks is driving the global enterprise governance, risk and compliance (EGRC) market. Rising need for efficiency in financial assessment and cost saving solutions is anticipated to drive market growth in the near future.
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Trends: North American Life Sciences Industry
Being the dominant market for the life sciences industry, there is high competition among the top life sciences industry players across North America. Players across the region are competing to enhance their ability to deliver new and advanced products in the market without time-to-market being impacted by regulatory compliance, which in turn encourages them to deploy automatic enterprise, risk, and compliance management solutions. These solutions help providers ensure that their products meet client expectations as well as comply with industry regulations.
Global Enterprise Governance, Risk, and Compliance Market Attractiveness Analysis, by Application Type
The Aerospace and Defense application segment is expected to register a CAGR of 5.3% over the forecast period and account for 4.2% value share and be valued at nearly US$ 1.5 Bn by 2026 end. The Automotive segment is forecast to register a CAGR of 6.6% over the projected period and account for 4.3% value share and be valued at nearly US$ 1.5 Bn by 2026 end. The Consumer Goods and Retail segment is estimated to account for a value share of 4.2% and is expected to be valued at nearly US$ 1.6 Bn by 2026 end. The Healthcare and Life Sciences segment is anticipated to register a CAGR of 7.8% over the forecast period and account for 65.9% value share of the global EGRC market, reaching a market valuation of nearly US$ 20 Bn by 2026 end. The ITES and Telecom segment is estimated to account for a value share of 13.5% of the global EGRC market and is expected to be valued at nearly US$ 4 Bn by 2026 end.
New solutions in EGRC are driving technology in key applications
Growing demand for the valuation navigator solution, which helps in rapid automation and customization of data coupled with continuous adoption of cloud-based quality management solutions among companies to reduce their infrastructure and resources (IT personnel) costs, while at the same time allowing them access to all features as offered by on-premise software are major trends expected to be witnessed in the global EGRC market over the forecast period. Moreover, growing use of risk analytics in organizations to support the integration of risk management and also enhance the performance management of employees and the organization is likely to lead to significant growth in terms of demand for cloud-based solutions over the forecast period.