Governed by strict Regulatory and Compliance Requirements, High Deployment in BFSI rallies Growth in Enterprise Governance, Risk, and Compliance Market: Transparency Market Research

- Popularity of cloud services that are governed by contract and policy agreements for data integrity and privacy extend enormous opportunities

- Consistent rise in applications widening revenue streams to account for projected valuation of US$87.9 bn by 2030

ALBANY, N.Y., March 11, 2021 /PRNewswire/ -- Today, organizations of all sizes big and small have well recognized the importance of governance, risk, and compliance to reliably achieve business objectives, address uncertainty, and at the same time stay coherent. Commonly referred to as GRC in business terminology, the acronym was invented by the OCEG, originally called the Open Compliance and Ethics Group.

Importantly, before coining of the term GRC, organizations have practiced governance, and managed risk, and compliance for a long time, albeit non-directional. However, many organizations have not approached these activities in a mature way, nor have the various elements of organizations supported each other to enhance the reliability in order to achieve organizational objectives.

On the other hand, in progressive organizations, GRC is considered as an integrated collection of all capabilities that are necessary to assist Principled Performance.

So much so, GRC is accepted to be completely revolutionary for organizations that indirectly amount to prevent huge monetary losses. Moreover, strict compliance mandates in place enforced by various governing bodies, enterprise governance, risk, and compliance has emerged as a multibillion dollar market. Based on reliable market research, the enterprise GRC market is poised to scale new heights in the future.

Meanwhile, with estimations of handsome growth in the near future as well, the enterprise governance, risk, and compliance market is predicted to expand at a phenomenal ~11% CAGR from 2020 – 2030.

Key Findings of Enterprise Governance, Risk, and Compliance Market Research Report

Digitalization Era extends Handsome Growth Prospects

The digital era with ceaseless use of interactive devices, including tablets, smartphones, and cameras has resulted in monumental rise in the volume of data that is exchanged both internally and externally across business organizations. This has led to the development and deployment of data analytics tools within the scope of enterprise governance, risk, and compliance (eGRC) solutions. In order to serve individual business needs, keen players in the eGRC market are aiming toward customization, which in turn, is help them gain competitive edge.

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Besides this, the entry of various mobile apps for financial transactions is creating ample opportunities in the eGRC market. High risk of loss of critical data using mobile devices necessitates owners of these mobile apps to deploy enterprise governance, risk, and compliance solutions to mitigate such risks.

High adoption in BFSI Ramps up Growth

The BFSI sector faces growing pressure to improve its operational performance and provide seamless service to clients. In order to attain this, the BFSI sector is focusing on an eGRC framework that can help banks, financial institutions, and insurance companies satisfy various compliances and regulatory requirements. In current scenarios, data security, trade bills, and business policy are some issues that banking services are majorly concerned of before deploying cloud services. The entry of digital business models combined with emerging technologies is serving to develop eGRC frameworks that influence analytical-driven solutions for BFSI.

Explore 205 pages of superlative research, current market scenario, and extensive geographical projections. Gain insights into the eGRC (Enterprise Governance, Risk and Compliance) Market (Solution: Software/Platform and Services; Enterprise Size: Small & Medium Enterprise and Large Enterprise; and End User: IT & Telecom, BFSI, Healthcare, Energy & Utility, Manufacturing, Government, Media & Entertainment, Retail & e-Commerce, Hospitality, Transportation & Logistics, and Others) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030 at https://www.transparencymarketresearch.com/enterprise-governance-risk-compliance-market.html

Enterprise Governance, Risk, and Compliance Market – Key Avenue

• Cloud service providers have laid down standards for contract and policy agreements, along with protocols to solve issues related to data security and regulatory compliance management. Therefore, issues such as consumer laws, data security, software licensing, regulations, and policies are significantly fuelling the eGRC market.

Analyze Global Enterprise Governance Risk Compliance Market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study

Enterprise Governance, Risk, and Compliance Market – Key Players

• Alyne GmbH
• IBM Corporation
• Lockpath Inc.
• MEGA International
• Microsoft Corporation
• Oracle Corporation
• RSA Security LLC
• SAP SE
• Software AG
• Thomas Reuters Corporation
• HCL Technologies Limited
• Ideagen Plc.
• LogicManager inc.
• MetricStream Inc.
• NAVEX Global Inc.
• Resolver Inc.
• SAI Global
• SAS Institute Inc.
• StandardFusion
• Wolters Kluwer N.V.

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