Global Governance, Risk Management and Compliance (GRC) Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Governance, Risk Management and Compliance (GRC) Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Governance, risk and compliance (GRC) refer to an integrated, holistic approach to organization-wide governance, risk and compliance ensuring that an organization acts ethically correctly and in accordance with its risk appetite, internal policies and external regulations through the alignment of strategy, processes, technology and people, thereby improving efficiency and effectiveness. There are three main components of GRC: Governance Aligning processes and actions with the organizations business goals. Risk Identifying and addressing all of the organizations risks. Compliance Ensuring all activities meet legal and regulatory requirements.

Market Overview:

The latest research study on the global Governance, Risk Management and Compliance (GRC) market finds that the global Governance, Risk Management and Compliance (GRC) market reached a value of USD 50315.58 million in 2022. It’s expected that the market will achieve USD 121234.78 million by 2028, exhibiting a CAGR of 15.79% during the forecast period.

Under the public background of the COVID-19 crisis, the industry is being affected by COVID-19. It is currently impossible to accurately predict the degree of control of this epidemic in various countries, and it is impossible to predict whether it will function normally for long-term economic activities.

However, historical data shows that the impact of natural disasters on the macroeconomy is usually short-term, and the economy often shows a V-shaped trend. Affected by the disaster and market sentiment, the economic growth rate usually drops sharply in a short period of time, but as the disaster is gradually controlled, the market sentiment returns to stability, and the temporarily suppressed consumption and investment needs will be released, resulting in an Economic rebound. The outbreak of the epidemic will have a significant impact on enterprises and individuals within a certain period of time, especially on small and medium-sized enterprises and low-income families. It is necessary for the government to take targeted financial and monetary measures to help all walks of life together.

Multiple demands

Increasing compliance requirements
More and more organizations are following current corporate regulations and adopting GRC solutions to streamline business processes, centralize programs, and effectively achieve their overall goals. Along with this, there has been considerable growth in the volume of digital data, which requires effective analysis and monitoring to safeguard sensitive information. Acts such as Sarbanes-Oxley (SOX), Anti-Money Laundering (AML), Basel II in the banking industry and HIPAA in the health care industry are all driving companies to become more data savvy and hold them more accountable for the acquisition, use and accuracy of their data. From a GRC perspective, the business environment is clear: quality data is a prerequisite for completing risk and compliance processes. Adverse consequences of poor-quality data include: fraudulent activity, company fines, executive incarceration, poor decision making and reduced customer interaction.

Data localization

The movement to localize some or all of internet data has grown over the past five years as countries introduce new laws restricting data flows, and others try to boost local businesses by placing burdens on international competition. With major markets like India and China imposing data localization mandates, global companies will be under pressure to rethink their information governance mechanisms. No longer will they be able to store data however they see fit, or enable the free flow of information across borders. Many organizations will have to make arrangements with local cloud service providers, or build their own data centers both of which come with significant costs. From a security perspective, data risk assessments and monitoring activities will likely become more decentralized. So will compliance management, as data localization laws vary from one region to the next. The trend could slow GRC companies expanding abroad by creating new risks and costs. GRC professionals will need to stay one step ahead of these trends, tracking and understanding them, while educating the business on the best way forward.

Region Overview:

From 2022-2027, USA is estimated to witness robust growth prospects

Company Overview:

SAP

SAP is a Germany-based company that offers enterprise application software. The Company operates through three segments: Applications, Technology & Services segment, which is engaged in the sale of software licenses, subscriptions to its cloud applications, and related services, primarily support services and various professional services, and support services, as well as implementation services of its software products and education services on the use of its products; the SAP Business Network segment, which includes its cloud-based collaborative business networks and services relating to the SAP Business Network, including cloud applications, professional services and education services, as well as the Company markets and sells the cloud offerings developed by SAP Ariba, SAP Fieldglass and Concur, and the Customer Experience segment, which comprises on-premise and cloud-based products that run front office functions across the customer experience.

Oracle

Oracle provides products and services that address all aspects of corporate information technology (IT) environments, including application, platform and infrastructure. The Company's businesses include cloud and on-premise software, hardware and services. Its cloud and on-premise software business consist of three segments, including cloud software and on-premise software, which includes Software as a Service (SaaS) and Platform as a Service (PaaS) offerings, cloud infrastructure as a service (IaaS) and software license updates and product support. Its hardware business consists of two segments, including hardware products and hardware support. The Company's services business includes the remainder of the Company's segments. Its services business includes activities, such as consulting services, enhanced support services and education services, among others.

Segmentation Overview:

Among different product types, Risk management segment is anticipated to contribute the largest market share in 2027.

Application Overview:

By application, the BFSI segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Governance, Risk Management and Compliance (GRC) market covered in Chapter 3:

Logicgate
SAS Institute
AuditBoardInc.
DTS Solution
SAI Global
RSASecurityLLC
Oracle
IBM
SAP
Software AG

In Chapter 4 and Chapter 14.2, on the basis of types, the Governance, Risk Management and Compliance (GRC) market from 2018 to 2029 is primarily split into:

Audit
Risk Management
Enterprise Management
Compliance Management
Document Management
Business Continuity Management
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Governance, Risk Management and Compliance (GRC) market from 2018 to 2029 covers:

BFSI
Construction & Engineering
Energy & Utilities
Government
Healthcare
Manufacturing
Retail & Consumer Goods
Telecom & IT
Transportation & Logistics
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)