Enterprise governance, risk and compliance market set to soar
The global enterprise governance, risk and compliance (eGRC) market size is projected to reach $75.24 billion by 2028, exhibiting a CAGR of 14.0 percent during the forecast period. Tightening compliance, risk, and governance mandates by regulatory authorities worldwide is expected to emerge as the foremost growth driver for this market. This is according to a new report from corporate analysis and accurate data specialist Fortune Business Insights titled Enterprise Governance, Risk, and Compliance (eGRC) Market, 2021-2028. The market size stood at $27.01 billion in 2020.
“The enterprise governance, risk, and compliance market growth is slated to get propelled by the integration of smart technologies such as artificial intelligence (AI) and machine learning (ML) in eGRC systems,” Fortune Business Insights stated.
North America is expected to dominate among regions, while Asia Pacific will present attractive business opportunities. According to the report, the major reason for North America’s region’s leading position is the active adoption of advanced business automation technologies by companies in the US and Canada. Additionally, organisations in the region are rapidly deploying cloud-based eGRC solutions to further optimise their processes, a trend which has gotten propelled amid the COVID-19 pandemic.
“In Asia Pacific, unparalleled growth opportunities await market players owing to the increasing adoption of digitisation and automation technologies by companies in the region,” stated Fortune Business Insights. “In Europe, the market will be primarily driven by the growing stringency of compliance and data protection regulations that enterprises have to follow.”
The report predicts that leading companies will focus on capturing evolving eGRC requirements. “Continuous evolution of business processes and the changing compliance and risk management needs of businesses are encouraging key players in this market to design holistic eGRC solutions,” said Fortune Business Insights. “As a result, most companies are engaged in development of cutting-edge solutions to meet these requirements, thus strengthening their market position.”
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