Governance, Risk Management & Compliance (GRC) Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI2674
Governance, Risk Management & Compliance (GRC) Market size is driven mainly by the increasing incidences of the cyber-attacks across the countries. In 2017, approximately 164% increase in the cyber security attacks across the globe has been witnessed as compared to 2016. This encourages organizations to adopt advanced risk management solutions to mitigate the risks of cyber security attacks. Furthermore, the stringent government regulations and growing need to adhere to the compliance and corporate governance standards are driving the growth of the GRC market.
The rise in the use of Artificial Intelligence (AI)-enabled eGRC solutions and the adoption of the software-enabled businesses & IT infrastructure are developing myriad growth opportunities for the growth of the market. However, the high installation cost of the solutions and uncertain government regulations due to uncertain regimes are restricting the growth of the GRC market.
There are three main components of GRC market, governance, risk, and compliance. Governance ensures the alignment of operational activities with the organizational business goals, Risk is associated with the identification of risks involved in business activities along with its optimal solution to avoid severe consequences and Compliance makes sure that the organizational processes and activities meet the laws and regulations related to those systems.
The policy management, risk management, and audit & compliance management are the major solutions available in the market. Policy management is the governance part of the software that involves specifying, updating, communicating, publishing, and enforcing of the policy. The audit management software offers a centralized process to automate the complete the audit lifecycle. Whereas, the risk & compliance management part of the software includes processes to mitigate or minimize risks, utilize the opportunities, and check its compliance with global laws and organizational policies.
The software can be deployed in two ways: on premise or cloud based to avail its benefits. The cloud-based system is widely implemented across the organizations as it is a quick and easy way to perform operations and the cloud gives optimal reliability, security, and scalability in lower cost as compared to the on-premise system.
The GRC market is also segmented into integrated, domain specific, and point solutions. The integrated solution provides an overall industrial solution to an organization. The domain specific offers solutions applicable to specific industry verticals in-line with the organizational goals. Point solutions provide are used to address the customer-specific challenges.
Transportation and logistics, IT, BFSI, construction and engineering, energy and utility, government, manufacturing, and retail are some of the major end users of the GRC market. BFSI sector holds the major share due to the rising need among the financial institutes to mitigate the risk of cyber-attacks. The solutions are also used to maintain transparency in the system and provide customized services to end users.
North America GRC market is leading the market followed by Europe. The growth of the market is attributed to the rising incidences of the cyber attacks in the region. Furthermore, the adoption of the big data, cloud services, and IoT technology fosters the market growth. Asia Pacific is estimated to grow substantially during the forecast timeline. The growing adoption of the cloud services in the region is driving the market growth. Furthermore, growing adoption of the solutions among the SMBs is propelling the market growth.
The major market players in the GRC market are IBM, SAP, SAS Institute, Microsoft, EMC, Fidelity National Information Services, Oracle, Metric Stream, Turnkey consulting, Thomson Reuters, RSA Archer, Newport Consulting Group, BWise, and ACL. The software providers are mainly focused on the development of more intuitive and configurable platforms, offering expanded content options and better integration. For instance, in June 2018, SAP launched GRC 12.0, the latest version of the on-premise software that comes with new dashboard, monitoring, and aggregation features. Similarly, in June 2017, Turnkey Consulting, the risk management consultancy institute launched its new product, Bedrock.
Multinational companies are leveraging on the mergers and acquisition activities to increase their product line, customer base, and market share. For instance, in April 2018, Oracle acquired Grapeshot to strengthen its technological base and provide better services to the market. Also, IBM acquired Agile 3 Solutions in February 2017 and Promontory Financial Group in September 2016 to improvise its services in the data security and risk management segment.
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