Market Trends of Enterprise Governance, Risk And Compliance Industry
Demand from BFSI segment is expected to Witness Significant Growth
- Ensuring compliance and managing risks have become vital parts of the business goals and the non-negotiated components of corporate strategy. In the present strict regulatory environment, with new mandates and standards coming into effect, the need to conform to the regulatory changes to ensure safety has emerged to be a significant priority for any bank.
- Major banks globally saw a sharp increase in phishing and other related attacks after the pandemic. Multiple banks relaxed security standards to maintain business continuity, including authorizing money transfers via e-mail.
- Moreover, remote employees with access to company information without banks' internal firewall protections and monitoring are among the biggest security threats. This has led the enterprise to be exposed to various sorts of cyberattacks and threats, thereby driving the demand for the market significantly.
- Additionally, cybercriminals have demonstrated their capabilities against the financial sector by exploiting ATMs and defrauding bank customers while also employing such tactics as banking Trojans, launching ransomware attacks, and deploying point-of-sale malware. Thus, as technological advancements have supported most financial services vendors globally, there is a push toward the fundamental need for security and reliability, which is further expected to enhance the market's growth opportunities.
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North America Expected to Dominate the Market
- North America accounts for a significant portion of the global demand for enterprise governance, risk, and compliance solutions, owing to the disappearing boundaries in the hyper-extended enterprises.
- With the rise in the hyper-extended enterprises, the security-related risks tend to grow and emerge. This factor has resulted in an increased focus on identity and access management, for which the government in the country is framing stricter regulations. Therefore, enterprises must comply with federal laws, regulations, standards, and governance relevant to identity management.
- North America is projected to continue its dominance in terms of revenue in the forecast period. This is majorly due to the early adoption of enterprise governance, risk, and compliance management solutions in the region. Demand for eGRC solutions is highest in the United States due to stringent corporate governance regulations.
- Moreover, there has been a significant rise in cyber-attacks in the last few years in the region. Also, with the emergence of technologies, such as Big Data, IoT, and cloud-based software, the growth of GRC software is anticipated to propel over the forecast period, driving the market’s growth opportunities significantly.
- With the enterprise governance, risk, and compliance strategy, the IT, finance, operations, and legal domains are expected to collaborate on their requirements to apply the same control to different regulations. For instance, the hospitals in the region use the same control to ensure compliance, as enterprise governance, risk, and compliance offer a process that reduces redundancy and repetition and improves efficiency and consistency.
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