Enterprise Governance, Risk & Compliance Market Analysis, Size, Growth, Share, Outlook & Forecast to 2027
The global enterprise governance, risk and compliance market size is expected to reach USD 88.48 billion by 2027, according to a new report by Grand View Research, Inc. It is projected to exhibit a CAGR of 14.0% over the forecast period. The need for adherence to compliance across highly scrutinized industries such as BFSI, It and telecom, and oil and gas has necessitated the integration of the enterprise governance, risk & compliance (EGRC) solution. Implementation of GRC solution helps companies avoid financial repercussions and loss of face value among the marketers. Moreover, the tedious task of managing audit, risk, compliance, policy, and security breach is driving the demand for EGRC across enterprises. The loss of money and reputation due to non-compliance has been a significant setback for company growth across all industries for large, small, and medium enterprises. For instance, the corporate crisis of United Airlines, Nestle, Sony, Equifax, Lululemon Athletica, KFC, Facebook, NiSource, Weinstein, and Company, Wynn Resort are some of the examples indicating huge revenue loss due to a non-compliance. Also, reputational risk due to noncompliance with business policies and ethics often results in irreversible damage to the business. The EGRC market is anticipated to witness further growth on account of increasing demand for cost-effective solution to comply with myriad of regulations, such as Occupational Safety and Health Administration (OSHA), Health Insurance Portability and Accountability (HIPAA),