Enterprise Governance, Risk and Compliance Market in risk management software segment growth will be driven by increasing number of cyber-attacks, the companies are rapidly adopting solutions to mitigate the attacks posing threat to their operations. They are deploying risk management software to monitor suspicious transactions and unauthorized access to the data, automate internal controls and enforce compliance to drive business efficiencies.
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North America is expected to dominate the enterprise governance, risk and compliance market share due to the increasing government efforts to implement the risk management practices. For instance, in April 2018, the U.S. government raised the cost of civil penalties. The government adjusted the penalties on the account of increasing compliance failures. The Department of Justice (DOJ) for violations of the False Claims Act (FCA) raised the penalty range from USD 11,181 to USD 22,003 per violation as compared to USD 10,957 to USD 21,563 per violation in 2017. Moreover, the increased internet penetration rate in the region has led to high-profile data breaches which in turn has further triggered the need to have operational risk management software.
Enterprise Governance, Risk and Compliance Market will see healthy growth to 2024 led by growing demand for compliance and regulatory requirements by the organizations to manage the enterprise risk and reduce the compliance costs. The organizations implement governance and compliance strategies to better understand the impact of risk on business performance. As the strategies span the entire organizational departments, the eGRC tools and solutions enable its users to monitor and measure the effectiveness in each area of their departments, including security, IT, management and auditing.
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The adoption of Big Data technologies also acts as the major driver for the enterprise governance, risk and compliance market. The organizations are swiftly moving towards the data analytics tools and solutions to measure and manage the risk exposures across their business lines. They are combining their big data with analytics tools and data-driven GRC to manage the compliance processes. The auditors are utilizing the capabilities of Big Data to explore the data to gain insights about the risk exposure and detect fraud.
Another key factor driving the enterprise governance, risk and compliance market growth is the growing adoption of cloud-based solutions which enable companies to accelerate the deployment of GRC apps and requires minimum investment. As cloud-based solutions offer high scalability with advanced security and access controls, the demand for these solutions will increase during the forecast period.
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