Enterprise Governance, Risk and Compliance Market is Projected to Reach US$ 25,220 Million by the Year 2029

The global enterprise governance, risk & compliance market size is expected to reach USD 25,220 Million by 2029 according to a new study conducted by Persistence Market Research (PMR). The report also says that the Enterprise Governance, Risk and Compliance (EGRC) Market will have a CAGR of 7.8% from 2022 to 2029. The market for enterprise governance, risk, and compliance manages, monitors, and defines external and internal business environments efficiently. The increasing number of risk factors against company data is likely to drive more adoption of enterprise governance, risk, and compliance solutions, as well as security across all industries. Changing regulatory requirements and increasing business complexities are also likely to propel the enterprise governance, risk, and compliance market forward.

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The Impact of COVID-19 on the Enterprise Governance, Risk, and Compliance (EGRC) Market

Even though the COVID-19 has affected the global economy, the Enterprise Governance, Risk, and Compliance (EGRC) Market has grown rapidly, as many businesses incurred massive losses due to the COVID-19 outbreak, and to protect their important assets companies started to invest rapidly in eGRC (enterprise governance, risk, and compliance) solutions. Another reason that boosted demand for eGRC solutions during the pandemic was the increase in frequency of remote working.

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North America Expected to Dominate the Market

In terms of value for enterprise governance, risk, and compliance solutions, North America is predicted to be the dominant area. Because of the growing demand for detecting enterprise risk and compliance management in insurance firms, Canada is likely to be one of the major locations for significant revenue growth from eGRC solutions adoption in the near future. Furthermore, Europe is also expected to grow significantly in the near future, due to the region's rising use of enterprise governance, risk, and compliance solutions in small and medium-sized businesses.

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PMR has presented a comprehensive report based on Enterprise Governance, Risk, and Compliance (EGRC) Market as per Vertical (Aerospace & Defense, Automotive, Consumer goods & Retail, Healthcare &Lifescience, ITES & Telecom, and Others), Solution (Software and Services) based on seven regions.