Governance Risk and Compliance (GRC) can be defined as a collective term which accounts for an organization’s approach towards Governance, risk management, and compliance. GRC is a platform that aims to coordinate information and processes through governance, risk management and compliance so as to function in a more efficient manner, coupled with effective data sharing which helps avoid wasteful overlaps.
The major factors driving the growth of Governance Risk and Compliance (GRC) Services market across all regions is increasing need among organizations to enhance their operational activities by ensuring optimal resource usage and to streamline business processes and the increasing need for solving operations related issues quickly. However, fluctuating regulatory policies and lack of awareness within organization are some of the factors acting as restraints for Governance Risk and Compliance (GRC) Services market, and are anticipated to adversely affect the growth of the market in the years from 2015 – 2017.
The Governance Risk and Compliance (GRC) Services market can be classified on the basis of solutions, deployment type, end user, industry vertical and geography. On the basis of solutions, the Governance Risk and Compliance (GRC) Services market is divided into audit management, risk management, policy management, compliance management and others. On the basis of deployment type the Governance Risk and Compliance (GRC) Services market is bifurcated into on premise and cloud based. Most of the companies are shifting towards deployment automation on cloud platforms as it is more convenient and cost effective. On the basis of end-user, the overall market has been divided into small enterprise, medium enterprise and large enterprise. On the basis of industry verticals the Governance Risk and Compliance (GRC) Services market has been classified into Banking, Financial Services, and Insurance, Construction and Engineering, Energy and Utility, Government, Healthcare, Manufacturing, Mining and Natural Resources, Retail and Consumer Goods, Telecom and IT, Transportation and Logistics and Others. Out of these sectors the financial services sectors holds the largest market share of the Governance Risk and Compliance (GRC) Services market and is expected to do so in the forecast period. This is due to the increasing number of data being generated in the financial services sectors which includes banks, insurance and reinsurance companies, etc.
On regional basis, the Governance Risk and Compliance (GRC) Services market has been divided into North America, Europe, Asia Pacific, Middle East and Africa and Latin America. North America accounted for the largest share of the overall market, followed by Europe in 2016. Both these regions are expected to retain their positions in the next five years due to high focus on innovations obtained from research and development and technology. The Asia-Pacific region is about to witness major growth in this market mainly due to the increasing technological adoption and wider demand among enterprises for Governance Risk and Compliance (GRC) Services to manage consistent data and induce control and visibility mechanisms in the region.
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In the current scenario, the global GRC market is highly fragmented. However, there is presence of few well established players. Also, these players have deeply penetrated into the GRC market by introducing new competitive products in the market. The companies are strengthening their position through merger & acquisition and continuously investing in research and development (R&D) activities to come up with solutions to cater the customer’s requirement. Furthermore, GRC solution providers are planning to invest in advanced technologies such as artificial intelligence with a target to provide cost competitive product in the market.
The key players profiled in the Governance Risk and Compliance (GRC) Services includes SAS Institute Inc., IBM Corp, SAP SE, EMC Corporation, Microsoft Corporation, Fidelity National Information Services, Inc. (FIS), Oracle Corporation, Thomson Reuters Corporation, Newport Consulting Group, Llc and BWise BV etc.
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