Kenneth Research, in its repository of market research reports, have recently added a report on Global Enterprise Governance, Risk and Compliance Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031. The Global Enterprise Governance, Risk and Compliance Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical/Energy industries, creating a huge demand for products.
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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further.
Global Enterprise Governance, Risk and Compliance Market valued approximately USD 22.01 billion in 2016 is forecasted to grow with a healthy growth rate of more than 12.57% over the forecast period 2018-2025. The major factors predicted to augment the markets are increasing business associations, acquisitions & partnerships, compliance mandates & government regulations, escalating usage of data, rising espousal of these solutions by various firms, growing no. of industries that need to avoid non-compliance with the government and corporate regulations. Governance, Risk & Compliance, or GRC for short, refers to a company’s coordinated strategy for handling the broad issues of corporate governance, enterprise risk management (ERM) and corporate compliance with regard to regulatory requirements.
The regional analysis of Global Enterprise Governance, Risk and Compliance Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading region across the world in terms of market share. Whereas, owing to the countries such as China, Japan, and India, Asia Pacific region is also expected to exhibit higher growth rate / CAGR over the forecast period 2018-2025.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Enterprise Type:
Small & Medium Size Enterprises (SMEs)
Banking, Financial Services & Insurance (BFSI)
IT & Telecom
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2015, 2016
Base year – 2017
Forecast period – 2018 to 2025
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The industry is seeming to be fairly competitive. Some of the leading market players include Fidelity National Information Services, Inc. (FIS), SAP SE, Maclear, Thomson Reuters, Dell EMC, Wolters Kluwer, IBM Corporation, MetricStream Inc., Bwise, SAS Institute, Inc., and so on. The fierce competitiveness has made these players spend in product developments to improve the customer’s requirements.
Target Audience of the Enterprise Governance, Risk and Compliance Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
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