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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.

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.

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

The study is a source of reliable data on:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand
  • Market size
  • Current trends/opportunities/challenges
  • Competitive landscape
  • Technological breakthroughs
  • Value chain and stakeholder analysis

The regional analysis covers:

  • North America (U.S. and Canada)
  • Latin America (Mexico, Brazil, Peru, Chile, and others)
  • Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
  • Eastern Europe (Poland and Russia)
  • Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
  • Middle East and Africa (GCC, Southern Africa, and North Africa)

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

Highlights of the report:

  • A complete backdrop analysis, which includes an assessment of the parent market
  • Important changes in market dynamics
  • Market segmentation up to the second or third level
  • Historical, current, and projected size of the market from the standpoint of both value and volume
  • Reporting and evaluation of recent industry developments
  • Market shares and strategies of key players
  • Emerging niche segments and regional markets
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Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
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  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Governance Risk Compliance Services Market

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