According to Precision Business Insights (PBI), the latest report, the EGRC market is expected to be worth USD 33.675.2 million in 2022 and is poised to grow at a significant CAGR of 13.2% during 2022-2028. The main driver of the expansion of the global EGRC market is the increasing risk of a data breach in establishments and the implementation of strict government regulations towards data security, compliance, and risk management.
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BFSI Segment to Dominate eGRC Market:
On the basis of application, the BFSI segment is expected to hold a larger revenue share in the global EGRC market, with a global value share. BFSI has emerged as the largest segment in recent years and is expected to increase its rapid growth due to the shift of bfsi sector to digital medium and witnessing significant implementation in AI, Machine Learning, Big Data, IoT, and adoption of fintech as an advanced model. A large amount of data generated from the fintech and financial services industries has fueled the growth of the digital revolution, then, the risk of data theft and fraudulent activities has boosted the demand for the eGRC market. The need to adopt proactive solutions to the EGRC has become essential to safeguard the interests of investors and manufacturers. The BFSI sector is aggressively implementing analytics and mechanical edge to monitor transactions flexibly and save time these factors will expand the growth of the bfsi sector, where the eGRC market is expected to grow progressively over the forecast period .
North America eGRC Market:
North America is expected to dominate the global EGRC market during the forecast period as this region has accounted for a major revenue share over the past few years owing to the wide range of eGrc demand in various application sectors such as healthcare, banking and financial sector, and many more. . EGRC is growing significantly in the North American market, providers in this region dive deep into the roots of developing innovative technology goods. The adoption of innovative business models by the US and Canada is another factor in which this region dominates the eGRC market. Moreover, these countries are also pursuing cloud-based EGRC services, and these solutions have gained market share amid the COVID-19 pandemic. The Asia Pacific market is expected to emerge as the fastest growing regional market during the forecast period. India and China are frequent adopters of AI and machine learning implementations driving demand in the region. India is expected to take the lead in the Asia Pacific region by gearing up its efforts to make the country an IT hub. On the contrary, China is already entering the eGRc market by increasing investment from public and private authorities to provide eGRC cloud-based services in this region as well as globally.
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Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by the market players:
The global EGRC market further reveals that key players continue to use strategies such as newer product launches, product launches, and long-term alliances to improve market revenue share and gain significant presence. geographically throughout the region.
The eGRC market is segmented on the basis of component, software, service, type, application, and geography.
Based on segment, the market is segmented into the following:
• Software
• Services
Based on software, the market is segmented into the following:
• Audit Management
• Risk Management
• Compliance Management
• Incident Management
• Policy Management
• Others
Based on service, the market is segmented into the following:
• Integration
• Consulting
• Support
Based on type, the market is segmented into the following:
• Small and Medium Enterprises (SMEs)
• Large Enterprise
Based on application, the market is segmented into the following:
• BFSI
• Manage
• Construction and Engineering
• Manufacturing
• Energy and Utilities
• Transportation and Logistics
• Taking care of your health
• Merchandise and Consumer Goods
• Telecom and IT
• Others
Based on geography, the market is segmented into the following:
• North America
• Europe
• The Asia Pacific
• Latin America
• MEA
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Key player profiles in the EGRC market report are IBM (US), Microsoft (US), SAP (Germany), SAS Institute (US), ServiceNow (US), Thomson Reuters (Canada), Wolters Kluwer (Netherlands ) and FIS (USA).
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