“IBM (US), Microsoft (US), SAP (Germany), SAS Institute (US), ServiceNow (US), Thomson Reuters (Canada), Wolters Kluwer (Netherlands), FIS (USA), Software AG (Germany), MetricStream (US), Mphasis (India), Sai Global (US), LexisNexis (US), Diligent Corporation (US), OneTrust (US), Navex Global (US), RSA Security (US), Mega International (France), Ideagen (UK).”
eGRC Market by Component (Solution (Risk Management, Regulatory & Compliance, Audit Management) and Services), Business Function, Vertical (BFSI, Healthcare, Manufacturing), and Region – Global Forecast to 2027
MarketsandMarkets forecasts that the size of the global eGRC Market is expected to grow from an estimated value of USD 14.9 billion in 2022 to USD 27.1 billion in 2027, at a Compound Annual Growth Rate (CAGR) of 12.6% from 2022 to 2027. Other’ Other factors are contributing to the growth of the eGRC market. These include the increasing need to meet strict compliance mandates, the growing need for a holistic view of data, and the increased data and security breaches. Furthermore, the integration of AI and blockchain technology into eGRC solutions and the increasing number of partnerships and acquisitions also provide opportunities for market growth.
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By deployment mode, the cloud segment is expected to grow at a higher CAGR during the forecast period
Based on deployment mode, the eGRC market is divided into two categories: on-premises and cloud. The demand for cloud-based deployment mode is expected to increase due to various benefits provided including reduction in maintenance costs which attract SMEs and organizations and it is preferred by mainstream SMEs as it alleviates the problem of budget constraints related to the area. deployment mode. Cloud-Based eGRC vendors offer GRC solutions to help organizations automate compliance and control monitoring processes. They also improve the visibility of risk exposure. Therefore, these vendors are expected to deploy eGRC solutions to leverage the benefits offered by the cloud platform. Most organizations are migrating from their legacy systems to a private or public cloud and therefore solution providers are focusing on delivering robust cloud-based solutions. Drivers for cloud-based deployment mode market growth include cost-effectiveness, security, and protection from cyber-attacks.
By vertical, Banking segment, and financial institutions held larger market size during the forecast period
Among the verticals, banking and financial institutes are early adopters of eGRC solutions as these institutions are primary and important contributors to the economy in terms of financial benefits and a regulated and competitive industry. Banks are the leading and largest vertical of eGRC solutions globally. There are various drivers that have resulted in the market growth of this industry including the constant need to adapt to the changing environment, due to new complexities, the need for responsible business practices and balancing measures in risk taking, requirements to maintain financial stability while complying with newly established standards and practices, and regulatory relief by the RBI and US Securities and Exchange Commission (SEC). The continuous developments made by major players to upgrade eGRC solutions are fueling the adoption of eGRC solutions among banks and financial institutions worldwide.
What is eGRC?
MarketsandMarkets defines eGRC as an umbrella term that encompasses an organization’s approach to the areas of GRC. Typically, GRC encompasses activities, such as corporate governance, enterprise risk management, and corporate compliance, with applicable laws and regulations. It enables organizations to achieve their desired goals by automating workflows while complying with policy guidelines and government regulations, thereby reducing financial risks, and protecting the company’s brand image. The latest development of eGRC solutions enabled by artificial intelligence (AI) will improve the compliance process, making it more effective.
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The eGRC market is dominated by some of the global established players such as IBM, Microsoft, Oracle, SAP, SAS Institute, ServiceNow, Thomson Reuters, Wolters Kluwer, FIS, SoftwareAG, MetricStream, Mphasis, SAIGlobal, LexisNexis, DiligentCorporation, OneTrust etc . These players have adopted various growth strategies such as partnerships, agreements, collaborations, acquisitions, and product developments to increase their market presence.
Wolters Kluwer was founded in 1968 and is headquartered in Alphen aan den Rijn, Netherlands (Global) and Philadelphia, United States (Corporate). The company provides professional information, software solutions, and services for clinicians, nurses, accountants, and lawyers. It also serves the tax, finance, audit, risk, compliance, and regulatory sectors. It has a presence in the Netherlands, Europe (except the Netherlands), North America, Asia Pacific, and Rest of the world (ROW). It generates revenues through three main segments: digital, services, and prints. The company serves its global clients in over 180 countries and has 19,800 employees worldwide. The company specializes in workflow, GRC, and tax and accounting solutions. Wolters Kluwer is recognized as one of the 100 global most sustainable corporations by Corporate Knights.
Apart from large vendors, some SMEs and start-ups such as MEGA International, IdeaGen, LogicManager, Riskonnect, Allgress INC, CammsGroup, LogicGate, Reciprocity, SureCloud, ProcessGene, Lexcomply, StandardFusion, Comensure, DynamicGRC, and VComply are emerging also the eGRC market.
MEGA International was founded in 1991. It is a software company headquartered in Paris, France. The company provides services in IT, enterprise architecture, GRC, and business process analysis. It provides Governance, Risk and compliance tools, the Hopex platform, and Spark Matrix. The company has its global presence in the Americas, Europe, Middle East & Africa, and Asia Pacific. MEGA International received Gartner’s 2022 customer recognition for enterprise architecture tools. The company serves a wide range of industries, including banking and insurance, defense and security, government, energy and manufacturing, pharma, food and chemical, retail, and telecom and services. It has nine offices and over 20 distributors worldwide.
According to the MnM market analysis framework, most companies choose inorganic growth strategies to maintain their market position. The number of deals increased by around 50-60% during 2020-2021. These deals include partnerships, acquisitions, collaborations, and alliances. Due to the outbreak of COVID-19, there has been a sudden drop in product launches and business expansion activities. However, from 2021, companies are expected to follow organic growth strategies to provide eGRC solutions and services to end users, which, in turn, will help companies in increasing their market revenue.
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