CHICAGO, August 1, 2022 /PRNewswire/ — eGRC market the size is expected to grow from an estimated value of USD 14.9 billion in 2022 at USD 27.1 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 12.6% from 2022 to 2027, according to a new report by MarketsandMarkets™. Various 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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407 – Tables
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316 – Pages
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 the first 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). Continuous developments made by major players to upgrade eGRC solutions are fueling the adoption of eGRC solutions in banks and financial institutions worldwide.
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By region, Asia-Pacific to grow at the highest CAGR during the forecast period
The eGRC market is divided into five regions: North America, Europe, Asia-PacificThe Middle East and Africaand Latin America. The Asia-Pacific the region is expected to grow with the fastest growing CAGR during the forecast period. Asia-Pacific consisting of emerging economies, such as India, Japanese, China, South Korea, Australiaand other countries. Asia-Pacific is the fastest growing region in the adoption of eGRC solutions. Various factors, such as internal and external regulations and the growing focus of various industries to get a unified view of risk, are expected to contribute to the growth of the market. Factors such as increasing internet usage, regulations, compliance, and increasing digitalization and adoption of smartphones and connected devices are the main factors fueling the adoption of eGRC solutions.
Key Players
Major vendors in the global eGRC market include 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), LogicManager (US), Riskonnect (US), Allgress Inc (US), CammsGroup (Australia), LogicGate (US), Reciprocity (US), SureCloud (UK), ProcessGene (Israel), LexComply (India), StandardFusion (Canada), Comensure (US), DynamicGRC (Singapore), VComply (US)
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