USD 12.90 billion
eGRC Market Size, Share, Growth Analysis, By Offering(Solutions [Risk Management (Operational Risk Management, Financial Risk Management, Third-Party/Vendor Risk Management, Incident and Crisis Management)), By Solution Usage(Internal, External), By Deployment Mode(On-Premises, Cloud), By Organization Size(Large Enterprises, SMEs), By Business Function(Finance, IT, Legal, Operations), By Vertical(BFSI, Telecommunication, Energy & Utilities, Government), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45E2228 |
Region:
Global |
Published Date: September, 2024
Pages:
197
|Tables:
86
|Figures:
76
eGRC Market Insights
Global eGRC Market size was valued at USD 17.8 billion in 2022 and is poised to grow from USD 20.17 billion in 2023 to USD 54.76 billion by 2031, growing at a CAGR of 13.30% during the forecast period (2024-2031).
Growing demand for better compliance with stringent regulations and increasing complexity of regulatory framework are projected to be the key drivers for the eGRC (Enterprise Governance Risk and Compliance) market. The rising prevalence and incidence of cyberattacks and data breaches are also expected to promote the adoption of eGRC solutions around the world. High emphasis on improving operational risk management and enhancement of business operations continuity are also expected to create an opportune setting for eGRC market players going forward. Rising awareness regarding the benefits associated with eGRC adoption are also expected to bolster eGRC market growth in the future. Increasing adoption of cloud-based eGRC solutions is also helping businesses reduce their IT infrastructure costs and improve operational efficiency. On the contrary, high costs of implementation, absence of skilled workforce, lack of awareness, and data privacy concerns are slated to be key restraints slowing down market development across the forecast period and beyond.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Software
Fastest Growth
Software
Growth Rate
12.8% CAGR
Global eGRC Market ($ Bn)
Country Share for North America Region (%)
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eGRC Market Segmental Analysis
Global eGRC Market is segmented by Offering, Solution Usage, Deployment Mode, Organization Size, Business Function, Vertical, and region. Based on Offering, the market is segmented into Solutions, and Services. Based on Solution Usage, the market is segmented into Internal, and External. Based on Deployment Mode, the market is segmented into On-Premises, and Cloud. Based on Organization Size, the market is segmented into Large Enterprises, and SMEs. Based on Business Function, the market is segmented into Finance, IT, Legal, and Operations. Based on Vertical, the market is segmented into BFSI, Telecommunication, Energy & Utilities, Government, Healthcare, Manufacturing, Retail & Ecommerce, IT & ITEs, Transportation & Logistics, and Other Verticals. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
eGRC Market Analysis by Vertical
The BFSI (banking financial services and insurance) industry vertical is projected to spearhead the adoption of eGRC solutions and services across the study period. Growing digitization in this industry vertical, increasing risk of frauds, and imposition of strict regulations to maintain data privacy and security are helping the BFSI industry lead global eGRC demand outlook. Rise of decentralized finance and other advanced trends in the BFSI industry are forecasted to create new opportunities for eGRC adoption in this segment going forward. Developing custom eGRC solutions for the BFSI industry will offer attractive returns for almost all market players in the future.
On the other hand, the demand for eGRC in IT and ITes industry is projected to increase at a notable pace over the coming years. Imposition of new strict mandates to ensure data privacy in IT industry, rising complexity of IT infrastructure, and growing incidence of cyberattacks and data breaches in the IT industry are all helping this segment generate new opportunities for eGRC market players in the future. Growing emphasis on improving security and risk management in the IT industry is also expected to promote the adoption of eGRC solutions and services in the long run.
eGRC Market Analysis by Organization Size
Large enterprises are projected to account for a dominant share of the global eGRC demand outlook. High spending potential and high business risks associated with these enterprises allow them to spearhead the adoption of eGRC solutions and services. Rising complexity of regulatory landscape and high emphasis on ensuring compliance to stay safe in large enterprises will also create new opportunities for eGRC companies going forward. Availability of resources and increasing willingness to spend on improving regulatory compliance and risk management are also expected to help this segment generate significant revenue for eGRC providers in the future.
Meanwhile, the demand for eGRC in small and medium enterprises (SMEs) is forecasted to rise rapidly over the coming years. Growing affordability of eGRC solutions and increasing awareness regarding its benefits among SMEs are expected to create new opportunities for eGRC companies in the long run. Increasing availability of cloud-based eGRC solutions is a key factor that is opening up new avenues of opportunities for eGRC providers working in this segment. Increasing risk of cyberattacks and data breaches coupled with a notable rise in the number of small and medium enterprises around the world are also expected to make this a highly opportune segment for new as well as established market players through 2031 and beyond.
Global eGRC Market By Organization Size
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eGRC Market Regional Insights
North America is estimated to secure the top spot in the global eGRC market. Rapid adoption of advanced technologies, presence of multiple multinational organizations, and the need for compliance with strict regulations allows it to become the top market for eGRC companies around the world. Rising risk of cyberattacks and data breaches is also expected to promote the demand for eGRC in this region. Canada and the United States are estimated to emerge as the most opportune markets for eGRC market players in the North American region. Presence of leading eGRC companies will also contribute to the dominance of this region in the future.
Rapid digital transformation and increasing awareness regarding the benefits of eGRC adoption help Asia Pacific region emerge as the fastest-growing market in the world. Imposition of stringent regulations and growing complexity of regulatory frameworks are slated to create an opportune setting for eGRC companies as organizations focus on improving compliance. The presence of robust start-up ecosystem in this region will also create new opportunities for all eGRC providers going forward. China, India, and Japan are slated to be the most rewarding markets for all eGRC companies operating in the Asia Pacific region going forward. Supportive government initiatives to promote economic development will further bolster market growth in this region.
Global eGRC Market By Region
- Largest
- Fastest
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eGRC Market Dynamics
Global eGRC Market Drivers
Need for Regulatory Compliance
- Enterprises are subject to strict regulatory compliance mandates and the complexity of these regulatory frameworks is increasing on a global level. GDPR, SOX, HIPAA, and Basel III are some popular regulations that are expected to drive up the demand for eGRC solutions and services to streamline compliance management in the future.
Emphasis on Risk Management and Business Continuity
- Enterprises around the world are focusing on improving their business continuity and risk management scope through the adoption of eGRC solutions. eGRC solutions enable organizations to proactively manage risks, ensure compliance, and maintain operational resilience in times of crisis. Rising awareness regarding importance of operational risk management will also play a crucial role in market growth going forward.
Restraints
Lack of Awareness in Developing Regions
- While eGRC solutions are quite essential for any business, awareness regarding their importance and benefits is not common among organizations operating in developing regions. This lack of awareness is inhibiting the global eGRC market from attaining its full growth potential in the long run. Creating awareness will be crucial in unlocking the full market growth scope for eGRC companies in the future.
Dearth of Skilled Workforce
- Implementing and managing eGRC solutions and services is quite an extensive task which requires skilled professionals with specialized knowledge in regulatory requirements, risk management frameworks, and IT systems. Therefore, dearth of such skilled workforce is projected to hamper eGRC adoption in multiple organizations and slow down market development as well.
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eGRC Market Competitive Landscape
Launching new eGRC that simplify risk and compliance management should be the prime focus of all market players in the future. Collaborations and partnerships are expected to be preferred strategies for eGRC companies looking to expand their global market presence. Developing affordable and easy to use eGRC solutions for small and medium enterprises will also present new opportunities for eGRC providers going forward.
Top Player’s Company Profiles in Global eGRC Market
- Wolters Kluwer (Netherlands)
- FIS (US)
- Microsoft (US)
- LexisNexis (US)
- SAS Institute (US)
- IBM (US)
- Oracle (US)
- SAP (Germany)
- ServiceNow (US)
- Thomson Reuters (UK)
- Mega International (Taiwan)
- Mphasis (India)
- MetricStream (US)
- Riskonnect (US)
- Navex Global (US)
- OneTrust (US)
- LogicManager (US)
- Allgress (US)
- SureCloud (UK)
- Acuity Risk Management (UK)
- C&F S.A. (Spain)
- Onspring (US)
- Oxial (France)
- Readinow (US)
- Globalsuite Solutions (US)
- Optimiso (France)
- StandardFusion (Canada)
- Comensure (France)
- Dynamic-GRC (US)
- VComply (US)
- LogicGate (US)
- Smartsuite (US)
Global eGRC Market Recent Developments
- In June 2024, Emirates Shipping Line, a renowned provider of shipping services from the United Arab Emirates announced the launch of its new ESL Gulf Red Sea Connector (EGRC) service. The new service was launched for ports located at Jebel Ali, Aqaba, Sokhna, Jeddah, and Mundra.
- In May 2024, MetricStream, a leading name in the eGRC business announced its strategic partnership with Expleo, a renowned engineering and technology consulting company. Through this new move, the companies are expected to improve GRC process adoption by simplifying it for other organizations.
- In April 2024, Credo AI, a leading innovator in AI governance joined hands with McKinsey & Company, a renowned management consulting organization to offer AI eGRC solutions and services on a scale. The companies will use generative AI to provide their clients with the best eGRC services.
eGRC Key Market Trends
- Use of RegTech Solutions: eGRC companies should focus on integrating RegTech technologies with their offerings to maximize their business scope in the future. RegTech solutions use automation, data analytics, and AI to streamline compliance tasks, monitor regulatory changes in real-time, and ensure adherence to global standards. Adoption of RegTech will also help eGRC companies in navigating the increasingly complex regulatory frameworks around the world.
- Use of Artificial Intelligence: eGRC providers should also invest in the adoption and integration of artificial intelligence with their solutions and services. AI algorithms can analyze vast amounts of data to detect patterns, predict potential risks, and automate compliance checks. Use of AI can also help eGRC companies set up predictive analytics to enhance their business scope in the future and offer advanced features to their clients.
eGRC Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, growing demand for compliance and increasing complexity of regulatory frameworks are slated to primarily drive eGRC market growth. However, lack of awareness in developing regions and absence of skilled professionals are slated to impede eGRC demand in the future. North America is forecasted to spearhead the global eGRC market development owing to high adoption of eGRC by multiple organizations in this region. Integration of artificial intelligence and RegTech technologies will offer lucrative new opportunities for eGRC companies in the long run.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 17.8 billion |
| Market size value in 2031 | USD 54.76 billion |
| Growth Rate | 13.30% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on eGRC Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on eGRC Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the eGRC Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the eGRC Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the eGRC Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the eGRC Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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