What is the global market size of eGRC Market?

Global eGRC Market size was valued at USD 12.90 billion in 2021 and is poised to grow from USD 14.55 billion in 2022 to USD 38.14 billion by 2030, at a CAGR of 12.8% during the forecast period (2023-2030).

Who are the key vendors in the Global eGRC Market?

The Global eGRC (Enterprise Governance, Risk, and Compliance) Market is highly competitive and consists of several key players. These players are continuously focused on developing advanced eGRC solutions to cater to the evolving needs of organizations across various industries. Some prominent companies in the eGRC market include IBM Corporation, SAP SE, Microsoft Corporation, Oracle Corporation, MetricStream Inc., SAS Institute Inc., RSA Security LLC, Thomson Reuters, Wolters Kluwer, and Dell Technologies Inc. These companies compete based on factors such as product features, technological innovation, scalability, integration capabilities, and customer support. They also engage in strategic partnerships, mergers and acquisitions, and investments in research and development to strengthen their market position and expand their customer base. As the demand for comprehensive risk management and compliance solutions continues to rise, the competitive landscape in the eGRC market is expected to remain dynamic and competitive. 'IBM Corporation (US)', 'Microsoft Corporation (US)', 'SAP SE (Germany)', 'Oracle Corporation (US)', 'Dell Technologies Inc. (US)', 'RSA Security LLC (US)', 'MetricStream Inc. (US)', 'ServiceNow, Inc. (US)', 'Thomson Reuters Corporation (Canada)', 'Nasdaq, Inc. (US)', 'Fidelity National Information Services, Inc. (US)', 'Wolters Kluwer N.V. (Netherlands)', 'SAI Global Pty Limited (Australia)', 'EMC Corporation (US)', 'NAVEX Global, Inc. (US)', 'LogicManager, Inc. (US)', 'Resolver Inc. (Canada)', 'ACL Services Ltd. (Canada)', 'Ideagen PLC (UK)', 'Galvanize Inc. (Canada)'

What is the key driver of Global eGRC Market?

Organizations across industries face growing regulatory pressures and compliance requirements. This drives the adoption of eGRC solutions to effectively manage and monitor compliance with regulations and industry standards. For example, in the financial sector, organizations must adhere to regulations like Basel III, Dodd-Frank Act, and Anti-Money Laundering (AML) regulations, which require robust risk management and compliance frameworks.

What is the key market trend for Global eGRC Market?

Adoption of Artificial Intelligence (AI) and Machine Learning (ML): The integration of AI and ML technologies into eGRC solutions enables advanced analytics, predictive modeling, and automation. For example, AI-powered analytics can help identify patterns and anomalies in data to detect potential risks or compliance breaches.

Which region accounted for the largest share in Global eGRC Market?

The dominating region in the global eGRC market is North America. With its robust technological infrastructure and a strong emphasis on regulatory compliance, North America holds a substantial market share. The region's well-established governance frameworks and stringent regulatory environment drive the demand for effective eGRC solutions. Furthermore, the presence of major market players and early adopters of advanced technologies contribute to North America's dominance in the eGRC market.

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 2025-2032

Report ID: SQMIG45E2228 | Region: Global | Published Date: September, 2024
Pages: 197 | Tables: 86 | Figures: 76

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.

eGRC Market Report Snapshots

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FAQs

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).

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. '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)'

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.

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.

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.

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eGRC Market Dynamics

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What is the global market size of eGRC Market?

Who are the key vendors in the eGRC Market?

What is the key driver of eGRC Market?

What is the key market trend for eGRC Market?

Which region accounted for the largest share in eGRC Market?

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