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

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.