eGRC Market Outlook
According to the report by Expert Market Research (EMR), the global eGRC market size is projected to grow at a CAGR of 13.7% between 2024 and 2032. Aided by an increasing focus on corporate governance, risk management, and regulatory compliance, the market is expected to grow significantly by 2032.
eGRC solutions provide a framework for organisations to align business objectives with IT infrastructure, manage risk effectively, and comply with various regulatory requirements. These solutions integrate methods and tools for managing governance, risk management, and compliance with regulations and corporate policies.
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The primary driver of the eGRC market growth is the increasing complexity and volume of regulatory requirements across various industries. Businesses are investing in eGRC solutions to avoid penalties and reputational damage associated with non-compliance. Another significant growth driver is the escalating need for enhanced risk management due to the growing digitalisation and globalisation of businesses. As enterprises expand, they encounter new risks, making effective risk management crucial.
As per the eGRC market analysis, the surge in data security concerns and the need for efficient data governance in the wake of high-profile data breaches and cyber threats further propel the demand for robust eGRC solutions. The market is witnessing a trend towards cloud-based eGRC solutions, offering scalability, cost-effectiveness, and easy accessibility. Small and medium-sized enterprises (SMEs) particularly benefit from cloud-based solutions due to their limited resources.
Integration of advanced technologies like artificial intelligence (AI) and machine learning (ML) in eGRC solutions are some of the prominent eGRC market trends. These technologies provide enhanced analytics, predictive capabilities, and automation, leading to more efficient compliance and risk management processes. The banking, financial services, and insurance (BFSI) sector presents considerable opportunities for the market, given its stringent regulatory landscape and the critical need for effective risk management.
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North America holds a dominant position in the global eGRC market, attributed to the robust presence of key market players, stringent regulatory standards, and the widespread adoption of advanced eGRC solutions. The Asia-Pacific region is anticipated to exhibit the highest growth during the forecast period, driven by increasing regulatory pressures, growing awareness about compliance management, and rapid economic growth in countries like China and India.
eGRC Market Segmentation
The market can be divided based on component, software, services, enterprise size, industry vertical, region.
Market Breakup by Component
- Software
- Services
Market Breakup by Software
- Audit Management
- Compliance Management
- Risk Management
- Policy Management
- Incident Management
- Others
Market Breakup by Services
- Integration
- Consulting
- Support
Market Breakup by Enterprise Size
- Small and Medium Enterprise (SME)
- Large Enterprise
Market Breakup by Industry Vertical
- BFSI
- Construction and Engineering
- Energy and Utilities
- Government
- Healthcare
- Manufacturing
- Retail and Consumer Goods
- Telecom and IT
- Transportation and Logistics
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global eGRC market. Some of the major players explored in the report by Expert Market Research are as follows:
- BWise
- Dell EMC
- Microsoft Corporation
- IBM Corporation
- Maclear
- MetricStream,Inc
- Others
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