eGRC Market

eGRC Market was valued at USD 32,000 Million in 2020 and predicted to grow at a 10.9% CAGR during the forecast period.

Introduction of the eGRC Market Report

eGRC stands for Enterprise Governance, Risk Management and Compliance. It refers to how an enterprise addresses governance, manages risk and compliance by adopting policies, procedures, regulatory controls, risk assessment, risk monitoring, and internal controls that employees must adhere to company-wide.

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Market Dynamic

Key Drivers and Emerging Trends

Rapid globalization and commercialization have fostered governments to develop new policies for fair trade practice. eGRC plays a critical role in addressing the complication of complying with stringent regulatory policies. Moreover, any changes in the economy of countries are directly linked with the implementation of new policies or revisions to the existing ones. As such, it becomes important for enterprises to stay abreast with these changes and update their existing eGRC system to avoid non-compliance. Factors like changing business scenarios due to novel Coronavirus outbreak, security needs with the growing Internet of Things (IoT) and Artificial Intelligence (AI) technology are predicted to create demand for unprecedented requirements for GRC management. The expanding volumes of digital data, the subsequent need for continuous monitoring and analysis to assure data security and privacy protection, and regulations are undertaken by different regulatory agencies are further driving the demand for eGRC. Financial organizations and banks are rapidly investing in eGRC systems to mitigate risks that arise from compliance failures and fraudulent transactions. The changing scenario of businesses and government policies across the BFSI, construction & engineering, energy & utilities, manufacturing, retail, and other domains are also responsible for driving the global eGRC market.

Impact of COVID-19 on eGRC Market

Due to the recent COVID-19 pandemic, risk managers and compliance officers are struggling to tackle this pandemic. In this situation, risk management optimization has rapidly emerged as one of the best defenses an organization can have to assure business continuity. Businesses are using the capabilities of their risk teams through smart investments into risk technology. Despite being proactive is the best option towards risk management under the normal scenario, since the pandemic is a risk that has already been actualized, there has been a need for methods that can react promptly to the latest developments. Also, Compliance managers across the globe are assuring compliance with the rules and regulations set up by state governments to contain the virus.

Restraint in the eGRC Market

However, the varying framework of regulatory policies is one of the major restraining factors for the eGRC market growth.

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Offering – Segment Analysis

Based on the Offering, the Software segment is expected to grow at a higher CAGR during the forecast period. With the rising business complexities, risk management software systems are becoming crucial for the proper operations of various businesses, as these solutions allow organizations to understand their risk exposure and manage it economically. The increasing cyber-attacks and growing necessity to analyze organizational silos are creating the demand for risk management software solutions.

End-User – Segment Analysis

Based on the End-User, the BFSI segment is expected to grow at a higher CAGR during the forecast period. BFSI is the biggest revenue contributor to the eGRC market share. This sector faces rising pressure to enhance its overall performance and provide a seamless experience to its customers. Therefore, the BFSI vertical is looking for a framework that can help organizations meet various regulatory and compliance-related requirements.

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Regional – Segment Analysis:

Based on the region, North America region is projected to dominate the market during the forecast period. It is home to many large-scale associations that are constantly at the threat of cyberattacks and government scrutiny. Therefore, organizations are opting for agile and advanced software systems that entail fewer resources due to veritable staffing drought and cyber threats. GRC systems help manage the general activities of companies. Various companies have adopted different compliance and risk management programs to prevent monetary losses. Additionally, the growing adoption of big data, IoT, and cloud software technologies in North America is expected to propel the eGRC market size over the forecast period.

Top Market Players

Various notable players operating in the market include IBM Corporation, Microsoft, Oracle, SAP SE, SAS Institute Inc., ServiceNow., Thomson Reuters Corporation, Wolters Kluwer N.V., Dell Inc., FIS, among others. 

Key Developments:

• • In 2021, Oracle collaborated with CherryRoad Technologies (CherryRoad). CherryRoad has high expertise in configuring and implementing customized and innovative systems with the Oracle GRC suite of applications.
  • In 2021, IBM launched the release of IBM OpenPages Data Privacy Management, a new module in the OpenPages platform that allows companies to meet new data privacy issues head-on. This module will provide users a unified view of all of the private data assets being stored across their company, and it will enable users to run privacy assessments on them.
  • In 2021, ServiceNow launched Now Platform Quebec. This latest version of the Now Platform facilitates expanded native AI capabilities and new low-code app development tools, allowing customers to innovate quickly, realize the fast time to value, improve productivity and deliver great experiences.

Segments covered in the Report:

The global eGRC market has been segmented on the basis of Offering, Deployment Mode, Organization Size, Software, Business Function, End-User and regions. Based on Offering, the market is segmented into Software and Services. Based on Software the market is further categorized into Usage, Type and Services. Based on Usage, the market is further categorized into Internal and External. Based on Type, the market is further categorized into Policy Management, Compliance Management, Audit Management, Incident Management, Risk Management and Other. Based on Deployment Mode, the market is segmented into Cloud and On-premises. 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 Operation. Based on End-User, the market is segmented into BFSI, Telecommunication, Energy and Utility, Government, Healthcare, Manufacturing, Mining and Natural Resources, Retail and Consumer Goods, IT, Transportation and Logistics and Other. 

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Key questions answered in this research report:

• • At what pace is global eGRC market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in eGRC market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global eGRC market?
  • Which Offering generated maximum revenues in 2019 and identify the most promising Offering during the forecast period?
  • What are the various Deployment Mode areas of global eGRC market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global eGRC Market by Offering

• • Software
    • Usage
      • Internal
      • External
    • Type
      • Policy Management
      • Compliance Management
      • Audit Management
      • Incident Management
      • Risk Management
      • Other
    • Services

Global eGRC Market by Deployment Mode

• • Cloud
  • On-premises

Global eGRC Market by Organization Size

• • Large Enterprises
  • SMEs

Global eGRC Market by Business Function

• • Finance
  • IT
  • Legal
  • Operation

Global eGRC Market by End-User

• • BFSI
  • Telecommunication
  • Energy and Utility
  • Government
  • Healthcare
  • Manufacturing
  • Mining and Natural Resources
  • Retail and Consumer Goods
  • IT
  • Transportation and Logistics
  • Other

Global eGRC Market by Region

• • North America eGRC Market (Option 1: As a part of the free 25% customization)
    • North America eGRC Market by Offering
    • North America eGRC Market by Deployment Mode
    • North America eGRC Market by Organization Size
    • North America eGRC Market by Business Function
    • North America eGRC Market by End-User
    • US eGRC Market All-Up
    • Canada eGRC Market All-Up
  • Europe eGRC Market (Option 2: As a part of the free 25% customization)
    • Europe eGRC Market by Offering
    • Europe eGRC Market by Deployment Mode
    • Europe eGRC Market by Organization Size
    • Europe eGRC Market by Business Function
    • Europe eGRC Market by End-User
    • UK eGRC Market All-Up
    • Germany eGRC Market All-Up
    • France eGRC Market All-Up
    • Spain eGRC Market All-Up
    • Rest of Europe eGRC Market All-Up
  • Asia-Pacific eGRC Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific eGRC Market by Offering
    • Asia-Pacific eGRC Market by Deployment Mode
    • Asia-Pacific eGRC Market by Organization Size
    • Asia-Pacific eGRC Market by Business Function
    • Asia-Pacific eGRC Market by End-User
    • China eGRC Market All-Up
    • India eGRC Market All-Up
    • Japan eGRC Market All-Up
    • Rest of APAC eGRC Market All-Up
  • RoW eGRC Market (Option 4: As a part of the free 25% customization)
    • RoW eGRC Market by Offering
    • RoW eGRC Market by Deployment Mode
    • RoW eGRC Market by Organization Size
    • RoW eGRC Market by Business Function
    • RoW eGRC Market by End-User
    • Brazil eGRC Market All-Up
    • South Africa eGRC Market All-Up
    • Saudi Arabia eGRC Market All-Up
    • UAE eGRC Market All-Up
    • Rest of world (remaining countries of the LAMEA region) eGRC Market All-Up

Major Players Operating in the eGRC (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • IBM Corporation
  • Microsoft
  • Oracle
  • SAP SE
  • SAS Institute Inc.
  • ServiceNow
  • Thomson Reuters Corporation
  • Wolters Kluwer N.V.
  • Dell Inc.
  • FIS