eGRC Market
The global eGRC market size was valued at $29,374.46 million in 2018, and is projected to reach $74.52 billion by 2026, growing at a CAGR of 12.40% from 2019 to 2026.
The solution segment is expected to exhibit significant growth in the upcoming years, owing to increase in adoption of this solution by different SMEs for analyzing regulatory requirements, policies, and obligations.
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eGRC software is used by organizations to efficiently and effectively manage enterprise government risks. The primary goal of eGRC is to manage to business and financial risks across enterprises and preparing these organizations against them. Numerous benefits such as efficient decisions made, realistic expectations, escalation and focused on risk, associated with eGRC software act as key drivers of the global eGRC market. In addition, eGRC software helps organizations to streamline their process and standardized their workflow, which boost its adoption across the globe. Moreover, it ensures that controls and systems are secured so that data is consistent across the enterprise. Surge in data breach in organizations and increase in stringent government regulatory compliances to prevent business risks are some of the major factors that augment the growth of the eGRC market.
In addition, increase in penetration of IoT technology and rise in adoption of eGRC software in financial institutions fuel the growth of the market. However, less security provided by the risk & compliance management software and high cost and complexity associated with installation as well as configuration of the software restrain the growth of the market. On the contrary, integration of artificial intelligence in eGRC software and rise in demand form developing economies are expected to provide lucrative opportunities for market expansion during the forecast period.
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Region wise, the eGRC market was dominated by North America in 2018, and is expected to retain its position during the forecast period. The major factors driving the growth of the market in this region include rise in multiple vendors providing different eGRC solutions and services and integration of advance technologies with eGRC solutions in this region such as machine learning and natural language processing.
However, Asia-Pacific is expected to witness the highest growth rate during the forecast period, due to development of the banking & insurance industry and penetration of new technologies such as IoT and Big Data.
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The key players profiled in the eGRC market study are IBM Corporation, Lockpath, Inc., LogicManager, Inc., MetricStream Inc., Microsoft Corporation, SAP SE, SAS Institute Inc., Oracle Corporation, RSA Security LLC, and Thomson Reuters.
Key Finding of The eGRC Market:
On the basis of component, the solution segment led the eGRC market, in terms of revenue in 2018.
By organization size, the large enterprises accounted for the highest eGRC market share in 2018.
Region wise, North America generated the highest revenue in 2018.
Depending on industry vertical, the manufacturing segment is anticipated to exhibit substantial growth during the forecast period.
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