Enterprise Governance, Risk, and Compliance (eGRC) Market by Component (Software (Type & Usage), Service), Deployment Model (Cloud & On-Premise), Organization Size, Business Function (Finance, IT, Legal, & Operations), & Vertical - Global Forecast to 2021
“Stringent corporate and government regulations and associated risk is a major driving factor for the Enterprise Governance, Risk, and Compliance (eGRC) market”
The market is estimated to grow from USD 19.42 billion in 2016 to USD 38.00 billion by 2021, at a CAGR of 14.4%. The need to avoid reputational and financial loss, increase operational efficiency, and compliance with mandatory standards & regulations are some of the driving factors for the eGRC market.
“Risk management software solutions to gain maximum traction during the forecast period”
Risk management has become one of the crucial necessities for avoiding loss of finance and efficient operations. Risk associated with the organizational function needs to be analyzed, identified, monitored, and controlled. These functions are performed with much higher efficiency by the risk management software solution. It is expected to be the highest contributor among other software solutions available in the eGRC market.
“Healthcare is expected to be the largest contributor among other verticals for the forecast period”
Healthcare is among the most highly regulated industries that operate under the constant risk of compliance breaches. Need for compliance with complex regulations, audits, and quality standards makes eGRC software solutions and services essential for this industry. Audit, risk, and compliance management in the fragmented business units of healthcare is supported by eGRC solutions and services. The healthcare sector is projected to be largest contributor in the eGRC market.
“The APAC region is expected to be the fastest-growing region for the eGRC market”
Factors such as continual growth in the mobile network, increasing complexity of business, unregulated nature of the internet, and growth in the adoption of Bring Your Own Device (BYOD) trend are driving the eGRC market in the APAC region.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people.
By Company Type - Tier 1 – 36%, Tier 2 – 21%, and Tier 3 –43%
By Designation – C-level – 75%, Director-level – 15%, and other – 10%
By Region –North America – 70%, Europe– 15%, APAC - 15%
The software is deployed either on cloud or on-premise. Most companies are attracted towards adopting eGRC solution and serivces, owing to its avalability on one single platform that caters to all the needs such as audit, policy, risk, and compliance management of an organization. Innovation in eGRC products such as launch of MetricStream M7 platform, RSA Archer GRC 6.1 version, and the spring 2016 edition of SAP HANA are strong efforts from vendors to boost eGRC market.
The key vendors of eGRC market profiled in the report are as follows:
1. EMC Corporation
5. SAP SE
7. Metricstream, Inc.
8. SAI Global
9. SAS Institute, Inc.
10. Thomson Reuters
REASONS TO BUY THE REPORT:
The report will help the market leaders/new entrants in this market in the following ways:
1. This report segments the eGRC market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the subsegments across the different verticals and regions.
2. The report helps stakeholders to understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders to better understand the competitor and gain more insights to better their position in the business. The competitive landscape section includes competitor ecosystem, newproduct develpoments, partnerships, and mergers and acquisitions.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook