eGRC Market by Component (Software and Services), Software (Usage and Type), Type (Policy Management, Compliance Management, Audit Management, Incident Management, and Risk Management), Business Function, Vertical, and Region - Global Forecast to 2024
The global enterprises, Governance, Risk and Compliance eGRC market size to grow at a Compound Annual Growth Rate (CAGR) of 10.3% during the forecast period
The global eGRC market size is expected to grow from USD 31.5 billion in 2019 to USD 51.5 billion by 2024, at a CAGR of 10.3% during the forecast period. The major factors fueling the market growth include the growing need to meet stringent compliance mandates and get a holistic view of policy, risk and compliance data, and increasing data and security breaches. Moreover, the varying structure of regulatory policies may restraint the growth of the market to a certain extent during the forecast period.
Services segment to grow at a higher CAGR during the forecast period
On the basis of components, the eGRC market is segmented into software and services. The services segment is expected to grow at a rapid pace during the forecast period. The growth of the services segment is attributed to the growing need to support the adoption of eGRC solutions across industries. The services are becoming critical for the successful implementation and smooth running of eGRC solutions. Hence, the demand for various services such as training, consulting, and support is expected to increase in the eGRC market.
Finance segment to grow at the highest CAGR during the forecast period
The eGRC market, on the basis of business functions, has been segmented into finance, Information Technology (IT), legal, and operations. The growth of the finance segment is attributed to the growing need for improving performance, streamlining business processes, reducing costs, and enhancing profit margins. Finance, being one of the internal functions of an organization, has to comply with various norms such as Sarbanes-Oxley, Basel II, Solvency II, and Dodd-Frank, which contribute to the increasing adoption of eGRC solutions.
Among regions, Asia Pacific to grow at the highest CAGR during the forecast period
Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. Organizations acorss the region are looking for a framework that can help them effectivley manage their Governance Risk Compliance (GRC) programs, as traditional methods are no longer adequate to manage and mitigate advanced cyberattacks, and manage compliances and risks. Therefore, industires across the region are fousing on the integration of eGRC solutions with their operations.
In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, hedge fund managers, and executives from various key organizations operating in the eGRC market.
By Company: Tier I : 21% Tier II: 44%, and Tier III: 35%
By Designation: C-Level: 52%, Directors: 34%, and Others: 14%
By Region: North America: 40%, APAC: 20%, Europe: 30%, MEA: 5%, and Latin America: 5%
The report includes the study of the key players offering eGRC solutions. Some of the major eGRC vendors are IBM (US), Microsoft (US), Oracle (US), SAP (Germany), SAS Institute (US), Thomson Reuters (Canada), Wolters Kluwer (Netherlands), Dell EMC (US), FIS (US), MetricStream (US), Software AG (Germany), SAI Global (US), ProcessGene (Israel), LogicManager (US), NAVEX Global (US), Ideagen (UK), Alyne (Germany), and MEGA International (France). It includes an in-depth competitive analysis of the key players in the eGRC market, along with their company profiles, business overviews, product offerings, recent developments, and market strategies.
The report segments the global eGRC market by component, deployment mode, organization size, business fucntion, vertical, and region. The eGRC market by component is divided into software and services. The deployment mode comprises cloud, and on-premises. The organization size segment comprises Small and Medium-sized Businesses (SMBs), and enteprises. The business function segment is further divided into finance, IT, legal, and operations. The vertical segment consists of Banking, Financial Services, and Insurance (BFSI), constrcution and engineering, energy and utilties, governement, helathcare, and manufacturing, mining and natural resources, retail and consumer goods, telecom and IT, transportation and logistics, and others (academia, media and entertainment, oil and gas, and tourism and hospitality). The report also covers the eGRC market with respect to 5 major regions, namely, North America, Europe, APAC, Latin America, and Middle East and Africa (MEA).
The report would help the market leaders and new entrants in the global eGRC market in the following ways:
1. The report segments the market into various subsegments; hence, it covers the market comprehensively. It provides the closest approximations of the revenue numbers for the overall market and its subsegments. The market numbers are further split across verticals and regions.
2. It helps in understanding the overall growth of the market. It also provides information about key market drivers, restraints, challenges, and opportunities.
3. It helps stakeholders in understanding their competitors better and gaining more insights to strengthen their positions in the market. The study also presents the positioning of the key players based on their product offerings and business strategies.
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