USD 12.90 billion
Report ID:
SQMIG45E2228 |
Region:
Global |
Published Date: February, 2024
Pages:
197
|
Tables:
86 |
Figures:
76
Global eGRC Market size was valued at USD 12.90 billion in 2021 and is poised to grow from USD 14.55 billion in 2022 to USD 38.14 billion by 2030, at a CAGR of 12.8% during the forecast period (2023-2030).
The Global eGRC (Enterprise Governance, Risk, and Compliance) Market is a rapidly growing market that provides businesses with a comprehensive solution for managing governance, risk, and compliance challenges. The purpose of the market is to provide businesses with the necessary tools and resources to address regulatory compliance, reduce risk exposure, and improve overall corporate governance. The eGRC solutions help businesses manage risks, prevent compliance violations, and ensure compliance with regulations such as GDPR, HIPAA, and SOX. The eGRC market is driven by several factors, including the increasing demand for compliance automation, the need for data protection and privacy, and the growing number of regulatory compliance requirements. With the rise in cyber threats and security breaches, businesses are looking for solutions that can provide them with the necessary tools to manage and mitigate risks effectively. Additionally, the increasing adoption of cloud-based eGRC solutions has helped businesses reduce their IT infrastructure costs and improve operational efficiency.
However, the eGRC market also faces certain challenges and constraints, such as high implementation and maintenance costs, complex implementation processes, and a lack of skilled professionals to manage eGRC solutions. These challenges hinder the market's growth to some extent. Key trends in the eGRC market include the increasing use of artificial intelligence (AI) and machine learning (ML) technologies to automate compliance tasks, the adoption of mobile-based eGRC solutions, and the growing importance of integrated eGRC solutions that can address multiple compliance needs. The eGRC market presents several opportunities for growth and expansion, including the increasing demand for eGRC solutions in emerging markets, the adoption of integrated eGRC solutions, and the increasing use of cloud-based eGRC solutions by small and medium-sized businesses (SMBs).
Global Market Size
USD 12.90 billion
Largest Segment
Software
Fastest Growth
Software
Growth Rate
12.8% CAGR
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Global EGRC Market is segmented on the component, service, organization size, and region. By component, the market is segmented into software and services. By service, the market is segmented into integration, consulting, and support. By organization size, the market is segmented into small & medium enterprise (SMEs) and large enterprise. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Global eGRC Market Analysis By Component
During the forecast period, the software segment is anticipated to hold the largest market share in the eGRC (Enterprise Governance, Risk, and Compliance) market. This growth can be attributed to the wide range of software solutions offered by numerous players in the market. Additionally, many eGRC companies have a global presence, leading to increased adoption of software solutions worldwide. For example, Oracle, with its presence in 97 countries and a large user community, has contributed to significant market growth.
Simultaneously, the services segment is expected to witness substantial growth. The services segment offers added benefits such as accessibility, cost-effectiveness, scalability, analytics, data storage, enhanced security, and operational management, driving its growth during the forecast period. The presence of companies offering Software as a Service (SaaS) GRC solutions has facilitated the expansion of the services segment. For instance, Archer Technologies LLC provides SaaS GRC solutions, meeting the market demand. The continued existence of such companies catering to the growing requirements is projected to drive market growth in the forecast period.
Global eGRC Market Analysis By Service
The consulting segment is anticipated to dominate the revenue share of the EGRC (Enterprise Governance, Risk, and Compliance) market in terms of services. The diverse needs of businesses, varying across industries, enterprise sizes, and regulatory landscapes, have driven the demand for consulting services in the EGRC market. The consulting segment is expected to witness substantial growth during the forecast period, owing to its ability to address complex challenges and change government regulations effectively.
Furthermore, the integration segment within the EGRC market services category is projected to exhibit the highest compound annual growth rate (CAGR) throughout the forecast period. This growth can be attributed to the advantages offered by integrated solutions, including consistent GRC measures, effective compliance programs that adapt to technological advancements and regulatory changes, proactive risk management by breaking down organizational silos, and improved overall functionality. These benefits associated with integrated GRC solutions have contributed to the expansion of the integration segment within the EGRC market during the forecast period.
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The dominating region in the global eGRC market is North America. With its robust technological infrastructure and a strong emphasis on regulatory compliance, North America holds a substantial market share. The region's well-established governance frameworks and stringent regulatory environment drive the demand for effective eGRC solutions. Furthermore, the presence of major market players and early adopters of advanced technologies contribute to North America's dominance in the eGRC market.
On the other hand, the fastest-growing region in the global eGRC market is Asia Pacific. The region is witnessing a surge in the adoption of eGRC solutions due to the increasing focus on risk management, compliance, and data security. As businesses in Asia Pacific expand and face evolving regulatory requirements, there is a growing need for comprehensive eGRC solutions to manage governance and compliance challenges effectively. The rise in digital transformation initiatives, increasing awareness about data privacy, and the escalating need for regulatory compliance are driving the demand for eGRC solutions in the region.
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Global eGRC Market Drivers
Increasing Regulatory Compliance Requirements
Global eGRC Market Restraints
Complexity and Integration Challenges
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The Global eGRC (Enterprise Governance, Risk, and Compliance) Market is highly competitive and consists of several key players. These players are continuously focused on developing advanced eGRC solutions to cater to the evolving needs of organizations across various industries. Some prominent companies in the eGRC market include IBM Corporation, SAP SE, Microsoft Corporation, Oracle Corporation, MetricStream Inc., SAS Institute Inc., RSA Security LLC, Thomson Reuters, Wolters Kluwer, and Dell Technologies Inc. These companies compete based on factors such as product features, technological innovation, scalability, integration capabilities, and customer support. They also engage in strategic partnerships, mergers and acquisitions, and investments in research and development to strengthen their market position and expand their customer base. As the demand for comprehensive risk management and compliance solutions continues to rise, the competitive landscape in the eGRC market is expected to remain dynamic and competitive.
Top Player’s Company Profiles in Global eGRC Market
Global eGRC Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analyses, The Global eGRC (Enterprise Governance, Risk, and Compliance) Market is experiencing significant growth and is expected to continue its upward trajectory in the coming years. The increasing need for organizations to effectively manage and mitigate risks, comply with regulatory requirements, and ensure governance across various business processes is driving the demand for eGRC solutions. Factors such as the rising complexity of business operations, growing cybersecurity threats, and stringent regulatory frameworks are fueling the adoption of eGRC solutions across industries. Moreover, the integration of advanced technologies like artificial intelligence, machine learning, and data analytics in eGRC solutions is further propelling market growth by enabling more efficient risk identification, mitigation, and compliance management. The market is witnessing the emergence of various vendors offering comprehensive eGRC platforms that cater to the specific needs of organizations, leading to intense competition and innovation in the market. Overall, the global eGRC market is poised for substantial growth as businesses increasingly recognize the importance of effective governance, risk management, and compliance practices in today's complex and regulated business environment.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 12.90 billion |
Market size value in 2031 | USD 38.14 billion |
Growth Rate | 12.8% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global eGRC Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global eGRC Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global eGRC Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global eGRC Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
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Product ID: SQMIG45E2228