eGRC Market Size, Share, Growth Analysis, By Offering (Solutions, Services), By Solution Usage (Internal, External), By Deployment Mode (On-Premises, Cloud), By Organization Size (Large Enterprises, SMEs), By Business Function (Finance, IT), By Vertical (BFSI, Telecommunication), By Region - Industry Forecast 2024-2031

Global eGRC Market size was valued at USD 17.8 billion in 2022 and is poised to grow from USD 20.17 billion in 2023 to USD 54.76 billion by 2031, growing at a CAGR of 13.30% during the forecast period (2024-2031).

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).