eGRC Market Size, Share & Trends Analysis By Component (Software, Services), By Organization Type (SME, Large Organization), By Vertical (BFSI, Construction & Engineering, Energy & Utilities, Government, Healthcare, Manufacturing, Retail, Others), and Regional Analysis 2020-2027
The global Enterprise Governance & Risk Compliance eGRC Market was valued at USD 30.58 Billion in 2019 and is anticipated to reach USD 87.32 Billion by 2027 growing at a CAGR of 13.9% over the forecast period. Nowadays, various industries and enterprises are adopting compliance and risk management solutions which will anticipate the key growth driver of the enterprise. Furthermore, rising complex compliance, regulatory, and risk management environments in industries and businesses have motivated the persons to implement eGRC solutions among different industries.
The enterprise governance & risk compliance marker effectively manages, monitors, and defines external and internal business environments. Nowadays, the number of risk factors against business data is increasing and enterprise governance & risk compliance provides security across the industries and business, and this will boost the growth and market share of the enterprise globally. EGRC is a kind of innovative and multifaceted that encompasses people, technologies, and different processes to help in improving the performance, gain visibility, and to reduce compliance factors.
Moreover, enterprise governance and risk compliance industries are adopting new approaches in which they treat firms as a common approach instead of treating each conformity and risk issue as an individual problem. This approach is benefiting the enterprises in terms of increased complexity, wasted resources, and great exposures to the threat.
In this changing environment, economies and enterprises are becoming interrelated and are giving rise to the enterprise governance & risk compliance market. It is a strategic mode which enables the companies to protect against all types of risk and also improve the operations.
The regulatory environment has become challenging and complex, the governing bodies inflict several regulations on enterprises, therefore as eGRC solutions are gaining prominence to tackle all such scenarios. It has been already mandated to all enterprises to comply with various regulations and acts including The Gramm-Leach-Bliley Act (GLBA), The Federal Financial Institutions Examination Council (FFIEC), The Federal Information Security Management Act (FISMA), The National Institute of Standards and Technology (NIST), and Control Objectives for Information and Related Technologies (COBIT). Any incompatibility or delay in complying with these regulations & mandates may result in a huge financial loss in the form of penalties for the enterprises.
The eGRC market can be divided into software and services. Risk management has emerged as the largest software category in the enterprise. As organizations need an active form of risk management to fulfill various conformities and software helps in this aspect. Decreasing total cost of ownership of software with different solutions to tackle myriad regulations, such as compliance to supply chain, quality control. These factors are anticipated for driving the market growth.
Consulting services emerged as the largest segment in terms of revenue in 2018. Enterprise governance and compliance management are quickly evolving in response to advancements and changes in technology, hiring, personal requirements, business practices, and consumer demands and services.
Deployment Type Insights
The global eGRC market has been segmented based on the deployment type into on-premise, cloud, and hybrid. The on-premise segment accounted for the largest market share in 2019 with a greater than 40% share. Few key eGRC platforms based on-premise are SAP, RSA Archer, MetricStream, etc.
However, the scenario is changing slowly, the demand for cloud-based eGRC platforms is growing steadily since the last few years as cloud eGRC solution provider companies offer better security, data backups, firewall & antivirus protection. Cloud-based eGRC is also cost-effective and are available on a subscription basis from most of the eGRC companies around the world. Moreover, the cloud segment also offers features such as low time to set up, better support, and accessibility, therefore the segment is expected to grow substantially over the forecast period.
Enterprise Type Insights
The market can be segmented into large enterprises, small and medium enterprises. In a view of changing regulatory scenarios and capturing a big share of the market, large enterprises are largely focusing on building transparency to reduce the threats associated with the bottom line of the balance sheet. This, as a result, has led to the emergence of governance & risk compliance market services in large organizations.
Now, if we talk about small and medium enterprises, regardless of the size of the current scenario, it is mandatory for several companies working in BFSI, manufacturing, telecom, and retail sectors to follow strict regulations and manage risk associated with the industry.
The market can be segmented into BFSI, Construction and Engineering, Energy and Utilities, Government, Healthcare, Manufacturing, Retail and consumer goods, Telecom and IT, Transportation and logistics, and others. BFSI has emerged as the largest segment in the enterprise governance and risk compliance market. Moreover, banks and financial institutions are swamped by different regulations introduced in the 2018 financial crisis.
Telecom and IT emerged as the fastest growing sector in the enterprise. Furthermore, this sector faces challenges and a complex business environment with rising pressure to persist while ensuring long-term sustainability. Different organizations in this sector are implementing effective ways of managing and facing challenges.
North America is estimated to grow over the years in the market and is expected to capture 30% of the overall market share in terms of revenue in 2025. There has been an increase in the cyber attacks within the region which have increased the need for the government enterprise and risk compliance market. Furthermore, the emergence of technologies such as big data, IoT, and cloud software is anticipated to grow EGRC over the forecast period.
The Asia Pacific is also projected to witness growth in the forecast period, owing to the high adoption of internet and mobile technology in the last few years. Countries like India, Japan, China have been experiencing strong economic growth.
This global market is highly competitive and fairly concentrated. Key market players of the enterprise governance, risk, and compliance market are Microsoft, Oracle, SAP SE, Bwise, NAVEX global, MetricStream Inc, Thomson Reuters, and Wolters Kluwer. Companies are using many strategies such as new product development, collaboration, and launch to strengthen their position in the market. For instance, in September 2019, OneTrust LLC launched “OneTrust GRC”, cloud-based enterprise governance, risk, and compliance management platform, it includes features such as IT & Security Risk Management, Policy Management, Enterprise & Operational Risk Management, Business Continuity Management, Audit Management, Digital Risk Management, and Vendor Risk Management.
Table of Content
Research Methodology & Scope
List of Data Sources
Global Market Overview
Global EGRC Market, 2015 -2027 (USD Billion)
Market, By Component Type, 2015 -2027 (USD Billion)
Market, By Software, 2015 -2027 (USD Billion)
Market, By Services, 2015 -2027 (USD Billion)
Market, By Enterprise Type, 2015 -2027 (USD Billion)
Market, By Vertical, 2015 -2027 (USD Billion)
Market, By Region, 2015 -2027 (USD Billion)
Political Impact Analysis
Economic Impact Analysis
Social Impact Analysis
Technological Impact Analysis
Environmental Impact Analysis
Legal Impact Analysis
Industry Value Chain Analysis
Global EGRC Market, By Component Type, 2017-2027 (US$ Million)
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