Increase in risk of data breach in enterprises and implementation of stringent government regulations toward business risks prevention are some of the major factors, which drive the growth of the eGRC market. In addition, a surge in penetration of IoT technology and rise in adoption of compliance & risk management software in financial institutions fuel the growth of the market. However, high cost of the software, complexities involved in installation & configuration of it, and associated security issues hamper the market growth. Conversely, rise in demand form developing economies and integration of artificial intelligence in risk & compliance management software are expected to provide remunerative opportunities for market expansion during the forecast period.
The global eGRC market is segmented into component, deployment mode, organization size, business functions, type, industry vertical, and region. In terms of component, the market is bifurcated into software and services. On the basis of deployment mode, it is divided into on-premise and cloud. As per organization size, it is categorized into large enterprises and small & medium enterprises. According to business function, it is fragmented into finance, information technology, legal, and operations. As per, type the market is segregated into policy management, compliance management, audit management, incident management, risk management, and others. According to industry vertical, it is classified into BFSI, IT& telecom, retail, healthcare, energy & utilities, manufacturing, government & defense, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in the eGRC market analysis are IBM Corporation, Lockpath, Inc., LogicManager, Inc., MetricStream Inc., Microsoft Corporation, SAP SE, SAS Institute Inc., Oracle Corporation, RSA Security LLC, and Thomson Reuters. These players have adopted various strategies to an increase their market penetration and strengthen their position in the industry.
Key Benefits for Stakeholders
- The study provides an in-depth analysis of the global eGRC market forecast along with the current & future trends to elucidate the imminent investment pockets.
- Information about key drivers, restrains, and opportunities and their impact analysis on the global eGRC market size is provided in the report.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of the market industry for the period 2018–2026 is provided to determine the market potential.
Key Market Segments
By Component
- Software
- Service
By Deployment Mode
- On-Premise
- Cloud
By Organization Size
- Large Enterprises
- Small & Medium Enterprises
By Business Function
- Finance
- Information Technology
- Legal
- Operations
By Type
- Policy Management
- Compliance Management
- Audit Management
- Incident Management
- Risk Management
- Others
By Industry Vertical
- BFSI
- IT & Telecom
- Retail
- Healthcare
- Energy & Utilities
- Manufacturing
- Government & Defense
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
KEY MARKET PLAYERS
- IBM Corporation
- Lockpath, Inc.
- LogicManager, Inc.
- MetricStream Inc.
- Microsoft Corporation
- SAP SE
- SAS Institute Inc.
- Oracle Corporation
- RSA Security LLC
- Thomson Reuters
Table of Contents
Executive Summary
According to the report titled 'eGRC Market by Component, Deployment Mode, Organization Size, Business Function, Type, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2019-2026', the global eGRC market size was valued at $29,374.46 million in 2018, and is projected to reach $74.52 billion by 2026, growing at a CAGR of 12.40% from 2019 to 2026.eGRC software is used by organizations to efficiently and effectively manage enterprise government risks. The primary goal of eGRC is to manage to business and financial risks across enterprises and preparing these organizations against them. Numerous benefits such as efficient decisions made, realistic expectations, escalation and focused on risk, associated with eGRC software act as key drivers of the global eGRC market. In addition, eGRC software helps organizations to streamline their process and standardized their workflow, which boost its adoption across the globe. Moreover, it ensures that controls and systems are secured so that data is consistent across the enterprise. a surge in data breach in organizations and increase in stringent government regulatory compliances to prevent business risks are some of the major factors that augment the growth of the eGRC market. In addition, increase in penetration of IoT technology and rise in adoption of eGRC software in financial institutions fuel the growth of the market. However, less security provided by the risk & compliance management software and high cost and complexity associated with installation as well as configuration of the software restrain the growth of the market. On the contrary, integration of artificial intelligence in eGRC software and rise in demand form developing economies are expected to provide lucrative opportunities for market expansion during the forecast period.
By industry vertical, the global eGRC market was led by the BFSI segment in 2018, and is projected to maintain its dominance during the forecast period. The major factors driving the adoption of eGRC in this sector include increase in need to satisfy compliance regulations for preventing business risks among the organizations.
Depending on organization size, the large enterprises segment dominated the eGRC market size in 2018, and is projected to maintain this trend during the forecast period, owing to rise in different factors such as rise in competitive environment, rising need of assets protection, IP protection, reputation management and a surge in need to prevent supply chain risks. However, the small & medium enterprises segment is expected to grow at a significant CAGR during the forecast period, owing to a surge in the adoption of eGRC among SMEs in the upcoming years to identify, manage, and control various risks.
Region wise, the eGRC market was dominated by North America in 2018, and is expected to retain its position during the forecast period. The major factors driving the growth of the market in this region include rise in multiple vendors providing different eGRC solutions and services and integration of advance technologies with eGRC solutions in this region such as machine learning and natural language processing. However, Asia-Pacific is expected to witness the highest growth rate during the forecast period, due to development of the banking & insurance industry and penetration of new technologies such as IoT and Big Data.
Key Finding of The eGRC Market:
On the basis of component, the solution segment led the eGRC market, in terms of revenue in 2018.
By organization size, the large enterprises accounted for the highest eGRC market share in 2018.
Region wise, North America generated the highest revenue in 2018.
Depending on industry vertical, the manufacturing segment is anticipated to exhibit substantial growth during the forecast period.
The key players profiled in the eGRC market study are IBM Corporation, Lockpath, Inc., LogicManager, Inc., MetricStream Inc., Microsoft Corporation, SAP SE, SAS Institute Inc., Oracle Corporation, RSA Security LLC, and Thomson Reuters.
Companies Mentioned
- IBM Corporation
- Lockpath Inc.
- LogicManager Inc.
- MetricStream Inc.
- Microsoft Corporation
- SAP SE
- SAS Institute Inc.
- Oracle Corporation
- RSA Security LLC
- Thomson Reuters.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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