FEATURED COMPANIES
- Alyne
- HCL Technologies Limited
- LogicManager
- Microsoft
- Oracle Corporation
- RSA Security LLC.
The Global eGRC Market is estimated to be USD 36.4 Bn in 2021 and is expected to reach USD 73.79 Bn by 2027, growing at a CAGR of 12.5%.
Key factors such as rising incidences of data breaches in the organization have led to an increased need for data safety. Moreover, the rising business complexities due to complex transactions have resulted in a need to implement a compliance management system. These factors have led to the growth of the eGRC (enterprise governance, risk, and compliance) market. The stringent government regulation towards data security and compliance has also been driving the market growth.
However, the eGRC suites' costs, along with the third party risks, are likely to hinder the market growth. Additionally, different countries' dynamic regulatory policy, with no standard regulatory policies, is also expected to deter market growth.
By Component, the Software segment is estimated to hold the highest market share. Enterprises use the eGRC software for compliance and audit management purposes. With the demand for streamlined and automated eGRC programs such as GRC Envelop, SAP GRC, etc., the demand for eGRC software is anticipated to rise in the forecasted period. The adoption of these solutions helps mitigate risk and manage compliance and helps reduce the total cost of ownership of software due to the integration of different solutions. Amongst the different software types for eGRC purposes, such as Policy Management, Compliance Management, Audit Management, Incident Management, Risk Management, the risk management software is expected to hold a high market share. These solutions analyze, measure, and define different levels of threat for an organization to formulate automated designs for risk remediation processes.
By Deployment, the Cloud-based deployment is estimated to hold the highest market share. There has been a rise in the adoption of cloud-based platforms lately due to their scalability and cost-effectiveness. This has resulted in the implementation of cloud-based eGRC solutions across workspaces for managing data from several databases, different systems, and warehouses efficiently, thereby indicating a market segment growth in the said segment.
By Organization Size, Large Enterprises are estimated to hold the highest market share. These enterprises are likely to suffer high financial losses due to non-compliance. Also, most of these large enterprises have their operations in different parts of the world; thereby, they are obliged to follow diverse regulatory policies, which further enhances the risk of non-compliance. To mitigate these risks and manage the complex regulatory changes efficiently within the enterprises, they adopt the eGRC suite. This is likely to boost the market segment growth.
By Function, the Finance segment is estimated to hold the highest market share. Finance is one of the internal functions of an organization that needs to constantly abide by the changing regulatory norms such as the BASEL II, and Solvency II, and GAAP based standards. Therefore, financial organizations need to be constantly aware and keep themselves updated on the market volatility, competitors, and financial crimes amidst these ever-changing, complex regulations. The adoption of eGRC solutions can help improve the risk reporting practices and help efficiently adapt to the regulatory changes and deploy across a large user base.
By Industry Vertical, the BFSI segment is estimated to hold the highest market share. The eGRC solutions help in risk identification and management of the risks related to customers, third party enterprises, and related operations in the BFSI sector. With the advancements in technologies, the BFSI sector is also adopting technological architecture for managing the risk landscape. The availability of advanced enterprise governance, risk, and compliance software can help manage money laundering, mitigate the forex risk and interest rate risk, etc. Besides, it can help in providing the compliance and finance-related mandates to ensure efficiency in the processes. This has led to a high demand in the BFSI segment contributing to market segment growth.
By Geography, North America is projected to lead the market. The factors attributed to the market's growth are stringent regulatory governance policies that have led to the early adoption of eGRC solutions and services. Moreover, the availability of advanced technologies, integration of advanced analytics such as big data, AI, etc., and cloud-based solutions with eGRC are likely to further aid market growth.
The Global eGRC Market is segmented further based on Component, Deployment, Organization Size, Function, Industry Vertical, and Geography.
Key factors such as rising incidences of data breaches in the organization have led to an increased need for data safety. Moreover, the rising business complexities due to complex transactions have resulted in a need to implement a compliance management system. These factors have led to the growth of the eGRC (enterprise governance, risk, and compliance) market. The stringent government regulation towards data security and compliance has also been driving the market growth.
However, the eGRC suites' costs, along with the third party risks, are likely to hinder the market growth. Additionally, different countries' dynamic regulatory policy, with no standard regulatory policies, is also expected to deter market growth.
Market Dynamics
Drivers
- Increase in Risk of Data Breach In Organizations
- Implementation of Stringent Government Regulations towards Data Security
- Increasing Business Complexities
Restraints
- Varying Structure of Regulatory Policies
- Cyber Security and Third-Party Risks
- High Implementation Cost
Opportunities
- Increasing Adoption of Big Data and IoT in GRC Solutions
- Growing Cyber Security Issues in Automotive Industry
- Adoption of Cloud-Based GRC Solutions
Challenges
- Complexity in Installation & Configuration
- Limited Resources and Awareness within Organizations
Segments Covered
By Component, the Software segment is estimated to hold the highest market share. Enterprises use the eGRC software for compliance and audit management purposes. With the demand for streamlined and automated eGRC programs such as GRC Envelop, SAP GRC, etc., the demand for eGRC software is anticipated to rise in the forecasted period. The adoption of these solutions helps mitigate risk and manage compliance and helps reduce the total cost of ownership of software due to the integration of different solutions. Amongst the different software types for eGRC purposes, such as Policy Management, Compliance Management, Audit Management, Incident Management, Risk Management, the risk management software is expected to hold a high market share. These solutions analyze, measure, and define different levels of threat for an organization to formulate automated designs for risk remediation processes.
By Deployment, the Cloud-based deployment is estimated to hold the highest market share. There has been a rise in the adoption of cloud-based platforms lately due to their scalability and cost-effectiveness. This has resulted in the implementation of cloud-based eGRC solutions across workspaces for managing data from several databases, different systems, and warehouses efficiently, thereby indicating a market segment growth in the said segment.
By Organization Size, Large Enterprises are estimated to hold the highest market share. These enterprises are likely to suffer high financial losses due to non-compliance. Also, most of these large enterprises have their operations in different parts of the world; thereby, they are obliged to follow diverse regulatory policies, which further enhances the risk of non-compliance. To mitigate these risks and manage the complex regulatory changes efficiently within the enterprises, they adopt the eGRC suite. This is likely to boost the market segment growth.
By Function, the Finance segment is estimated to hold the highest market share. Finance is one of the internal functions of an organization that needs to constantly abide by the changing regulatory norms such as the BASEL II, and Solvency II, and GAAP based standards. Therefore, financial organizations need to be constantly aware and keep themselves updated on the market volatility, competitors, and financial crimes amidst these ever-changing, complex regulations. The adoption of eGRC solutions can help improve the risk reporting practices and help efficiently adapt to the regulatory changes and deploy across a large user base.
By Industry Vertical, the BFSI segment is estimated to hold the highest market share. The eGRC solutions help in risk identification and management of the risks related to customers, third party enterprises, and related operations in the BFSI sector. With the advancements in technologies, the BFSI sector is also adopting technological architecture for managing the risk landscape. The availability of advanced enterprise governance, risk, and compliance software can help manage money laundering, mitigate the forex risk and interest rate risk, etc. Besides, it can help in providing the compliance and finance-related mandates to ensure efficiency in the processes. This has led to a high demand in the BFSI segment contributing to market segment growth.
By Geography, North America is projected to lead the market. The factors attributed to the market's growth are stringent regulatory governance policies that have led to the early adoption of eGRC solutions and services. Moreover, the availability of advanced technologies, integration of advanced analytics such as big data, AI, etc., and cloud-based solutions with eGRC are likely to further aid market growth.
The Global eGRC Market is segmented further based on Component, Deployment, Organization Size, Function, Industry Vertical, and Geography.
Company Profiles
Some of the companies covered in this report are IBM Corporation, LogicManager Inc., MetricStream Inc., Microsoft Corporation, SAP SE, SAS Institute Inc., Oracle Corporation, RSA Security LLC, and Thomson Reuters.Competitive Quadrant
The report includes the Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.Why buy this report?
- The report offers a comprehensive evaluation of the Global eGRC Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
- The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys and observation of renowned personnel in the industry.
- The report includes in-depth market analysis using Porter’s 5 force model and the Ansoff Matrix. The impact of Covid-19 on the market is also featured in the report.
- The report also contains the competitive analysis using the Competitive Quadrant, the publisher’s proprietary competitive positioning tool.
Report Highlights:
- A complete analysis of the market, including parent industry
- Important market dynamics and trends
- Market segmentation
- Historical, current, and projected size of the market based on value and volume
- Market shares and strategies of key players
- Recommendations to companies for strengthening their foothold in the market
Note: Product cover images may vary from those shown
FEATURED COMPANIES
- Alyne
- HCL Technologies Limited
- LogicManager
- Microsoft
- Oracle Corporation
- RSA Security LLC.
1 Report Description
1.1 Study Objectives
1.2 Market Definition
1.3 Currency
1.4 Years Considered
1.5 Language
1.6 Key Shareholders
2 Research Methodology
2.1 Research Process
2.2 Data Collection and Validation
2.2.1 Secondary Research
2.2.2 Primary Research
2.3 Market Size Estimation
2.4 Assumptions of the Study
2.5 Limitations of the Study
3 Executive Summary
4 Market Overview
4.1 Introduction
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.2.4 Challenges
4.3 Trends
5 Market Analysis
5.1 Porter’s Five Forces Analysis
5.2 Impact of COVID-19
5.3 Ansoff Matrix Analysis
6 Global eGRC Market, By Component
6.1 Introduction
6.2 Software
6.2.1 Usage
6.2.1.1 Internal
6.2.1.2 External
6.2.2 Type
6.2.2.1 Policy Management
6.2.2.2 Compliance Management
6.2.2.3 Audit Management
6.2.2.4 Incident Management
6.2.2.5 Risk Management
6.2.2.6 Others
6.3 Services
6.3.1 Training and Consulting
6.3.2 Integration
6.3.3 Support
7 Global eGRC Market, By Deployment
7.1 Introduction
7.2 Cloud-based
7.3 On-premise
8 Global eGRC Market, By Organization Size
8.1 Introduction
8.2 Small and Medium-sized Enterprises
8.3 Large enterprises
9 Global eGRC Market, By Function
9.1 Introduction
9.2 Finance
9.3 IT
9.4 Legal
9.5 Operations
10 Global eGRC Market, By Industry Vertical
10.1 Introduction
10.2 BFSI
10.3 Construction and Engineering
10.4 Energy and Utility
10.5 Government
10.6 Healthcare
10.7 Manufacturing
10.8 Mining and Natural Resources
10.9 Retail and Consumer Goods
10.10 Telecom and IT
10.11 Transportation and Logistics
10.12 Others
11 Global eGRC Market, By Geography
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.2.3 Mexico
11.3 South America
11.3.1 Brazil
11.3.2 Argentina
11.4 Europe
11.4.1 UK
11.4.2 France
11.4.3 Germany
11.4.4 Italy
11.4.5 Spain
11.4.6 Rest of Europe
11.5 Asia-Pacific
11.5.1 China
11.5.2 Japan
11.5.3 India
11.5.4 Indonesia
11.5.5 Malaysia
11.5.6 South Korea
11.5.7 Australia
11.5.8 Russia
11.5.9 Rest of APAC
11.6 Rest of the World
11.6.1 Qatar
11.6.2 Saudi Arabia
11.6.3 South Africa
11.6.4 United Arab Emirates
11.6.5 Latin America
12 Competitive Landscape
12.1 Competitive Quadrant
12.2 Market Share Analysis
12.3 Competitive Scenario
12.3.1 Mergers & Acquisitions
12.3.2 Agreements, Collaborations, & Partnerships
12.3.3 New Product Launches & Enhancements
12.3.4 Investments & funding
13 Company Profiles
13.1 Dell EMC
13.2 FIS
13.3 HCL Technologies Limited
13.4 IBM Corporation
13.5 Oracle Corporation
13.6 SAP SE
13.7 SAS Institute Inc.
13.8 Software AG
13.9 Thomson Reuters
13.10 Wolters Kluwer
13.11 RSA Security LLC.
13.12 MetricStream Inc.
13.13 PwC
13.14 SAI Global Pty Limited
13.15 Mitratech
13.16 Microsoft
13.17 ProcessGene
13.18 LogicManager
13.19 NAVEX Global
13.20 Ideagen
13.21 Alyne
13.22 MEGA International
14 Appendix
14.1 Questionnaire
1.1 Study Objectives
1.2 Market Definition
1.3 Currency
1.4 Years Considered
1.5 Language
1.6 Key Shareholders
2 Research Methodology
2.1 Research Process
2.2 Data Collection and Validation
2.2.1 Secondary Research
2.2.2 Primary Research
2.3 Market Size Estimation
2.4 Assumptions of the Study
2.5 Limitations of the Study
3 Executive Summary
4 Market Overview
4.1 Introduction
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.2.4 Challenges
4.3 Trends
5 Market Analysis
5.1 Porter’s Five Forces Analysis
5.2 Impact of COVID-19
5.3 Ansoff Matrix Analysis
6 Global eGRC Market, By Component
6.1 Introduction
6.2 Software
6.2.1 Usage
6.2.1.1 Internal
6.2.1.2 External
6.2.2 Type
6.2.2.1 Policy Management
6.2.2.2 Compliance Management
6.2.2.3 Audit Management
6.2.2.4 Incident Management
6.2.2.5 Risk Management
6.2.2.6 Others
6.3 Services
6.3.1 Training and Consulting
6.3.2 Integration
6.3.3 Support
7 Global eGRC Market, By Deployment
7.1 Introduction
7.2 Cloud-based
7.3 On-premise
8 Global eGRC Market, By Organization Size
8.1 Introduction
8.2 Small and Medium-sized Enterprises
8.3 Large enterprises
9 Global eGRC Market, By Function
9.1 Introduction
9.2 Finance
9.3 IT
9.4 Legal
9.5 Operations
10 Global eGRC Market, By Industry Vertical
10.1 Introduction
10.2 BFSI
10.3 Construction and Engineering
10.4 Energy and Utility
10.5 Government
10.6 Healthcare
10.7 Manufacturing
10.8 Mining and Natural Resources
10.9 Retail and Consumer Goods
10.10 Telecom and IT
10.11 Transportation and Logistics
10.12 Others
11 Global eGRC Market, By Geography
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.2.3 Mexico
11.3 South America
11.3.1 Brazil
11.3.2 Argentina
11.4 Europe
11.4.1 UK
11.4.2 France
11.4.3 Germany
11.4.4 Italy
11.4.5 Spain
11.4.6 Rest of Europe
11.5 Asia-Pacific
11.5.1 China
11.5.2 Japan
11.5.3 India
11.5.4 Indonesia
11.5.5 Malaysia
11.5.6 South Korea
11.5.7 Australia
11.5.8 Russia
11.5.9 Rest of APAC
11.6 Rest of the World
11.6.1 Qatar
11.6.2 Saudi Arabia
11.6.3 South Africa
11.6.4 United Arab Emirates
11.6.5 Latin America
12 Competitive Landscape
12.1 Competitive Quadrant
12.2 Market Share Analysis
12.3 Competitive Scenario
12.3.1 Mergers & Acquisitions
12.3.2 Agreements, Collaborations, & Partnerships
12.3.3 New Product Launches & Enhancements
12.3.4 Investments & funding
13 Company Profiles
13.1 Dell EMC
13.2 FIS
13.3 HCL Technologies Limited
13.4 IBM Corporation
13.5 Oracle Corporation
13.6 SAP SE
13.7 SAS Institute Inc.
13.8 Software AG
13.9 Thomson Reuters
13.10 Wolters Kluwer
13.11 RSA Security LLC.
13.12 MetricStream Inc.
13.13 PwC
13.14 SAI Global Pty Limited
13.15 Mitratech
13.16 Microsoft
13.17 ProcessGene
13.18 LogicManager
13.19 NAVEX Global
13.20 Ideagen
13.21 Alyne
13.22 MEGA International
14 Appendix
14.1 Questionnaire
Note: Product cover images may vary from those shown
- Dell EMC
- FIS
- HCL Technologies Limited
- IBM Corporation
- Oracle Corporation
- SAP SE
- SAS Institute Inc.
- Software AG
- Thomson Reuters
- Wolters Kluwer
- RSA Security LLC.
- MetricStream Inc.
- PwC
- SAI Global Pty Limited
- Mitratech
- Microsoft
- ProcessGene
- LogicManager
- NAVEX Global
- Ideagen
- Alyne
- MEGA International
Note: Product cover images may vary from those shown
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