EGRC Market Size
eGRC Market size was US$ 25530 million in 2022 and is forecast to reach US$ 38160 million by 2029, with a CAGR of 5.8% during the forecast period 2023-2029.
The increasing demand for eGRC solutions is being driven by the need for organizations to improve their governance, risk, and compliance (GRC) processes.
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The global EGRC Market is dominated by a few key players, including:
IBM, Microsoft, SAP, SAS, Oracle, Bwise, FIS, Wolters Kluwer, Metricstream, Thomson Reuters, and EMC (A Dell Company)
These companies are all competing with each other to provide the best products and services to their customers. They are also investing heavily in research and development to develop new and innovative products.
Drivers and Opportunities
The eGRC Market is being driven by several factors, including:
1. Increasing regulatory compliance requirements: Organizations are facing an ever-increasing number of regulations, both at the national and international level. These regulations are becoming more complex and stringent, and organizations are struggling to keep up. eGRC solutions can help organizations to comply with these regulations by automating many of the compliance tasks, such as risk assessment, policy management, and incident reporting.
2. Growing need for risk management: As organizations become more complex and interconnected, they are also becoming more exposed to risk. eGRC solutions can help organizations to identify, assess, and manage their risks by providing a centralized platform for risk management data.
3. Rising data privacy concerns: Consumers are becoming increasingly concerned about how their personal data is being used by organizations. eGRC solutions can help organizations to protect their data by providing tools for data governance, access control, and data encryption.
4. Increasing adoption of cloud computing: Cloud computing is becoming increasingly popular, as it offers organizations a number of benefits, such as scalability, flexibility, and cost savings. eGRC solutions are increasingly being deployed in the cloud, as this can provide organizations with a number of benefits, such as easier access to data and reduced IT costs.
There are several opportunities for growth in the eGRC Market, including:
1. Growth of the cloud-based eGRC market: The cloud-based eGRC market is expected to grow at a CAGR of 25% during the forecast period. This growth is being driven by the increasing adoption of cloud computing and the benefits that cloud-based eGRC solutions offer, such as scalability, flexibility, and cost savings.
2. Expansion into new markets: The eGRC market is still relatively immature in many emerging markets. This presents a significant opportunity for eGRC vendors to expand into these markets and capture new customers.
3. Development of innovative eGRC solutions: There is a growing demand for innovative eGRC solutions that can help organizations to address their specific needs. eGRC vendors that can develop innovative solutions that are tailored to the needs of specific industries or use cases will be well-positioned for success.
4. Increasing adoption of artificial intelligence (AI) and machine learning (ML) in eGRC: AI and ML are being used to develop new and innovative eGRC solutions. For example, AI can be used to automate risk assessment tasks, and ML can be used to identify patterns in data that can help to predict and prevent compliance violations.
Moreover, the report includes significant chapters such as Patent Analysis, Regulatory Framework, Technology Roadmap, BCG Matrix, Heat Map Analysis, Price Trend Analysis, and Investment Analysis.
The market is segmented by type, application, and region.
Market Segmentation by Type
Audit Management
Compliance Management
Risk Management
Policy Management
Incident Management
Others
Audit Management: The audit management segment is the largest segment of the eGRC market, accounting for 20% of the total market share. This is due to the increasing demand for audit software to automate and streamline the audit process.
Compliance Management: The compliance management segment is the second largest segment of the eGRC market, accounting for 23% of the total market share. This is due to the increasing complexity of regulatory compliance requirements.
Risk Management: The risk management segment is the third largest segment of the eGRC market, accounting for 27% of the total market share. This is due to the growing importance of risk management in organizations of all sizes.
Policy Management: The policy management segment is the fourth largest segment of the eGRC market, accounting for 16% of the total market share. This is due to the increasing need for organizations to have a centralized repository of policies and procedures.
Incident Management: The incident management segment is the fifth largest segment of the eGRC market, accounting for 12% of the total market share. This is due to the growing need for organizations to have a centralized solution to manage and track incidents.
Others: The others segment includes a variety of other eGRC solutions, such as data governance, business continuity planning, and disaster recovery. This segment accounts for 2% of the total market share.
Market Segmentation by Application
Finance
IT
Legal
Operations
Finance: The finance segment is the largest segment of the eGRC market by application, accounting for 35% of the total market share. This is due to the increasing demand for eGRC solutions to help financial institutions comply with regulations such as Sarbanes-Oxley and Basel III.
IT: The IT segment is the second largest segment of the eGRC market by application, accounting for 28% of the total market share. This is due to the increasing demand for eGRC solutions to help IT organizations manage security risks and comply with regulations such as HIPAA and PCI DSS.
Legal: The legal segment is the third largest segment of the eGRC market by application, accounting for 21% of the total market share. This is due to the increasing demand for eGRC solutions to help legal departments manage contracts, intellectual property, and other legal risks.
Operations: The operations segment is the fourth largest segment of the eGRC market by application, accounting for 16% of the total market share. This is due to the increasing demand for eGRC solutions to help operations departments manage operational risks and comply with regulations such as OSHA and EPA.
The report summarizes all the information collected and serves the customers requirements. However, these market analyses help in understanding market growth at both global and regional levels.
For market data analysis, we have market panorama tools such as Market Dynamics, Competitor Analysis, PESTEL Analysis, SWOT Analysis, Porter Five Forces Analysis, Value Chain Analysis, Technology Roadmap and Evolution, Regulatory Framework, Price Trend Analysis, Patent Analysis, Covid-19 Impact Analysis, Russia-Ukraine War Impact and others.
Regional Analysis of EGRC Market:
The market is segmented into:
North America
Europe
Asia Pacific
Middle East and Africa
Latin America
North America: North America is the largest region in the eGRC market, accounting for 32% of the total market share. This is due to the early adoption of eGRC solutions in North America and the presence of a large number of eGRC vendors in the region.
Europe: Europe is the second largest region in the eGRC market, accounting for 26% of the total market share. This is due to the increasing demand for eGRC solutions in Europe to comply with regulations such as GDPR and Solvency II.
Asia Pacific: Asia Pacific is the third largest region in the eGRC market, accounting for 20% of the total market share. This is due to the rapid growth of the economy in Asia Pacific and the increasing demand for eGRC solutions to help organizations comply with regulations in the region.
Middle East and Africa: The Middle East and Africa (MEA) region is the fourth largest region in the eGRC market, accounting for 13% of the total market share. This is due to the increasing demand for eGRC solutions in the MEA region to comply with regulations and manage risks.
Latin America: Latin America is the fifth largest region in the eGRC market, accounting for 9% of the total market share. This is due to the increasing demand for eGRC solutions in Latin America to comply with regulations and manage risks.
To Know more about this report (Description, TOC and List of Tables and Figures) - EGRC Market
This report is primarily focused on achieving...
· To provide a comprehensive overview of the industry
· To analyse the factors affecting the growth of the EGRC Market.
· To present past and future earnings of the market segments globally
· To conduct a regional-level examination of the market and its current size and prospects
· To study the market by product type and research methodologies
· To profile key players in the market and assess their strengths and competitive structure.
· To track the competitive advancements in the global EGRC Market.
Why You Should Invest in this Report
· To gain insightful analyses of the market and have comprehensive understanding of the global market and its commercial landscape.
· Assess the production processes, major issues, and solutions to mitigate the development risk.
· To understand the most affecting driving and restraining forces in the market and its impact in the global market.
· Learn about the market strategies that are being adopted by leading respective organizations.
· To understand the future outlook and prospects for the market.
· Besides the standard structure reports, we also provide custom research according to specific requirements.
Overall, the global eGRC market is expected to grow at a healthy CAGR of 5.8% during the forecast period 2023-2029. This growth will be driven by the increasing demand for cloud-based eGRC solutions, the growing adoption of eGRC solutions in emerging markets, the rising focus on data privacy and security, and the increasing complexity of regulatory compliance.
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The report is a valuable source of information for companies and individuals interested in the market and provides an in-depth knowledge of the market. The table of contents includes chapters on industry overview, global competition, production market analysis, sales, consumption, export, import by regions, market analysis by region, company profiles, market forecast, and conclusions.
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