Reliable Data You Can Trust
Reliable Data You Can Trust
A recent report published by
Infinium Global Research on eGRC market provides an in-depth analysis of segments
and sub-segments in the global as well as regional eGRC market. The study also
highlights the impact of drivers, restraints, and macro indicators on the
global and regional eGRC market over the short term as well as long term. The
report is a comprehensive presentation of trends, forecast and dollar values of
global eGRC market. According to the report, the global eGRC market is projected
to grow at a CAGR of 12.0% over the forecast period of 2021-2027, growing from
nearly USD 25 billion in 2021 to about USD 50 billion in 2027.
Rapid globalization has compelled
governments in developed as well as developing nations to improve their
regulatory policies to promote fair trade. Such changing regulatory environment
coupled with various external factors pose risks to several businesses across
the world. Enterprise governance, risk, and compliance (eGRC) help companies to
manage risk across an enterprise and formulate precautions against the risks.
Organizations are able to streamline the business processes and standardize
workflows by adopting eGRC. eGRC solutions mainly manage business functions
such as finance, IT, legal, and operations in the organization. Moreover, eGRC
helps organizations in handling the complexity of complying with stringent
regulatory policies.
COVID-19 has had a serious impact
on a number of countries and their economies. The pandemic has turned out to be
even worse than the critical economic, strategic, and political crises around
the world. The outbreak has emerged as one of the greatest risks to businesses
across the world. Thus, several risk managers and compliance officers are
adopting GRC solutions. Moreover, the adoption of collaborative solutions and
cloud service witnessed a positive trend due to the developments in emerging
technologies such as security, big data, AI, IoT, which remained comparatively
immune from the pandemic. Furthermore, the governments in many countries
implemented several stringent rules and regulations to contain the pandemic.
Thus, the compliance managers utilized eGRC solutions to follow the new pandemic
regulations more effectively. This, in turn, augmented the market growth over
the pandemic period as well as over the long term. In addition, several
organizations adopted remote working culture, in order to comply with
government regulations and protect the employees from infection. This remote
working environment created a demand for eGRC solutions to manage critical
business data and maintaining compliance. This, in turn, augmented the market
growth during the pandemic.
The rise in the number of multinational
enterprises is majorly driving the demand for eGRC. These firms are upgrading
their risk management, their capacity to protect the information, and their
compliance capabilities. Furthermore, the rapidly changing business landscape
and regulatory policies across various industries are augmenting the need for
effective compliance solutions. The eGRC solutions satisfy the need to cope up
with the ever-changing business landscape and regulatory policies. In addition,
the rise in the incidences of cyber-attacks, and data breaches boosts the
demand for risk management solutions such as eGRC. However, the total cost
involved in the implementation of eGRC’s hinders its adoption in several small
businesses. Nevertheless, the emergence of innovative technologies such as big
data, AI, and IoT augment the demand for comprehensive security and risk
management solutions. This, in turn, drives the eGRC market.
In terms of region, the global eGRC
market is segmented into North America, Europe, Asia Pacific, and RoW. North
America holds the largest market share among the region in the global eGRC
market mainly due to the presence of a large consumer base and the increasing
adoption of advanced technology in various enterprises. Moreover, the presence
of several major market players in the North American region holds a huge share
in the market favors the growth of the eGRC market. On the other hand, Asia
Pacific is witnessed to grow with the highest CAGR in the forecasted period.
The growth is attributed due to the growing demand for advanced eGRC and the
strong presence of several market incumbents.
The report on global eGRC market
covers segments such as component, deployment, organization size, business
function, and end user. On the basis of component, the sub-markets include
software, and service. On the basis of deployment, the sub-markets include
on-premise, and cloud. On the basis of organization size, the sub-markets
include large enterprises, and small & medium enterprises. On the basis of
business function, the sub-markets include finance, it, legal, and operations.
On the basis of end user, the sub-markets include BFSI, it & telecom,
retail, healthcare, energy & utilities, manufacturing, government &
defense, and others.
The report provides profiles of
the companies in the market such as IBM Corporation, SAP SE, Oracle
Corporation, Microsoft Corporation, SAS Institute, Thomson Reuters Corporation,
MetricStream, Inc., Wolters Kluwer NV, FIS Global, and RSA Security LLC.
The report provides deep insights
into the demand forecasts, market trends, and micro and macro indicators. In
addition, this report provides insights into the factors that are driving and
restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis
given in the report brings an insight into the investment areas that existing
or new market players can consider. The report provides insights into the
market using analytical tools such as Porter's five forces analysis and DRO
analysis of eGRC market. Moreover, the study highlights current market trends
and provides forecast from 2021-2027. We also have highlighted future trends in
the market that will affect the demand during the forecast period. Moreover,
the competitive analysis given in each regional market brings an insight into
the market share of the leading players.
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