Recent Growth in Global eGRC Market is Expected to Expand from US$ 15.5 Mn in 2022 and is Estimated to Reach US$ 30.6 Bn by 2032, Showcasing a CAGR of 7% | Analysis by Future Market Insights, Inc.
Europe is predicted to hold a market share of 23.1% of the global market for eGRC, North America is expected to hold the highest global eGRC market share. Global Market Study on Enterprise Governance, Risk and Compliance: Call for stern cyber security to drive the expansion of market
DUBAI, United Arab Emirates, Oct. 31, 2022 (GLOBE NEWSWIRE) — The global Enterprise Governance Risk and Compliance (eGRC) market stands at US$ 15.57 Bn as of now and is likely to reach US$ 30.68 Bn by the year 2032 at a CAGR of 7% between 2022 and 2032.
eGRC does regulate the way an organization could hit its goals by formulation of preventive measures against financial peril. Compliance’s implication does help an organization to follow guidance, laid laws, procedures, and rules.
Increase in frequency of data breaches in several institutes has actually made escalation of information security mandatory. Various verticals involving complex transactions are evolving, which has actually provided a huge scope for governance risk compliance, which is important for growth of market. Future Market Insights has etched these findings with future prospects in its latest market study entitled ‘Enterprise Governance Risk Compliance (eGRC) market’.
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Key Takeaways from eGRC Market
- North America holds the largest market share due to the US being home to companies like Google and Microsoft. This could be credited to suppliers engaged in development of AI-, NLP-, and ML-powered products and services.
- Europe holds more than 20% of the market share. This could be reasoned with imposition of regulations by governments and private bodies.
- The Asia-Pacific is expected to grow at the fastest rate in the eGRC market due to an increasing adoption of cloud computing, AI, and IoT.
Competitive Scope
- Wolters Kluwer’s CPM business, in April 2020, launched ‘Covid-19 Noteworthy Developments Bulletins’ revolving around Covid-19 related ‘regulatory compliance resources’. The basic objective was to float Covid-19 related regulatory updates like changes, notices, global regulatory orders, and likewise.
- MetricStream Inc., in April 2020, came up with an advanced Covid-19 solution for supporting end-use enterprises concerned with Covid-19 outburst. The enterprises have deployed the solutions for managing business processes like responses & processes, information management, decision-making capabilities impacting business management, and also employees, managers, vendors, partners, and customers.
- Addex, in April 2022, put forth B. Riley securities Neuro. In presentation, Addex did provide various corporate updates regarding eGRC market. Style (known as creator, maintainer and open policy agent) has offered noteworthy help to DevOps teams. In other words, it did introduce policy-based management access helping employees in accessing and evaluating the policies real-time.
- Oracle, in April 2022, released version 8.6.0 of Oracle GRCI (Governance Risk Compliance Intelligence). The intelligence reporting application does extract data from Oracle GRCC (Governance, Risk, and Compliance Controls).
- IBM, in March 2022, came up with IBM OpenPages embedded with Watson 8.3. This integrated GRC platform does deliver task-focused user interface for assisting organizations in maintenance of risk and compliance initiatives.
- SAP, in January 2022, tabled Access Violation Management. It facilitates real-time risk provisioning and analysis, user access reviews, emergency access management, and role management to cloud-based and on-premises applications.
- OneTrust LLC has its integrated risk management platform that facilitates accelerated audits, dynamic business controls, and integrating departments of the risk management.
“With organizations concentrating on shifting to advanced risk- and compliance-oriented regulatory authorities from conventional directives and regulatory compliances, the global Enterprise Governance Risk and Compliance (eGRC) market is likely to stand in a good stead in the forecast period”, says an analyst from Future Market Insights.
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In a Nutshell
- Future Market Insights offers an exclusive perspective and various real-time insights on the eGRC market in its latest study, presenting historical demand assessment of 2016 – 2021 and projections for 2022 – 2032.
- The research study is based on component (software’s and services), by software (audit management, compliance management, risk management, policy management, incident management, and others), by services (integration, consulting, and support), by type (large enterprises and small and medium enterprises (SMEs)), and by vertical (BFSI, construction & engineering, energy & utilities, government, healthcare, manufacturing, retail & consumer goods, telecom & IT, transportation & logistics, and others).
- With both – governments and private organizations going for adoption of enterprise governance risk and compliance solutions for capitalizing on risk & compliance management, audit management, business resiliency applications along with growing incidences of cyber-attacks, the global eGRC market is bound to grow on an astonishing note in the forecast period.
Key Segments
By Component:
- Software
- Services
By Software:
- Audit Management
- Compliance Management
- Risk Management
- Policy Management
- Incident Management
- Others
By Services:
- Integration
- Consulting
- Support
By Type:
- Small and Medium Enterprise (SME)
- Large Enterprise
By Vertical:
- BFSI
- Construction & Engineering
- Energy & Utilities
- Government
- Healthcare
- Manufacturing
- Retail & Consumer Goods
- Telecom & IT
- Transportation & Logistics
- Others
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
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