CHICAGO, May 13, 2024 /PRNewswire/ -- Deeper AI and
machine learning integration for predictive analytics, the
simplification of compliance activities, and improved cybersecurity
risk management are where eGRC's future lies. The market will
remain dominated by cloud-based solutions because they provide
scalable and intuitive user interfaces for thorough risk assessment
and management in a variety of regulatory environments.
The eGRC Market size is projected to grow from
USD 18.3 billion in 2024 to
USD 34.5 billion by 2029 at a
Compound Annual Growth Rate (CAGR) of 13.4% during the forecast
period, according to a new report by MarketsandMarkets™.
Browse in-depth TOC on "eGRC Market"
645 - Tables
61 - Figures
412 - Pages
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Scope of the Report
Report
Metrics
|
Details
|
Market size available
for years
|
2018-2029
|
Base year
considered
|
2023
|
Forecast
period
|
2024–2029
|
Forecast
units
|
Value (USD Million/USD
Billion)
|
Segments
Covered
|
Offering,
Deployment Mode, Organization Size, Solution Usage, Business
Function, Vertical, and Region
|
Geographies
covered
|
North America, Europe,
Asia Pacific, Middle East & Africa and Latin America
|
Companies
covered
|
Major vendors in
the eGRC market include IBM (US), Microsoft (US), Oracle (US),
SAP (Germany), SAS Institute (US), ServiceNow (US), Thomson Reuters
(Canada), FIS (US), Wolters Kluwer (Netherlands), LexisNexis (US),
Mphasis (India), MetricStream (US), Riskonnect (US), Navex Global
(US), OneTrust (US), Mega International (France), LogicManager
(US), Acuity Risk Management (UK), C&F SA (Poland), Allgress
(US), GlobalSuite Solutions (Spain), Onspring (US), Optimiso
(US), Oxial (Switzerland), ReadiNow (Australia), SureCloud (UK),
StandardFusion (Canada), Comensure (US), Dynamic GRC (Singapore),
LogicGate (US), VComply (US), and SmartSuite (US).
|
The key driver for adopting eGRC solutions is an increase in
stringent regulations, such as the EU AI Act, that aims to
establish a comprehensive regulatory framework for AI and impact
how organizations manage GRC with AI technology integrations.
Organizations need to assess their AI models, understand the
implications of the EU AI Act, and prepare for the changes it will
bring to create a more secure and trustworthy AI environment. By
aligning with the regulations of the EU AI Act, businesses can
navigate the regulatory landscape effectively and leverage AI
technology while safeguarding against risks and ensuring compliance
with the updated rules.
Based on the offering, the solutions segment accounts for the
highest market size during the forecast period.
The adoption of eGRC solutions has surged as organizations must
manage complex regulatory requirements and mitigate diverse risks.
These solutions provide a centralized platform to streamline
governance processes, automate compliance tasks, and enhance risk
visibility across the enterprise. Effective eGRC solution
encompasses thorough data integration, advanced analytics,
real-time monitoring, and strategic utilization of emerging
technologies. These features provide organizations with the
necessary resources for managing the intricate landscape of eGRC.
Some companies offer dedicated eGRC solutions, such as compliance,
risk, and audit management. These solutions are developed to cater
to the specific needs of the BFSI, healthcare, IT & ITeS,
government, and other verticals. Companies offering eGRC solutions
include IBM LogicManager, MetricStream, Software AG, Wolters Kluwer, Diligent, IdeaGen, and SAI
Global.
By deployment mode, the cloud segment will grow at the
highest CAGR during the forecasted period.
Small and Medium-sized enterprises (SMEs) are increasingly
adopting eGRC solutions deployed in the cloud due to several
advantages. Cloud deployment offers scalability, flexibility, and
cost-effectiveness, making it accessible to businesses without
hefty upfront investments. These solutions streamline governance
processes, enhance risk visibility, and simplify compliance
management. With intuitive interfaces and subscription-based
pricing models, eGRC cloud solutions empower SMEs to navigate
regulatory landscapes while optimizing resource utilization
efficiently.
By region, Europe is to grow
at the highest CAGR during the forecast period.
Europe is expected to register
high growth rates in the eGRC market. Emerging European markets,
such as the UK, Germany,
France, Italy, and Ireland, are expected to offer significant
growth opportunities for the eGRC market. Increasing regulations
and compliances, political uncertainty, unpredictable business
environment, rise in network crimes, and advanced cyber and bot
attacks have favored the growth of the eGRC market in the region,
as it is helping the organizations effectively work on GRC
programs.
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Top Companies in eGRC Market
IBM (US), Microsoft (US), Oracle (US), SAP (Germany), SAS Institute (US), ServiceNow (US),
Thomson Reuters (Canada),
FIS (US), Wolters Kluwer (Netherlands), LexisNexis (US), Mphasis
(India), MetricStream (US),
Riskonnect (US), Navex Global (US), OneTrust (US), Mega
International (France),
LogicManager (US), Acuity Risk Management (UK), C&F SA
(Poland), Allgress (US),
GlobalSuite Solutions (Spain),
Onspring (US), Optimiso (US), Oxial (Switzerland), ReadiNow (Australia), SureCloud (UK), StandardFusion
(Canada), Comensure (US), Dynamic
GRC (Singapore), LogicGate (US),
VComply (US), and SmartSuite (US) are the key players and other
players in the eGRC market.
Recent Development
- In January 2024, Microsoft and
Cognite extended their partnership to build an industrial data
operations platform on Microsoft Fabric and Azure OpenAI Service.
Integrated with Microsoft Purview, Fabric offers unified data
governance tools, simplifying data management, monitoring, and
security across diverse applications and platforms.
- In September 2023, the SAS
Institute will deepen its collaboration with Microsoft to assist
banks in effectively handling liquidity and interest rate risks.
Their Asset and Liability Management (ALM) platform, fueled by
Kamakura Risk Manager on Microsoft Azure, enables comprehensive
risk management, capital allocation, and balance sheet optimization
through multi-period, scenario-based simulation and valuation.
- In June 2022, Oracle updated its
Governance, Risk, and Compliance Controls (GRCC). It provides a
platform where two components run: Application Access Controls
Governor (AACG). These components regulate access to duties
assigned in business-management applications, such as Oracle
E-Business Suite and PeopleSoft, and Enterprise Transaction
Controls Governor (ETCG), which identifies business-application
transactions posing an unacceptable risk.
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eGRC Market Advantages
- By automating compliance processes, eGRC systems minimize
errors and manual labor. This saves time and money by streamlining
regulatory compliance procedures and guaranteeing conformity to
norms and laws.
- Businesses can detect, evaluate, and manage risks in a
comprehensive manner by using eGRC platforms, which offer a
centralized view of hazards across the enterprise. This
all-encompassing strategy strengthens decision-making and increases
resistance to new challenges.
- eGRC solutions increase productivity and efficiency by
combining separate governance, risk, and compliance processes into
a single platform. Workflows can be streamlined, stakeholder
participation can be facilitated, and tasks can be prioritized
according to how they will affect corporate goals.
- eGRC solutions provide insights into risk exposure and
compliance status through real-time monitoring and reporting
capabilities. Proactive risk management, prompt decision-making,
and successful stakeholder communication are made possible by
this.
- By automating tedious operations, allocating resources
optimally, and lowering the possibility of non-compliance fines,
eGRC solutions assist in lowering compliance expenses.
Organizations can save money over time by improving operational
effectiveness and reducing risks.
- Scalability and adaptability are features that cloud-based eGRC
platforms provide, enabling enterprises to adjust to shifting
business needs and regulatory landscapes. Cloud deployments improve
agility and resilience by facilitating quick implementation, smooth
upgrades, and remote access to eGRC functions.
Report Objectives
- To describe and forecast the eGRC market by offering,
deployment mode, organization size, solution usage, business
function, vertical, and region from 2024 to 2029, and analyze the
various macroeconomic and microeconomic factors that affect market
growth
- To analyze the subsegments of the market concerning individual
growth trends, prospects, and contributions to the overall
market
- To provide detailed information regarding major factors
(drivers, restraints, opportunities, and challenges) influencing
the growth of the market
- To analyze the opportunities in the market for stakeholders and
provide details of the competitive landscape for the major
players
- To profile the key market players; provide a comparative
analysis based on the business overviews, regional presence,
product offerings, business strategies, and critical financials;
and illustrate the market's competitive landscape.
- To track and analyze the competitive developments, such as
mergers and acquisitions, product developments, partnerships and
collaborations, and research development (R&D) activities, in
the market
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