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The Enterprise Governance, Risk, and Compliance (eGRC) Solutions Market size is forecast to increase by USD 23.13 billion, at a CAGR of 12.38% between 2022 and 2027. Market expansion hinges on diverse factors, such as the escalating necessity to adhere to regulatory mandates, surging requests for eGRC software from multiple industries, and the fusion of AI and automation within the eGRC framework. Compliance with regulatory standards stands as a critical driver, while industries' heightened interest in eGRC software contributes significantly to market growth. Furthermore, the incorporation of AI and automation technologies into eGRC processes further propels the market forward. This confluence of factors not only enhances operational efficiency but also ensures better risk management and governance practices across various sectors. As businesses prioritize compliance, software integration, and technological advancements, the eGRC market continues to witness substantial expansion and evolution.
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This market report extensively covers market segmentation by component (software and service), end-user (large enterprise and SME), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
The market is propelled by Microsoft and SAP SE, offering cutting-edge platforms like Azure Purview and SAP GRC infused with AI. Financial institutions and SMBs are major adopters, adhering to GRC standards such as HIPAA, GDPR, and COBIT. Trends include integrated compliance management, policy management, and risk management solutions like MetricStream and SAI360, leveraging predictive analytics and Blockchain technologies. Challenges encompass data security, regulatory complexities, and evolving GRC frameworks amidst rapid technology advancements.
The increased need to comply with regulatory requirements in driving growth in the enterprise governance, risk, and compliance (eGRC) solution market. For the purposes of managing corporate data, organizations are obliged to comply with regulatory requirements. Organizations in the healthcare, insurance, and banking sectors have developed new data-sharing policies that act in accordance with external regulations as they deal with vulnerable information. In order to accommodate all changes in the requirements of enterprises, regulation reforms shall be revised on a regular basis.
However, it has a negative impact on overall productivity by making it more difficult for companies to comply with the regulations. Thus, enterprises are adopting a cloud-based enterprise governance, risk, and compliance (eGRC) solutions platform to ensure regulatory compliance and gain a competitive edge in the market. Such factors are expected to drive the growth of the global market during the forecast period.
The advent of big data and analytics services is a key trend in an enterprise governance, risk, and compliance (eGRC) solution market. Analytics is a very important trend in the IT services industry. Analytical tools help numerous industries, including BFSI, retail, telecommunications, and healthcare, to make key decisions at organizational levels to improve customer service.
Moreover, with the adoption of advanced technologies and cloud services, most SMEs and large-scale enterprises are witnessing a rise in the volume of the data generated. Digitalizing information, like citizens' digital records, is becoming common for governments worldwide in order to understand their customers better. Since the use of analytical tools ensures high data security, there will be a high demand for enterprise governance, risk, and compliance (eGRC) solutions during the forecast period.
The increasing data privacy and security concerns are a major challenge in an enterprise governance, risk, and compliance (eGRC) solution market. Business data is very sensitive. Therefore, the issue of data security has always been a concern for organizations. Service providers are given limited access to companies' business data to use cloud technologies. Despite the fact that cloud service providers ensure top-level security standards and industry certification, storing data and important files with an external service provider always makes data vulnerable to risks.
Moreover, growing volumes of business data are increasing security breach incidents. With data digitization, privacy breaches are on the rise. Organizations such as banks, corporations, and insurance companies are suspicious of sharing business-critical data with cloud solution providers. Few factors are expected to hinder the growth of the global market during the forecast period.
The Market is witnessing significant growth driven by various key players and technologies. Microsoft and SAP SE are prominent providers, with solutions like Azure Purview and SAP GRC leading the market. These platforms integrate AI and cutting-edge technologies to offer predictive analytics and enhance risk management. Financial institutions and SMBs are major adopters of eGRC solutions, ensuring compliance with GRC standards such as HIPAA, GDPR, and COBIT. Companies like MetricStream, SAI360, and IBM OpenPages provide comprehensive compliance management, policy management, and risk management solutions. Artificial Intelligence (AI) and Blockchain technologies play crucial roles in governance risk compliance (GRC), enabling efficient enterprise governance and corporate compliance. These platforms facilitate enterprise risk management by offering robust policy controls and monitoring mechanisms.
The market share growth by the software segment will be significant during the forecast period. This segment is characterized by a proliferation of innovative software platforms designed to address the intricate challenges posed by regulatory compliance, risk assessment, and corporate governance. The growing demand for a complete solution will streamline and reinforce risk management and compliance efforts in organizations.
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The software segment showed a gradual increase in the market share of USD 14.71 billion in 2017 and continued to grow by 2021. Organizations recognize that effective risk management and compliance with regulations are not just necessary for regulatory compliance, but in order to maintain competitiveness and the protection of reputation. Such factors are expected to drive the growth of the software segment of the eGRC Solutions Market during the forecast period.
Governance, risk, and compliance (eGRC) solutions help centralize and streamline governance and compliance efforts across these complex operations. A wide range of rules, industry standards, and global compliance requirements apply to big undertakings. Enterprise governance, risk, and compliance (eGRC) solutions provide a systematic way to monitor and ensure adherence to these complex regulations. Efficient management and protection are needed in order to handle the vast volume of data that major companies generate. Due to the diverse operations and multiple systems within large enterprises, integration of data and processes is often challenging. EGRC solutions market automates manual processes, reducing the administrative burden of managing governance, risk, and compliance. It is expected to drive the growth of the large enterprise segment of the global market during the forecast period.
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North America is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The US led the market in North America in 2022. The country has taken various measures to regularize losses and address the impact of various uncertainties surrounding businesses. In the US, financial service providers are adopting integrated data platforms, which rationalize their internal and external data sources and assist in collecting relevant consumer information. It is becoming increasingly apparent that enterprises are adopting business solutions that not only perform effectively but also make it easy for them to implement. The development of various data virtualization tools, such as composite software and social analytics software, has led to an improvement in fast decision-making and real-time targeting.
The Market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Dell Technologies Inc. - The company offers enterprise governance, risk, and compliance solutions through its subsidiary Dell EMC such as the RSA Archer eGRC management platform to support cross-functional collaboration across the IT, operations, legal, and finance domains.
FutureShield Inc. - The company offers enterprise governance, risk, and compliance to contextualize large volumes of data and collaborate beyond the domain of threats and vulnerabilities, making incident and risk management more broadly relevant to enterprise and operational risk management.
International Business Machines Corp. - The company offers enterprise governance, risk, and compliance solutions such as IBM Security Active Governance Services plus Xacta for automating and centralizing ITRM operations across the enterprise.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
The Market is experiencing rapid growth driven by various factors. Financial institutions and small and medium-sized businesses (SMBs) are increasingly adopting integrated software solutions like Azure Purview to streamline their governance, risk, and compliance processes. This trend is further fueled by the need to adhere to GRC standards such as Sarbanes Oxley Act, HIPAA, GDPR, and COBIT.
Moreover, cutting-edge technologies like AI, IoT, and Blockchain are being integrated into eGRC solutions, enabling predictive analytics, real-time monitoring, and data-driven decision-making. Global IT giants like Oracle, with their eGRC suite, SAP GRC, GRC Envelop, and IBM OpenPages, are dominating the market with their comprehensive compliance management, policy management, audit software management, and incident management capabilities.
Furthermore, industries ranging from transportation and logistics, energy and utility, IT and telecom, to construction and engineering, retail and consumer goods, and mining and natural resources are leveraging eGRC solutions to enhance productivity and business processes while ensuring intelligent cloud integration and privacy protection. With a focus on enterprise risk management, corporate compliance, workflow automation, and continuous monitoring, eGRC solutions address regulatory policies, external reporting obligations, and security needs. This holistic approach not only mitigates financial risks but also safeguards brand image and fosters technological advancements across industries like manufacturing and marketing through robust data analysis capabilities.
Market Scope |
|
Report Coverage |
Details |
Page number |
172 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 12.38% |
Market growth 2023-2027 |
USD 23.13 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
12.02 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 39% |
Key countries |
US, China, Germany, UK, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Dell Technologies Inc., Diligent Corp., FutureShield Inc., Ideagen, International Business Machines Corp., LogicManager Inc., Maclear LLC, MetricStream Inc., Microsoft Corp., Mphasis Ltd., NAVEX Global Inc., OneTrust LLC, Oracle Corp., ProcessGene Software Ltd., Refinitiv, SAI360 Inc., SAP SE, SAS Institute Inc., Software AG, and Wolters Kluwer NV |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Component
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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