eGRC Market categorizes the global market by component as services & software, by deployment mode, by business function, by organization size, by vertical, by usage, and by region.
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The report "eGRC Market by Component (Services, Software), Deployment Mode (Cloud, On-Premises), Business Function (Finance, It, Legal, Operations), Organization Size, Vertical, Usage, and Region - Global Forecast to 2022", The eGRC market size is expected to grow from USD 22.14 Billion in 2017 to USD 43.87 Billion in 2022, at a Compound Annual Growth Rate (CAGR) of 14.7%.
The continuous changes in corporate and government regulations, the increase in number of industries, and the growing business partnerships and associations are some of the major driving factors of the eGRC market. Furthermore, the increasing Artificial Intelligence (AI)-enabled eGRC solutions and the rise in the software-enabled businesses are expected to provide opportunities for the growth of the eGRC market.
Risk management software is expected to be the largest contributor in the global eGRC market during the forecast period
Organizations are continuously under the risk of non-compliance penalties, financial crises from mismanagement of financial control, and asset losses, due to unexpected natural calamities.
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These risks need to be analyzed and monitored in order to plan the further action. Risk management solutions enable organizations to extract a better picture of their enterprise risks.
Risk management is expected to be crucial in the years to come.
The integration service is expected to show a significant growth rate during the forecast period
The demand for services is growing with the evolution of the eGRC market. Specifically, integration services are expected to have a fast growth rate during the forecast period.
The solutions offered by vendors need to be integrated to avail the industry best practices of the Governance, Risk, and Compliance (GRC) solutions. The market for integration services is expected to be growing faster owing to the need of deployment of GRC solutions either on cloud or on-premises.
North America is expected to have the largest market share during the forecast period
North America is the most competitive and rapidly changing eGRC market in the world. North America, among all the regions, has shown the maximum adoption of eGRC solutions, due to its early implementation in a majority of the verticals.
The US and Canada are projected to extensively implement eGRC solutions; North America is expected to have the highest market share.
The eGRC market report encompasses the competitive landscape, which presents the positioning of the 25 key eGRC vendors, based on their product offerings and business strategies. Some of the major vendors are Microsoft (Washington, US), BWise (Rosmalen, Netherlands), SAS Institute Inc.
(North Carolina, US), IBM Corporation (New York, US), FIS (Florida, US), Thomson Reuters (New York, US), Wolters Kluwer (Alphen aan den Rijn, Netherlands), MetricStream Inc. (California, US), EMC Corporation (Massachusetts, US), Oracle (California, US), and SAP SE (Walldorf, Germany).
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