eGRC Market is expected to grow from USD 22.14 billion in 2017 to USD 43.87 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 14.7%. The regulatory and compliance mandate is a major factor driving the growth of the eGRC market. The rising numbers of rules and regulations introduced by governing bodies for governing business operations are becoming essential for enterprises across the industry verticals.
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The objective of the study has been carried out to define, describe, and forecast the global eGRC market on the basis of software (usage type and type of software), services (training and consulting, integration, and support), deployment modes (cloud and on-premises), organization sizes (Small and Medium-Sized Businesses (SMBs) and enterprises), business functions (finance, legal, IT, and operations), verticals (Banking, Financial Services, and Insurance (BFSI), energy and utilities, healthcare, retail and consumer goods, telecom and IT, manufacturing, construction and engineering, government, mining and natural resources, transportation and logistics, and others), and regions.
2 Competitive Scenario
3 New Product Launches/Upgradations
4 Mergers and Acquisitions
5 Partnerships and Collaborations
The service segment in the eGRC market includes training and consulting, integration, and support. The integration services integrate the industry’s best practices to help organizations by deploying Governance, Risk, and Compliance (GRC) solutions and utilizing these solutions to their maximum potential.
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In the services segment, the integration service is expected to grow at the highest CAGR, whereas training and consulting is expected to be the largest contributor among all the services. The integration service is said to be growing faster, as there are 2 modes for deploying Governance, Risk, and Compliance (GRC) solutions; cloud and on-premises.
Changing to upgraded solutions and the complexity involved in integration is sorted by integration service providers, who enable organizations to use GRC solutions at its full potential.
Key Target Audience
- eGRC solution and service providers
- Governance, Risk Management, Compliance (GRC) staff
- IT governance directors/managers
- IT risk directors/managers
- IT compliance directors/managers
- IT audit directors/managers
- Information security directors/managers
- IT directors/consultants
- End users/consumers/enterprise users
- Government organizations
- Consultants/advisory firms
- System integrators and resellers
- Training and education service providers
- Managed service providers
The major eGRC vendors are Microsoft (Washington, US), BWise (Rosmalen, Netherlands), SAS Institute Inc. (North Carolina, US), IBM Corporation (New York, U.S.), 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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The global eGRC market has been segmented on the basis of regions into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. North America is estimated to be the largest revenue-generating region.
This is mainly because, in the developed economies of the US and Canada, there is a high focus on innovations obtained from R&D. These regions have the most competitive and rapidly changing eGRC market in the world.
The business function segment in the eGRC market includes finance, IT, legal, and operations. Finance GRC helps manage the financial process control, which includes business processes, such as segregation of roles and duties, monitoring internal and external audits, and authority to permit expenses beyond a particular amount.
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