The eGRC Market projected to grow from USD 31.5 billion in 2019 to USD 51.5 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 10.3% during the forecast period.
According to a new market research report "eGRC Market by Component (Software and Services), Software (Usage and Type), Type (Policy Management, Compliance Management, Audit Management, Incident Management, and Risk Management), Business Function, Vertical, and Region - Global Forecast to 2024", published by MarketsandMarkets, the eGRC Market projected to grow from USD 31.5 billion in 2019 to USD 51.5 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 10.3% during the forecast period.
The major factors responsible for the market growth include the growing need to meet stringent compliance mandates, get a holistic view of policy, risk and compliance data, and increasing data and security breaches. Moreover, the integration of Artificial Intelligence (AI) and blockchain technologies with Governance Risk Compliance (GRC) solutions to provide opportunities for the market growth.
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Among components, software segment to hold a larger market size during the forecast period
The vendors in the market provide components, such as software and services.
The software segment is expected to hold a larger market size. The growth is driven by the growing need to automate and streamline organizational GRC programs.
The adoption of eGRC software is expected to increase, owing to the growing need to analyze regulatory requirements, polices, and obligations. Moreover, eGRC solutions offered in the market are integrated with Business Intelligence (BI) tools and analytics and Machine Learning (ML) technology enable organizations get actionable insights and thereby focus on reducing organizational risks.
Manufacturing vertical to grow at the highest CAGR during the forecast period
The use of eGRC solutions is increasing across all verticals to manage the challenges associated with risk and compliance. Verticals that are leveraging eGRC solutions include Banking, Financial Services, and Insurance (BFSI), construction and engineering, energy and utility, government, healthcare, manufacturing, mining and natural resources, retail and consumer goods, telecom and Information Technology (IT), and transportation and logistics.
Among these, the manufacturing vertical is expected to grow at the highest growth rate, owing to the growing need to manage various standards and ensure compliance requirements for regulations.
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North America to hold the largest market size during the forecast period
North America is contributing maximum in terms of revenue generation in the global eGRC Market. The region is witnessing major developments in the eGRC space.
Multiple vendors across the region are involved in developing innovative products and solutions, and are focusing on the integration of advanced technologies, such as Analytics, Natural Language Processing, and Machine Learning (ML). Among all the countries of North America, the US is expected to lead in terms of the adoption of eGRC solutions.
The growing business complexities and changing regulatory requirements are expected to drive the market growth in the region.
Major vendors in the global eGRC Market include IBM (US), Microsoft (US), Oracle (US), SAP (Germany), SAS Institute (US), Thomson Reuters (Canada), Wolters Kluwer (Netherlands), Dell EMC (US), FIS (US), MetricStream (US), Software AG (Germany), SAI Global (US), ProcessGene (Israel), LogicManager (US), NAVEX Global (US), Ideagen (UK), Alyne(Germany), and MEGA International (France).
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