Enormous advancements in the information systems across several industries have pivoted the focus on improving data protection mechanisms. This has spurred the demand for eGRC (enterprise governance, risk and compliance) solutions. Rapid pace of digitalization of business processes has upped compliance & regulatory related requirements. The global valuation of the eGRC market is projected to surpass valuation of US$ 87.9 Bn by 2030.
Surge in volumes of data in the banking, financial services and insurance (BFSI) sector has opened a promising frontier for players in the eGRC (enterprise governance, risk and compliance) market to capitalize on. Rise in risk of fraudulent activities and threats in the sector has been fueling demand for eGRC solutions, assert the analysts in an in-depth TMR study. Evolving regulations for managing risks of data thefts in digital era are expected to expand the horizon for stakeholders in the eGRC (enterprise governance, risk and compliance) market.
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Some of the regulatory agencies promoting adoption of eGRC solutions are The National Institute of Standards and Technology (NIST), The General Data Protection Regulation (GDPR), The Federal Information Security Management Act (FISMA), The Federal Financial Institutions Examination Council (FFIEC), and Control Objectives for Information and Related Technologies (COBIT).
Key Findings of eGRC (Enterprise Governance, Risk and Compliance) Market
- Advancements in IT Infrastructure Propelling Adoption of eGRC Solutions: Increasing focus on data security and regulatory compliance management is a key driver of the eGRC (enterprise governance, risk and compliance) market. Regulatory related requirements for data assets and new IT infrastructure have risen remarkably for businesses in various industries after the onset of COVID-19 pandemic. The demand has gathered momentum from the adoption of automation in their operational processes. Growing popularity of smart manufacturing in several industries has propelled new revenue streams.
- BFSI Sector to Witness Significant Uptake: The BFSI sector has been an early adopter of eGRC solutions. Over the years, the rapid uptake of these mainly for preventing bank frauds and ensuring compliance to anti-money laundering laws in various developed and developing economies have propelled sales of products in the eGRC (enterprise governance, risk and compliance) market.
- Automation through AI-based eGRC Solutions Opened Vast Lucrative Avenue: AI-based eGRC solutions have become instrumental in automating the risk management, found the authors of the TMR report on the eGRC (enterprise governance, risk and compliance) market. AI-powered eGRC solutions are increasingly enriching corporates to make faster and more informed decisions pertaining to risk, audit, and governance & compliance requirements of the business processes.
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eGRC (Enterprise Governance, Risk and Compliance) Market: Key Drivers
· Strides made in industry 4.0 and cybersecurity have boosted the market prospects of eGRC (enterprise governance, risk and compliance) solutions
· Consumer laws and policies have become more responsive to prevent fraud cases across various industries, notably in healthcare, energy & utility, manufacturing, government, media & entertainment, retail & e-Commerce, hospitality, and logistics, and thus has enriched the value chain in the eGRC (enterprise governance, risk and compliance) market.
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eGRC (Enterprise Governance, Risk and Compliance) Market: Lucrative Regions
- North America held a major share of the global eGRC (enterprise governance, risk and compliance) market in 2019. The revenue generation has been fueled by rise in spending on improving IT infrastructure.
- Europe is another lucrative market, with growth propelled by rise in demand for solutions for preventing anti-money laundering and fraud & corruption cases.
- Asia Pacific is projected to expand at a significant CAGR 13.3% during the forecast period. The high pace of adoption of cloud-based and AI eGRC solutions, especially in China and Japan, is bolstering sales opportunities.
eGRC (Enterprise Governance, Risk and Compliance) Market: Key Players
Some of the key players in the eGRC (enterprise governance, risk and compliance) market are:
- Alyne GmbH
- Software AG
- SAS Institute, Inc.
- Thomson Reuters Corporation
- SAP SE
- RSA Security LLC
- Oracle Corporation
- NAVEX Global, Inc.
- Microsoft Corporation
- MEGA International
- IBM Corporation
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EGRC (Enterprise Governance, Risk and Compliance) Market, by Solution
- Software/Platform
- Risk Management
- Audit Management
- Process Control & Fraud Management
- Trade Management
- Stakeholders & Third Party Management
- Services
- Training & Consultation
- Support & Maintenance
EGRC (Enterprise Governance, Risk and Compliance) Market, by Enterprise Size
- Small and Medium Enterprise
- Large Enterprise
EGRC (Enterprise Governance, Risk and Compliance) Market, by End User
- IT & Telecom
- BFSI
- Healthcare
- Energy & Utility
- Manufacturing
- Government
- Media & Entertainment
- Retail & E-commerce
- Hospitality
- Transportation & Logistics
- Others (Education, Legal, etc.)
EGRC (Enterprise Governance, Risk and Compliance) Market, by Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific (APAC)
- Japan
- China
- India
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- South Africa
- Rest of Middle East and Africa (MEA)
- South America
- Brazil
- Argentina
- Rest of South America
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