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2019

eGRC Market

eGRC Market Size, Share, Competitive Landscape and Trend Analysis Report, by Component, Deployment Model, Organization Size, Business Function, Type and Industry Vertical : Global Opportunity Analysis and Industry Forecast, 2019-2026

IC : Software and Services

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Author's: Pramod Borasi| Shadaab Khan | Onkar Sumant
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Enterprise Governance, Risk, and Compliance (eGRC) Market Statistics - 2026

The global eGRC market size was valued at $29,374.46 million in 2018, and is projected to reach $74,525.59 million by 2026, growing at a CAGR of 12.40% from 2019 to 2026. eGRC stand for governance, risk, and compliance. The key objective of eGRC system is to evaluate, forecast, and safeguard organizations and its resources from getting impact from the financial risks, owing to different rules and regulation imposed by the government towards risk management and compliance.

The growth of the global enterprise governance, risk, and compliance market is driven by increase in risk of data breach in organizations and implementation of stringent government regulations towards data security, risk management, and compliance. In addition, surge in penetration of IoT technology and rise in adoption of eGRC software in financial institutions fuel the growth of the market.

eGRC Market

High cost of eGRC software, security issues associated with it, and complexity in installation & configuration hinder the growth of the market. On the contrary, integration of artificial intelligence in eGRC software and rise in demand from developing economies are expected to provide major opportunities for the growth of the eGRC market during the forecast period.

eGRC Market
By Component
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Solution is projected as one of the most lucrative segments.

The BFSI segment is excepted garner significant share during the forecast period. The major factors driving the adoption of eGRC software in this sector include surge in need for this software by various banks for managing money laundering, terrorist financing, foreign exchange risk, and interest rate risk. However, the manufacturing sector is expected to grow at a highest rate during the forecast period, owing to upsurge in demand for eGRC software due to rise in fraud & bribery, supply chain risk, intellectual property risk, and reputational risk in manufacturing industries.

eGRC Market
By Deployment Mode
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On-premise is projected as one of the most lucrative segments.

The report focuses on the growth prospects, restraints, and trends of the eGRC software analysis. The study provides Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the market.

eGRC Market
By Enterprise Size
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Large Enterprise is projected as one of the most lucrative segments.

Segment review

The global eGRC market is segmented into component, deployment mode, organization size, business functions, type, industry vertical, and region. In terms of component, the global market is bifurcated into software and services. By deployment mode, it is divided into on-premise and cloud. As per organization size, it is categorized into large enterprises and small & medium enterprises.

eGRC Market
By Business Function
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Finance is projected as one of the most lucrative segments.

Depending on function, it is segregated into finance, information technology, legal, and operations. According to type, it is fragmented into policy management, compliance management, audit management, incident management, risk management, and others. On the basis of industry vertical, it is classified into BFSI, IT& telecom, retail, healthcare, energy & utilities, manufacturing, government & defense, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

eGRC Market
By Type
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Risk Management is projected as one of the most lucrative segments.

The key players profiled in the eGRC market analysis are IBM Corporation, Lockpath, Inc., LogicManager, Inc., MetricStream Inc., Microsoft Corporation, SAP SE, SAS Institute Inc., Oracle Corporation, RSA Security LLC, and Thomson Reuters.

eGRC Market
By Industry Vertical
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BFSI is projected as one of the most significant segments.

TOP IMPACTING FACTORS

Increase in stringent government regulations toward organization governance, risk, and compliance management

Stringent regulations have been imposed by the government on various organizations for deploying eGRC, which helps companies to evaluate, identify, analyze, and consider both opportunities and risk to protect the corporate brand and create value for their shareholders. The Singapore government has introduced a new regulatory framework that has strict policies toward financial crimes. Moreover, according to a study conducted in China, the Chinese Government implemented GRC solution in organizations for improving risk monitoring, segregation of duties (SOD), management reporting, and continuous control monitoring (CCM). Thus, these different regulations imposed by the government in different countries for the deployment of eGRC software have provided a lucrative opportunity for the eGRC market in the recent years.

eGRC Market
By Region
2026
North America 
Europe
Asia-Pacific
LAMEA

Asia-Pacific would exhibit the highest CAGR of 14.10% during 2019-2026.

Rise in demand from developing economies

Developing economies are at high risk of cyber-attacks & fraudulent attacks, money laundering, terrorist activities, and data theft problem. Therefore, rise in adoption of this software have been witnessed in developing economies, which is expected to drive the growth of the eGRC market size. Furthermore, many developing economies are under high foreign debt, which makes them susceptible to currency attacks due to changes in international exchange rates. This increases the adoption of compliance management and eGRC software in these countries. Moreover, rise in spending on IT expenditure and digitization by developing economies has led to increase in different security concerns, data theft, and cyber-attacks, which boosts the need for risk & compliance management software, thereby minimizing the risks of financial fraud and data theft.

Key Benefits for eGRC Market:

  • The study provides an in-depth analysis of the global eGRC market forecast along with the current & future trends to elucidate the imminent investment pockets.
  • Information about key drivers, restrains, and opportunities and their impact analysis on the global eGRC market size is provided in the report.
  • Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
  • The quantitative analysis of the eGRC industry for the period 2018–2026 is provided to determine the market potential.

eGRC Market Report Highlights

Aspects Details
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By Component
  • Solution
  • Service
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By Deployment Mode
  • On-premise
  • Cloud-Based
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By ENTERPRISE SIZE
  • Large Enterprises
  • Small & Medium Enterprises
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By Business Function
  • Finance
  • Information Technology
  • Legal
  • Operations
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By Type
  • Policy Management
  • Compliance Management
  • Audit Management
  • Incident Management
  • Risk Management
  • Others
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By Industry Vertical
  • BFSI
  • IT & Telecom
  • Retail
  • Healthcare
  • Energy & Utilities
  • Manufacturing
  • Government & Defense
  • Others
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By Region
  • North America  (U.S., Canada)
  • Europe  (Germany, France, UK, Italy, Rest of Europe)
  • Asia-Pacific  (Japan, China, India, Australia, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
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Key Market Players

LOGICMANAGER, INC., METRICSTREAM INC., THOMSON REUTERS, Microsoft Corporation, SAS INSTITUTE INC., SAP SE, LOCKPATH, INC., RSA SECURITY LLC., INTERNATIONAL BUSINESS MACHINES CORPORATION, Oracle Corporation

Analyst Review

The adoption of eGRC software has increased over time to deliver enterprises a better risk & compliance management strategy, as it is widely recognized as a success factor for various financial institutions. In addition, the ability of the software to identify different threats and to prevent possible negative events among businesses is increasing its popularity among the end users. The adoption of eGRC is expected to increase in the upcoming years, as a number of financial institutions and banks are adopting this software for security reasons and for preventing various frauds. Increase in penetration of IoT technology and rise in risks of data breach in enterprises fuel the demand for eGRC software for fast and secure data processing. In addition, implementation of stringent government regulations toward prevention of business risks, and maintain compliances is significantly impacts the market growth. However, high cost and complexity in installation and configuration of the software are the factors that majorly hinder the growth of the market.

The global eGRC market witnesses competitive and fragmented environment, consisting of several international and regional players.

Owing to growing competition among local vendors in terms of features, quality, and price, global players are focused on product development and increasing their geographical presence, in. In addition, these players are adopting various business strategies to enhance their product offerings and strengthen their foothold in the market. For instance, in May 2019, IBM and Thomson Reuters announced collaboration for helping banks to address growing regulatory necessities through the combination of real-time regulatory insights and artificial intelligence (AI).

Author Name(s) : Pramod Borasi| Shadaab Khan | Onkar Sumant

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eGRC Market

Global Opportunity Analysis and Industry Forecast, 2019-2026