Portland, OR, Oct. 12, 2020 (GLOBE NEWSWIRE) -- According to the report, the global eGRC industry was estimated at $29.37 billion in 2018 and is anticipated to hit $74.52 billion by 2026, registering a CAGR of 12.4% from 2019 to 2026. Increase in data and security breaches in enterprises, rise in stringent government regulatory compliances, development of IoT landscape, and surge in adoption of risk & compliance management among financial institutions fuel the growth of the global eGRC market. On the other hand, high costs and complexities involved in the installation and configuration of the software restrain the growth to some extent. However, integration of artificial intelligence in risk & compliance management software and upsurge in demand from developing economies are expected to create lucrative opportunities in the near future.
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Covid-19 scenario-
- In a scenario where compliance officers are having a tough time in tackling the situation the pandemic has created, the risk management optimization has turned out to be one of the best defenses an enterprise can take recourse to in order to maintain the profit margin.
- Businesses, on the other hand, are also making smart investments into risk technology which has impacted the global eGRC market positively.
Get detailed COVID-19 impact analysis on the eGRC Market
The solution segment to dominate by 2026-
Based on component, the solution segment accounted for nearly three-fourths of the global eGRC market share in 2018 and is expected to rule the roost by the end of 2026, owing to increase in need for online banking solutions among developing economies. The service segment, on the other hand, would portray the fastest CAGR of 14.8% throughout the forecast period. This is due to adoption of services among end users, as they ensure effective functioning of platforms throughout the loan management processes.
The on-premise segment to maintain the dominant share-
Based on deployment, the on-premise segment contributed to nearly three-fifths of the global eGRC market revenue in 2018 and is anticipated to lead the trail till 2026. This is attributed to its high data transfer speed and security features. At the same time, the cloud segment would manifest the fastest CAGR of 14.1% during the study period. Surge in adoption of cloud services across various industries propels the segment growth.
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North America garnered the major share in 2018 –
Based on region, North America held the highest share in 2018, generating more than one-third of the global eGRC market. Increase in multiple vendors providing different eGRC solutions and services and integration of advance technologies with eGRC solutions in this region such as machine learning and natural language processing account for the market growth. Simultaneously, Asia-Pacific would garner the fastest CAGR of 14.1% from 2019 to 2026. This is due to development of the banking & insurance industry and penetration of new technologies such as IoT and Big Data.
Key players in the industry-
- Lockpath, Inc.
- Thomson Reuters
- LogicManager, Inc.
- Microsoft Corporation
- MetricStream Inc.
- Oracle Corporation
- SAP SE
- SAS Institute Inc.
- IBM Corporation
- RSA Security LLC
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