Chicago, May 28, 2024 (GLOBE NEWSWIRE) -- The eGRC Market size is projected to grow from USD 18.3 billion in 2024 to USD 34.5 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 13.4% during the forecast period, according to a new report by MarketsandMarkets™.
The adoption of eGRC is primarily driven by the need to combat cyber threats, such as data breaches, ransomware attacks, and phishing scams, which pose significant risks to organizations' data and operations. eGRC solutions integrate cybersecurity risk management into broader governance and compliance frameworks, enabling organizations to effectively identify, assess, and mitigate cyber risks.
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eGRC Market Dynamics:
Drivers:
- Increasing need to comply with stringent regulatory mandates
- Rising cybersecurity threats
- Flexibility and scalability offered by cloud-based eGRC systems
Restraints:
- Adapting to changing laws and regulations
Opportunities:
- Integration of AI/ML and blockchain technologies into GRC solutions
- Integration of eGRC with core business operations
List of Top Companies in eGRC Market :
- IBM
- Microsoft
- Oracle
- SAP
- SAS Institute
- ServiceNow
- Thomson Reuters
- FIS
- Wolters Kluwer
- LexisNexis
Integrating AI and machine learning in eGRC solutions significantly advances risk management and compliance processes. These technologies enable eGRC platforms to analyze vast amounts of data quickly and accurately, identifying patterns, anomalies, and emerging risks that traditional methods may miss. By leveraging AI and machine learning, organizations can enhance risk assessment, automate compliance monitoring, and improve decision-making processes, ultimately increasing efficiency and effectiveness in managing governance, risk, and compliance.
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Trend: Cloud-Based Solutions
Cloud-based eGRC solutions offer organizations greater flexibility, scalability, and accessibility compared to traditional on-premises systems. Cloud-based platforms allow for easy deployment, seamless updates, and reduced infrastructure costs, making them particularly attractive for organizations of all sizes. Additionally, cloud-based eGRC solutions enable real-time collaboration among stakeholders, facilitate remote access to critical data and insights, and support rapid scalability to accommodate changing business needs and regulatory requirements. However, these benefits come with challenges, particularly regarding regulatory compliance. Businesses must comply with various regulatory requirements, including GDPR, HIPAA, and PCI-DSS, to protect personal data, ensure data security, and avoid costly penalties. One of the significant challenges in cloud compliance is data protection and privacy. Businesses must ensure that customer data is protected and their privacy is maintained. This involves implementing robust security measures to protect against unauthorized access, data breaches, and cyber-attacks.
Additionally, businesses must understand and control their data, even when stored in the cloud, and ensure that third-party providers or vendors comply with relevant regulations. In April 2020, the Federal Financial Institutions Examination Council (FFIEC) stated that it would address using cloud computing services and security risk management principles in the financial services sector. The statement denoted instances of risk management practices for the safe use of cloud computing services in financial institutions and safeguarded consumers' sensitive information. BFSI institutions are working on aligning these statements in their operations.
Trend: Regulatory Compliance Challenges
The increasingly complex regulatory landscape poses significant challenges for organizations across various industries. Compliance with multiple regulations and standards requires extensive resources, expertise, and department coordination. There is a need to align with regulations, such as Payment Card Industry Data Security Standard (PCI DSS), Control Objectives for Information and Related Technologies (COBIT), Federal Information Security Management Act (FISMA), National Sarbanes-Oxley Act (SOX), Federal Financial Institutions Examination Council (FFIEC), General Data Protection Regulation (GDPR), Gramm-Leach-Bliley Act (GLBA), Health Insurance Portability and Accountability Act (HIPAA), Institute of Standards and Technology (NIST), and other federal and state mandates that are critical for organizations to avoid losses. Failure to meet the compliance requirements and regulations can result in high business losses, usually in penalties. eGRC solutions play a crucial role in helping organizations navigate these challenges by providing comprehensive regulatory mapping, automated compliance assessments, and real-time monitoring capabilities.
By offering, the services account for the highest CAGR during the forecast period.
EGRC services are segmented into professional and managed services. These services include consultancy to design and implement eGRC frameworks software platforms providing integrated solutions for risk assessment, policy management, compliance tracking, and advisory support to navigate complex regulatory landscapes. eGRC services enable companies to assess risks, establish policies, ensure regulatory compliance, manage internal controls, streamline audit processes, and respond effectively to incidents. By utilizing eGRC services, organizations can optimize their operations, enhance transparency, and adapt swiftly to changing regulatory requirements, bolstering their resilience and safeguarding against potential threats.
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By solution usage, the internal segment accounts for a larger market share.
Implementing eGRC internal solutions has become significant for enterprises as eGRC internal solutions give businesses a comprehensive understanding of risks throughout the organization, empowering them to make well-informed decisions, efficiently allocate resources, and proactively manage risks. By automating compliance procedures, strengthening governance frameworks, and centralizing risk data, these systems provide a comprehensive approach to risk management. Furthermore, these solutions ensure regulatory compliance and reduce possible fines by streamlining audit procedures and enabling more efficient documentation, evidence gathering, and audit trails. Various vendors offer solutions to enhance their internal control processes. For instance, SAP provides the SAP Process Control solution, which helps organizations automate the control and compliance management process.
Opportunity: Increase in demand for big data analytics
Integration of eGRC solutions with other enterprise systems such as ERP (Enterprise Resource Planning), CRM (Customer Relationship Management), and HRM (Human Resource Management) presents significant benefits for organizations. By seamlessly integrating eGRC solutions with these core business systems, organizations can achieve comprehensive risk management and compliance capabilities across the entire organization. This integration enables the exchange of data and insights between different systems, facilitating a holistic view of governance, risk, and compliance processes. For example, integrating eGRC with ERP systems allows organizations to incorporate risk management and compliance checks into financial and operational processes, ensuring regulatory requirements are met and risks are effectively mitigated. Similarly, integration with CRM systems enables organizations to assess and manage customer interactions and data privacy risks. Moreover, integrating eGRC with HRM systems allows for identifying and managing employee-related risks, such as compliance with labor regulations and data security policies. Integrating eGRC solutions with other enterprise systems enhances efficiency, accuracy, and effectiveness in risk management and compliance efforts, enabling organizations to protect better their assets, reputation, and overall business interests.
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