Pune, Aug. 25, 2020 (GLOBE NEWSWIRE) -- The global enterprise governance, risk and compliance market size is set to reach USD 57.57 billion by 2026, exhibiting a CAGR of 13.2% during the forecast period. Increasing cybersecurity threats around the globe is foreseen to be one of the primary forces driving the growth of this market. According to the Threat Landscape Report 2018 published by the European Union Agency for Cybersecurity (ENISA), ransomware caused 39% of the global data malware and 64% of the industrial network breaches in 2017. Moreover, a study conducted by Verizon found that 92% of malware attacks were through emails. As more and more devices get interlinked through cloud software and the internet, the risk quotient to cyber security is bound get higher, thus creating a dire need for eGRC solutions.
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Emergence of IoT and AI Technologies to Spur Market Growth
One of the leading enterprise governance, risk and compliance market trends is the spiking uptake of Internet of Things (IoT) and Artificial Intelligence (AI) technologies by organizations. AI-based eGRC systems are gaining popularity as they facilitate efficient collection and analysis of large volumes of data that companies and governments have to deal with on a daily basis. This will be enable organizations to upgrade and strengthen their IT infrastructure, which will augur well for the eGRC market growth in the forecast period. These systems also have other advantages. For example, they provide a platform for designing a well-configured operating strategy and streamlining diverse business processes. These benefits will also give a boost to the adoption rate of eGRC solutions.
Ability to Analyze and Reduce Organizational Risks to Boost Growth of Software Segment
In terms of component, the global enterprise governance, risk & compliance (eGRC) market is grouped into software and services. Amongst these, the software sub-segment is anticipated to generate a high global enterprise governance, risk & compliance (eGRC) market revenue during the forthcoming years. It will occur due to the urgent requirement for streamlined and automated GRC programs across the world. A rise in the need for analyzing regulatory policies, obligations, and requirements will also impact growth positively. Additionally, eGRC software has the capability of receiving actionable insights and analyzing them to decrease the risks with the help of business intelligence tools, machine learning technology, and analytics tools.
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Asia-Pacific to Boast Highest CAGR; North America to Lead the Charge
Among regions, North America is anticipated to dominate the enterprise governance, risk and compliance market share owing to the increasing vulnerability of data systems to cyber threats. Europe will be the second leading region in this market on account of growing popularity of cloud-based computing systems and a high acceptance rate of advanced technologies such IoT and systems integration software. Asia-Pacific will register the highest CAGR as a result of rising public and private investment in IoT and AI and a steady adoption of cloud-based solutions, especially in India and China.
IBM and Thomson Reuters Focus on Strategic Partnership for Developing a Combination of AI and Data
IBM, a multinational information technology company, based in the U.S., announced its partnership with Thomson Reuters, a Canadian multinational media conglomerate, headquartered in Canada in May 2019. The strategic collaboration would aid the banks in addressing the increasing regulatory requirements through a robust combination of real-time regulatory insights and artificial intelligence (AI). The developed solution is called RegTech and it would be delivered from IBM cloud.
List of Key Companies Profiled in eGRC Market Are:
- Bwise
- Dell Technologies, Inc.
- EMC CORPORATION
- IBM Corporation
- MetricStream, Inc.
- Microsoft Corporation
- Oracle Corporation
- SAP SE
- Thomson Reuters
- Wolters Kluwer N.V.
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Detailed Table of Content
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints, and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Global eGRC Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights, and Forecast – By Component
- Software
- Services
- Market Analysis, Insights, and Forecast – By Deployment Model
- Cloud-based
- On premise
- Market Analysis, Insights, and Forecast – By Organization Size
- Large Enterprise
- Small & Medium Business Enterprise
- Market Analysis, Insights, and Forecast – By Vertical
- BFSI
- Healthcare
- Government
- Energy & Utilities
- Manufacturing
- Retail & Consumer Goods
- Telecom & IT
- Others (Transportation & Logistics, Construction, etc.)
- Market Analysis, Insights, and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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