Dublin, May 21, 2024 (GLOBE NEWSWIRE) -- The "Global eGRC Market by Offering (Solutions, Services), Deployment Mode (On-premises, Cloud), Organization Size, Solution Usage (Internal, External), Business Function, Vertical (BFSI, Healthcare, Manufacturing) and Region - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The global eGRC market 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. Beyond direct suppliers, organizations increasingly rely on complex ecosystems of third-party vendors, partners, and service providers. Managing third-party risks involves assessing their compliance, operational integrity, interconnectedness, and potential cascading effects. eGRC platforms with robust vendor risk management capabilities enable organizations to evaluate, monitor, and mitigate risks across their extended supply chains and partner networks. 
By vertical, the BFSI segment accounts for a larger market share
BFSI is the primary adopter of eGRC solutions and has been a highly regulated and competitive industry focusing on delivering an enhanced customer experience. The change in operating methods, increased digitalization, and adoption of advanced technologies have increased exposure to different risks. In addition, the need to align with the changing regulatory environment and penalties associated with non-compliance has changed how risk is viewed and managed. Various vendors also offer solutions to help organizations manage corporate compliance-related obligations and risks related to anti-money laundering by deploying a single solution/platform. The banking sector is expected to adopt eGRC solutions to improve business performance, optimize risk-return outcomes, and reduce compliance costs.
Large enterprises account for a larger market share by organization size
Large enterprises have more than 1,000 employees. The large enterprises segment is projected to account for a larger revenue share in the global eGRC market. Large enterprises increasingly adopt eGRC solutions to streamline and centralize their governance processes. These solutions integrate various functions such as risk management, compliance monitoring, and policy enforcement into a single platform, enabling organizations to manage their regulatory obligations and mitigate risks efficiently. By implementing eGRC solutions, large enterprises can enhance transparency, improve decision-making, and ensure adherence to industry standards and regulations, safeguarding their reputation and improving stakeholder trust.
Various vendors in the market offer integrated GRC solutions that enable organizations to quickly adapt to the changing regulatory, economic, and technological environments. These solutions help key decision-makers and leaders by offering the critical information required to balance risk management, cost optimization, and capacity for innovation. SAP is one of the key vendors that cater to large enterprises by offering an integrated GRC solution comprising various modules. Some other vendors in the market are IBM, Wolter Kluwer, and MetricStream.
By region, North America accounts for the highest market size during the forecast period
North America is projected to lead the eGRC market during the forecast period. The presence of economically and technologically advanced countries such as the US and Canada, the adoption of new and emerging technologies, and the strong financial position of market players are some of the significant factors that help organizations in North America have a competitive edge over others.
The eGRC market in North America is experiencing substantial growth and is expected to continue expanding during the forecast period. The US and Canada are expected to contribute significantly to the North American market. The presence of key players such as IBM Corporation, Microsoft Corporation, SAS, ServiceNow, and Oracle Corporation makes it a leading region in the eGRC market. The increasing implementation of cloud adoption, growing data breaches, and other cyber threats also contribute to the region's eGRC market growth.
Research Coverage
The report segments the eGRC market. It forecasts its size by Offering (Solutions and Services), Solution Usage (External and Internal), Business Function (Finance, IT, Operations, and Legal), Deployment Mode (On-premises and Cloud), Organization Size (Large Enterprises and Small and Medium Enterprises (SMEs)), Vertical (Government, BFSI, Healthcare, Telecommunications, Energy & Utilities, Manufacturing, IT & ITeS, Retail & eCommerce, Transportation & Logistics, and Other Verticals) and Region (North America, Europe, Asia Pacific, Middle East & Africa and Latin America).
Major vendors in the EGRC market include IBM (US), Microsoft (US), Oracle (US), SAP (Germany), SAS Institute (US), ServiceNow (US), Thomson Reuters (Canada), FIS (US), Wolters Kluwer (Netherlands), LexisNexis (US), Mphasis (India), MetricStream (US), Riskonnect (US), Navex Global (US), OneTrust (US), Mega International (France), LogicManager (US), Acuity Risk Management (UK), C&F SA (Poland), Allgress (US), GlobalSuite Solutions (Spain), Onspring (US), Optimiso (US), Oxial (Switzerland), ReadiNow (Australia), SureCloud (UK), StandardFusion (Canada), Comensure (US), Dynamic GRC (Singapore), LogicGate (US), VComply (US), and SmartSuite (US).
The study includes an in-depth competitive analysis of the key players in the eGRC market, their company profiles, recent developments, and key market strategies.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 412 |
| Forecast Period | 2024-2029 |
| Estimated Market Value (USD) in 2024 | $18.3 Billion |
| Forecasted Market Value (USD) by 2029 | $34.5 Billion |
| Compound Annual Growth Rate | 13.4% |
| Regions Covered | Global |
Premium Insights
- Increasing Cyber Threats Faced by Organizations Across Various Sectors to Boost eGRC Market Growth
- eGRC Solutions to be Larger Segment of Market During Forecast Period
- Risk Management Segment to Lead Market During Forecast Period
- Managed Segment to Grow at Higher CAGR During Forecast Period
- Internal Segment to Record Larger Market Size During Forecast Period
- Cloud Segment to Grow at Higher CAGR During Forecast Period
- Finance Segment to Lead Market During Forecast Period
- Large Enterprises to be Larger Segment During Forecast Period
- BFSI to be Largest Vertical During Forecast Period
- Europe to Emerge as Most Lucrative Market for Investments in Next Five Years
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
- Challenges
- Gap Between Company's Culture and Its eGRC Framework
- Development of Comprehensive eGRC Solutions
Case Study Analysis
- Fortune 500 Financial Services Company Implemented Servicenow GRC
- Medium Enterprise Bank Chose Wolters Kluwer E-Sign to Secure Document Exchange
- Global Food and Beverage Giant Strengthened and Streamlined Corporate Governance Using Metricstream GRC Solution
- Robeco Implemented Solution by Sai360 to Meet Compliance Requirements
- Shemen Industries Adopted Processgene Software Suite to Automate GRC
- LME Implemented Riskonnect GRC to Manage Risk and Compliance
Companies Featured
- Wolters Kluwer
- FIS
- Microsoft
- Lexisnexis
- SAS Institute
- IBM
- Oracle
- SAP
- Servicenow
- Thomson Reuters
- Mega International
- Mphasis
- Metricstream
- Riskonnect
- Navex Global
- Onetrust
- Logicmanager
- Allgress
- Surecloud
- Acuity Risk Management
- C&F SA
- Onspring
- Oxial
- Readinow
- Globalsuite Solutions
- Optimiso
- Standardfusion
- Comensure
- Dynamic-GRC
- Vcomply
- Logic Gate
- Smartsuite
For more information about this report visit https://www.researchandmarkets.com/r/oby4k0
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