eGRC Market Growth, Key Players, Demands, Trends, Covid-19 Impact, End Users and Forecasts to 2026

ReportsnReports present the global eGRC market size is projected to grow from USD 36.1 billion in 2021 to USD 60.7 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 10.9% during the forecast period. The major factors fueling the market growth include the growing need to meet stringent compliance mandates and get a holistic view of policy, risk and compliance data, and increasing data and security breaches. Moreover, the varying structure of regulatory policies may restraint the growth of the market to a certain extent during the forecast period.

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Services segment to grow at a higher CAGR during the forecast period
Based on offering, the eGRC market is segmented into software and services. The services segment is expected to grow at a rapid pace during the forecast period. The growth of the services segment is attributed to the growing need to support the adoption of eGRC solutions across industries. The services are becoming critical for the successful implementation and smooth running of eGRC solutions. Hence, the demand for various services such as training, consulting, and support is expected to increase in the eGRC market.

Finance segment to grow at the highest CAGR during the forecast period
The eGRC market, based on business functions, has been segmented into finance, information technology (IT), legal, and operations. The growth of the finance segment is attributed to the growing need for improving performance, streamlining business processes, reducing costs, and enhancing profit margins. Finance, being one of the internal functions of an organization, has to comply with various norms such as Sarbanes-Oxley, Basel II, Solvency II, and Dodd-Frank, which contribute to the increasing adoption of eGRC solutions.

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Among regions, Europe to grow at the highest CAGR during the forecast period
Europe is expected to grow at the highest CAGR during the forecast period. Organizations across the region are looking for a framework that can help them effectively manage their Governance Risk Compliance (GRC) programs, as traditional methods are no longer adequate to manage and mitigate advanced cyberattacks, and manage compliances and risks. Therefore, industries across the region are focusing on the integration of eGRC solutions with their operations.

In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, hedge fund managers, and executives from various key organizations operating in the eGRC market.
• By Company: Tier I : 21% Tier II: 44%, and Tier III: 35%
• By Designation: C-Level: 52%, Directors: 34%, and Others: 14%
• By Region: North America: 40%, APAC: 20%, Europe: 30%, MEA: 5%, and Latin America: 5%

The report includes the study of the key players offering eGRC solutions. Some of the major eGRC vendors are IBM (US), Microsoft (US), Oracle (US), SAP (Germany), SAS Institute (US), ServiceNow (US), Thomson Reuters (Canada), Wolters Kluwer (Netherlands), Dell EMC (US), FIS (US), Software AG (Germany), RSA Security (US), MEGA International (France), Ideagen (UK), Mphasis (India), MetricStream (US), Protiviti (US), SAI Global (US), ProcessGene (Israel), LogicManager (US), Quantivate (US), Riskonnect (US), NAVEX Global (US), Alyne(Germany), and Lexcomply (India),StandardFusion (Canada). It includes an in-depth competitive analysis of the key players in the eGRC market, along with their company profiles, business overviews, product offerings, recent developments, and market strategies.

Research coverage
The report segments the global eGRC market by offering (software and services), software, deployment mode, organization size, business function, end user, and region. The eGRC market, by offering, is divided into software and services. The deployment mode comprises cloud and on-premises. The organization size segment includes SMEs and large enterprises. The business function segment is divided further into finance, IT, legal, and operations. The vertical segment consists of Banking, Financial Services, and Insurance (BFSI), telecommunication, energy and utilities, government, healthcare, and manufacturing, mining and natural resources, retail and consumer goods, IT, transportation and logistics, and others (construction and engineering, academia, media and entertainment, oil and gas, and tourism and hospitality). The report also covers the eGRC market with respect to 5 major regions, namely, North America, Europe, APAC, Middle East and Africa (MEA), and Latin America.

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The report would help the market leaders and new entrants in the global eGRC market in the following ways:
• The report segments the market into various sub segments; hence, it covers the market comprehensively. It provides the closest approximations of the revenue numbers for the overall market and its sub segments. The market numbers are split further across verticals and regions.
• It helps in understanding the overall growth of the market. It also provides information about key market drivers, restraints, challenges, and opportunities.
• It helps stakeholders in understanding their competitors better and gaining more insights to strengthen their positions in the market. The study also presents the positioning of the key players based on their product offerings and business strategies.

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This release was published on openPR.