"eGRC Market to Reach USD 74.52 Billion by 2026| At 12.4% CAGR | eGRC Solutions Pave the Way for Business Success

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-

1. 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.

2. Businesses, on the other hand, are also making smart investments into risk technology which has impacted the global eGRC market positively.

The worldwide eGRC (Enterprise Governance, Risk, and Compliance) market is categorized into various segments, including components, deployment modes, organization sizes, business functions, types, industry verticals, and geographic regions. In the context of components, the global market is classified into two main groups: software and services. Concerning deployment modes, it is segmented into two primary categories: on-premises and cloud-based solutions. When it comes to organization size, it is grouped into two main classifications: large enterprises and small and medium-sized enterprises (SMEs).

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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.

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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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.

Government regulations have become increasingly stringent, compelling organizations to adopt eGRC (Enterprise Governance, Risk Management, and Compliance) solutions. These tools enable companies to assess, identify, analyze, and address both opportunities and risks, safeguarding their corporate reputation and enhancing shareholder value. For example, the Singaporean government has introduced a rigorous regulatory framework focused on combatting financial crimes.

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Similarly, a study in China highlights the government's adoption of GRC solutions in organizations to enhance risk monitoring, Segregation of Duties (SOD), management reporting, and Continuous Control Monitoring (CCM). As a result, the implementation of eGRC software, mandated by governments in various countries, has presented lucrative opportunities for the eGRC market in recent years.

Leading Market Players

➢ 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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