eGRC Market

[412 Pages Report]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. The key driver of eGRC is the increasing demand for transparency and accountability from stakeholders. As societal expectations evolve, stakeholders, including investors, customers, and regulatory bodies, emphasize ethical business practices, sustainability initiatives, and corporate responsibility. eGRC solutions enable organizations to demonstrate their commitment to governance excellence, risk mitigation, and regulatory compliance through enhanced transparency and reporting mechanisms. By implementing robust governance frameworks, conducting thorough risk assessments, and proactively addressing compliance requirements, organizations can build trust, foster long-term relationships with stakeholders, and enhance their reputation in the marketplace.

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Egrc Market Dynamics

Driver: Increasing regulatory compliance mandates

The rise in regulatory compliance mandates is a key driver behind the adoption of eGRC solutions. With governments worldwide imposing stricter regulations across various industries, organizations face mounting pressure to adhere to complex compliance requirements. These regulations encompass data privacy, financial reporting, cybersecurity, and more, with non-compliance carrying significant legal and financial consequences. As a result, businesses are leveraging eGRC solutions to effectively navigate this regulatory landscape, automate compliance processes, and mitigate risks associated with non-compliance. eGRC platforms offer centralized oversight, robust reporting capabilities, and real-time monitoring, empowering organizations to proactively address regulatory requirements and ensure business continuity while fostering trust among stakeholders.

Restraint: Challenges in adapting to changing laws and regulations

Organizations encounter difficulty keeping pace with the dynamic and evolving regulatory landscape. Laws, regulations, and compliance requirements are continually being updated and amended, often in response to emerging risks, technological advancements, or shifts in societal norms. This presents a significant challenge for organizations as they must constantly monitor, interpret, and implement these changes to ensure ongoing compliance. If enterprises fail to adapt to new laws and regulations on time, compliance gaps, legal liabilities, reputational damage, and financial penalties can result. Additionally, the complexity and interconnectedness of regulatory frameworks across different jurisdictions and industries further aggravate the challenge. To address this challenge, organizations need robust processes and mechanisms to monitor regulatory developments, assess their impact on the business, and implement necessary changes to eGRC frameworks and practices accordingly.

Opportunity: Integration of AI/ML and blockchain technologies in GRC solutions

The integration of AI/ML and blockchain technologies presents a significant opportunity for eGRC solutions. By harnessing the power of AI/ML algorithms, eGRC platforms can enhance risk assessment, predictive analytics, and decision-making processes. AI/ML enables automated data analysis, anomaly detection, and trend identification, empowering organizations to proactively identify and mitigate risks while optimizing compliance efforts. Furthermore, the immutable nature of blockchain technology offers unparalleled transparency, security, and auditability to eGRC systems. By leveraging blockchain, organizations can ensure the integrity and traceability of compliance-related data, transactions, and records, reducing the risk of fraud and manipulation. Together, the integration of AI/ML and blockchain technologies in eGRC solutions enables organizations to achieve greater efficiency, effectiveness, and resilience in managing governance, risk, and compliance processes.

Challenge: The gap between a company's culture and its eGRC framework

The gap between a company's culture and its eGRC framework refers to the disparity or mismatch between the organization's established GRC practices and the prevailing cultural norms, values, and behaviors. Despite having comprehensive eGRC frameworks in place, organizations may encounter challenges if there is a lack of alignment between these frameworks and the company's culture. For example, the organizational culture prioritizes short-term gains over long-term risk mitigation. In that case, employees may bypass eGRC processes or fail to adhere to compliance protocols, leading to increased risk exposure.

EGRC Market Ecosystem

By vertical, Healthcare is expected to grow at the highest CAGR during the forecast period.

The adoption of eGRC solutions in Healthcare has gained significant traction in recent years due to the complex regulatory landscape and the critical importance of data security and patient privacy. These systems streamline governance, risk management, and compliance processes by integrating various functionalities such as policy management, risk assessment, audit management, and regulatory compliance monitoring into a centralized platform. In Healthcare, eGRC solutions help organizations navigate stringent regulatory requirements like HIPAA (Health Insurance Portability and Accountability Act) and GDPR (General Data Protection Regulation), ensuring adherence to standards while mitigating data breaches and non-compliance risks. EGRC systems empower healthcare institutions to enhance operational efficiency, strengthen regulatory compliance, and improve patient outcomes by providing a comprehensive framework for managing governance, risk, and compliance.

By organization size, the SME segment is expected to grow at the highest CAGR during the forecast period.

SMEs increasingly recognize the value of eGRC solutions in navigating complex regulatory landscapes and mitigating operational risks. While traditionally perceived as complex and costly, eGRC solutions tailored for SMEs offer scalable and affordable options that align with their specific needs and resources. By implementing eGRC solutions, SMEs can streamline compliance processes, proactively identify and address risks, and improve governance practices.

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 US and Canada are expected to contribute substantially 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.

Key Market Players

The key players in the eGRC market are 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).

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Scope of the Report

The study categorizes the eGRC market into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.

By Offering:

• Solutions
  • Risk Management
    • Operational Risk Management
    • Financial Risk Management
    • Third-party/Vendor Risk Management
    • Incident and Crisis Management
  • Audit Management
    • Internal Audit
    • External Audit
  • Compliance Management
  • Policy Management
  • Privacy Management
• Services
  • Professional
    • Consulting and Training
    • Integration
    • Support and Maintenance
  • Managed

By Solution Usage:

• External
• Internal

By Business Function:

• Finance
• IT
• Operations
• Legal

By Deployment Mode:

• Cloud
• On-Premises

• By Organization Size:
• Small and Medium Enterprises (SMEs)
• Large Enterprises

By Vertical:

• Government
• Banking, Financial Services and Insurance (BFSI)
• Healthcare
• Telecom
• Real Estate
• Media & Entertainment
• Other Verticals

By Region:

• North America
  • US
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Rest of Asia Pacific
• Middle East and Africa
  • Middle East
  • Africa
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America

Recent Developments

• In January 2024, Microsoft and Cognite extended their partnership to build an industrial data operations platform on Microsoft Fabric and Azure OpenAI Service. Integrated with Microsoft Purview, Fabric offers unified data governance tools, simplifying data management, monitoring, and security across diverse applications and platforms.
• In September 2023, the SAS Institute will deepen its collaboration with Microsoft to assist banks in effectively handling liquidity and interest rate risks. Their Asset and Liability Management (ALM) platform, fueled by Kamakura Risk Manager on Microsoft Azure, enables comprehensive risk management, capital allocation, and balance sheet optimization through multi-period, scenario-based simulation and valuation.
• In June 2022, Oracle updated its Governance, Risk, and Compliance Controls (GRCC). It provides a platform where two components run: Application Access Controls Governor (AACG). These components regulate access to duties assigned in business-management applications, such as Oracle E-Business Suite and PeopleSoft, and Enterprise Transaction Controls Governor (ETCG), which identifies business-application transactions posing an unacceptable risk.

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