eGRC Market by Component (Software and Services), Deployment (On-premises and Cloud), Enterprise Size (SMEs and Large Enterprises), Industry Vertical (BFSI, Manufacturing, Healthcare, Energy, IT & Telecom, Others): Global Market Size Estimates and Forecast (2022-2030)

Code: BMIRE00026501 | Pages: 100 | Industry: Technology, Media and Telecommunications | Date: Sep 2022 | Type: Global

The eGRC market crossed US$ 30.32 billion mark in 2022 and is expected to hit US$ 79.77 billion by 2030, recording a CAGR of 12.9% during the forecast period.

 

eGRC market has been significantly growing with the high adoption of eGRC software and services across industries. For all industrial sectors, eGRC is essential due to its governance issues. However, the government's increasingly stringnet regulations are becoming increasingly common. The compliances are designed to ensure that the industries operate responsibly and take the required precautions to reduce the risk. Any organization’s future depends on how actively they comprehend internal and external elements and use those understandings to make decisions using the eGRC standards periodically. Data breaches across various businesses have led to the adoption of information security. Government Risk Compliance offers a wide range of opportunities driven by the complicated evolving transactions across industries. Further, the BFSI segment is expected to pace with the rising adoption across the industry amid the rise in digital transactions. An eGRC software also aids the banks in refreshing their security services in case of unforeseen events. 

Within the report, the eGRC market is segmented into component, deployment, organization size, industry vertical, and geography. By component, the eGRC market is further segmented into software and services. Based on deployment, the eGRC market is bifurcated into on-premises and cloud. By enterprise size, the eGRC market is categorized into SMEs and large enterprises. Based on industry vertical, the eGRC market is divided into BFSI, manufacturing, healthcare, energy, IT & Telecom, and others. Geographically, the eGRC market is sub-segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

The introduction of hybrid work resulted in the rise of cyber risks, which in turn is raising the demand for eGRC market.

Flexibility and flexible structures are required for any resilient organization across all operational fields. Along with flexibility, hybrid works also result in increased operational risk. Companies adopting hybrid work models must embrace change and agility to protect data, manage employees, and meet organizational objectives. In addition, hybrid work models have introduced newer workforce risks owing to the managers navigating challenges across the dual workforce. Thus, to manage and improve work efficiency and maintain optimum compliance management, the demand for eGRC software and services is rising at a fast rate over the forecasted period.

 

Rising digitization and concerns for compliance management across the BFSI sector are attributed to driving eGRC market growth.

The industries for eGRC software and services are BFSI, manufacturing, healthcare, IT & Telecom, and others. BFSI industry is one such industry, wherein the use of eGRC software is increasing for effective safety of data generated across its various financial sectors and rise in digitization. Additionally, the eGRC aids in the identification and management of risks relevant to third parties, customers, and others. Rising risk concerns amid technological advancement further drive the demand for eGRC software and services to manage the risk landscape.  

 

Recent strategic developments in eGRC market

The eGRC market has undergone several significant developments, and a few of these have been mentioned below:

  • In April 2020, Wolters Kluwer’s CPM division created and introduced “COVID-19 Noteworthy Developments Bulletins”. The solution is built on regulatory compliance tools connected to COVID-19. The objective is to provide COVID-19-related regulatory information, including notices, modifications, international regulatory orders, and other updates, to the BFSI industry.
  • In March 2022, IBM unveiled IBM OpenPages with Watson 8.3. It is an integrated GRC platform that offers a task-focused user interface to help firms maintain their risk and compliance operations.

The eGRC market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Bwise, Deloitte, IBM Corporation, LexisNexis, and Oracle Corporation are among the prominent players operating in the eGRC market.

Target audience for the report:

  • Data protection officers
  • Information security officers
  • Risk Managers
  • Incident Managers
  • Auditors
  • IT department head
  • eGRC-related associations, organizations, forums, and alliances
  • Government bodies, such as regulating authorities and policy makers
  • End users of eGRC software and services
  • Research institutes, organizations, and consulting companies

Scope of the report:

In this report, the eGRC market has been segmented on the basis of:

  • Component:
    • Software
    • Services
  • Deployment
    • On-premises
    • Cloud
  • Enterprise Size:
    • SMEs
    • Large Enterprises
  • Industry Vertical:
    • BFSI
    • Manufacturing
    • Healthcare
    • Energy
    • IT & Telecom
    • Others
  • Region
    • North America
    • Europe
    • Asia Pacific (APAC)
    • South & Central America
    • Middle East & Africa
  • Companies profiled
    • Bwise
    • Deloitte Touche Tohmatsu Limited
    • IBM Corporation
    • LexisNexis (RELX Group)
    • MetricStream Inc.

Companies profiled
- Bwise
- Deloitte Touche Tohmatsu Limited
- IBM Corporation
- LexisNexis (RELX Group)
- MetricStream Inc.

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