eGRC Market by Component (Services, Software), Type (Audit Management, Compliance Management, Incident Management), Deployment Mode, Organization Size, End-User - Global Forecast 2024-2030

eGRC Market by Component (Services, Software), Type (Audit Management, Compliance Management, Incident Management), Deployment Mode, Organization Size, End-User - Global Forecast 2024-2030

The eGRC Market size was estimated at USD 16.92 billion in 2023 and expected to reach USD 18.75 billion in 2024, at a CAGR 11.93% to reach USD 37.26 billion by 2030.

The Enterprise Governance, Risk, and Compliance (eGRC) includes software solutions, services, and tools that facilitate businesses in effectively managing their governance, risk management, and compliance processes. These comprehensive systems optimize organizational performance by automating workflows, monitoring real-time risks, and ensuring regulatory adherence. The eGRC solutions are gaining significant traction across various industries due to the increasing need for organizations to manage their financial risks while adhering to regulatory norms efficiently. The increasing complexity of regulatory frameworks worldwide and rising cybersecurity threats raise the demand for robust eGRC solutions. However, the high costs associated with implementing comprehensive eGRC systems and the complexity of integrating these solutions with existing IT infrastructure may adversely impact the deployment of eGRC solutions across the end-use sectors. Besides, developing innovative solutions that cater to evolving industry needs and integrating advanced technologies such as artificial intelligence into eGRC platforms can enable real-time analysis of risks while automating repetitive tasks, thereby improving decision-making capabilities.

Regional Insights

The eGRC market is evolving in the Americas owing to a surge in regulatory requirements due to increased data breaches and cybersecurity incidents. Countries in the Americas have also seen significant investments in research and development of eGRC technologies to establish best practices for regulatory compliance. Several EU countries have invested heavily in eGRC initiatives to promote information sharing between government bodies and private organizations. Additionally, there is a growing need for eGRC solutions across various industries within the Middle East and Africa due to rapid digitalization efforts within these regions. The rapidly growing economies, including China, Japan, and India, embracing digital transformation across industries, including healthcare, finance, and retail, are increasing demand for effective risk management solutions. To strengthen their regional presence, Asian governments have initiated several programs promoting cloud adoption and data security compliance through tailor-made eGRC platforms. Moreover, advancements in eGRC technology can effectively manage evolving risks with increasing regulatory complexities.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the eGRC Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

• Growing need to handle governance issues, manage risk, and ensure compliance
• Increasing data breaches and security threats
• Government initiatives for digital transformation across businesses

Market Restraints

• High cost associated with implementing comprehensive eGRC systems

Market Opportunities

• Integration of advanced technology, such as AI and blockchain technology
• Emerging popularity of cloud-based eGRC solutions

Market Challenges

• Concerns associated with eGRC automation and integration complexities

Market Segmentation Analysis

• Component: Expanding applications of eGRC services for training & consulting
• Type: Extensive use of eGRC services for risk management
• Deployment Mode: Growing popularity of cloud-based eGRC solutions
• Organization Size: Penetration of eGRC solutions across large enterprises
• End-User: Burgeoning demand for eGRC solutions from government sector

Market Disruption Analysis

• Porter’s Five Forces Analysis
• Value Chain & Critical Path Analysis
• Pricing Analysis
• Technology Analysis
• Patent Analysis
• Trade Analysis
• Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the eGRC Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the eGRC Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Swiss GRC Announces Expansion into the Dynamic Indian Market amid Economic Growth

Swiss GRC announced plans to extend its operations into India by introducing the GRC Toolbox, tailored to meet the unique compliance and governance demands of the Indian business landscape. The increasing complexities in corporate activities and regulatory requirements in India are key drivers for their expansion. This strategic decision is further supported by rising interest from Indian businesses and potential channel partners, signaling strong local market engagement prospects for Swiss GRC.

Enhancing GRC Expertise: Quantivate's Strategic Initiatives and Resources

Quantivate,launched publication of a new learning hub for GRC professionals to support users in optimizing their eGRCs. This hub is a valuable resource, providing FAQs that address common queries and concerns and cover various aspects, such as the benefits of using eGRC, the GRC process, and best practices for implementation.

Deloitte Enhances ESG Reporting and Compliance through New Sustainability Accelerators on Workiva Platform

Deloitte introduced the Workiva ESG Accelerator, designed to offer enhanced integration with governance, risk, and compliance (GRC) processes. This new solution is powered by the Workiva eGRC platform and provides organizations with an efficient and cost-effective means to elevate their ESG reporting and gain valuable insights. The accelerator offers a wide range of capabilities that enable companies to optimize the value of their data while ensuring compliance with emerging disclosure requirements.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the eGRC Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the eGRC Market, highlighting leading vendors and their innovative profiles. These include Avolution Pty Ltd., Cumulocity GmbH by Software AG, Ideagen PLC, International Business Machines Corporation, LogicManager, Inc., MEGA International S.A., MetricStream Inc., Microsoft Corporation, Mphasis Limited, NAVEX Global, Inc., Neto Consulting, Okta, Inc., Oracle Corporation, Protiviti Inc., Resolver Inc., SAI360 by Intertek Group plc, SAP SE, SAS Institute Inc., ServiceNow, Inc., Thomson Reuters Corporation, TIBCO Software Inc., VComply Technologies, Inc., and Wolters Kluwer N.V..

Market Segmentation & Coverage

This research report categorizes the eGRC Market to forecast the revenues and analyze trends in each of the following sub-markets:

Component

• Services
• Integration
• Support
• Training & Consulting
• Software
• Type
  • Audit Management
  • Compliance Management
  • Incident Management
  • Policy Management
  • Risk Management
  • Deployment Mode
  • Cloud
  • On-Premises
  • Organization Size
  • Large Enterprises
  • SMEs
  • End-User
  • BFSI
  • Energy & Utility
  • Government
  • Healthcare
  • IT
  • Manufacturing
  • Mining & Natural Resources
  • Retail & Consumer Goods
  • Telecommunication
  • Transportation & Logistics
  Region
  • Americas
  • Argentina
  • Brazil
  • Canada
  • Mexico
  • United States
  • California
  • Florida
  • Illinois
  • New York
  • Ohio
  • Pennsylvania
  • Texas
  • Asia-Pacific
  • Australia
  • China
  • India
  • Indonesia
  • Japan
  • Malaysia
  • Philippines
  • Singapore
  • South Korea
  • Taiwan
  • Thailand
  • Vietnam
  • Europe, Middle East & Africa
  • Denmark
  • Egypt
  • Finland
  • France
  • Germany
  • Israel
  • Italy
  • Netherlands
  • Nigeria
  • Norway
  • Poland
  • Qatar
  • Russia
  • Saudi Arabia
  • South Africa
  • Spain
  • Sweden
  • Switzerland
  • Turkey
  • United Arab Emirates
  • United Kingdom
  
  
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