According to a research report "eGRC Market by Component (Solutions (Risk Management, Regulatory & Compliance, Audit Management) and Services), Business Function, Vertical (BFSI, Healthcare, Manufacturing), and Region - Global Forecast to 2027" published by MarketsandMarkets, the global eGRC market size is expected to grow from an estimated value of USD 14.9 billion in 2022 to USD 27.1 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 12.6% from 2022 to 2027. Various factors contribute to the growth of the eGRC market. These include the increasing need to meet stringent compliance mandates, the growing need for a holistic view of data, and the increased data and security breaches. Furthermore, the integration of AI and blockchain technology into eGRC solutions and the growing number of partnerships and acquisitions are also providing opportunities for market growth.
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By deployment mode, the cloud segment is projected to grow with a higher CAGR during the forecast period
Based on deployment mode, the eGRC market is segmented into two categories: on-premises and cloud. The demand for cloud-based deployment mode is expected to grow because of the various benefits provided including the reduction in maintenance costs which is alluring the SMEs and organizations and major SMEs are preferring it as it mitigates the problem of budget constraints associated with on-premises deployment mode. Cloud-Based eGRC vendors offer GRC solutions to help organizations automate compliance and control monitoring processes. They also enhance the visibility of risk exposure. Hence, these vendors are expected to deploy eGRC solutions to leverage the benefits offered by the cloud platform. Most organizations are migrating from their legacy systems to a private or public cloud and hence solution providers focus on delivering robust cloud-based solutions. The drivers for cloud-based deployment mode market growth include cost-effectiveness, security, and protection from cyber-attacks.
By verticals, the Banking, and financial institutions segment to hold a larger market size during the forecast period
Among the verticals, banking and financial institutes are the early adopters of eGRC solutions as these institutes are prime and important contributors to the economy in terms of monetary benefits and are a regulated and competitive industry. Banks are the prime and largest verticals of eGRC solutions worldwide. There are various drivers that have resulted in the market growth of this industry including the continuous need to align with the changing environment, due to new complexities, the demand for responsible business practices and balancing the risk-taking steps, requirements to maintain financial stability while adhering to the newly established norms and practices, and regulatory relief by RBI and US Securities and Exchange Commission (SEC). The continuous developments made by key players to upgrade eGRC solutions fuel the adoption of eGRC solutions in banks and financial institutes worldwide.
By region, Asia Pacific to grow at the highest CAGR during the forecast period
The eGRC market is segmented into five regions: North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. The Asia Pacific region is projected to grow with the fastest growing CAGR during the forecast period. Asia Pacific comprises emerging economies, such as India, Japan, China, South Korea, Australia, and other countries. Asia Pacific is the fastest-growing region in the adoption of eGRC solutions. Various factors, such as internal and external regulations and the growing focus of various industries to get a unified view of risk, are expected to contribute to market growth. Factors such as increasing internet usage, regulations, compliances, and increasing digitalization and adoption of smartphones and connected devices are the major factors fueling the adoption of eGRC solutions.
Major vendors in the global eGRC market include IBM (US), Microsoft (US), SAP (Germany), SAS Institute (US), ServiceNow (US), Thomson Reuters (Canada), Wolters Kluwer (Netherlands), FIS (USA), Software AG (Germany), MetricStream (US), Mphasis (India), Sai Global (US), LexisNexis (US), Diligent Corporation (US), OneTrust (US), Navex Global (US), RSA Security (US), Mega International (France), Ideagen (UK), LogicManager (US), Riskonnect (US), Allgress Inc (US), CammsGroup (Australia), LogicGate(US), Reciprocity (US), SureCloud (UK), ProcessGene (Israel), LexComply (India), StandardFusion (Canada), Comensure (US), DynamicGRC(Singapore), VComply (US)
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