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Market Leader - eGRC Market

The Enterprise Governance, Risk, and Compliance (eGRC) software deployed in cloud or on-premises empowers organizations to reduce the cost, increase the operational efficiency, and avoid non-compliance. MarketsandMarkets expects the eGRC market size to grow from USD 22.14 Billion in 2017 to USD 43.87 Billion in 2022, at a Compound Annual Growth Rate (CAGR) of 14.7%. The increasing complexity in corporate governance, government regulations, and the need for increasing the operational efficiency along with reduced costs are some of the major driving factors for the growth of the eGRC market.

The major eGRC vendors are Microsoft (Washington, US), BWise (Rosmalen, Netherlands), SAS Institute Inc. (North Carolina, US), IBM Corporation (New York, US), FIS (Florida, US), Thomson Reuters (New York, US), Wolters Kluwer (Alphen aan den Rijn, Netherlands), MetricStream Inc. (California, US), EMC Corporation (Massachusetts, US), Oracle (California, US), and SAP SE (Walldorf, Germany). New product launches and partnerships are the key strategies adopted by these market players to offer feature-rich products and services to their customers and penetrate deeper into unserved regions.

IBM Corporation is one of the leading vendors of Governance, Risk, and Compliance (GRC) solutions. The company’s strategy is to provide highly competitive products and solutions in the eGRC market. Its efforts toward strengthening GRC solutions is evident from the fact that the company launched 2 new versions of OpenPages GRC solution from 2015. In 2017, the company launched OpenPages GRC V7.3.0.1 for on-premises as well as Software as a Service (SaaS) deployment models. The new version of the product contains new capabilities, such as Watson Classify capability for an object’s classification based upon text. In 2016, the company invested 7.2% of its total revenue in Research and Development (R&D) to enhance its product portfolio. In March 2015, IBM collaborated with Deloitte, to create a transformative series of risk management and regulatory compliance solutions for financial services firms and efficiently address their immediate compliance and conduct requirements.

Another market-leading company, EMC Corporation, adopted the strategies of new product development and upgradation to gain a dominant position against its competitors in the eGRC market. The company is striving to bring updated and innovated solutions for expanding its reach in the market. This strategy is supported by its latest release of series of new updates for RSA SecurID Access solution in May 2017. The update includes a cloud-based authentication as a service option, providing easy access to both on-premises and cloud-based resources and systems, to deliver safe access for any user, anywhere, any time. Previously, in February 2017, the company announced updates for the RSA NetWitness Suite, which enhanced the company’s capabilities to enable organizations to close the security team resource and skill gaps without adding staff.

Related Reports:

eGRC Market by Component (Services, Software), Deployment Mode (Cloud, On-Premises), Business Function (Finance, It, Legal, Operations), Organization Size, Vertical, Usage, and Region - Global Forecast to 2022

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