eGRC Market

Key players adopted various organic and inorganic strategies to achieve competitive position and increase their market shares in the global eGRC Market

MarketsandMarkets forecasts the Global Enterprise Governance Risk and Compliance (eGRC) market size to grow from USD 31.5 billion in 2019 to USD 51.5 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 10.3% during the forecast period. The major factors contributing to the market growth include the growing need to meet stringent compliance mandates and get a holistic view of policy, risk and compliance data, and increasing data and security breaches. These factors lead to the growing need for precise eGRC solutions, which support organizations to effectively manage Governance Compliance Risk (GRC) programs for driving the growth of the eGRC market.

eGRC is an umbrella term that covers governance, risk, and compliance that typically encompasses activities, such as corporate governance, enterprise risk management, and corporate compliance, with applicable laws and regulations. With the development in product offerings, eGRC solution providers have started integrating Artificial Intelligence (AI) and Machine Learning (ML) technologies with eGRC solutions. These solutions are becoming critical as they support organizations to manage their risk and compliance programs effectively.

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Some of the major eGRC vendors are IBM (US), Microsoft (US), Oracle (US), SAP (Germany), SAS Institute (US), Thomson Reuters (Canada), Wolters Kluwer (Netherlands), Dell EMC  (US), FIS (US), MetricStream (US), Software AG (Germany), SAI Global (US), ProcessGene (Israel), LogicManager (US), NAVEX Global (US), Ideagen (UK), Alyne(Germany), and  MEGA International (France). These eGRC solution providers have adopted various organic and inorganic strategies to achieve competitive position and increase their market shares in the global eGRC market.

IBM (US) was founded in 1911 and is headquartered in New York, US. The company offers integrated solutions and products, which leverage the benefits of data, Information Technology (IT), deep expertise, and business processes to create value for clients. It is an established player and a globally renowned vendor for providing dedicated hardware, software, and related services. Its product portfolio consists of various segments, including analytics, cloud, cognitive, commerce, Internet of Things (IoT), industry solutions, systems, mobile, security, social, and Watson. The company offers OpenPages GRC, a platform to cater to the eGRC market. The platforms offer an integrated and a modular approach to governance, risk, and compliance. It helps organizations meet several requirements related to risk management, IT governance, policy and compliance management, financial controls management, and internal audit.

In May 2019, IBM collaborated with Thomson Reuters for helping banks tackle the increasing regulatory requirements. The collaboration aims at combining AI and real-time regulatory insights to enhance risk management.

Wolters Kluwer (Netherlands) was founded in 1836 and is headquartered in South Holland, Netherlands. The company is a provider of professional information, software solutions, and services for clinicians, nurses, accountants, and lawyers, along with tax, finance, audit, risk, compliance, and regulatory sectors. It caters to its global clientele in over 180 countries and has 18,600 employees across the globe. The company specializes in workflow solutions, eGRC solutions, and tax and accounting solutions. It has also been following various growth strategies to maintain its competitive position in the market. This is evident from the fact that, in May 2019, Wolters Kluwer acquired CLM Matrix, a leading provider of Contract Lifecycle Management (CLM) software. Post the acquisition, Wolters Kluwer enhanced its ELM solution range and capabilities to offer a complete suite of technology solutions for addressing the growing need of corporate legal operations.

Related Reports:

eGRC Market by Component (Software and Services), Software (Usage and Type), Type (Policy Management, Compliance Management, Audit Management, Incident Management, and Risk Management), Business Function, Vertical, and Region - Global Forecast to 2024

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Report Code
TC 2195
RI Published ON
6/28/2019
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