Dublin, July 01, 2021 (GLOBE NEWSWIRE) -- The "eGRC Market - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global eGRC market size is projected to grow from USD 1.3 billion in 2021 to USD 2.2 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 10.9% during the forecast period.
The major factors fueling 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. Moreover, the varying structure of regulatory policies may restraint the growth of the market to a certain extent during the forecast period.
Services segment to grow at a higher CAGR during the forecast period
Based on offering, the eGRC market is segmented into software and services. The services segment is expected to grow at a rapid pace during the forecast period. The growth of the services segment is attributed to the growing need to support the adoption of eGRC solutions across industries. The services are becoming critical for the successful implementation and smooth running of eGRC solutions. Hence, the demand for various services such as training, consulting, and support is expected to increase in the eGRC market.
Finance segment to grow at the highest CAGR during the forecast period
The eGRC market, based on business functions, has been segmented into finance, information technology (IT), legal, and operations. The growth of the finance segment is attributed to the growing need for improving performance, streamlining business processes, reducing costs, and enhancing profit margins. Finance, being one of the internal functions of an organization, has to comply with various norms such as Sarbanes-Oxley, Basel II, Solvency II, and Dodd-Frank, which contribute to the increasing adoption of eGRC solutions.
Among regions, Europe to grow at the highest CAGR during the forecast period
Europe is expected to grow at the highest CAGR during the forecast period. Organizations across the region are looking for a framework that can help them effectively manage their Governance Risk Compliance (GRC) programs, as traditional methods are no longer adequate to manage and mitigate advanced cyberattacks, and manage compliances and risks. Therefore, industries across the region are focusing on the integration of eGRC solutions with their operations.
Increase in Need to Meet Stringent Compliance Mandates Driving the Egrc Market
Egrc Market by Offering and Organization Size: Software and Large Enterprises Segments to Account for the Highest Market Shares in the Market in 2021
Europe to Grow at the Highest CAGR During the Forecast Period
Asia-Pacific to Emerge as a Profitable Market for Investments Over the Next Five Years
Increase in Stringent Compliance Mandates
Growing Need to Get a Holistic View of Data
Growing Data and Security Breaches
Various Structures of Regulatory Policies
Integration of the Ai and Blockchain Technology in Grc Solutions
Growing Number of Acquisitions and Partnerships
Providing a Comprehensive Egrc Solution
Egrc Automation is One of the Major Challenges
Value Chain Analysis
Robotic Process Automation
Longwood University Deployed Ideagen's Software to Streamline the Internal Audit Process
Maitland Invested in Risk Management and Deployed Riskconnect Solutions
Nestle Deployed Active Risk Manager Solution to Manage Enterprise Risk Across Its Various Operation Centers Situated Across the Globe
Lockheed Martin Deployed the Active Risk Manager (Arm) Solution to Help the Company Identify Potential Risks Related to the Project
Proserv Deployed Q-Pulse Solution Offered by Ideagen to Help the Company Comply with the Standards and Industry Regulations
Gm Deployed IBM Openpages to Help General Motors (Gm) Analyze the Risk Across All Its Business Functions
Revenue Shift - Yc-Ycc Shift
Porter's Five Forces Analysis
Non-Financial Acts and Regulation
Startup Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/akpxk7
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