Dublin, Nov. 09, 2021 (GLOBE NEWSWIRE) -- The "Global eGRC Market (2021-2027) by Component, Deployment, Organization Size, Function, Industry Vertical, and Geography, Competitive Analysis, Impact of Covid-19, Ansoff Analysis" report has been added to ResearchAndMarkets.com's offering.
The Global eGRC Market is estimated to be USD 36.4 Bn in 2021 and is expected to reach USD 73.79 Bn by 2027, growing at a CAGR of 12.5%.
Key factors such as rising incidences of data breaches in the organization have led to an increased need for data safety. Moreover, the rising business complexities due to complex transactions have resulted in a need to implement a compliance management system.
These factors have led to the growth of the eGRC (enterprise governance, risk, and compliance) market. The stringent government regulation towards data security and compliance has also been driving the market growth.
However, the eGRC suites' costs, along with the third party risks, are likely to hinder the market growth. Additionally, different countries' dynamic regulatory policy, with no standard regulatory policies, is also expected to deter market growth.
By Component, the Software segment is estimated to hold the highest market share. Enterprises use the eGRC software for compliance and audit management purposes. With the demand for streamlined and automated eGRC programs such as GRC Envelop, SAP GRC, etc., the demand for eGRC software is anticipated to rise in the forecasted period.
The adoption of these solutions helps mitigate risk and manage compliance and helps reduce the total cost of ownership of software due to the integration of different solutions. Amongst the different software types for eGRC purposes, such as Policy Management, Compliance Management, Audit Management, Incident Management, Risk Management, the risk management software is expected to hold a high market share.
These solutions analyze, measure, and define different levels of threat for an organization to formulate automated designs for risk remediation processes.
By Deployment, the Cloud-based deployment is estimated to hold the highest market share. There has been a rise in the adoption of cloud-based platforms lately due to their scalability and cost-effectiveness. This has resulted in the implementation of cloud-based eGRC solutions across workspaces for managing data from several databases, different systems, and warehouses efficiently, thereby indicating a market segment growth in the said segment.
By Organization Size, Large Enterprises are estimated to hold the highest market share. These enterprises are likely to suffer high financial losses due to non-compliance.
Also, most of these large enterprises have their operations in different parts of the world; thereby, they are obliged to follow diverse regulatory policies, which further enhances the risk of non-compliance. To mitigate these risks and manage the complex regulatory changes efficiently within the enterprises, they adopt the eGRC suite. This is likely to boost the market segment growth.
By Function, the Finance segment is estimated to hold the highest market share. Finance is one of the internal functions of an organization that needs to constantly abide by the changing regulatory norms such as the BASEL II, and Solvency II, and GAAP based standards.
Therefore, financial organizations need to be constantly aware and keep themselves updated on the market volatility, competitors, and financial crimes amidst these ever-changing, complex regulations. The adoption of eGRC solutions can help improve the risk reporting practices and help efficiently adapt to the regulatory changes and deploy across a large user base.
By Industry Vertical, the BFSI segment is estimated to hold the highest market share. The eGRC solutions help in risk identification and management of the risks related to customers, third party enterprises, and related operations in the BFSI sector. With the advancements in technologies, the BFSI sector is also adopting technological architecture for managing the risk landscape.
The availability of advanced enterprise governance, risk, and compliance software can help manage money laundering, mitigate the forex risk and interest rate risk, etc. Besides, it can help in providing the compliance and finance-related mandates to ensure efficiency in the processes. This has led to a high demand in the BFSI segment contributing to market segment growth.
By Geography, North America is projected to lead the market. The factors attributed to the market's growth are stringent regulatory governance policies that have led to the early adoption of eGRC solutions and services. Moreover, the availability of advanced technologies, integration of advanced analytics such as big data, AI, etc., and cloud-based solutions with eGRC are likely to further aid market growth.
Increase in Risk of Data Breach In Organizations
Implementation of Stringent Government Regulations towards Data Security
Increasing Business Complexities
Varying Structure of Regulatory Policies
Cyber Security and Third-Party Risks
High Implementation Cost
Increasing Adoption of Big Data and IoT in GRC Solutions
Growing Cyber Security Issues in Automotive Industry
Adoption of Cloud-Based GRC Solutions
Complexity in Installation & Configuration
Limited Resources and Awareness within Organizations
HCL Technologies Limited
SAS Institute Inc.
RSA Security LLC.
SAI Global Pty Limited
Key Topics Covered:
1 Report Description
2 Research Methodology
3 Executive Summary
4 Market Overview
5 Market Analysis
6 Global eGRC Market, By Component
7 Global eGRC Market, By Deployment
8 Global eGRC Market, By Organization Size
9 Global eGRC Market, By Function
10 Global eGRC Market, By Industry Vertical
11 Global eGRC Market, By Geography
12 Competitive Landscape
For more information about this report visit https://www.researchandmarkets.com/r/4oklxx
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