Global Enterprise Governance Risk and Compliance (eGRC)
Dublin, 01 July 2021 (GLOBE NEWSWIRE) – The report “eGRC Market – Global Forecast to 2026” has been added to ResearchAndMarkets.com offer.
The global eGRC market size is expected to grow from $ 1.3 billion in 2021 to $ 2.2 billion by 2026, at a compound annual growth rate (CAGR) of 10.9% during the period forecast.
Key factors fueling market growth include the growing need to adhere to strict compliance mandates and gain a holistic view of policy, risk, and compliance data as well as the increase in data and security breaches . Moreover, the varying structure of regulatory policies may restrain the growth of the market to some extent during the forecast period.
Services segment will grow at a higher CAGR during the forecast period
Based on supply, the eGRC market is segmented into software and services. The services segment is expected to grow at a rapid rate during the forecast period. The growth of the service segment is attributed to the growing need to support the adoption of eGRC solutions across all industries. Services become essential for the successful implementation and functioning 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 Expected To Grow At Highest CAGR During Forecast Period
The eGRC market, based on business functions, has been segmented into finance, information technology (IT), legal, and operations. The growth of the financial segment is attributed to the growing need to improve performance, streamline business processes, reduce costs and improve profit margins. Finance, being one of the internal functions of an organization, must comply with various standards such as Sarbanes-Oxley, Basel II, Solvency II and Dodd-Frank, which contribute to the growing adoption of eGRC solutions.
Among regions, Europe will experience the highest CAGR during the forecast period
Europe is expected to grow at the highest CAGR during the forecast period. Organizations in 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 cyber attacks, and manage compliance and risk. . Therefore, industries in the region are focusing on integrating eGRC solutions into their operations.
- Increased need to meet strict compliance mandates that are driving the EGRC market
- Egrc Market by Offer and Organization Size: Software and Large Enterprise segments represent the highest market shares of the market in 2021
- Europe to grow at highest CAGR during forecast period
- Asia-Pacific to become a profitable market for investments over the next five years
- Increase in strict compliance mandates
- Growing need for a holistic view of data
- Growing data and security breaches
- Various regulatory policy structures
- Integration of Ai and Blockchain technology in Grc solutions
- Growing number of acquisitions and partnerships
- Provide a complete Egrc solution
- Egrc automation is one of the major challenges
Value chain analysis
- Big data
- Automation of robotic processes
- Longwood University Deployed Ideagen Software to Streamline Internal Audit Process
- Maitland invested in risk management and deployed Riskconnect solutions
- Nestlé has deployed an Active Risk Manager solution to manage business risks in its various operating centers located around the world
- Lockheed Martin deployed the Active Risk Manager (Arm) solution to help the company identify potential project risks
- Proserv deployed the Q-Pulse solution offered by Ideagen to help the company comply with industry standards and regulations
- Gm deployed IBM Openpages to help General Motors (Gm) analyze risk across all business functions
Income Shift – Yc-Ycc Shift
Porter’s Five Forces Analysis
Non-financial acts and regulations
- Sas Institute
- Service now
- Thomson reuters
- Wolters Kluwer
- Dell EMC
- Ag software
- Rsa security
- Mega International
- Metric flow
- Sai Global
Startup Company Profiles
- Navex Global
- Standard fusion
For more information on this report, visit https://www.researchandmarkets.com/r/akpxk7