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eGRC Market
The eGRC Market was estimated at USD 32,000 million in 2020, expected to grow at a CAGR of 10.9% over the forecast period (2021-2028).
The factors driving the growth of eGRC Market includes emerging need to comply with the Data Protection regulations, rise in the number of data breaches around the world and increasing application of eGRC solutions in the banking and financial institutions to prevent money laundering and terrorist financing. As per the data available at Statista, the number of data breaches in the United States has risen from 662 in 2010 to more than 1000 by 2021, which is pushing companies in the U.S. to adopt eGRC solutions. Moreover, the integration of advanced technologies such as Artificial Intelligence (AI), internet of Things (IoT) and Machine Learning with the eGRC solutions, rising trend of Work from Home (WFH) and growing penetration of smartphones, are some of the additional factors supplementing the eGRC Market size . In addition, the growing emphasis on improving the customer service quality, increasing investments by leading players on research and development, rise in the volumes of data, rapid urbanization, and improvements in the living standards, are further contributing to the market growth.
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However, the growth of eGRC Market is hindered due to lack of awareness about eGRC solutions amongst the small and medium businesses.
The major players operating in the eGRC Market are ServiceNow., SAP SE, SAS Institute Inc., Thomson Reuters Corporation, Wolters Kluwer N.V., IBM Corporation, Microsoft, Oracle and Dell Inc., FIS, among others.
Offering – Segment Analysis
Based on Offering, the Solutions segment is predicted to expand at a remarkable CAGR during the forecast period attributed to rise in the number of cyber-crimes and emerging need to analyze organization's silos.
End-User – Segment Analysis
Based on End-User, the BSFI segment is projected to grow at a significant CAGR over the forecast period. Huge volumes of data generated by the FinTech companies, rise in the number of fraudulent activities such as data theft and money laundering and emerging to monitor transactions, are some of the factors responsible for the growth of the segment.
Regional – Segment Analysis
Based on Region, the North American region is anticipated to capture the largest market share during the forecast period. The strict regulations imposed by Governments on data protection, rise in the number of cyber-attacks, presence of the leading players such as IBM Corporation and Microsoft, increasing adoption of advanced technologies such as Artificial Intelligence (AI) and Machine learning by the major organizations, are some of the factors augmenting the market growth in North America.
Market Segmentation
Global eGRC Market by Offering
- Software
- Usage
- Type
- Policy Management
- Compliance Management
- Audit Management
- Incident Management
- Risk Management
- Other
- Services
Global eGRC Market by Deployment Mode
Global eGRC Market by Organization Size
Global eGRC Market by Business Function
- Finance
- IT
- Legal
- Operation
Global eGRC Market by End-User
- BFSI
- Telecommunication
- Energy and Utility
- Government
- Healthcare
- Manufacturing
- Mining and Natural Resources
- Retail and Consumer Goods
- IT
- Transportation and Logistics
- Other
Global eGRC Market by Region
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- North America
- United States of America
- Canada
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
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