The global eGRC market size was valued at $29,374.46 million in 2018, and is projected to reach $74.52 billion by 2026, growing at a CAGR of 12.40% from 2019 to 2026.
eGRC software is used by organizations to efficiently and effectively manage enterprise government risks. The primary goal of eGRC is to manage to business and financial risks across enterprises and preparing these organizations against them. Numerous benefits such as efficient decisions made, realistic expectations, escalation and focused on risk, associated with eGRC software act as key drivers of the global eGRC market.
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In addition, eGRC software helps organizations to streamline their process and standardized their workflow, which boost its adoption across the globe. Moreover, it ensures that controls and systems are secured so that data is consistent across the enterprise. Surge in data breach in organizations and increase in stringent government regulatory compliances to prevent business risks are some of the major factors that augment the growth of the eGRC market. In addition, increase in penetration of IoT technology and rise in adoption of eGRC software in financial institutions fuel the growth of the market.
However, less security provided by the risk & compliance management software and high cost and complexity associated with installation as well as configuration of the software restrain the growth of the market. On the contrary, integration of artificial intelligence in eGRC software and rise in demand form developing economies are expected to provide lucrative opportunities for market expansion during the forecast period.
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By industry vertical, the global eGRC market was led by the BFSI segment in 2018, and is projected to maintain its dominance during the forecast period. The major factors driving the adoption of eGRC in this sector include increase in need to satisfy compliance regulations for preventing business risks among the organizations.
Depending on organization size, the large enterprises segment dominated the eGRC market size in 2018, and is projected to maintain this trend during the forecast period, owing to rise in different factors such as rise in competitive environment, rising need of assets protection, IP protection, reputation management and surge in need to prevent supply chain risks. However, the small & medium enterprises segment is expected to grow at a significant CAGR during the forecast period, owing to surge in the adoption of eGRC among SMEs in the upcoming years to identify, manage, and control various risks.
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The key players profiled in the eGRC market study are IBM Corporation, Lockpath, Inc., LogicManager, Inc., MetricStream Inc., Microsoft Corporation, SAP SE, SAS Institute Inc., Oracle Corporation, RSA Security LLC, and Thomson Reuters.
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