eGRC Market

Global eGRC Market Size

The global enterprise governance, risk, and compliance (eGRC) market was valued at USD 61.13 billion in 2024 and is projected to reach USD 1,066.93 billion by 2033, growing at a CAGR of 13.4% from 2024 to 2033.

Enterprise governance, risk, and compliance (eGRC) is a new policy that helps companies monitor and secure their operations against various risks while improving productivity. eGRC also helps companies reduce costs, streamline controls, and identify operational inefficiencies. In other words, it integrates data, policies, and controls and develops results strategically.

The main factors driving the growth of the eGRC market include the growing need to fulfill strict mandatory compliance and to have a view of the growing need for a comprehensive vision of policy, compliance, data related to risks, and increased data and security breaches. In addition, the increasing integration of artificial intelligence (AI) and blockchain technologies with GRC solutions would provide opportunities for eGRC providers.

MARKET TRENDS

BFSI is the largest revenue contributor in the global eGRC market, and the industry faces increasing pressure to improve its overall performance and provide a seamless experience for its customers. Therefore, the vertical BFSI is looking for a framework that can help organizations meet various regulatory and compliance requirements, which acts as an influencing factor for the eGRC market.

MARKET DRIVERS

Organizations seeking to reduce costs and strengthen their decision-making capabilities to improve business performance have become one of the most powerful growth engines in the global eGRC market. We have already underlined existing enterprise resource planning (ERP) systems, and inadequate monitoring capabilities of existing systems have completed the adoption of eGRC systems. Additionally, increased regulatory requirements and demand for corporate governance have fuelled the adoption of eGRC solutions among companies. However, a lack of knowledge of eGRC, particularly in small and medium-sized enterprises, is expected to erode the growth of its market, which is expected to have a significant impact at the beginning of the forecast period. At the same time, continuous trade changes and increasingly strong federal laws can slow growth in the global eGRC market. Furthermore, improving the IT ecosystem, particularly in the Asia-Pacific region, should lead to significant growth in the eGRC market in the short term.

MARKET RESTRAINTS

The structure of regulatory policies changes from one country to another and from one company to another. Several countries do not have a designated body to govern these policies. These must be regulated and applied, taking into account various factors such as microeconomic risk factors and trade requirements. This factor, that is, the lack of a clear standard to follow, is considered one of the factors limiting the growth of the global eGRC market. These factors also make it difficult for eGRC solution providers to meet various end-user requirements. In some regions, where the governing bodies do not impose any regulatory structure and standards, organizations focus on the implementation of internal regulatory guidelines and policies.

REPORT COVERAGE

REGIONAL ANALYSIS

North America is expected to have the largest size in the global eGRC market. This region is home to large suppliers that adopt various organic and inorganic strategies to maintain their competitive position in the market. While the growth rate in the APAC region is expected to be the highest during the forecast period, its growth is attributed to several eGRC providers who are expanding their reach in the region to meet changing customer needs.

KEY MARKET PLAYERS

The main providers in the global eGRC market are IBM (United States), Microsoft (United States), Oracle (United States), SAP (Germany), SAS Institute (United States), Thomson Reuter (Canada), Wolters Kluwer (Countries Bass), Dell EMC (United States), FIS (United States), MetricStream (United States), Software AG (Germany), SAI Global (United States), ProcessGene (Israel), LogicManager (United States), NAVEX Global (United States), Ideagen (United Kingdom), Alyne (Germany) and MEGA International (France). These providers have adopted various organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, mergers, and acquisitions, to further expand their presence in the global market.

RECENT MARKET HAPPENINGS

• In May 2019, IBM collaborated with Thomson Reuters to help banks meet growing regulatory requirements. The collaboration aims to combine artificial intelligence (AI) and regulatory information in real time to improve risk management. AI offers access to RegTech, an IBM cloud solution that provides real-time financial information.
• In October 2018, Oracle introduced an artificial intelligence risk management cloud that provides customers with improved security capabilities and better fraud monitoring. It also provides advanced analytics to design, separate tasks, secure data, and avoid fraud.
• In February 2018, Microsoft released a new compliance tool, Compliance Manager, that helps organizations meet their compliance obligations, such as the EU GDPR, ISO 27001, ISO 27018, NIST 800-53, NIST 800-171, and HIPAA.

MARKET SEGMENTATION

This research report on the global eGRC market has been segmented and sub-segmented based on the component, deployment mode, organization size, application, industry vertical, and region.

By Component

• Software
• Services

By Deployment Mode

• Cloud
• On-Premises

By Organization Size

• Small and Medium Enterprises (SMEs)
• Large Enterprises

By Application

• Risk Management
• Compliance Management
• Audit Management
• Policy Management

By Industry Vertical

• Banking, Financial Services, and Insurance (BFSI)
• Healthcare and Life Sciences
• Information Technology and Telecommunications
• Manufacturing
• Retail and Consumer Goods
• Government and Defense
• Energy and Utilities
• Others (Media, Entertainment, Education)

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa