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Pulished Date April, 2021
ID: 9858
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Global eGRC Market Research Report – Segmented By Service (Installation and Training, Advice and Assistance), Type (Policy Management, Compliance Management, Audit Management, Incident Management, and Risk Management), Business Function (IT, Finance, Operations, and Legal), Vertical (Telecommunications and IT, Manufacturing, Healthcare, Banking, Financial and Insurance Services (BFSI), Energy and Public Services, Retail and Hospitality, Government, Mining, and others), and Region - Forecast to 2026

Pulished: April, 2021
ID: 9858
Pages: 150

Global eGRC Market Size & Growth Analysis (2020 – 2025)

The global enterprise governance, risk and compliance (eGRC) market is projected to grow from $ 32.6 billion in 2019 to $ 61.2 billion in 2025, at a compound annual growth rate (CAGR) of 13.4% over the outlook period.

Enterprise governance, risk and compliance (eGRC) is a new age policy that helps companies to monitor and secure their operations against various risks while improving productivity. eGRC 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 fulfil 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.

Recent DEVELOPMENTS:

  • 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. Artificial intelligence 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 the 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 growth and 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 an influencing factor for the eGRC market.

Impact of Covid-19 on the Global eGRC Market:

Due to the recent COVID-19 outbreak, risk managers and compliance officers are struggling to cope with this pandemic. In this situation, optimizing risk management has quickly become one of the best defenses an organization can have to ensure business continuity. Businesses leverage the capabilities of their risk management teams through smart investments in risk technology. While proactivity is the best option for managing risk under normal circumstances, since the pandemic is a risk that has already been updated, it has focused on approaches that can react quickly to the latest developments. In addition, compliance officers around the world ensure compliance with the rules and regulations established by state governments to contain the virus.

Market Drivers and Restraints:

The organizations seeking to reduce costs and strengthen their decision-making capabilities to improve business performance has 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.

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 as 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.

Market segmentation:

The global eGRC market is segmented by business function, type, services, and vertical.

  • Depending on the business function, the eGRC market is classified as IT, Finance, Operations, and Legal.
  • Based on the type, the global market is divided into policy management, compliance management, audit management, incident management, and risk management.
  • In terms of services, the eGRC market is subdivided into installation and training, advice and assistance.
  • Based on the vertical, the eGRC market is segmented into telecommunications and computing, manufacturing, healthcare, banking, financial and insurance services (BFSI), energy and public services, retail and hospitality, government, mining, and others. Among these, banking, financial services and insurance (BFSI) segment is expected to maintain the substantial market size over the foreseen period.

Regional Analysis:

The global eGRC market is segmented into various geographic areas such as North America, Europe, Asia-Pacific, Middle East and Africa and South America.

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 players in the market:

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.

1. Introduction                                 

                1.1 Market Definition                    

                1.2 Scope of the report                

                1.3 Study Assumptions                 

                1.4 Base Currency, Base Year and Forecast Periods                          

2. Research Methodology                                           

                2.1 Analysis Design                         

                2.2 Research Phases                      

                                2.2.1 Secondary Research           

                                2.2.2 Primary Research 

                                2.2.3 Data Modelling      

                                2.2.4 Expert Validation  

                2.3 Study Timeline                          

3. Report Overview                                        

                3.1 Executive Summary                

                3.2 Key Inferencees                       

4. Market Dynamics                                       

                4.1 Impact Analysis                         

                                4.1.1 Drivers      

                                4.1.2 Restaints  

                                4.1.3 Opportunities        

                4.2 Regulatory Environment                       

                4.3 Technology Timeline & Recent Trends                            

5. Competitor Benchmarking Analysis                                    

                5.1 Key Player Benchmarking                     

                                5.1.1 Market share analysis        

                                5.1.2 Products/Service  

                                5.1.3 Regional Presence               

                5.2 Mergers & Acquistion Landscape                      

                5.3 Joint Ventures & Collaborations                        

6. Market Segmentation                                              

                6.1 eGRC Market, By Type                          

                                6.1.1 Policy Management            

                                6.1.2 Compliance Management

                                6.1.3 Audit Management             

                                6.1.4 Incident Management       

                                6.1.5 Risk Management

                                6.1.6 Market Size Estimations & Forecasts (2019-2024)   

                                6.1.7 Y-o-Y Growth Rate Analysis             

                                6.1.8 Market Attractiveness Index          

                6.2 eGRC Market, By Service                      

                                6.2.1 Installation and Training    

                                6.2.2 Advice and Assistance        

                                6.2.3 Market Size Estimations & Forecasts (2019-2024)   

                                6.2.4 Y-o-Y Growth Rate Analysis             

                                6.2.5 Market Attractiveness Index          

                6.3 eGRC Market, By Business Function                

                                6.3.1 IT 

                                6.3.2 Finance     

                                6.3.3 Operations              

                                6.3.4 Legal          

                                6.3.5 Market Size Estimations & Forecasts (2019-2024)   

                                6.3.6 Y-o-Y Growth Rate Analysis             

                                6.3.7 Market Attractiveness Index          

                6.4 eGRC Market, By Vertical                     

                                6.4.1 Telecommunications and IT             

                                6.4.2 Manufacturing      

                                6.4.3 Healthcare              

                                6.4.4 Banking, Financial and Insurance Services (BFSI)    

                                6.4.5 Energy and Public Services               

                                6.4.6 Retail and Hospitality          

                                6.4.7 Government          

                                6.4.8 Mining      

                                6.4.9 Market Size Estimations & Forecasts (2019-2024)   

                                6.4.10 Y-o-Y Growth Rate Analysis           

                                6.4.11 Market Attractiveness Index        

7. Geographical Landscape                                         

                7.1 Global Identity Governance and Administration Market, by Region                  

                7.2 North America - Market Analysis (2018 - 2024)                            

                                7.2.1 By Country              

                                                7.2.1.1 USA

                                                7.2.1.2 Canada

                                7.2.2 By Type    

                                7.2.3 By Service

                                7.2.4 By Business Function          

                                7.2.5 By Vertical               

                7.3 Europe                         

                                7.3.1 By Country              

                                                7.3.1.1 UK

                                                7.3.1.2 France

                                                7.3.1.3 Germany

                                                7.3.1.4 Spain

                                                7.3.1.5 Italy

                                                7.3.1.6 Rest of Europe

                                7.3.2 By Type    

                                7.3.3 By Service

                                7.3.4 By Business Function          

                                7.3.5 By Vertical               

                7.4 Asia Pacific                  

                                7.4.1 By Country              

                                                7.4.1.1 China

                                                7.4.1.2 India

                                                7.4.1.3 Japan

                                                7.4.1.4 South Korea

                                                7.4.1.5 South East Asia

                                                7.4.1.6 Australia & NZ

                                                7.4.1.7 Rest of Asia-Pacific

                                7.4.2 By Type    

                                7.4.3 By Service

                                7.4.4 By Business Function          

                                7.4.5 By Vertical               

                7.5 Latin America                             

                                7.5.1 By Country              

                                                7.5.1.1 Brazil

                                                7.5.1.2 Argentina

                                                7.5.1.3 Mexico

                                                7.5.1.4 Rest of Latin America

                                7.5.2 By Type    

                                7.5.3 By Service

                                7.5.4 By Business Function          

                                7.5.5 By Vertical               

                7.6 Middle East and Africa                           

                                7.6.1 By Country              

                                                7.6.1.1 Middle East

                                                7.6.1.2 Africa

                                7.6.2 By Type    

                                7.6.3 By Service

                                7.6.4 By Business Function          

                                7.6.5 By Vertical               

8. Key Player Analysis                                    

                8.1 IBM                

                                8.1.1 Business Description           

                                8.1.2 Products/Service  

                                8.1.3 Financials 

                                8.1.4 SWOT Analysis       

                                8.1.5 Recent Developments       

                                8.1.6 Analyst Overview 

                8.2 Microsoft                    

                8.3 Oracle                           

                8.4 SAP SE                          

                8.5 SAS                

                8.6 Thomson Reuter                      

                8.7 Dell EMC                      

                8.8 Wolters Kluwer                         

                8.9 FIS                  

                8.10 MetricStream                          

9. Market Outlook & Investment Opportunities                                

Appendix                                           

                List of Tables                     

                List of Figures                   

  • Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
  • Segment-level analysis in terms of Service, Type, Business Function, Vertical along with market size forecasts and estimations to detect key areas of industry growth in detail
  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
  • Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development
  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
  1. Global eGRC Market By Region, From 2020-2025 ( USD Billion )
  2. Global eGRC Market By Type, From 2020-2025 ( USD Billion )
  3. Global Policy Management Market By Region, From 2020-2025 ( USD Billion )
  4. Global Compliance Management Market By Region, From 2020-2025 ( USD Billion )
  5. Global Audit Management Market By Region, From 2020-2025 ( USD Billion )
  6. Global Incident Management Market By Region, From 2020-2025 ( USD Billion )
  7. Global Risk Management Market By Region, From 2020-2025 ( USD Billion )
  8. Global eGRC Market By Service, From 2020-2025 ( USD Billion )
  9. Global Installation and Training Market By Region, From 2020-2025 ( USD Billion )
  10. Global Advice and Assistance Market By Region, From 2020-2025 ( USD Billion )
  11. Global eGRC Market By Business Function, From 2020-2025 ( USD Billion )
  12. Global IT Market By Region, From 2020-2025 ( USD Billion )
  13. Global Finance Market By Region, From 2020-2025 ( USD Billion )
  14. Global Operations Market By Region, From 2020-2025 ( USD Billion )
  15. Global Legal Market By Region, From 2020-2025 ( USD Billion )
  16. Global eGRC Market By Vertical, From 2020-2025 ( USD Billion )
  17. Global Telecommunications and IT Market By Region, From 2020-2025 ( USD Billion )
  18. Global Manufacturing Market By Region, From 2020-2025 ( USD Billion )
  19. Global Healthcare Market By Region, From 2020-2025 ( USD Billion )
  20. Global Banking, Financial and Insurance Services (BFSI) Market By Region, From 2020-2025 ( USD Billion )
  21. Global Energy and Public Services Market By Region, From 2020-2025 ( USD Billion )
  22. Global Retail and Hospitality Market By Region, From 2020-2025 ( USD Billion )
  23. Global Government Market By Region, From 2020-2025 ( USD Billion )
  24. Global Mining Market By Region, From 2020-2025 ( USD Billion )

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