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Global eGRC Market is Expected to Grow at a CAGR of 11.5% in the Forecast Period of 2022-2027.

According to a new report by EMR titled, ‘Global eGRC Market Report and Forecast 2022-2027’, the global eGRC market attained USD 30 billion in 2020. The market is expected to grow at a CAGR of 11.5% during the forecast period of 2022-2027 to reach USD 58 billion by 2026.

The global eGRC market is being led by North America, which is projected to have the largest eGRC market globally in the forecast period. The region is home to important vendors who follow various organic and inorganic approaches to sustain their competitive market. However, Asia Pacific's growth rate is expected to be the highest in the forecast period. Its robust growth is attributed to the numerous suppliers of eGRC (Enterprise Governance, Risk, and Compliance) that are extending their scope in the region to satisfy the growing demands of customers.

The market finds wide applications in various industries. The leading key players are expanding their reach across multiple application sectors. For example, International Business Machines Corporation (NYSE: IBM), one of the leading companies in the market, has an OpenPages GRC platform. This platform allows businesses to manage risk, regulatory hurdles, as well as regulatory changes across the business. It can examine large amounts of structured and unstructured information, like social media and security systems, from emerging and existing sources. The OpenPages GRC platform facilitates agile implementation for a quick time-to-value and to increase overall productivity and performance. This advantage helps companies to meet deadlines and to use strategies to meet the rapidly evolving regulatory and market requirements.

Market Analysis by Solution, Services, Function, End Use, and Region:

  • Based on solution, the global eGRC market can be divided into policy management, audit management, compliance management, and risk management, among others.
  • The services in the market can be segmented into training and consulting, integration, and support.
  • The functions of eGRC include finance, information technology, legal, and operations.
  • It finds end-uses in BFSI, construction and engineering, energy and utilities, government, healthcare, manufacturing, mining and natural resources, retail and consumer goods, telecom and IT, and transportation and logistics sectors, among others.
  • The regional markets of eGRC include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The rising risk against critical data is anticipated to boost the global growth of the eGRC market.
  • Business verticals like telecommunications and information technology will increase the demand for eGRC in the coming years.
  • The adoption of compliance, as well as risk management solutions by various organisations, is projected to be the main growth factor for the eGRC market.
  • The aim of organisations to reduce costs and enhance decision-making to boost company efficiency is aiding the growth of the market.

Key Offerings of the Report:

  • The EMR report gives an overview of the global eGRC market for the periods (2017-2021) and (2022-2027).
  • The report also offers the historical (2017-2021) and forecast (2022-2027) markets for the solution, services, function, end use, and major regions of eGRC.
  • It assesses the market based on the SWOT and Porter’s Five Forces models.

The major key players in the global eGRC market include companies like Microsoft Corporation (NASDAQ: MSFT), Oracle Corporation (NYSE: ORCL), SAS Institute Inc., Wolters Kluwer N.V. (AMS: WKL), International Business Machines Corporation (NYSE: IBM), and Thomson Reuters Corporation (TSE: TRI), among others. The comprehensive report covers their market share, capacity, and latest developments like mergers and acquisitions, and capacity expansions.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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