eGRC Market Trends, Size, Share, Growth, Industry Analysis, Advance Technology and Forecast 2029

May 20 14:05 2024
eGRC Market Trends, Size, Share, Growth, Industry Analysis, Advance Technology and Forecast 2029
IBM (US), Microsoft (US), Oracle (US), SAP (Germany), SAS Institute (US), ServiceNow (US), Thomson Reuters (Canada), FIS (US), Wolters Kluwer (Netherlands), LexisNexis (US), Mphasis (India), MetricStream (US), Riskonnect (US), Navex Global (US), OneTrust (US), Mega International (France), LogicManager (US), Acuity Risk Management (UK), C&F SA (Poland).
eGRC Market by Offering (Solutions and Services), Deployment Mode (On-premises and Cloud), Organization Size, Solution Usage (Internal and External), Business Function, Vertical (BFSI, Healthcare, Manufacturing) and Region – Global Forecast to 2029

The eGRC market size is projected to grow from USD 18.3 billion in 2024 to USD 34.5 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 13.4% during the forecast period. The growth of the eGRC market is fueled by the adoption of digital technologies such as cloud computing, IoT, AI, and big data analytics by organizations in their complex and interconnected business processes.

Download Our Premium PDF Brochure Now@ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1310

EGRC Market Definition:

eGRC stands for enterprise governance, risk management, and compliance. It refers to how an enterprise addresses governance and manages risk and compliance by creating policies, procedures, regulatory controls, risk assessment, risk monitoring, and internal controls that employees must adhere to.

Based on the offering, the solutions segment accounts for the highest market size during the forecast period.

The adoption of eGRC solutions has surged as organizations must manage complex regulatory requirements and mitigate diverse risks. These solutions provide a centralized platform to streamline governance processes, automate compliance tasks, and enhance risk visibility across the enterprise. Effective eGRC solution encompasses thorough data integration, advanced analytics, real-time monitoring, and strategic utilization of emerging technologies. These features provide organizations with the necessary resources for managing the intricate landscape of eGRC. Some companies offer dedicated eGRC solutions, such as compliance, risk, and audit management. These solutions are developed to cater to the specific needs of the BFSI, healthcare, IT & ITeS, government, and other verticals. Companies offering eGRC solutions include IBM LogicManager, MetricStream, Software AG, Wolters Kluwer, Diligent, IdeaGen, and SAI Global.

By deployment mode, the cloud segment will grow at the highest CAGR during the forecasted period.

Small and Medium-sized enterprises (SMEs) are increasingly adopting eGRC solutions deployed in the cloud due to several advantages. Cloud deployment offers scalability, flexibility, and cost-effectiveness, making it accessible to businesses without hefty upfront investments. These solutions streamline governance processes, enhance risk visibility, and simplify compliance management. With intuitive interfaces and subscription-based pricing models, eGRC cloud solutions empower SMEs to navigate regulatory landscapes while optimizing resource utilization efficiently.

Request Sample Pages@ https://www.marketsandmarkets.com/requestsampleNew.asp?id=1310

Unique Features in the eGRC Market:

Comprehensive risk management capabilities are provided by eGRC systems, which give organisations a single platform to identify, evaluate, and manage a variety of risks, including financial, strategic, operational, and compliance risks.

By automating the tracking and administration of compliance with various regulatory requirements, eGRC platforms lessen the workload associated with human compliance management and guarantee current conformance to laws and industry standards.

These systems offer a single location to store and manage all data pertaining to governance, risk, and compliance; this guarantees data correctness, consistency, and ease of use for reporting and auditing needs.

With the help of eGRC technologies, which provide real-time monitoring and reporting capabilities, organisations may manage key performance indicators (KPIs), create automated reports for regulators and stakeholders, and obtain immediate insights into their risk and compliance status.

eGRC solutions make it easier to create, disseminate, and maintain company policies and procedures, guaranteeing that all staff members are aware of and follow company guidelines and legal obligations.

Major Highlights of the eGRC Market

Significant investment is being made in the eGRC market, which is fueling ongoing innovation and the release of new features and functionalities. In order to provide innovative solutions that tackle new risks and compliance issues and help organisations stay resilient and compliant in a constantly changing environment, vendors are investing in research and development.

Because RegTech solutions offer cutting-edge technologies to manage regulatory processes more effectively, the convergence of eGRC and RegTech is noteworthy. Through this synergy, eGRC platforms become more robust and efficient in handling regulatory changes and compliance, improving their overall capabilities.

Collaboration and integration features are becoming more and more important in eGRC solutions. These features enable smooth departmental communication and coordination as well as interaction with other corporate systems like ERP, CRM, and HRM. Comprehensive risk management and compliance supervision are ensured by this all-encompassing strategy.

In order to ensure that organisations can effectively adopt and use these systems, modern eGRC platforms place a strong emphasis on user-friendly interfaces and ease of use. Higher adoption rates and improved overall governance, risk, and compliance activity management are directly correlated with enhanced usability.

Industry-specific solutions are emerging in the eGRC market, catered to the distinct regulatory and risk management requirements of several industries, including financial services, healthcare, manufacturing, and energy. More pertinent and efficient governance, risk, and compliance management are offered by these customised solutions.

Click to get personalized insights before making your purchase@ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=1310

Top Companies in the eGRC Market:

The eGRC market is led by some of the globally established players, such as IBM (US), Microsoft (US), Oracle (US), SAP (Germany), SAS Institute (US), ServiceNow (US), Thomson Reuters (Canada), FIS (US), Wolters Kluwer (Netherlands), LexisNexis (US), Mphasis (India), MetricStream (US), Riskonnect (US), Navex Global (US), OneTrust (US), Mega International (France), LogicManager (US), Acuity Risk Management (UK), C&F SA (Poland), Allgress (US),  GlobalSuite Solutions (Spain), Onspring (US), Optimiso (US), Oxial (Switzerland), ReadiNow (Australia), SureCloud (UK), StandardFusion (Canada), Comensure (US), Dynamic GRC (Singapore), LogicGate (US), VComply (US), and SmartSuite (US). Partnerships, agreements, collaborations, acquisitions, and product developments are various growth strategies these players use to increase their market presence.

Wolters Kluwer (Netherlands) provides professional information, software solutions, and services for clinicians, nurses, accountants, and lawyers. It also caters to the tax, finance, audit, risk, compliance, and regulatory sectors. It has a presence in the Europe, North America, Asia Pacific, and Rest of the world (ROW). The company caters to its global clientele in over 180 countries. The company specializes in workflow, GRC, and tax and accounting solutions. It offers Enablon GRC solutions encompass risk management, mobile safety and inspection, mobile audits, internal controls, internal audits, insurance & claims, incident/event management, reporting, continuous assessment, change management, business continuity management, and action plans.

This company’s technology partners include Microsoft, Makersite, Pendo, TapRoot, and OSIsoft. Wolters Kluwer is recognized as one of the 100 global most sustainable corporations by Corporate Knights.

FIS (US) is a recognized financial technology solution provider. It offers merchant solutions, banking solutions, and capital market solutions. Its software, services, consulting, and outsourcing solutions are focused on retail and institutional banking, payments, asset and wealth management, risk and compliance, trade enablement, transaction processing, and record-keeping. FIS has a portfolio of products for the financial services sector, including retail and investment banking. It includes “Profile” – a banking application based on the open-source GT.M, a transaction processing database engine maintained by FIS.

The company offers solutions to over 20,000 clients in more than 130 countries globally.

According to MnM’s approach to evaluating the market, most businesses use inorganic growth tactics to hold onto their market share. These agreements cover alliances, acquisitions, collaborations, and partnerships together. Product launches and corporate growth activities are abruptly affected by factors such as government regulations. On the other hand, organizations are anticipated to embrace organic growth strategies to provide end consumers with eGRC solutions and professional services, which would assist businesses in boosting market revenue.

Media Contact
Company Name: MarketsandMarkets™ Research Private Ltd.
Contact Person: Mr. Aashish Mehra
Email: Send Email
Phone: 18886006441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/enterprise-governance-risk-compliance-market-1310.html