DUBLIN–(BUSINESS WIRE)–The “Global eGRC Market by Component (Solutions (Risk Management, Regulatory & Compliance, Audit Management) and Services), Business Function, Vertical (BFSI, Healthcare, Manufacturing), and Region – Forecast to 2027” report has been added to ResearchAndMarkets.com’s offering.
The global eGRC market size is expected to grow from an estimated value of USD 14.9 billion in 2022 to USD 27.1 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 12.6% from 2022 to 2027.
Some of the factors that are driving the market growth include an increase in stringent compliance mandates, integration of AI, ML, and blockchain technologies in GRC solutions, and growth in data and security breaches. However, varying structures of regulatory policies are expected to hinder market growth.
By Solutions, Risk management to account for a larger market size during the forecast period
Risk management solutions include incident management, IT risk, operational risk, vendor risk/third-party risk, cyber risk, business continuity management, and disaster recovery. Risk management solutions are expected to grow at the highest CAGR during the forecast period. The execution of risk management strategies is very important for SMEs and large organizations.
Due to the increasing complexities in business, it is very important for organizations to enable risk management solutions to understand their risk exposure and manage it cost-effectively. Risk management solutions when integrated with advanced machine learning technology prioritize various events and enable users to concentrate on alerts and events.
The growth in Risk management solutions is high due to various factors including IT risks, operation risks, financial risks, etc., this is due to increasing incidents of cyber-attacks on enterprises.
By Organization, SMEs is projected to grow CAGR during the forecast period
SMEs are adopting eGRC solutions at a high pace to enhance their governance, risk, and compliance programs. To help SMEs meet various regulatory requirements, vendors in the market have been rolling eGRC solutions with the intent to cater to SMEs.
These SMEs are also facing pressure related to transparency, visibility, and accountability in their business operations, thus creating an increase in the effectiveness of corporate governance. SMEs face challenges, such as limited resources, IT personnel availability, and enterprise security budget.
Additionally, the increase in the focus of SMEs toward digitalization creates threats related to business information and critical data. Hence, to help organizations fight against various cyber threats and challenges, eGRC solution providers deliver innovative solutions to support them in securing their businesses from cyber threats and attacks, implement their GRC program, and gain a competitive advantage.
By business function, the finance segment to account for a larger market size during the forecast period
Organizations across industries are focusing on enhancing their financial performance. Businesses are working on enhancing their global presence, monitoring and following various regulatory requirements of that particular region.
These requirements may include various laws related to taxation, rules related to the allocation of CSR activities, and regional standard formats or templates necessary to document quarterly financial statements. Hence, to help organizations meet the requirements of their finance domain, eGRC vendors offer financial solutions to support business leaders in strategic planning, budgeting, and forecasting.
Moreover, the finance function is changing the way it operates due to the increase in complexity of business operations. It is an organization’s vital internal function that has to comply with various norms, such as Sarbanes-Oxley, Basel II, Solvency II, and Dodd-Frank.
Some of these players include IBM Corporation (IBM), Microsoft Corporation (Microsoft), Oracle Corporation (Oracle), SAP SE (SAP), SAS Institute Inc (SAS Institute), Thomson Reuters (Thomson Reuters), Wolters Kluwer NV. (Wolters Kluwer), FIS (FIS), Software AG (Software AG), SAI Global Pty Limited (SAI Global), ProcessGene Ltd. (ProcessGene), NAVEX Global Inc (NAVEX Global), and IdeaGen Plc. (IdeaGen).
- Increasing Need to Meet Stringent Compliance Mandates Driving Market Growth
- Solutions Segment Expected to Account for Larger Market Share
- Regulatory & Compliance Segment Expected to Account for Largest Market Size by 2027
- Large Enterprises Segment Estimated to Account for Largest Market Size by 2027
- Banking & Financial Institutes Vertical and North America Expected to Account for Significant Market Share in 2022
- Asia-Pacific Market…