The eGRC has made a digital revolution with the help of Telecom and the IT industry playing a critical role in it. It has offered a huge opportunity in the eGRC market. The increase in the use of data for enterprises and government has led to the demand in the eGRC market. Besides, the growth in Artificial Intelligence and Blockchain technologies has furthered enhanced the market with great opportunities with global vendors. Hence the eGRC Market Size is likely to grow from USD 25.5 Billion in 2019 to USD 89.48 Billion by 2028, with a CAGR of 13.4%. Growing demand for data and an increase in security breaches throughout the eGRC is driving the market to grow. It is a collection of capabilities that helps an organization improve its overall performance, compliance with regulations, and enterprise risk management.
The components segment is categorized into software and services. The software segment has the highest market size, it is due to automating and streamlining enterprise GRC programs. The implementation of eGRC will rise in the coming future with increased regulatory policies, requirements, and solutions available in the market with advanced technologies such as Artificial Intelligence, Machine Learning, which helps an organization to manage risk and compliance with such actionable risks.
The implementation of eGRC is expected to result in a decrease in costs and enhanced business efficiency for Small and Medium-sized Enterprises (SMEs). The Large enterprise accounted for large market size and the SME segment is expected to be the fastest-growing segment in the eGRC market. Enhanced reliability, better scalability, user enhancing capabilities, seamless integration, increased agility, and improved efficiency are the factors that encourage SMEs to adopt eGRC at a rapid pace. The segment has a huge potential to flourish in the forecast period.
The EGRCMarket has strong competition between new and existing players .these market players have tough competition between themselves concerning participating in partnerships, mergers, and acquisitions and expanding their businesses.
The EGRCmarket is subdivided into North America, Europe, APAC, Latin America, and the Middle East & Africa. North America is considered a mature market. The US and Canada are the highest contributory countries to the expansion of the eGRCs market in North America.
The major players of the EGRCMarket are IBM Corporation, Microsoft Corporation, SAP SE, SAS Institute Inc., Oracle Corporation, and Thomson Reuter, and more. The eGRC market is fragmented with the existence of well-known global and domestic players across the globe.
Segment Overview of EGRC Market
Types Overview, 2018-2028 (USD Billion)
Deployment Mode Overview, 2018-2028 (USD Billion)
- On Cloud
Organization Size Overview, 2018-2028 (USD Billion)
- Large Enterprises
Business Function Overview, 2018-2028 (USD Billion)
- Information Technology
Vertical Segment Overview,2018-2028(USD Billion)
- Telecom and IT Vertical
- Construction and Engineering
- Energy & Utilities
- Mining and Natural Resources
- Retail and Consumer Goods
- Transportation & Logistics
- Other Verticals
Regional Overview, 2018-2028 (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Latin America
- Rest of Latin America
- Middle East And Africa
o Middle East