Global Enterprise Governance, Risk Management and Compliance (eGRC) Market 2020-2029 By Region, By Component, By Deployment and Top 20 Country Market Analysis

Market Introduction- Global Enterprise Governance, Risk Management, and Compliance (eGRC) Market Analysis

Enterprise Governance, Risk Management and Compliance (eGRC) regard how an enterprise approaches governance manages uncertainty and compliance by planning strategies, systems, regulatory controls, risk assessment, and internal controls that workers must conform to. Governments and businesses globally are installing eGRC solutions to leverage various features such as risk and compliance administration, business resiliency purposes, and audit management. The growing cyber-attack incidents are assumed to fuel the growth of the market. The market size is anticipated to reach USD 75.24 billion in 2029, at a CAGR of 14.0%.
The integration of technologies such as Artificial Intelligence (AI), Machine Learning (ML), and the Internet of Things (IoT) is assumed to stimulate the market. These solutions also offer features such as process reduced costs, optimization, and improved effectiveness

Drivers and Restraints- Global eGRC Market Analysis

The growing complexity of governing measures and the obligation to fulfill various customs imposed by governing organizations are required to generate tremendous demand for solutions. The eGRC guidelines directly affect the IT companies and the associated commercial systems. Organizations leverage changing from conventional directives and regulatory compliance laws to superior risk and compliance-related regulatory jurisdictions.
The eGRC market is growing at a quick pace, due to its multi-tasking capabilities across various verticals. The composition of regulatory policies and governance differs from enterprise to enterprise. Several economies, such as Iraq and Nigeria do not have a designated body to government regulatory guidelines. Such guidelines must be performed and managed by analyzing multiple factors, such as micro and macro-economic uncertainty. The lack of awareness of the eGRC solution in emerging economies is one of the restraining factors.

Segment analysis- Global eGRC Market Analysis

The eGRC market can be segmented by Component, Deployment, Organization Size, and Verticals.
Based on the component, the market is divided into the software segment and services segment. The software segment is assumed to seize the largest market share in the coming years. The growth is due to the increasing demand for software such as the GRC Envelop, IBM Open Pages, and SAI360. The progress of the renewed and automated GRC programs will surge the software market. The services segment is anticipated to rise at a remarkable CAGR. The growth is attributable to the growing adoption of consulting services to undertake various risk and compliance confrontations in enterprises.
Based on the deployment, the eGRC market is divided into the cloud-based segment and the on-premise segment. The on-premise segment is likely to dominate the market. The segment’s growth is largely due to the increasing adoption of on-premise software deployment in start-ups and Small and Medium Enterprises (SMEs). The cloud-based segment is predicted to exhibit the highest CAGR. This is attributable to the growing implementation of cloud-based to acquire an in-depth study of risk and complexity.
Based on the organization, the eGRC market is segmented into SMEs and large enterprises. The SMEs are expected to operate the largest market share. SMEs are focused on achieving cost-effective solutions based on developing digital technologies such as Artificial Intelligence (AI). The growing government guidelines and risk policies for SMEs to secure data will promote investment in software and services. The large enterprise segment is expected to develop at the highest CAGR in the coming years. These solutions assist operational performance and achieve elevated customer experience.
Based on verticals, the eGRC market is segmented into Banking, financial services and insurance (BFSI), government, healthcare, energy & utilities, telecom & IT, and retail & consumer goods, manufacturing. The BFSI segment is to operate the largest share. The adoption of solutions across the government segment is gaining traction due to their cost-effectiveness. These solutions aid government administrative and state-owned businesses to perform agreement and risk strategies more proficiently and effectively. The healthcare segment is anticipated to register notable growth. The increase is owing to the growing adoption of cloud-based solutions to subdue privacy concerns and enhance information security.

Regional analysis- Global eGRC Market Analysis

The North American region is expected to lead the global market share. The growth is due to the prompt adoption of innovative technologies and occupancy of key players such as Microsoft Corporation, IBM Corporation, and Oracle Corporation. The growing implementation of cloud-based computing and growing liability of information gaps to cyber threats would further aid the market growth.
Europe is assumed to display notable growth. The growth in the region is attributable to the presence of a substantial number of solution providers and end-users. The Asia Pacific region is anticipated to grow exponentially. The growth is due to the rising demand for solutions across industries such as government and healthcare.

Key players- Global eGRC Market Analysis

Some of the prominent players such as IBM Corporation, MetricStream Inc., and Microsoft Corporation are extending their market space by developing their current product plans. Additionally, key players in the market are installing eGRC solutions with superior technologies such as AI, IoT, cloud, and others to expand the products and produce cutting-edge solutions.