Increasing Focus on Preventing Fraudulent Activities and Safeguarding Data to Augment Demand
The growing popularity and penetration of information technology (IT) over the span of the past three decades has directly or indirectly accelerated technological developments in various industrial domains. In the current scenario, organizations from various industrial sectors deploy different types of IT solutions in a range of applications. Moreover, the deployment of eGRC (enterprise governance, risk and compliance) solutions has witnessed a noteworthy growth across a host of industrial sectors due to which, the eGRC (enterprise governance, risk and compliance) market is anticipated to grow at a staggering pace during the forecast period.
A number of business entities are leaning toward eGRC (enterprise governance, risk and compliance) solutions to improve risk management and prevent fraudulent activities to avoid monetary losses. Furthermore, the increasing focus on improving data protection infrastructure has prompted market players to develop advanced eGRC (enterprise governance, risk and compliance) solutions to gain a competitive edge in the current market landscape. In several business organizations, innovations are primarily viewed as one of the most key capital ventures due to which, data protection has gained considerable spotlight. The advent of the IT has transformed the face of risk and data management and improves the decision-making process.
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At the back of these factors, along with the increasing demand for eGRC (enterprise governance, risk and compliance) solutions from the banking and finance sector, the global eGRC (enterprise governance, risk and compliance) market is on the course to cross the value US$ 87.9 Bn by the end of 2030.
High Demand for Risk Management in Digital Era to Bolster Market Growth
The significant progress in computing power and the arrival of the digital era are likely to play a key role in boosting the global eGRC (enterprise governance, risk and compliance) market during the assessment period. The significant rise in the use of number of interactive devices, including smartphones, tablets, and cameras has resulted in an exponential rise in the volume of data being exchanged internally as well as externally across various business organizations. The exponential rise in the volume of data has resulted in the development of data analytics and digital tools, including eGRC (enterprise governance, risk and compliance) solutions. Personalization or customization is projected to remain a key area across the eGRC (enterprise governance, risk and compliance) market that the companies are likely to focus on to gain a competitive edge. The entry of various financial digital channels is another factor that is expected to propel the demand for eGRC (enterprise governance, risk and compliance) solutions during the forecast period.
High Adoption from BFSI Sector to Aid Market Growth
Emerging technologies and entry of digital business models continue to influence the analytical-driven decisions and the development of the modern eGRC (enterprise governance, risk and compliance) framework. The BFSI sector is anticipated to remain one of the most prominent end-use industries within the eGRC (enterprise governance, risk and compliance) during the assessment period. Several national and multi-national banks around the world are increasingly focusing on replacing the traditional eGRC (enterprise governance, risk and compliance) models with the current trends and technologies, as it is most likely expected to protect banks from potential fraudulent activities and threats. In addition, as banks continue to focus on improving customer service and performance in the current digital age, the integration and implementation of strong, reliable, and robust GRC solutions is on the rise.
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Role of eGRC (Enterprise Governance, Risk and Compliance) Solutions amid COVID-19 Pandemic
A large number of industries has suffered immense losses during the ongoing COVID-19 pandemic. Furthermore, several industries were gradually investing in eGRC (enterprise governance, risk and compliance) solutions, the onset of the COVID-19 pandemic is expected to create uncertainty in the current eGRC (enterprise governance, risk and compliance) market landscape. Business organizations are projected to evaluate potential areas that are expected to incur heavy losses due to the COVID-19 pandemic to safeguard valuable assets– a factor that could increase the demand for eGRC (enterprise governance, risk and compliance) solutions amid the ongoing COVID-19 crisis. The significant rise in remote working is another factor that is likely to augment the demand for eGRC (enterprise governance, risk and compliance) solutions, which, in turn, is anticipated to have a direct impact on the expansion of the global eGRC (enterprise governance, risk and compliance) market.
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