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.
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.
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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.
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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.
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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eGRC (Enterprise Governance, Risk and Compliance) Market: Overview
- According to a new market report pertaining to the global eGRC (enterprise governance, risk and compliance) market published by Transparency Market Research, the global eGRC (enterprise governance, risk and compliance) market is projected to surpass the value of US$ 87.9 Bn by 203
- The eGRC (enterprise governance, risk and compliance) market is projected to expand at a CAGR of ~11% from 2024 to 2030. Expansion of the eGRC (enterprise governance, risk and compliance) market can be attributed to rising demand for eGRC solutions in the BFSI sector and increasing strict compliance mandates. North America is anticipated to lead the global eGRC (enterprise governance, risk and compliance) market in terms of revenue, followed by Europe, during the forecast period.
Key Drivers of the eGRC (Enterprise Governance, Risk and Compliance) Market
- Rising demand for eGRC solutions in BFSI sector: The BFSI sector faces growing pressure to enhance its operational performance and provide seamless experiences to clients. Therefore, the BFSI sector is focusing on a framework that can help organizations meet various compliance & regulatory related requirements. For instance, providers of banking services are majorly concerned about issues such as data security, consumer laws, business policy, and trade bills before deploying any cloud service.
- Cloud service providers set some standards for contract and policy agreements, along with solutions to solve issues related to data security and regulatory compliance management, etc. Therefore, issues such as data security, consumer laws, regulations, policies, and software licensing are significantly driving the eGRC (enterprise governance, risk and compliance) market.
Key Restraints of eGRC (Enterprise Governance, Risk and Compliance) Market
- Issues related to cloud-based software models and network transmissions: Enterprise governance, risk and compliance software models, which majorly rely on cloud-based solutions are vulnerable to data leakage or breaches, service impairment, and service interruption. End user experience may also be affected by unsteady network transmissions at some places, and this can limit the reach of cloud-based solutions that include cloud-based and hybrid software models.
Incorporation of AI technologies in eGRC Solutions
- Increasing volume of data and information offers wide-ranging opportunities such as risk, audit, and governance & compliance for corporate professionals to improve their operational performance. Moreover, the growing requirement to analyze data storage to identify risk and present it to stakeholders or investors at the right time has become essential. In order to help enterprises meet these requirements, various software providers offer AI-based eGRC solutions to meet wide-ranging regulatory & compliance requirements.
- AI-based eGRC solutions integrated with various analytical tools and business intelligence aid enterprises to extract insights from massive amount of data and thus make well-versed decisions. AI-based eGRC solutions can also automate several business tasks that connect with risk management.
- Thus, rapid incorporation of AI technologies in eGRC solutions is expected to enhance the growth of the eGRC (enterprise governance, risk and compliance) market during the forecast period worldwide
EGRC (Enterprise Governance, Risk and Compliance) Market: Competition Landscape
- Detailed profiles of providers of eGRC (enterprise governance, risk and compliance) have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the global eGRC (enterprise governance, risk and compliance) market are
- Alyne GmbH
- HCL Technologies Limited
- IBM Corporation
- Ideagen Plc.
- Lockpath Inc.
- LogicManager Inc.
- MEGA International
- MetricStream Inc.
- Microsoft Corporation
- NAVEX Global, Inc.
- Oracle Corporation
- Resolver Inc.
- RSA Security LLC (Symphony Technology Group)
- SAI Global (BWise)
- SAP SE
- SAS Institute, Inc.
- Software AG
- StandardFusion
- Thomson Reuters Corporation
- Wolters Kluwer N.V.
EGRC (Enterprise Governance, Risk and Compliance) Market: Key Developments
- Key providers of machine learning, such as Wolters Kluwer N.V., Microsoft Corporation, Oracle Corporation, SAP SE, and IBM Corporation are focusing on the development of eGRC (enterprise governance, risk and compliance) software and services to attract more customers. Some other key developments in the global eGRC (enterprise governance, risk and compliance) market are highlighted below:
- In June 2024, Wolters Kluwer N.V. updated its regulatory reporting solution “OneSumX.” This platform consolidates bank data into a single source of data to certify accuracy, reconciliation, and consistency.
- In March 2024, MetricStream Inc. decided to expand its presence specifically in Australia and New Zealand to strengthen its GRC platform in these two countries
- In 2018, SAS Institute invested 26% of its overall revenue for research & development. The company is also focused on partnerships to strengthen its scope for innovation and deliver new business and intellectual property software to help its customers. Moreover, the company is focusing on expansion to deliver distributed control system solutions to help its customers worldwide.
- In January 2017, Oracle introduced a governance, risk and compliance (GRC) suite to integrate diverse compliance and risk processes to reduce cost and complexity among business operations. The initiative would help the company to strengthen its market position and improve its customer base worldwide.
- In the global eGRC (enterprise governance, risk and compliance) market report, we have discussed individual strategies, followed by company profiles. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global eGRC (enterprise governance, risk and compliance) market.
