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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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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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.
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