MarketsandMarkets forecasts the global eGRC market size to grow from USD 31.5 billion in 2019 to USD 51.5 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 10.3% during the forecast period (2019–2024). The major factors fueling the Enterprise Governance, Risk, and Compliance market growth include the growing need to meet stringent compliance mandates, and increasing data and security breaches.
Moreover, the growing need to get a holistic view of policy, compliance, risk-related data is another factor expected to drive the growth of the global eGRC market. The integration of Artificial Intelligence (AI) and blockchain technologies with enterprise Governance Risk Compliance (eGRC) solutions would provide growth opportunities for eGRC vendors.
eGRC is an umbrella term that generally covers governance, risk, and compliance that include activities, such as corporate governance, enterprises risk management, and corporate compliance, with applicable laws and regulations.
The eGRC market by component is divided into software and services. The services segment is expected to grow at a higher CAGR during the forecast period. Various eGRC vendors in the market offer services, such as training and consulting, integration, and support. These services help ensure the smooth functioning of software solutions and assist organizations in maximizing the value of their investments.
The eGRC market by software has been further segmented into: policy management, compliance management, audit management, incident management, and risk management. The risk management segment is expected to grow at the highest CAGR and hold the largest market size during the forecast period, owing to the growing need to understand exposure to risks and effectively manage them.
The eGRC market by deployment mode has been further segregated into : cloud, and on-premises. The cloud segment is expected to grow at a higher CAGR during the forecast period, owing to the growing need to reduce the costs associated with infrastructure management. The on-premises segment is projected to hold a larger market size during the forecast period.
The eGRC market by enterprise size includes Small and Medium Businesses (SMBs) and enterprises. SMBs are projected to have a higher CAGR during the forecast period, due to the growing need to effectively manage GRC programs while reducing their costs. The enterprises segment is expected to hold a larger market size during the forecast period.
The eGRC market by vertical has been further segregated into: Banking, Financial Services, and Insurance (BFSI), construction and engineering, energy and utility, government healthcare, manufacturing, mining and natural resources, retail and consumer goods, telecom and Information Technology (IT), and transportation and logistics, and others (academia, media and entertainment, oil and gas, and tourism and hospitality). Among these, the BFSI vertical is expected to have the largest market size, owing to the growing need to meet various regulatory requirements.
North America is expected to hold the largest market size in the global eGRC market, while Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. North America has a wide range of established vendors who are continuously engaged in developing innovative eGRC products and solutions. This factor coupled with the growing need to meet various compliance and regulatory requirements may offer opportunities for the growth of the eGRC market. The eGRC market in the APAC region has gained traction owing to the growing need to effectively meet various regulations.