eGRC Market by Component, Type, Deployment Mode, Organization Size, End-User

List of Tables

[182 Pages Report] The eGRC Market size was estimated at USD 16.92 billion in 2023 and expected to reach USD 18.75 billion in 2024, at a CAGR 11.93% to reach USD 37.26 billion by 2030.

The Enterprise Governance, Risk, and Compliance (eGRC) includes software solutions, services, and tools that facilitate businesses in effectively managing their governance, risk management, and compliance processes. These comprehensive systems optimize organizational performance by automating workflows, monitoring real-time risks, and ensuring regulatory adherence. The eGRC solutions are gaining significant traction across various industries due to the increasing need for organizations to manage their financial risks while adhering to regulatory norms efficiently. The increasing complexity of regulatory frameworks worldwide and rising cybersecurity threats raise the demand for robust eGRC solutions. However, the high costs associated with implementing comprehensive eGRC systems and the complexity of integrating these solutions with existing IT infrastructure may adversely impact the deployment of eGRC solutions across the end-use sectors. Besides, developing innovative solutions that cater to evolving industry needs and integrating advanced technologies such as artificial intelligence into eGRC platforms can enable real-time analysis of risks while automating repetitive tasks, thereby improving decision-making capabilities.

KEY MARKET STATISTICS
Base Year [2023]	USD 16.92 billion
Estimated Year [2024]	USD 18.75 billion
Forecast Year [2030]	USD 37.26 billion
CAGR (%)	11.93%

Component: Expanding applications of eGRC services for training & consulting

Services in the eGRC market comprise consulting, implementation support, training services, technical assistance, maintenance services, and managed services. The need for these services is driven by organizations' need for guidance on selecting appropriate eGRC solutions and implementing them effectively while ensuring compliance with regulatory requirements. Consulting services providers offer advisory services to help organizations identify their needs and select the right software solution. Implementation support services deliver Assistance in installing and configuring the eGRC solution tailored to an organization's needs. Training services ensure that end-users are trained appropriately to use the software efficiently. Technical assistance & maintenance services provide post-implementation support to address any technical issues or updates required for seamless functioning of the software. Managed services outsource certain eGRC functions to third parties who manage them continuously. eGRC software comprises tools that automate and manage various organizational governance, risk management, and compliance processes. The need-based preference for eGRC software arises from organizations' demand for solutions that help them maintain regulatory compliance efficiently and mitigate risks effectively. Services providers focus on consulting, implementation support, training, and maintenance to ensure successful adoption of eGRC solutions; software providers develop tools that automate GRC processes and enable efficient risk mitigation.

Type: Extensive use of eGRC services for risk management

Audit management software streamlines internal and external audits by automating tasks, reducing risks, and ensuring regulatory compliance. Organizations benefit from audit management solutions for their ability to reduce time consumed on manual processes, increase accuracy, and provide real-time reporting. Compliance management aims to ensure organizations adhere to legal regulations and industry standards. Companies prioritize compliance management systems due to their ability to monitor regulatory changes, automate compliance processes, and minimize penalties arising from non-compliance. Incident management involves identifying, analyzing, prioritizing, and resolving incidents that may impact business operations. Organizations adopt incident management tools to reduce response time, prevent data breaches, and maintain business continuity. Policy management software helps companies create, review, and distribute policies across their organization. Businesses prefer policy management solutions for increased transparency and accountability in policy enforcement and easier integration with existing systems. Risk management involves identifying potential organizational risks and implementing strategies to mitigate them. Companies prefer risk management software to consolidate risk data from multiple sources, provide real-time risk assessment results, and enhance decision-making processes.

Deployment Mode: Growing popularity of cloud-based eGRC solutions

Cloud-based eGRC solutions deliver governance, risk management, and compliance services through a hosted platform. This deployment mode enables organizations to access these services through an internet connection without investing in additional hardware or software infrastructure. Cloud-based eGRC solutions are preferred by organizations that prioritize scalability and flexibility as they allow for easy upgrades or downgrades during peak or low business periods. On-premises eGRC solutions are installed on an organization's servers, providing complete infrastructure and data security control. This deployment mode requires investment in hardware, software, and the necessary IT personnel to manage and maintain the system. Cloud-based options offer faster implementation times and lower upfront costs; however, they may not provide the same level of control as on-premises deployments. Conversely, on-premises solutions require higher initial investments; however, they deliver autonomy over sensitive information management while offering opportunities for customization.

Organization Size: Penetration of eGRC solutions across large enterprises

Large enterprises often require comprehensive eGRC solutions to manage their complex governance, risk management, and compliance needs. They operate in heavily regulated industries with multinational operations. Consequently, their preference for eGRC systems is based on scalability, seamless integration with existing IT infrastructure, data security measures, and robust reporting capabilities. SMEs face different challenges while managing their governance risk and compliance activities, as they often have limited resources compared to larger corporations. Their need-based preferences for eGRC solutions focus on cost-effectiveness, ease of use, and rapid deployment. These organizations require cloud-based eGRC systems that offer flexibility in access and management. Large enterprises necessitate comprehensive solutions that can manage their complex regulatory environment. In contrast, SMEs prioritize cost-efficient systems with a simpler implementation process.

End-User: Burgeoning demand for eGRC solutions from government sector

The Banking, Financial Services, and Insurance (BFSI) sector demands robust eGRC solutions to manage stringent regulatory compliance requirements and mitigate operational risks effectively while safeguarding against financial fraud and cyber threats. The energy & utility industry faces unique challenges due to extensive regulatory oversight across energy generation, transmission, distribution, and consumption stages and environmental concerns driving sustainable practices adoption. Integrated eGRC solutions address governance, risk management, and compliance aspects on a single platform related to operational risk management for energy & utility sectors. Governments globally require efficient eGRC tools to streamline operations across various departments while maintaining transparency, internal control mechanisms, and safeguarding national security. Healthcare organizations are subject to stringent privacy regulations, resulting in a need for eGRC solutions that ensure data protection, patient safety, and maintain compliance. Information technology companies prioritize eGRC tools that offer comprehensive IT governance, cybersecurity risk mitigation, and regulatory compliance management. The manufacturing sector needs eGRC solutions that support lean manufacturing principles, optimize supply chain performance, and ensure product quality while adhering to industry-specific regulations. Companies in the mining sector require solutions capable of handling environmental regulation compliance challenges, worker safety concerns,& efficient practices for resource extraction. Retailers & consumer goods companies need eGRC tools that focus on data privacy, brand protection,& effective supply chain management. SAP GRC Suite offers solutions targeting retail sector requirements, such as trade promotion management and third-party risk assessments. Telecom companies demand eGRC solutions that cater to regulatory compliances, address cybersecurity threats, and prevent fraud. The transportation & logistics sector requires eGRC systems that address safety regulation requirements, manage operational risks, and ensure efficient asset utilization.

Regional Insights

The eGRC market is evolving in the Americas owing to a surge in regulatory requirements due to increased data breaches and cybersecurity incidents. Countries in the Americas have also seen significant investments in research and development of eGRC technologies to establish best practices for regulatory compliance. Several EU countries have invested heavily in eGRC initiatives to promote information sharing between government bodies and private organizations. Additionally, there is a growing need for eGRC solutions across various industries within the Middle East and Africa due to rapid digitalization efforts within these regions. The rapidly growing economies, including China, Japan, and India, embracing digital transformation across industries, including healthcare, finance, and retail, are increasing demand for effective risk management solutions. To strengthen their regional presence, Asian governments have initiated several programs promoting cloud adoption and data security compliance through tailor-made eGRC platforms. Moreover, advancements in eGRC technology can effectively manage evolving risks with increasing regulatory complexities.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the eGRC Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the eGRC Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the eGRC Market, highlighting leading vendors and their innovative profiles. These include Avolution Pty Ltd., Cumulocity GmbH by Software AG, Ideagen PLC, International Business Machines Corporation, LogicManager, Inc., MEGA International S.A., MetricStream Inc., Microsoft Corporation, Mphasis Limited, NAVEX Global, Inc., Neto Consulting, Okta, Inc., Oracle Corporation, Protiviti Inc., Resolver Inc., SAI360 by Intertek Group plc, SAP SE, SAS Institute Inc., ServiceNow, Inc., Thomson Reuters Corporation, TIBCO Software Inc., VComply Technologies, Inc., and Wolters Kluwer N.V..

Market Segmentation & Coverage

This research report categorizes the eGRC Market to forecast the revenues and analyze trends in each of the following sub-markets:

Component
- Services
  - Integration
  - Support
  - Training & Consulting

Software

Type
- Audit Management
- Compliance Management
- Incident Management
- Policy Management
- Risk Management

Deployment Mode
- Cloud
- On-Premises

Organization Size
- Large Enterprises
- SMEs

End-User
- BFSI
- Energy & Utility
- Government
- Healthcare
- IT
- Manufacturing
- Mining & Natural Resources
- Retail & Consumer Goods
- Telecommunication
- Transportation & Logistics

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the eGRC Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the eGRC Market?

3. What are the technology trends and regulatory frameworks in the eGRC Market?

4. What is the market share of the leading vendors in the eGRC Market?

5. Which modes and strategic moves are suitable for entering the eGRC Market?

Product Code: MRR-501246437132

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Growing need to handle governance issues, manage risk, and ensure compliance
  - 5.1.1.2. Increasing data breaches and security threats
  - 5.1.1.3. Government initiatives for digital transformation across businesses
- 5.1.2. Restraints
  - 5.1.2.1. High cost associated with implementing comprehensive eGRC systems
- 5.1.3. Opportunities
  - 5.1.3.1. Integration of advanced technology, such as AI and blockchain technology
  - 5.1.3.2. Emerging popularity of cloud-based eGRC solutions
- 5.1.4. Challenges
  - 5.1.4.1. Concerns associated with eGRC automation and integration complexities
5.2. Market Segmentation Analysis
- 5.2.1. Component: Expanding applications of eGRC services for training & consulting
- 5.2.2. Type: Extensive use of eGRC services for risk management
- 5.2.3. Deployment Mode: Growing popularity of cloud-based eGRC solutions
- 5.2.4. Organization Size: Penetration of eGRC solutions across large enterprises
- 5.2.5. End-User: Burgeoning demand for eGRC solutions from government sector
5.3. Market Disruption Analysis
5.4. Porter's Five Forces Analysis
- 5.4.1. Threat of New Entrants
- 5.4.2. Threat of Substitutes
- 5.4.3. Bargaining Power of Customers
- 5.4.4. Bargaining Power of Suppliers
- 5.4.5. Industry Rivalry
5.5. Value Chain & Critical Path Analysis
5.6. Pricing Analysis
5.7. Technology Analysis
5.8. Patent Analysis
5.9. Trade Analysis
5.10. Regulatory Framework Analysis

6. eGRC Market, by Component

6.1. Introduction
6.2. Services
6.3. Software

7. eGRC Market, by Type

7.1. Introduction
7.2. Audit Management
7.3. Compliance Management
7.4. Incident Management
7.5. Policy Management
7.6. Risk Management

8. eGRC Market, by Deployment Mode

8.1. Introduction
8.2. Cloud
8.3. On-Premises

9. eGRC Market, by Organization Size

9.1. Introduction
9.2. Large Enterprises
9.3. SMEs

10. eGRC Market, by End-User

10.1. Introduction
10.2. BFSI
10.3. Energy & Utility
10.4. Government
10.5. Healthcare
10.6. IT
10.7. Manufacturing
10.8. Mining & Natural Resources
10.9. Retail & Consumer Goods
10.10. Telecommunication
10.11. Transportation & Logistics

11. Americas eGRC Market

11.1. Introduction
11.2. Argentina
11.3. Brazil
11.4. Canada
11.5. Mexico
11.6. United States

12. Asia-Pacific eGRC Market

12.1. Introduction
12.2. Australia
12.3. China
12.4. India
12.5. Indonesia
12.6. Japan
12.7. Malaysia
12.8. Philippines
12.9. Singapore
12.10. South Korea
12.11. Taiwan
12.12. Thailand
12.13. Vietnam

13. Europe, Middle East & Africa eGRC Market

13.1. Introduction
13.2. Denmark
13.3. Egypt
13.4. Finland
13.5. France
13.6. Germany
13.7. Israel
13.8. Italy
13.9. Netherlands
13.10. Nigeria
13.11. Norway
13.12. Poland
13.13. Qatar
13.14. Russia
13.15. Saudi Arabia
13.16. South Africa
13.17. Spain
13.18. Sweden
13.19. Switzerland
13.20. Turkey
13.21. United Arab Emirates
13.22. United Kingdom

14. Competitive Landscape

14.1. Market Share Analysis, 2023
14.2. FPNV Positioning Matrix, 2023
14.3. Competitive Scenario Analysis
- 14.3.1. Quantivate Launches Governance, Risk, and Compliance (GRC) Learning Hub
- 14.3.2. Deloitte Launches New Workiva ESG Accelerators to Provide Deeper Integration With Governance, Risk and Compliance
- 14.3.3. Lawrbit Announces Partnership With Bythebook Consulting
14.4. Strategy Analysis & Recommendation

15. Competitive Portfolio

15.1. Key Company Profiles
15.2. Key Product Portfolio