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(Hosting-NewsWire.com, June 07, 2018 ) The global Enterprise Governance, Risk, and Compliance (eGRC) market is expected to grow from USD 22.14 Billion in 2017 to USD 43.87 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 14.7%. The main driving factors for the eGRC market are the increasing use of data, the growing business collaborations, and the government regulations and compliance mandates.
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In the software segment, by the type of software, the risk management software is expected to have the largest eGRC market share, whereas policy management software is expected to be the highest contributor during the forecast period. Risk management solutions follow a top-down and bottom-up approach to roll-up the risk logs and correspondingly analyze, measure, and define various levels of risks, for organizations and enterprises, and thereafter formulate automated designs to normalize any existing risks. Additionally, it helps organizations with documentation, workflow management, and reporting and remediation of risks.
In the services segment, the integration service is expected to grow at the highest CAGR, whereas training and consulting is expected to be the largest contributor among all the services. The integration service is said to be growing faster, as there are 2 modes for deploying Governance, Risk, and Compliance (GRC) solutions; cloud and on-premises. Changing to upgraded solutions and the complexity involved in integration is sorted by integration service providers, who enable organizations to use GRC solutions at its full potential.
In the deployment mode segment, the on-premises deployment mode is expected to have the largest eGRC market share whereas the cloud deployment mode is expected to grow at the highest CAGR during forecast period. Flexibility, automated software updates, disaster recovery through cloud-based backup systems, increased collaboration, monitoring document version control, and data loss prevention with robust cloud storage facilities are some of the crucial benefits that have enhanced the performance of GRC programs, thereby resulting in the adoption of cloud-based delivery models for GRC software solutions and services.
In the business functions segment, the finance business function is expected to have the largest eGRC market share and also expected to grow at the highest CAGR during the forecast period. The finance GRC helps in management of financial process controls, which include business processes, such as segregation of roles and duties, monitoring internal and external audits, and authority to permit expenses beyond a particular amount.
In the organization size segment, the enterprises segment is expected to have the largest eGRC market share, whereas the SMBs segment expected to grow at the highest CAGR during the forecast period. The rapidly emerging and highly active SMBs have increased the adoption of eGRC solutions and services globally as a result of the growing digitization and increased cyber risks to critical business information and data. Enterprises have been heavily adopting eGRC solutions for their regular audits and various other regulatory mandates that govern large public firms or large firms with several stakeholders.
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In the verticals segment, the Banking, Financial Services, and Insurance (BFSI) sector is expected to be the highest contributor, whereas the manufacturing sector is projected grow at highest CAGR during the forecast period. Both the sectors are prone to risks due to huge capital investment, heavy regulations, technical expertise, reliability expectations, and complex relationships with industry peers. The other industry verticals, such as healthcare, telecom and IT, and government are contributing significantly to the eGRC market due to the increased concerns for managing the complex rules and regulations. These verticals are also expected to witness significant growth rates during the forecast period.
The global eGRC market has been segmented on the basis of regions into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. North America is estimated to be the largest revenue-generating region. This is mainly because, in the developed economies of the US and Canada, there is a high focus on innovations obtained from R&D. These regions have the most competitive and rapidly changing eGRC market in the world. The APAC region is expected to be the fastest-growing region in the eGRC market. The increased awareness for business productivity, supplemented with competently designed eGRC solutions offered by vendors present in the APAC region, has led APAC to become a highly potential market.
The varying structure of regulatory policies from country to country and the limited resources and awareness within organizations are acting as obstacles against the growth of the eGRC market. With changes in governance and business process, there is also a need for updating the solutions. However, many small organizations are unaware of the vulnerabilities that can affect their business performance. These factors account for the risk of failure to perform in the competitive business world, which necessitates the need for risk management solutions.
The major vendors that offer eGRC solutions across the globe are Microsoft (Washington, US), BWise (Rosmalen, Netherlands), SAS Institute Inc. (North Carolina, US), IBM Corporation (New York, US), FIS (Florida, US), Thomson Reuters (New York, US), Wolters Kluwer (Alphen aan den Rijn, Netherlands), MetricStream Inc. (California, US), EMC Corporation (Massachusetts, US), Oracle (California, US), and SAP SE (Walldorf, Germany).
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