eGRC Market by Component (Services, Software), Deployment Mode (Cloud, On-Premises), Business Function (Finance, It, Legal, Operations), Organization Size, Vertical, Usage, and Region - Global Forecast to 2022
LONDON, July 20, 2017 /PRNewswire/ -- The Enterprise Governance, Risk, and Compliance (eGRC) market is projected to grow at a CAGR of 14.7% during the forecast period
The market for eGRC 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 regulatory and compliance mandates is a major factor driving the growth of the eGRC market. The rising numbers of rules and regulations introduced by governing bodies for governing business operations are becoming essential for enterprises across the industry verticals. In order to achieve the desired outcomes, enterprises need to design and layout a plan of action. This can be done by properly implementing suitable governance and risk management practices with incorporated compliance policies.
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The changing structure of regulatory polices is expected to be a major restraint for the eGRC market. Regulatory policies differ from nation to nation as well as from business to business. The structure of these varying regulatory policies, along with changing macro-economic factors, make it difficult for vendors to meet the end-users' requirements.
Integration service segment is expected to have the largest market share during the forecast period
The service segment in the eGRC market includes training and consulting, integration, and support. The integration services integrate the industry's best practices to help organizations by deploying Governance, Risk, and Compliance (GRC) solutions and utilizing these solutions to their maximum potential.
Finance business function is expected to have the largest market size during the forecast period
The business function segment in the eGRC market includes finance, IT, legal, and operations. Finance GRC helps manage the financial process control, which includes business processes, such as segregation of roles and duties, monitoring internal and external audits, and authority to permit expenses beyond a particular amount.
Asia Pacific (APAC) is expected to witness the highest growth rate during the forecast period
APAC is estimated to grow with the highest CAGR during the forecasted period. Factors, such as continual growth in the mobile network, increasing complexity of business, unregulated nature of the internet, and growth in the adoption of Bring Your Own Device (BYOD) are driving the eGRC market in the APAC region.
The North American region is expected to have the largest market share during the forecast period. The main driving factors for the market are the need for increasing operational efficiency and reduced costs, the growing business partnerships and associations, the increasing use of data, and the government regulations and compliance mandates.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people.
• By Company Type - Tier 1 – 20%, Tier 2 – 45%, and Tier 3 –35%
• By Designation – C-level – 48%, Director-level – 37%, and Others – 15%
• By Region –North America – 22%, Europe– 45%, APAC - 26% , and the Rest of the World (ROW)- 7%
The major eGRC vendors are Microsoft (Washington, US), BWise (Rosmalen, Netherlands), SAS Institute Inc. (North Carolina, US), IBM Corporation (New York, U.S.), 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).
Research Coverage
The eGRC market has been segmented on the basis of content types (software and services), deployment modes, business functions, organization sizes, verticals, and region. The eGRC solutions help IT governance directors/managers, end-users/consumers/enterprise users, and system integrators and resellers to meet the regulatory and compliance mandates. The eGRC market segmented on the basis of the content types include software and services.
The software segment is further segmented into usage types and types of software. The services offered in the eGRC market include training and consulting, integration, and support. The deployment modes in eGRC market include the cloud and on-premises. The business functions are segmented into finance, IT, legal, and operations. The organization sizes are segmented into Small and Medium-Sized Businesses (SMBs) and enterprises.
The verticals are segmented into Banking, Financial Services, and Insurance (BFSI), energy and utilities, healthcare, retail and consumer goods, telecom and IT, manufacturing, construction and engineering, government, mining and natural resources, transportation and logistics, and others (academia, media and entertainment, oil and gas, and tourism and hospitality). Finally, on the basis of regions, the eGRC market is segmented into North America, Europe, APAC, Middle East and Africa (MEA), and Latin America.
The report will help the market leaders and new entrants in the eGRC market in the following ways:
1. The report segments the market into various subsegments, hence it covers the market comprehensively. The report provides the closest approximations of the revenue numbers for the overall market and the subsegments. The market numbers are further split across different verticals and regions.
2. The report helps in understanding the overall growth of the market. It provides information on the key market drivers, restraints, challenges, and opportunities.
3. The report helps in understanding the competitors better and gaining more insights to strengthen the organization's position in the market. The study also presents the positioning of the key players based on their product offerings and business strategies.
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