BANGALORE, India, May 4, 2021 /PRNewswire/ -- The eGRC Market is Segmented by Software (Audit Management, Compliance Management, Risk Management, Policy Management, Incident Management. Others), by Application (Finance, IT, Legal, Operations). The report covers global opportunity analysis and industry forecast from 2021 to 2026. It is published on Valuates Reports in the Software & Services Category.
The global eGRC market size is projected to reach USD 38160 Million by 2026, from USD 25530 Million in 2019, at a CAGR of 5.8% during the forecast period 2021-2026.
The main driving factors for the eGRC market are:
The growing need to meet stringent compliance mandates and need to obtain a holistic view of policy, compliance, risk-related data, and security breaches
The increasing use of data across organisations and growing business collaborations results in a complex business environment and ever increasing difficulty in adhering to government regulations and compliance mandates.
The growing integration of Artificial Intelligence (AI) and blockchain technologies with Governance Risk Compliance (GRC) solutions would provide opportunities for eGRC vendors.
An increase in stringent compliance mandates is expected to drive the growth of the eGRC market size. Compliance with regulations and other federal and state mandates is becoming increasingly important for businesses to prevent more losses. Failure to comply with regulatory requirements and regulations can result in significant financial losses, which are typically in the form of fines. The need to comply with various regulations implemented by governing bodies, as well as the increasingly complex regulatory climate, is expected to drive demand for eGRC solutions.
The rise in demand from developing economies is expected to drive the growth of the eGRC market size. Cyber-attacks, money laundering, terrorist acts, and data theft are widespread problems faced by developing economies. As a result, there has been an increase in the adoption of eGRC software in developing economies, which is expected to fuel the growth of the eGRC market size. Furthermore, many emerging countries are heavily in debt, making them vulnerable to currency attacks as international exchange rates fluctuate. This boosts compliance management and eGRC product adoption in these countries.
Integration of AI and blockchain technologies into eGRC solutions is expected to provide lucrative growth opportunities for the eGRC market. The growing volume of data presents a variety of opportunities for business professionals in areas such as audit, risk, and enforcement to improve their work. In addition, the growing need to evaluate data silos in order to recognize risk and present it to stakeholders at the appropriate time has become critical. As a result, a number of companies have begun to provide AI-powered solutions to assist businesses in meeting various regulatory and enforcement requirements.
Based on type, the risk management software is expected to hold the largest eGRC market share, whereas policy management software is expected to witness the highest growth during the forecast period. Risk management solutions follow a top-down and bottom-up approach to roll up the risk logs and correspondingly analyze, calculate, and identify different levels of risks for organizations and enterprises. It also aids organizations in documenting, workflow control, risk monitoring, and risk remediation.
Based on application, the finance segment is expected to hold one of the largest eGRC market shares. In the BFSI market, EGRC assists in successful risk management by detecting possible risks to consumers and third parties across all lines of business and operations. To hack unauthorized networks and systems, fraudsters and hackers are turning to newer and more sophisticated technology-based solutions. Companies in the financial sector are being encouraged to introduce security solutions and use EGRC to assess underlying risks of unauthorized access.
In the global eGRC industry, North America and Europe are expected to be the most dominant regions. The is attributable to rising cybersecurity threats in North America & Europe as a result of a greater reliance on digital resources.
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