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Enterprise Governance, Risk, and Compliance (eGRC) Market Size, Share & COVID-19 Impact Analysis, By Component (Software and Services), By Deployment Model (Cloud-based, On-premise), By Enterprises Size (Large Enterprises, Small and Medium Enterprises), By Vertical (BFSI, Healthcare, Government, Energy & Utilities, Manufacturing, Retail & Consumer Goods, Telecom & IT, and Others), and Regional Forecast, 2020-2027

Region : Global | Format: PDF | Report ID: FBI101415

 

KEY MARKET INSIGHTS

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The global enterprise governance, risk, and compliance (eGRC) market size was USD 24.26 billion in 2019 and is projected to reach USD 64.55 billion by 2027, exhibiting a CAGR of 13.3% during the forecast period.

COVID-19 Cover

This report covers COVID-19 impact analysis on Enterprise Governance, Risk and Compliance (eGRC) Market

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The growth of this market is attributable to the increasing demand for comprehensive solutions by end-use organizations to overcome the reputational and monetary risks of non-compliance. Organizations worldwide are adopting enterprise GRC solutions to leverage various features such as business resiliency applications, risk & compliance management, and audit management, among others.


In addition, the rising instances of cyber-attacks across the globe are likely to fuel the growth of the market. According to the EC-Council, in 2019, a 300% increase in cyber-attacks on IoT devices was witnessed as compared to 2018. This has encouraged enterprises to adopt innovative risk management solutions to eliminate the risks of cyber-attacks.


The rising adoption of eGRC solutions assists enterprises to meet challenges of regulatory change, cybersecurity threats, third-party exposure, reputation risk, and others. According to the Open Compliance and Ethics Group (OCEG) survey, in 2018, around 85% of enterprises interviewed are convinced that they would benefit from implementing eGRC solutions. In addition, the rising demand for these tools based on innovative technologies such as artificial intelligence (AI), cloud, and big data, among others, is likely to drive the growth of the market.


COVID-19 Impact


Surge in eGRC Solutions amid Covid-19 to Create a Massive Platform for End-users


The COVID-19 crisis has created a sense of panic across the globe. The rapid spread of the coronavirus has compelled various governments to implement social distancing measures and strict lockdowns. In large organizations, compliance officers and risk managers are struggling to tackle this pandemic. In the current situation, risk management optimization through eGRC solutions has emerged as one of the best solutions an enterprise can have to ensure business continuity. Various enterprises are leveraging the capabilities of their risk administration teams via smart investments into risk management technologies. Hence, they are increasingly adopting these solutions to help employers to address exposures related to COVID-19.



  • For instance, in April 2020, Wolters Kluwer’s CPM business launched its COVID-19 related regulatory compliance resource - "COVID-19 Noteworthy Developments Bulletins". The aim is to provide COVID-19 related regulatory updates such as global regulatory orders, notices, changes, and other updates for the BFSI sector.


 Such active initiatives are expected to drive the enterprise governance, risk, and compliance (eGRC) market growth in the coming period.


LATEST TRENDS


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Integration of the AI, IoT, and ML with eGRC Solutions to Aid Market Growth


The rising trend of integration of core technologies such as AI, the Internet of Things (IoT), and machine learning (ML) with eGRC solutions is expected to accelerate the growth of the market. The AI-powered solutions are gaining traction as they provide efficient analysis capabilities and enable the processing of large volumes of data that various governments and enterprises have to deal with daily. These solutions also have other advantages such as improved effectiveness, process optimization, reduced costs, and others. Key market players are focusing on launching advanced solutions based on AI and ML technologies to enhance their market presence.



  • For instance, in November 2019, Infosys Limited launched its AI- and ML-powered application digital suite - "Infosys Governance Risk & Compliance (GRC)". The aim is to provide a conversational interface and robotic process automation (RPA)-enabled control testing for the MetricStream platform to deliver ease of use and improved customer experience.


DRIVING FACTORS


Increasing Stringency of Compliance Mandates for Enterprises to Drive the Market


The rising complexity of regulatory standards and the need to comply with different regulations imposed by governing bodies are likely to create massive demand for eGRC systems. eGRC policies directly influence IT infrastructure and related business processes. Enterprises are focused on shifting from traditional regulatory compliance rules and directives such as the Sarbanes-Oxley Act (SOX) to advanced risk- and compliance-related regulatory concerns.


In the current economic scenario, various enterprises are adopting eGRC solutions for the advancement of their business road maps. Staying compliant with regulations such as HIPAA, GDPR, COBIT, and other states & federal mandates is becoming critical for enterprises to avoid operational loss. Failure to meet these regulations and requirements can result in devastating business losses. Therefore, the rising stringency of compliance mandates is likely to drive the market growth for enterprise governance, risk, and compliance in the forthcoming years.


The following are some regulations and compliance acts in North America & Europe:



  • Control Objectives for Information and Related Technologies (COBIT)

  • The Federal Financial Institutions Examination Council (FFIEC)

  • The General Data Protection Regulation (GDPR)

  • The Payment Card Industry Data Security Standard (PCI DSS)

  • The Gramm-Leach-Bliley Act (GLBA)

  • Health Insurance Portability and Accountability Act (HIPAA)

  • The Federal Information Security Management Act (FISMA)

  • The National Institute of Standards and Technology (NIST)


RESTRAINING FACTORS


Varying Structure of Regulatory Policies May Inhibit Market Growth


The market is growing at a rapid pace, attributable to its multi-tasking abilities across various verticals. The structure of regulatory policies and governance changes from business to business and country to country. Various countries such as Afghanistan, Iraq, and Nigeria do not have an assigned body to implement regulatory policies. Such policies need to be executed and regulated by considering multiple factors, such as micro and macro-economic risk factors along with the business requirements. This is considered as one of the restraining factors for the growth of this market. Such factors are making it difficult for GRC solution suppliers to cater to the different end-user requirements. In some regions, where there is a lack of regulatory standards and structures imposed by governing bodies, the enterprises are focused on executing in-house regulatory policies and guidelines.  


SEGMENTATION


By Component Analysis


Increasing Implementation of eGRC Software among Enterprises to Propel the Market


The enterprise governance, risk, and compliance (eGRC) market, by component, has been bifurcated into software and services. Among these, the software segment is estimated to hold the largest market share in the forecast period. Its growth is attributable to the rising demand for solutions such as the GRC Envelop, SAP GRC, IBM OpenPages, and SAI360, among others. With the increasing requirement for the streamlined and automated eGRC programs, the demand for eGRC software is expected to surge in the near future.


The services segment is expected to grow at a significant CAGR during the forecast period. This growth is attributable to the rising adoption of strategic insights and advisory services to tackle the various risk and compliance challenges faced by enterprises.


By Deployment Model Analysis


Rising Demand from Enterprises for Cloud-based Deployment Will Support Growth of the Market


Based on deployment, the market is divided into cloud-based and on-premise. The on-premise segment is likely to have the maximum market revenue share. The growth is owing to the increasing adoption of on-premise deployment of enterprise governance, risk, and compliance systems across SMEs in response to the increasing data security concerns and maintenance of information security systems.


The cloud segment is anticipated to exhibit the highest CAGR during the forecast period. This is attributable to the rising adoption of cloud-based solutions to gain an in-depth analysis of risk and reduce the overall complexity of operations.


By Organization Size Analysis


Implementation of eGRC Solutions among SMEs to Aid Market Growth


Based on organization size, the market is divided into large enterprises and small & medium enterprises.


Among these, the small & medium enterprises (SMEs) segment is expected to hold a higher market shares during the forecast period. SMEs are focused on deploying cost-effective solutions integrated with digital technologies such as cloud, AI, and others in their business operations. Rising government regulations for SMEs to secure customers’ data is likely to boost spending on solutions and services.


The large enterprise segment is projected to grow at the highest CAGR during the forecast period. These solutions allow large enterprises to increase their operational efficiency and to provide better customer experience.


By Vertical Analysis


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Adoption of eGRC Solutions in the Government Sector to Fuel the Market


Based on industry verticals, the market is segmented into BFSI, healthcare, government, energy & utilities, manufacturing, retail & consumer goods, telecom & IT, and others.


Among these, the government segment is expected to hold the dominant share during the forecast period. The demand for eGRC solutions in the government sector is gaining traction owing to their cost-effectiveness and ease-of-use. These solutions enable government regulatory and state-owned organizations to make their compliance and risk initiatives more efficient and effective.


The healthcare segment is likely to register significant growth during the forecast period. This growth is attributable to the rising adoption of cloud-based eGRC solutions to eliminate information security and privacy concerns.


Besides, rising implementation of these solutions across other industry verticals such as BFSI, energy & utilities, manufacturing, retail & consumer goods, telecom & IT, and others is likely to further propel the enterprise governance, risk, and compliance market growth.


REGIONAL INSIGHTS


North America Enterprise Governance, Risk, and Compliance (eGRC) Market Size, 2019 (USD Billion)

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Geographically, the global market is segmented into five major regions, namely North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.


North America is expected to dominate the enterprise governance, risk, and compliance market share in terms of revenue during the forecast period. The early adoption of advanced technologies and the presence of major players such as IBM Corporation, Oracle Corporation, Microsoft Corporation, and others are boosting the demand for these solutions. Moreover, the rising adoption of cloud-based computing systems and the growing vulnerability of data breaches to cyber threats are expected to further boost the regional market growth. Other market players are focusing on launching new products to expand their geographic presence.



  • For instance, in September 2019, OneTrust, LLC launched its flexible and integrated governance, risk, and compliance management platform - "OneTrust GRC". The aim is to deliver a complete, seamless, and measured view of businesses’ risk portfolio.


Asia Pacific is expected to grow exponentially during the forecast period. This growth is attributable to the rising demand for solutions that provide outstanding governance, risk, and compliance consulting solutions to enterprises globally. Key market players are focusing on merger and acquisition strategies to enhance their product portfolio.



  • For instance, in April 2020, Tricor Group (Tricor), a Hong Kong-based company, acquired the Malaysian operations of Axcelasia Inc., a company listed on the SGX. The aim is to provide GRC solutions for end-users to manage their complex compliance and regulatory requirements and responsibilities.


Europe is expected to display a substantial CAGR during the forecast period. The growth is attributable to the presence of a considerable number of eGRC solution providers.


The Middle East & Africa and Latin American regions are expected to experience a steadily rising CAGR during the forecast period. This growth is attributable to the rising investment by local governments to adopt advanced technologies such as 5G, AI, ML, IoT, cloud, and others.


KEY INDUSTRY PLAYERS


Emphasis of Key Players towards Developing Innovative eGRC Solutions to Strengthen Competition


Major players such as SAP SE, MetricStream Inc., IBM Corporation, and Microsoft Corporation are strengthening their market position by upgrading their existing product lines. In addition, key players are now deploying eGRC solutions with advanced technologies such as AI, ML, IoT, cloud, and others to enhance the products and deliver cutting-edge solutions.


LIST OF KEY COMPANIES PROFILED:



  • SAS Institute (North Carolina, United States)

  • IBM Corporation (New York, United States)

  • Microsoft Corporation (New Mexico, United States)

  • SAP SE (Weinheim, Germany)

  • Thomson Reuters Corporation (Toronto, Canada)

  • Wolters Kluwer N.V. (Alphen aan den Rijn, Netherlands)

  • MetricStream Inc. (California, United States)

  • BWise (New York, United States)

  • Infosys Limited (Bengaluru, India)

  • Software AG (Darmstadt, Germany)

  • Dell Technologies (Texas, United States)

  • SAI Global (Illinois, United States)

  • NAVEX Global, Inc. (Oregon, United States)

  • LogicManager (Massachusetts, United States)

  • Ideagen Plc (Nottingham, United Kingdom)

  • Tevora (California, United States)

  • OneTrust, LLC (Georgia, United States)

  • Blue Umbrella Limited (Quarry Bay, Hong Kong)

  • Riskonnect, Inc. (Georgia, United States)

  • Origami Risk (Illinois, United States)


KEY INDUSTRY DEVELOPMENTS:



  • April 2020: - MetricStream Inc. launched its COVID-19 Solution to support various enterprises in managing the COVID-19 outbreak. With this solution, enterprises are allowed to manage responses & processes, information, and take decisions that impact business leaders, employees, vendors, partners, and customers.


REPORT COVERAGE


An Infographic Representation of Enterprise Governance, Risk and Compliance (eGRC) Market

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The enterprise governance, risk, and compliance (eGRC) market research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading applications of the product. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the advanced market over the past few years.


Report Scope and Segmentation














































 ATTRIBUTE



  DETAILS



Study Period



  2016 – 2027



Base Year



  2019



Forecast Period



  2020 – 2027



Historical Period



  2016 – 2018



Unit



  Value (USD Billion)



 


 


 


 


 


 


 


 


 


 


 


Segmentation



By Component



  • Software

  • Services



By Deployment Model



  • Cloud-based



  • On-premise



By Organization size



  • Large Enterprise



  • Small & Medium Enterprise



By Vertical



  • BFSI

  • Healthcare

  • Government

  • Energy & Utilities

  • Manufacturing

  • Retail & Consumer Goods

  • Telecom & IT

  • Others (Transportation & Logistics, Construction, etc.)



By Region



  • North America (the U.S. and Canada)

  • Europe (U.K., Germany, France, Russia, and Rest of Europe)

  • Asia Pacific (China, Japan, India, and Rest of Asia Pacific)

  • The Middle East & Africa (GCC, South Africa, and Rest of the Middle East & Africa)

  • Latin America (Brazil, Mexico, and Rest of Latin America)



Frequently Asked Questions

Fortune Business Insights says that the global eGRC market value stood at USD 24.26 billion in 2019.

By 2027, the market size is expected to reach USD 64.55 billion.

The market is expected to grow at a CAGR of 13.3% during the forecast period (2020-2027).

Within the component segment, the software segment is expected to lead the global market share during the forecast period.

The rising demand for mandatory regulatory & compliance policies is one of the key drivers for market growth

SAP SE, MetricStream Inc., Thomson Reuters, Wolters Kluwer, IBM Corporation, and Microsoft Corporation are the top companies in the market

The government segment holds the major market share

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Enterprise Governance, Risk and Compliance (eGRC) Market Size, Share and Global Industry Trend Forecast till 2026
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