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The global enterprise governance, risk, and compliance (eGRC) market size is projected to reach USD 75.24 billion by 2028 on account of growing demand for GRC systems in the healthcare sector, finds Fortune Business Insights™ in its report, titled “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 Organization Size (Large Enterprises, and Small and Medium Enterprises (SMEs)), By Vertical (BFSI, Healthcare, Government, Energy & Utilities, Manufacturing, Retail & Consumer Goods, Telecom & IT, and Others), and Regional Forecast, 2021-2028”. As per the report, the market value stood at USD 27.01 billion in 2020 and is expected to soar at a CAGR of 14.0% from 2021 to 2028.
The COVID-19 pandemic is anticipated to favor the enterprise governance, risk, and compliance market growth as organizations are rapidly implementing eGRC solutions to ensure continuity of operations amid the pandemic.
Origami Risk Introduces Novel GRC Solution to Deal with COVID-19 Impacts
In April 2020, Origami Risk announced the expansion of its risk management information system through the addition of multiple novel solutions to enable employers to cope with the impacts of the COVID-19 pandemic. For example, Origami has introduced an online mapping & visualization tool, which combines publicly available updated COVID data with employer locations across the US and worldwide. This allows employers to identify their business locations affected by the crisis and thus prioritize the necessary actions that need to be taken to protect the location and the employees within it. The main idea behind these tools is to facilitate rapid responses by companies amid the coronavirus pandemic.
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Persistent Threat of Cyber-Attacks on Enterprises to Aid Growth
With organizations becoming increasingly reliant on virtual technologies for data collection & analysis, the threat of cyber-attacks has gotten elevated manifold in the past few years. In 2019, some of the largest organizations experienced some of the biggest cyber-attacks in history. For example, First American, the largest real estate title insurance company in the US, faced a data breach that leaked a staggering 900 million records. What’s more, the intensity and frequency of these attacks has risen astonishingly. According to the University of Maryland, for instance, hackers attack every 39 seconds, averaging around 2,244 times a day. As a result, the demand for effective automated cyber security solutions has escalated in recent years. In response, companies such as Governify and 360factors are combining cyber-security and enterprise governance, risk, and compliance technologies to deliver comprehensive solutions to organizations, equipping them with the necessary tools to fend off any potential cyber-attacks.
Key Players to Concentrate on Developing Cost-Effective eGRC Solutions for SMEs
Small- and mid-size enterprises (SMEs) are exhibiting an increasing inclination to adopt and implement eGRC systems to boost their efficiencies and maximize returns and profits. Observing this trend, key players in this market are speedily developing cost-effective enterprise governance, risk, and compliance solutions to entrench their position in the rapidly expanding SME sector. Further, companies are also actively seeking opportunities to amplify their operations in emerging economies, where the technological landscape is constantly improving.
List of Key Players Covered in this Market Report:
Further Report Findings:
Table of Segmentation:
Value (USD Billion)
Component; Deployment Model; Organization size; Vertical and Region
By Deployment Model
By Organization size