Global eGRC Market Size, Share, Growth Analysis, By Component(software and services), By Service(integration, consulting), By Organization Size(small & medium enterprise (SMEs) and large enterprise) - Industry Forecast 2023-2030

Global eGRC Market size was valued at USD 12.90 billion in 2021 and is poised to grow from USD 14.55 billion in 2022 to USD 38.14 billion by 2030, at a CAGR of 12.8% during the forecast period (2023-2030).

The Global eGRC (Enterprise Governance, Risk, and Compliance) Market is experiencing rapid growth, offering businesses a comprehensive solution to effectively manage governance, risk, and compliance challenges. Its primary objective is to equip businesses with the necessary tools to navigate regulatory requirements, reduce risk exposure, and enhance overall corporate governance. eGRC solutions play a pivotal role in helping businesses handle risks, prevent compliance breaches, and ensure adherence to regulations like GDPR, HIPAA, and SOX. Several driving factors contribute to the market's expansion, including the rising demand for compliance automation, the imperative for data protection and privacy, and the escalating number of regulatory compliance mandates. Businesses, in the face of increasing cyber threats, seek eGRC solutions that provide effective risk management tools. The adoption of cloud-based eGRC solutions is on the rise, aiding businesses in lowering IT infrastructure costs and enhancing operational efficiency. Despite these positive trends, the eGRC market encounters challenges such as high implementation and maintenance costs, intricate implementation processes, and a shortage of skilled professionals, impeding its growth. Noteworthy trends include the integration of artificial intelligence (AI) and machine learning (ML) technologies for automating compliance tasks, the uptake of mobile-based eGRC solutions, and the growing importance of integrated eGRC solutions that cater to diverse compliance requirements. Amidst these challenges, the eGRC market harbors opportunities for expansion, including heightened demand in emerging markets, the adoption of integrated solutions, and the increased use of cloud-based eGRC solutions by small and medium-sized businesses (SMBs).

Top-down and bottom-up approaches were used to estimate and validate the size of the Global EGRC Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global EGRC Market Segmental Analysis

Global EGRC Market is segmented on the component, service, organization size, and region. By component, the market is segmented into software and services. By service, the market is segmented into integration, consulting, and support. By organization size, the market is segmented into small & medium enterprise (SMEs) and large enterprise. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global EGRC Market

Organizations in various sectors confront escalating regulatory demands and the need for compliance. This has spurred the widespread implementation of eGRC (enterprise Governance, Risk, and Compliance) solutions, enabling efficient oversight and management of adherence to both regulatory guidelines and industry standards. A pertinent illustration lies in the financial industry, where entities must conform to stringent regulations such as Basel III, the Dodd-Frank Act, and Anti-Money Laundering (AML) regulations. These regulations necessitate the establishment of resilient risk management and compliance frameworks to ensure adherence and mitigate potential risks.

Restraints in the Global EGRC Market

Implementing eGRC solutions presents a formidable challenge, especially for expansive enterprises navigating numerous systems and processes. The complexity lies in seamlessly integrating eGRC software with the existing IT infrastructure, demanding meticulous efforts to uphold data consistency across diverse platforms. This intricate task becomes particularly pronounced as organizations grapple with the intricacies of large-scale operations and multifaceted technology landscapes, amplifying the importance of a strategic and well-executed eGRC implementation.

Market Trends of the Global EGRC Market

The incorporation of Artificial Intelligence (AI) and Machine Learning (ML) into eGRC solutions marks a significant advancement, empowering these platforms with cutting-edge capabilities such as advanced analytics, predictive modeling, and automation. Through the utilization of AI-driven analytics, eGRC systems can efficiently discern patterns and anomalies within data, facilitating the early detection of potential risks or compliance breaches. This transformative integration enhances the overall effectiveness of governance, risk management, and compliance processes by leveraging the dynamic capabilities offered by AI and ML technologies.