Enterprise Governance, Risk and Compliance (eGRC) Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI2929
Enterprise Governance, Risk and Compliance (eGRC) Market size will see healthy growth to 2024 led by growing demand for compliance and regulatory requirements by the organizations to manage the enterprise risk and reduce the compliance costs. The organizations implement governance and compliance strategies to better understand the impact of risk on business performance. As the strategies span the entire organizational departments, the eGRC tools and solutions enable its users to monitor and measure the effectiveness in each area of their departments, including security, IT, management and auditing. Moreover, the solutions also assist enterprises in streamlining their processes and workflows, optimize their resources, and improved decision-making.
As businesses today operate in complex global environments, it becomes imperative for them to manage the risks and compliance postures. Effectively managing changes across regulatory environments and businesses remains one of the challenges before them. So, they are adopting solutions to execute governance and compliance objectives efficiently and introducing efficiencies in risk management.
The adoption of Big Data technologies also acts as the major driver for the eGRC market. The organizations are swiftly moving towards the data analytics tools and solutions to measure and manage the risk exposures across their business lines. They are combining their big data with analytics tools and data-driven GRC to manage the compliance processes. The auditors are utilizing the capabilities of Big Data to explore the data to gain insights about the risk exposure and detect fraud.
Another key factor driving the eGRC market growth is the growing adoption of cloud-based solutions which enable companies to accelerate the deployment of GRC apps and requires minimum investment. As cloud-based solutions offer high scalability with advanced security and access controls, the demand for these solutions will increase during the forecast period.
The risk management software market segment is expected to drive the overall growth of the eGRC market from 2018 to 2024. With the increasing number of cyber-attacks, the companies are rapidly adopting solutions to mitigate the attacks posing threat to their operations. They are deploying risk management software to monitor suspicious transactions and unauthorized access to the data, automate internal controls and enforce compliance to drive business efficiencies.
North America is expected to dominate the eGRC market share due to the increasing government efforts to implement the risk management practices. For instance, in April 2018, the U.S. government raised the cost of civil penalties. The government adjusted the penalties on the account of increasing compliance failures. The Department of Justice (DOJ) for violations of the False Claims Act (FCA) raised the penalty range from USD 11,181 to USD 22,003 per violation as compared to USD 10,957 to USD 21,563 per violation in 2017. Moreover, the increased internet penetration rate in the region has led to high-profile data breaches which in turn has further triggered the need to have operational risk management software.
The eGRC market is estimated to grow considerably in Asia Pacific during the forecast timeline. The market growth is driven by the growing adoption of eGRC solutions in banking sector. With the rising financial crimes in the region, the need to have the robust security solutions and stringent regulations to mitigate the risks associated with the crimes are expected to drive the market growth. The companies in the region are providing solutions to the financial institutions to manage their regulatory compliances. For instance, in September 2015, Mindtree and MetricStream partnered to simplify the regulatory compliance for financial firms. Mindtree made use of MetricStream’s Zaplet to help clients automate and manage the regulatory processes.
The market players operating in the eGRC market are Thomson Reuters, EMC, Oracle, IBM, SAP SE, Deloitte LLP, Maclear SA, SAS Institute Inc., BWise BV, Software AG, Microsoft, Protiviti Inc., Fidelity National Information Services, Inc. (FIS), and Modulo Security, LLC. The companies are offering their GRC platforms to enable their business customers easily enhance their risk management practices. For instance, in May 2016, Bank ABC selected BWise GRC platform to enhance their risk management and internal audit process, compliance and reporting. The BWise integrated GRC platform helped the company to reduce the organizational threats and streamline their audit processes. Similarly, in March 2018, the Corporate Risk Management department at Axel Springer collaborate with the Avedos to improve the efficiency of technical workflows by managing the corporate risk.
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