CHICAGO, Sept. 24, 2021 /PRNewswire/ -- According to a new market research report "eGRC Market with COVID-19 by Offering (Software and Services), Software (Usage and Type), Type (Policy Management, Compliance Management, Audit Management, and Risk Management), Business Function, End User, and Region – Global Forecast to 2026", published by MarketsandMarkets™, the global eGRC Market size is projected to grow from USD 36.1 billion in 2021 to USD 60.7 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 10.9% during the forecast period. The major factors contributing to the market growth include the growing need to meet stringent compliance mandates and get a holistic view of policy, risk & compliance data, and increasing data & security breaches. These factors lead to the growing need for precise eGRC solutions, which support organizations to effectively manage Governance Compliance Risk (GRC) programs for driving the growth of the eGRC industry.
Among deployment mode, cloud segment to grow at the highest CAGR during the forecast period
The use of eGRC solutions is increasing acroCloud-based eGRC solutions are becoming popular as they offer a cost-effective and efficient way to manage governance, risk, and compliance. As cloud-based solutions offer a wide range of benefits, the adoption of the same is increasing among various industries. The adoption of cloud-based eGRC solutions is increasing among SMEs as these solutions are budget-friendly and easy to deploy. Cloud-Based eGRC vendors offer GRC solutions to help organizations automate compliance, as well as control monitoring processes. Furthermore, it enhances the visibility into risk exposure. Hence, vendors are projected to deploy eGRC solutions to leverage the benefits offered by the cloud.
Healthcare vertical to grow at the highest CAGR during the forecast period
The use of eGRC solutions is increasing across all verticals to manage the challenges associated with risk and compliance. Verticals that are leveraging eGRC solutions include Banking, Financial Services, and Insurance (BFSI), telecommunication, energy & utility, government, healthcare, manufacturing, mining & natural resources, retail & consumer goods, Information Technology (IT), transportation & logistics and others. Among these, the healthcare vertical is expected to grow at the highest growth rate, owing to the growing need to manage various standards and ensure compliance requirements for regulations. The healthcare sector is constantly focusing on enhancing the services delivered to patients. While delivering the best services to patients and staff, clinics and hospitals must assess and control various risks with regards to patient safety, federal regulations, and medical errors. In addition, risk and compliance management solutions enable healthcare service provides to consolidate the information in the form of silos to manage risk and compliance in the organization.
North America to hold the largest market size during the forecast period
North America is contributing maximum in terms of revenue generation in the global eGRC Market. The region is witnessing major developments in the eGRC space. Multiple vendors across the region are involved in developing innovative products and solutions. They are focusing on the integration of advanced technologies, such as Analytics, Natural Language Processing, and Machine Learning (ML). Among all the countries of North America, the US is expected to lead in terms of the adoption of eGRC solutions. The growing business complexities and changing regulatory requirements are expected to drive market growth in the region.
Major vendors in the global eGRC Market include IBM (US), Microsoft (US), Oracle (US), SAP (Germany), SAS Institute (US), ServiceNow (US), Thomson Reuters (Canada), Wolters Kluwer (Netherlands), Dell EMC (US), FIS (US), Software AG (Germany), RSA Security (US), MEGA International (France), Ideagen (UK), Mphasis (India), MetricStream (US), Protiviti (US), SAI Global (US), ProcessGene (Israel), LogicManager (US), Quantivate (US), Riskonnect (US), NAVEX Global (US), Alyne(Germany), and Lexcomply (India), StandardFusion (Canada).
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