MarketsandMarkets forecasts the global eGRC Market size is expected to grow from an estimated value of USD 14.9 billion in 2022 to USD 27.1 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 12.6% from 2022 to 2027. Various factors contribute to the growth of the eGRC market. These include the increasing need to meet stringent compliance mandates, the growing need for a holistic view of data, and the increased data and security breaches. Furthermore, the integration of AI and blockchain technology into eGRC solutions and the growing number of partnerships and acquisitions are also providing opportunities for market growth.
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What is eGRC?
MarketsandMarkets defines eGRC as the umbrella term that covers an organization’s approach across the areas of GRC. Typically, GRC encompasses activities, such as corporate governance, enterprise risk management, and corporate compliance, with applicable laws and regulations. It allows organizations to achieve their desired goals by automating workflows while complying with policy guidelines and government regulations, thereby reducing financial risks, and safeguarding the company’s brand image. The latest development of artificial intelligence (AI)-enabled eGRC solutions would enhance the compliance process, making it more effective.
By deployment mode, the cloud segment is projected to grow with a higher CAGR during the forecast period
Based on deployment mode, the eGRC market is segmented into two categories: on-premises and cloud. The demand for cloud-based deployment mode is expected to grow because of the various benefits provided including the reduction in maintenance costs which is alluring the SMEs and organizations and major SMEs are preferring it as it mitigates the problem of budget constraints associated with on-premises deployment mode. Cloud-Based eGRC vendors offer GRC solutions to help organizations automate compliance and control monitoring processes. They also enhance the visibility of risk exposure. Hence, these vendors are expected to deploy eGRC solutions to leverage the benefits offered by the cloud platform. Most organizations are migrating from their legacy systems to a private or public cloud and hence solution providers focus on delivering robust cloud-based solutions. The drivers for cloud-based deployment mode market growth include cost-effectiveness, security, and protection from cyber-attacks.
By verticals, the Banking, and financial institutions segment to hold a larger market size during the forecast period
Among the verticals, banking and financial institutes are the early adopters of eGRC solutions as these institutes are prime and important contributors to the economy in terms of monetary benefits and are a regulated and competitive industry. Banks are the prime and largest verticals of eGRC solutions worldwide. There are various drivers that have resulted in the market growth of this industry including the continuous need to align with the changing environment, due to new complexities, the demand for responsible business practices and balancing the risk-taking steps, requirements to maintain financial stability while adhering to the newly established norms and practices, and regulatory relief by RBI and US Securities and Exchange Commission (SEC). The continuous developments made by key players to upgrade eGRC solutions fuel the adoption of eGRC solutions in banks and financial institutes worldwide.
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Competitive overview:
The eGRC market is led by some of the globally established players such as IBM, Microsoft, Oracle, SAP, SAS Institute, ServiceNow, Thomson Reuters, Wolters Kluwer, FIS, SoftwareAG, MetricStream, Mphasis, SAIGlobal, LexisNexis, DiligentCorporation, OneTrust and others. These players have adopted various growth strategies such as partnerships, agreements, collaboration, acquisitions, and product developments to increase their market presence.
Wolters Kluwer was founded in 1968 and is headquartered in Alphen aan den Rijn, Netherlands (Global) and Philadelphia, United States (Corporate). The company provides professional information, software solutions, and services for clinicians, nurses, accountants, and lawyers. It also caters to the tax, finance, audit, risk, compliance, and regulatory sectors. It has a presence in the Netherlands, Europe (other than the Netherlands), North America, Asia Pacific, and Rest of the world (ROW). It generates revenues through three major segments: digital, services, and prints. The company caters to its global clientele in over 180 countries and has 19,800 employees across the globe. The company specializes in workflow, GRC, and tax and accounting solutions. Wolters Kluwer is recognized as one of the 100 global most sustainable corporations by Corporate Knights.
Apart from large vendors, some SMEs, and start-ups such as MEGA International, IdeaGen, LogicManager, Riskonnect, Allgress INC, CammsGroup, LogicGate, Reciprocity, SureCloud, ProcessGene, Lexcomply, StandardFusion, Comensure, DynamicGRC, and VComply are also evolving in the eGRC market.
MEGA International was founded in 1991. It is a software company headquartered in Paris, France. The company caters to IT, enterprise architecture, GRC, and business process analysis. It provides Governance, Risk and compliance tools, the Hopex platform, and Spark Matrix. The company has its presence worldwide in the Americas, Europe, the Middle East & Africa, and Asia Pacific. MEGA International received the 2022 Gartner customers’ choice recognition for enterprise architecture tools. The company caters to a wide range of industries, including banking and insurance, defense and security, government, energy and manufacturing, pharma, food and chemical, retail, and telecom and services. It has nine offices and over 20 distributors across the globe.
According to MnM’s market evaluation framework, most companies opt for inorganic growth strategies to maintain their position in the market. The number of deals increased by around 50-60% relatively in the period of 2020-2021. These deals collectively include partnerships, acquisitions, collaborations, and alliances. Due to the COVID-19 outbreak, there was a sudden decline in product launches and business expansion activities. However, from 2021 onwards, companies are expected to follow organic growth strategies to provide eGRC solutions and services to end users, which, on the other hand, would help companies in increasing their market revenue.
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