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(Wireless-NewsWire.Com, July 08, 2020 ) The pre-COVID 19 global "eGRC Market by Component (Software and Services), Software (Usage and Type), Type (Policy Management, Compliance Management, Audit Management, Incident Management, and Risk Management), Business Function, Vertical, and Region - Global Forecast to 2025" market size is projected to grow from USD 32.6 billion in 2020 to USD 61.2 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 13.4%. In contrast, the post-COVID 19 global eGRC market size is projected to grow from USD 32.3 billion in 2020 to USD 60.8 billion by 2025, at a CAGR of 13.5% during the forecast period.
The major factors responsible for the market growth include the growing need to meet stringent compliance mandates, get a holistic view of policy, risk and compliance data, and increasing data & security breaches. Moreover, the integration of Artificial Intelligence (AI) and blockchain technologies with Governance Risk Compliance (GRC) solutions is anticipated to provide opportunities for market growth.
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Among components, software segment to hold a larger market size during the forecast period
The vendors in the market provide components, such as software and services. The software segment is expected to hold a larger market share. The growth is driven by the growing need to automate and streamline organizational GRC programs. The adoption of eGRC software is expected to increase owing to the increasing need to analyze regulatory requirements, policies, and obligations. Moreover, eGRC solutions offered in the market are integrated with Business Intelligence (BI) tools & analytics and Machine Learning (ML) technology, which enables organizations to get actionable insights and thereby focus on reducing organizational risks.
Manufacturing 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), construction & engineering, energy & utility, government, healthcare, manufacturing, mining & natural resources, retail & consumer goods, telecom & Information Technology (IT), and transportation & logistics. Among these, the manufacturing 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.
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 the market growth in the region.
Major vendors in the global eGRC market include IBM (US), Microsoft (US), Oracle (US), SAP (Germany), SAS Institute (US), Thomson Reuters (Canada), Wolters Kluwer (Netherlands), Dell EMC (US), FIS (US), MetricStream (US), Software AG (Germany), SAI Global (US), ProcessGene (Israel), LogicManager (US), NAVEX Global (US), Ideagen (UK), Alyne(Germany), and MEGA International (France).
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