CHICAGO, May 13, 2024 /PRNewswire/ -- Deeper AI and machine learning integration for predictive analytics, the simplification of compliance activities, and improved cybersecurity risk management are where eGRC's future lies. The market will remain dominated by cloud-based solutions because they provide scalable and intuitive user interfaces for thorough risk assessment and management in a variety of regulatory environments.

The eGRC Market size is projected to grow from USD 18.3 billion in 2024 to USD 34.5 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 13.4% during the forecast period, according to a new report by MarketsandMarkets™.

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Scope of the Report

The key driver for adopting eGRC solutions is an increase in stringent regulations, such as the EU AI Act, that aims to establish a comprehensive regulatory framework for AI and impact how organizations manage GRC with AI technology integrations. Organizations need to assess their AI models, understand the implications of the EU AI Act, and prepare for the changes it will bring to create a more secure and trustworthy AI environment. By aligning with the regulations of the EU AI Act, businesses can navigate the regulatory landscape effectively and leverage AI technology while safeguarding against risks and ensuring compliance with the updated rules.

Based on the offering, the solutions segment accounts for the highest market size during the forecast period.

The adoption of eGRC solutions has surged as organizations must manage complex regulatory requirements and mitigate diverse risks. These solutions provide a centralized platform to streamline governance processes, automate compliance tasks, and enhance risk visibility across the enterprise. Effective eGRC solution encompasses thorough data integration, advanced analytics, real-time monitoring, and strategic utilization of emerging technologies. These features provide organizations with the necessary resources for managing the intricate landscape of eGRC. Some companies offer dedicated eGRC solutions, such as compliance, risk, and audit management. These solutions are developed to cater to the specific needs of the BFSI, healthcare, IT & ITeS, government, and other verticals. Companies offering eGRC solutions include IBM LogicManager, MetricStream, Software AG, Wolters Kluwer, Diligent, IdeaGen, and SAI Global.

By deployment mode, the cloud segment will grow at the highest CAGR during the forecasted period.

Small and Medium-sized enterprises (SMEs) are increasingly adopting eGRC solutions deployed in the cloud due to several advantages. Cloud deployment offers scalability, flexibility, and cost-effectiveness, making it accessible to businesses without hefty upfront investments. These solutions streamline governance processes, enhance risk visibility, and simplify compliance management. With intuitive interfaces and subscription-based pricing models, eGRC cloud solutions empower SMEs to navigate regulatory landscapes while optimizing resource utilization efficiently.

By region, Europe is to grow at the highest CAGR during the forecast period.

Europe is expected to register high growth rates in the eGRC market. Emerging European markets, such as the UK, Germany, France, Italy, and Ireland, are expected to offer significant growth opportunities for the eGRC market. Increasing regulations and compliances, political uncertainty, unpredictable business environment, rise in network crimes, and advanced cyber and bot attacks have favored the growth of the eGRC market in the region, as it is helping the organizations effectively work on GRC programs.

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Top Companies in eGRC Market

IBM (US), Microsoft (US), Oracle (US), SAP (Germany), SAS Institute (US), ServiceNow (US), Thomson Reuters (Canada), FIS (US), Wolters Kluwer (Netherlands), LexisNexis (US), Mphasis (India), MetricStream (US), Riskonnect (US), Navex Global (US), OneTrust (US), Mega International (France), LogicManager (US), Acuity Risk Management (UK), C&F SA (Poland), Allgress (US),  GlobalSuite Solutions (Spain), Onspring (US), Optimiso (US), Oxial (Switzerland), ReadiNow (Australia), SureCloud (UK), StandardFusion (Canada), Comensure (US), Dynamic GRC (Singapore), LogicGate (US), VComply (US), and SmartSuite (US) are the key players and other players in the eGRC market.

Recent Development

• In January 2024, Microsoft and Cognite extended their partnership to build an industrial data operations platform on Microsoft Fabric and Azure OpenAI Service. Integrated with Microsoft Purview, Fabric offers unified data governance tools, simplifying data management, monitoring, and security across diverse applications and platforms.
• In September 2023, the SAS Institute will deepen its collaboration with Microsoft to assist banks in effectively handling liquidity and interest rate risks. Their Asset and Liability Management (ALM) platform, fueled by Kamakura Risk Manager on Microsoft Azure, enables comprehensive risk management, capital allocation, and balance sheet optimization through multi-period, scenario-based simulation and valuation.
• In June 2022, Oracle updated its Governance, Risk, and Compliance Controls (GRCC). It provides a platform where two components run: Application Access Controls Governor (AACG). These components regulate access to duties assigned in business-management applications, such as Oracle E-Business Suite and PeopleSoft, and Enterprise Transaction Controls Governor (ETCG), which identifies business-application transactions posing an unacceptable risk.

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eGRC Market Advantages

• By automating compliance processes, eGRC systems minimize errors and manual labor. This saves time and money by streamlining regulatory compliance procedures and guaranteeing conformity to norms and laws.
• Businesses can detect, evaluate, and manage risks in a comprehensive manner by using eGRC platforms, which offer a centralized view of hazards across the enterprise. This all-encompassing strategy strengthens decision-making and increases resistance to new challenges.
• eGRC solutions increase productivity and efficiency by combining separate governance, risk, and compliance processes into a single platform. Workflows can be streamlined, stakeholder participation can be facilitated, and tasks can be prioritized according to how they will affect corporate goals.
• eGRC solutions provide insights into risk exposure and compliance status through real-time monitoring and reporting capabilities. Proactive risk management, prompt decision-making, and successful stakeholder communication are made possible by this.
• By automating tedious operations, allocating resources optimally, and lowering the possibility of non-compliance fines, eGRC solutions assist in lowering compliance expenses. Organizations can save money over time by improving operational effectiveness and reducing risks.
• Scalability and adaptability are features that cloud-based eGRC platforms provide, enabling enterprises to adjust to shifting business needs and regulatory landscapes. Cloud deployments improve agility and resilience by facilitating quick implementation, smooth upgrades, and remote access to eGRC functions.

Report Objectives

• To describe and forecast the eGRC market by offering, deployment mode, organization size, solution usage, business function, vertical, and region from 2024 to 2029, and analyze the various macroeconomic and microeconomic factors that affect market growth
• To analyze the subsegments of the market concerning individual growth trends, prospects, and contributions to the overall market
• To provide detailed information regarding major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the market
• To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for the major players
• To profile the key market players; provide a comparative analysis based on the business overviews, regional presence, product offerings, business strategies, and critical financials; and illustrate the market's competitive landscape.
• To track and analyze the competitive developments, such as mergers and acquisitions, product developments, partnerships and collaborations, and research development (R&D) activities, in the market

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