eGRC Market Research | Industry Trends, Insights & Size to Hit USD 74.526 Billion by 2026
Growing complexity of regulatory compliance has necessitated the growth of more efficient eGRC (Enterprise Governance, Risk, & Compliance) solutions.
PORTLAND, PORTLAND, OR, UNITED STATES, April 21, 2023 /EINPresswire.com/ — The size of the global eGRC market was estimated at $29,374.46 million in 2018, and it is anticipated to increase at a CAGR of 12.40% from 2019 to 2026 to reach $74.52 billion.
Organisations employ eGRC software to effectively and efficiently manage enterprise government risks. Manage commercial and financial risks across firms and protect these organisations from them is the main objective of eGRC. Numerous advantages associated with eGRC software, including effective decision-making, reasonable expectations, escalation, and risk-focused attention, serve as major growth drivers for the global eGRC market.
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eGRC Market Dynamics:
The eGRC (Enterprise Governance, Risk, and Compliance) market has seen significant growth in recent years, driven by several key factors. Firstly, the increasing complexity of regulatory compliance has created a need for more efficient and effective eGRC solutions. Companies are under growing pressure to comply with a wide range of regulations and standards, including data privacy laws, anti-corruption laws, and financial regulations. Secondly, the rise of digital transformation and cloud computing has increased the need for eGRC solutions that can manage risks and compliance across multiple systems and platforms. These solutions can help companies identify and address potential risks across their entire digital ecosystem.
Thirdly, there has been a growing focus on risk management and governance as a means of protecting the reputation and brand of companies. eGRC solutions can help companies identify and manage risks before they turn into major issues, reducing the risk of reputational damage and financial losses. Finally, the COVID-19 pandemic has accelerated the growth of the eGRC market, as companies are under growing pressure to manage risk and compliance in a rapidly changing environment. eGRC solutions can help companies adapt to new regulatory requirements and manage risks associated with remote work and other pandemic-related challenges.
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eGRC Market Trends:
The eGRC (Enterprise Governance, Risk, and Compliance) market has been experiencing several trends in recent years. Firstly, there has been a growing trend towards using AI (Artificial Intelligence) and ML (Machine Learning) in eGRC solutions. These technologies can help automate compliance processes, identify and analyze risks, and provide real-time insights into risk management and governance. Secondly, there has been a trend towards more integrated eGRC solutions that can manage risks and compliance across multiple areas of the business. These solutions can provide a holistic view of risk and compliance, enabling companies to identify and manage risks more effectively. Thirdly, there has been a growing focus on privacy and data protection, with companies under increasing pressure to comply with data protection regulations such as GDPR and CCPA. This has led to the development of eGRC solutions that can manage data privacy risks and compliance.
Fourthly, there has been an increasing interest in using eGRC solutions to manage environmental, social, and governance (ESG) risks. Companies are under growing pressure to manage ESG risks and report on their ESG performance, and eGRC solutions can help them achieve these goals. Finally, there has been a trend towards using eGRC solutions to drive business value, with companies leveraging eGRC data and insights to identify opportunities for growth and innovation.
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The key players profiled in the eGRC market study are IBM Corporation, Lockpath, Inc., LogicManager, Inc., MetricStream Inc., Microsoft Corporation, SAP SE, SAS Institute Inc., Oracle Corporation, RSA Security LLC, and Thomson Reuters.
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