The global eGRC Market size is projected to grow from USD 1.3 billion in 2021 to USD 2.2 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.
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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.
Key and innovative vendors in the 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).
These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions to expand their presence in the eGRC market. Partnerships, agreements and collaborations, and new product launches have been the most adopted strategies by the major players from 2018 to 2021 to innovate their offerings and broaden their customer base.
IBM (US) offers integrated solutions and products, which leverage the benefits of data, Information Technology (IT), deep expertise, and business processes to create value for clients. It is an established player and a globally renowned vendor for providing dedicated hardware, software, and related services. Its product portfolio consists of various segments, including analytics, cloud, cognitive, commerce, Internet of Things (IoT), industry solutions, systems, mobile, security, social, and Watson. The company offers OpenPages GRC, a platform to cater to the eGRC market. The platforms offer an integrated and modular approach to governance, risk, and compliance. It helps organizations meet several requirements related to risk management, IT governance, policy and compliance management, financial controls management, and internal audit. IBM has a presence in various regions, such as the Americas, Europe, the MEA, and APAC.
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Wolters Kluwer is a provider of professional information, software solutions, and services for clinicians, nurses, accountants, and lawyers, along with tax, finance, audit, risk, compliance, and regulatory sectors. It caters to its global clientele in over 180 countries and has 19,200 employees across the globe. The company specializes in workflow solutions, eGRC solutions, and tax and accounting solutions. It has also been following various growth strategies to maintain its competitive position in the market. This is evident from the fact that, in December 2020, Wolters Kluwer GRC acquired eOriginal. The acquisition helps GRC Compliance Solutions’ to attain a leading position in the US mortgage and loan document generation and analytics into the fast-growing digital loan closing and storage adjacency.
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