With the ever-increasing business risk and exponentially increasing data breaches and compliance violations, the need for superior enterprise Governance, Risk, and Compliance (GRC) tools is imperative.
eGRC has become crucial for seamless running of businesses across the globe. This is evident from the performance gains, improved compliance, reduced costs, and other benefits derived out of the GRC initiatives, and the technologies undertaken by companies worldwide.
The Asia Pacific (APAC) region is expected to show the highest CAGR during the forecast period in the eGRC market. The growing complexity to comply with the mandatory corporate and government regulations in the APAC region has left the organizations needy for more faster and efficient Governance, Risk, and Compliance (GRC) solutions, to manage risk, audit, policy, and compliance issues. The vendors are providing upgraded versions or a complete new platform and GRC solution suite to fit organizations’ requirements.
On the basis of content types, the eGRC market is broadly classified into software (usage and type of software) and services (training and consulting, integration, and support). The services segment is expected to grow at the highest CAGR during the forecast period. With the growth in the market, the demand for services is also expected to increase, specifically for integration services. As the adoption of the technology-based software solutions are on the rise, the demand for consulting and training services also is also expected to increase. The support services include the assistance provided during installation and maintenance activities.
On the basis of software, the eGRC market is segmented into usage type and the type of software. In the type of software segment, policy management software is expected to grow at the highest CAGR during the forecast period. Policy management solution allows businesses to author, track, and manage policies centrally while aligning them with business objectives, risk frameworks, and regulatory standards. In the usage type segment, the internal software usage is expected to grow at the highest CAGR during the forecast period. Internal GRC software solutions perform a vital role in guiding an organization toward an integrated GRC capability.
On basis of deployment modes, the eGRC market is segmented into cloud and on-premises. The cloud segment is expected to grow at the highest CAGR during the forecast period. Cloud-based solutions offer rapid implementation, security, and ease of use. The eGRC software deployed on cloud ensures that enterprises have to invest lesser for managing their GRC issues.
Based on organization sizes, the eGRC market is segmented into Small and Medium-Sized Businesses (SMBs) and enterprises. The SMBs segment is expected to grow at a higher CAGR during the forecast period. With the introduction of third-generation GRC solutions, the prices of GRC products have come down considerably, thereby, resulting in an increase in the adoption of GRC solutions among the SMBs.
According to business functions, the eGRC market includes segments, such as finance, IT, legal, and operations. The finance segment is expected to grow at a higher CAGR during the forecast period. Finance is one of the internal functions of an organization, which has to comply with various norms and GRC software for financial management. It helps organizations comply with the regulations as well as mitigates the risks that might occur from financial frauds.
The eGRC market is also segmented on the basis of verticals, which include segments, such as Banking, Financial Services, and Insurance (BFSI), construction and engineering, energy and utilities, government, healthcare, manufacturing, mining and natural resources, retail and consumer goods, telecom and IT, transportation and logistics, and others (academia, media and entertainment, oil and gas, and tourism and hospitality). The manufacturing segment is expected to grow at the highest CAGR during the forecast period. Manufacturing companies have to comply with quality standards and make sure that they are conforming to the various regulations, such as hazardous material disposal regulations and health and safety regulations. Such expectations build pressure on companies to function efficiently within their limitations of profitability and economy.
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