Enterprise Governance, Risk, and Compliance (eGRC) Solutions Market Size to grow by USD 23133.67 million between 2023-2027
According to a research report “ Enterprise Governance, Risk, and Compliance (eGRC) Solutions Market” by Component (Software, Service) End-user (Large enterprise, SME) Geography (North America, Europe, APAC, South America, Middle East and Africa)- Global Forecast to 2027 published by Technavio, the market size is estimated to grow by USD 23133.67 million, at a CAGR of 12.38% during the forecast period. In today's business landscape, organizations must adhere to stringent regulatory requirements to effectively manage their corporate data. Compliance with regulations such as the Sarbanes-Oxley Act (SOX), the Health Insurance Portability and Accountability Act (HIPAA), and data breach notification laws is essential for operational success. SOX mandates specific controls for handling financial information, while HIPAA outlines instructions for dealing with protected health information and maintaining privacy. In sectors like healthcare, insurance, and banking, which handle sensitive information, new data-sharing policies have been established to align with external regulations. These policies ensure the confidentiality of patients' health information as required by HIPAA, enabling organizations to conduct business while adhering to regulatory standards..
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By Component, the Software segment is projected to dominate the market size in 2024
The enterprise governance, risk, and compliance (eGRC) solutions software market's business segment is undergoing significant advancements, fueled by the escalating need for sophisticated tools that optimize and strengthen organizations' risk management and compliance initiatives. This software segment is marked by an influx of cutting-edge platforms, engineered to tackle the complex challenges presented by regulatory compliance, risk evaluation, and corporate governance. Modern eGRC solutions software offerings are outfitted with sophisticated features that empower businesses to anticipate, evaluate, and mitigate risks throughout their operational workflows. These platforms grant real-time visibility into compliance standing, enabling corporations to synchronize their activities with evolving regulations and standards.
By End-user, Large enterprise segment is expected to hold the largest market size for the year 2024
Enterprise Governance, Risk, and Compliance (eGRC) solutions are essential tools for businesses seeking to manage and mitigate risks, ensure regulatory compliance, and maintain effective governance structures. These solutions provide a unified platform for managing various aspects of risk, compliance, and governance, enabling organizations to make informed decisions, streamline processes, and enhance operational efficiency. eGRC solutions enable businesses to mitigate risks, maintain regulatory compliance, and strengthen governance structures, ultimately contributing to improved business performance and reduced operational risks.
North America is forecasted to hold the largest market size by region in 2024
The US dominates the North American enterprise governance, risk, and compliance (eGRC) solutions market in 2022, driven by regulatory initiatives and the need to mitigate business uncertainties. Financial institutions in the US are prioritizing integrated data platforms, consolidating internal and external data sources, and implementing consumer information collection solutions. The trend toward user-friendly and efficient eGRC tools has gained traction, with organizations embracing effective risk management policies and threat assessment for professionals. Data virtualization tools, including composite software and social analytics software, are also increasingly adopted for swift decision-making and real-time targeting.
The Enterprise Governance, Risk, and Compliance (eGRC) Solutions Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
Enterprise Governance, Risk, and Compliance (eGRC) solutions have become essential for corporations to manage their compliance, enterprise risk management, and enterprise governance effectively. These solutions help organizations mitigate risks, ensure adherence to regulations, and maintain transparency. The eGRC market is witnessing significant growth due to the increasing focus on corporate compliance and the adoption of cutting-edge technologies like Blockchain and Artificial Intelligence (AI). eGRC solutions enable organizations to manage policies, risks, and compliance across various functions and entities in real-time. Leading eGRC providers include IBM OpenPages, SAI360, GRC Envelop, SAP GRC, MetricStream, and others. These solutions offer features like Predictive analytics, IoT integration, and AI-powered risk assessment. Financial institutions and SMBs alike are adopting these integrated software solutions to meet industry-specific regulations such as COBIT, GDPR, HIPAA, and HITECH. Microsoft's Azure Purview and IBM's Watson for Regulatory Compliance are recent additions to the eGRC market, leveraging AI and ML to automate regulatory compliance and risk management processes. These solutions help organizations stay ahead of the regulatory curve and maintain a strong compliance posture.
Market Research Overview
Enterprise Governance, Risk, and Compliance (eGRC) solutions have become essential for businesses in various industries to manage their data analysis, continuous monitoring, privacy protection, and adherence to regulatory policies. eGRC solutions enable organizations to mitigate financial risks, address security needs, and maintain a strong brand image in business scenarios requiring external reporting obligations and corporate compliance. Global IT giants like IBM, Microsoft, and Oracle offer cutting-edge eGRC solutions that leverage technologies such as blockchain, artificial intelligence (AI), and the Intelligent Cloud. These solutions cater to diverse industries, including manufacturing, healthcare, construction and engineering, IT and telecom, energy and utility, transportation and logistics, legal, and operation. eGRC solutions provide automation capabilities for risk assessment, policy administration, incident reporting, and audit software management. They help organizations adhere to GRC standards like COBIT, GDPR, HIPAA, and the Sarbanes-Oxley Act. IBM's OpenPages, SAI360, GRC Envelop, SAP GRC, and MetricStream are some popular eGRC solutions that cater to SMBs and financial institutions. With the integration of IoT, AI, and predictive analytics, eGRC solutions enable data-driven decision-making and real-time monitoring. These advanced capabilities allow organizations to stay ahead of potential risks and maintain regulatory compliance more effectively. Microsoft's Azure Purview is another innovative eGRC solution that offers data mapping, discovery, and classification capabilities.
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