DUBLIN--(BUSINESS WIRE)--Jul 12, 2019--

The "eGRC Market by Component (Software and Services), Software, Type (Policy Management, Compliance Management, Audit Management, Incident Management, and Risk Management), Business Function, Vertical, and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The global eGRC market size is expected to grow from USD 31.5 billion in 2019 to USD 51.5 billion by 2024, at a CAGR of 10.3% during the forecast period.

The major factors fueling the market growth include the growing need to meet stringent compliance mandates and get a holistic view of policy, risk and compliance data, and increasing data and security breaches. Moreover, the varying structure of regulatory policies may restraint the growth of the market to a certain extent during the forecast period.

Services segment to grow at a higher CAGR during the forecast period

On the basis of components, the eGRC market is segmented into software and services. The services segment is expected to grow at a rapid pace during the forecast period. The growth of the services segment is attributed to the growing need to support the adoption of eGRC solutions across industries. The services are becoming critical for the successful implementation and smooth running of eGRC solutions. Hence, the demand for various services such as training, consulting, and support is expected to increase in the eGRC market.

Finance segment to grow at the highest CAGR during the forecast period

The eGRC market, on the basis of business functions, has been segmented into finance, Information Technology (IT), legal, and operations. The growth of the finance segment is attributed to the growing need for improving performance, streamlining business processes, reducing costs, and enhancing profit margins. Finance, being one of the internal functions of an organization, has to comply with various norms such as Sarbanes-Oxley, Basel II, Solvency II, and Dodd-Frank, which contribute to the increasing adoption of eGRC solutions.

Organizations across the region are looking for a framework that can help them effectively manage their Governance Risk Compliance (GRC) programs, as traditional methods are no longer adequate to manage and mitigate advanced cyberattacks, and manage compliances and risks. Therefore, industries across the region are focusing on the integration of eGRC solutions with their operations.

Market Dynamics

Drivers

  • Regulatory & Compliance Mandates
  • Rising Business Collaborations
  • Increasing Use of Data

Restraints

  • Changing Structure of Regulatory Policies

Opportunities

  • Growing Market for Cloud-Based Businesses
  • Increasing Investment in Artificial Intelligence Enabled eGRC Solutions

Challenges

  • Providing a Holistic eGRC Solution
  • Complexities Regarding Governing Security Across BYOD & Cloud Platform

Key Topics Covered

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 eGRC Market Analysis, By Component

7 eGRC Market Analysis, By Deployment Mode

8 eGRC Market Analysis, By Organization Size

9 eGRC Market Analysis, By Business Function

10 eGRC Market Analysis, By Vertical

11 Geographic Analysis

12 Competitive Landscape

13 Company Profiles

  • Bwise
  • EMC Corporation
  • Fidelity National Information Services Inc. (FIS)
  • International Business Machine Corporation
  • Metricstream Inc.
  • Microsoft
  • Oracle
  • SAP SE
  • SAS Institute Inc.
  • Thomson Reuters
  • Wolters Kluwer

For more information about this report visit https://www.researchandmarkets.com/r/r34fxx

View source version on businesswire.com:https://www.businesswire.com/news/home/20190712005187/en/

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Related Topics:Corporate Governance

KEYWORD:

INDUSTRY KEYWORD: TECHNOLOGY SOFTWARE

SOURCE: Research and Markets

Copyright Business Wire 2019.

PUB: 07/12/2019 06:29 AM/DISC: 07/12/2019 06:29 AM

http://www.businesswire.com/news/home/20190712005187/en

Copyright Business Wire 2019.

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