Pune, Dec. 20, 2019 (GLOBE NEWSWIRE) -- The global Enterprise Governance, Risk and Compliance (eGRC) Market size is set to reach USD 57.57 billion by 2026, exhibiting a CAGR of 13.2% during the forecast period. Increasing cybersecurity threats around the globe is foreseen to be one of the primary forces driving the growth of this market. According to the Threat Landscape Report 2018 published by the European Union Agency for Cybersecurity (ENISA), ransomware caused 39% of the global data malware and 64% of the industrial network breaches in 2017. Moreover, a study conducted by Verizon found that 92% of malware attacks were through emails. As more and more devices get interlinked through cloud software and the internet, the risk quotient to cyber security is bound get higher, thus creating a dire need for eGRC solutions.
Fortune Business Insights™ shares the above information in its report, titled “Enterprise Governance, Risk and Compliance (eGRC) Market Size, Share & Industry Analysis, By Component (Software, Services), By Deployment (On-Premises, Cloud), By Organization Size (SMEs, Large Enterprises), By End-User (BFSI, Healthcare, Government, Energy & Utilities, Manufacturing, Retail & Consumer Goods, Telecom & IT and Others) and Regional Forecast, 2019 – 2026”. The report further states that the value of this market stood at USD 21.72 billion in 2018 and provides the following insights:
- A meticulous research into the different factors and drivers shaping the market;
- A detailed analysis of the regional and competitive landscape of the market;
- A comprehensive overview of the current and upcoming industry trends that will impact the market; and
- An in-depth evaluation of the various market segments and their cumulative effect on the market during the forecast period.
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https://www.fortunebusinessinsights.com/industry-reports/enterprise-governance-risk-and-compliance-egrc-market-101415
Emergence of IoT and AI Technologies to Spur Market Growth
One of the leading enterprise governance, risk and compliance market trends is the spiking uptake of Internet of Things (IoT) and Artificial Intelligence (AI) technologies by organizations. AI-based eGRC systems are gaining popularity as they facilitate efficient collection and analysis of large volumes of data that companies and governments have to deal with on a daily basis. This will be enable organizations to upgrade and strengthen their IT infrastructure, which will augur well for the eGRC market growth in the forecast period. These systems also have other advantages. For example, they provide a platform for designing a well-configured operating strategy and streamlining diverse business processes. These benefits will also give a boost to the adoption rate of eGRC solutions.
Asia-Pacific to Boast Highest CAGR; North America to Lead the Charge
Among regions, North America is anticipated to dominate the enterprise governance, risk and compliance market share owing to the increasing vulnerability of data systems to cyber threats. Europe will be the second leading region in this market on account of growing popularity of cloud-based computing systems and a high acceptance rate of advanced technologies such IoT and systems integration software. Asia-Pacific will register the highest CAGR as a result of rising public and private investment in IoT and AI and a steady adoption of cloud-based solutions, especially in India and China.
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Development of Advanced Solutions by Players to Stimulate Competition
Competitors in this are taking expansive measures to consolidate their position, the enterprise governance, risk and compliance market report by Fortune Business Insights™ says. Key players are focusing their energies on developing next-generation eGRC solutions for customers through joint partnerships so as to diversify their product offerings.
Key Industry Developments:
- November 2019: SAP SE and Accenture announced their collaboration to develop advanced business solutions to be known as SAP Cloud for Utilities. This platform would empower businesses to effectively manage their processes and efficiently analyse customer experiences, thus enabling them to take well-informed strategic decisions.
- May 2019: Thomson Reuters and IBM teamed up to build a robust AI-powered system to meet the extensive regulatory requirements of banks. This solution will enable banks and other financial institutions to access real-time data through the IBM Cloud.
List of Prominent Players in the eGRC Market:
- Microsoft Corporation
- Wolters Kluwer N.V
- Thomson Reuters
- IBM Corporation
- Dell Technologies Inc.
- Oracle Corporation
- EMC CORPORATION
- Bwise
- MetricStream Inc.
- SAP SE
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Table of Content:
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Forces Analysis
- Global Enterprise Content Management (ECM) Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Size Estimates and Forecasts
- By Solution (Value)
- Content Workflow
- Document Management
- Imaging and Capturing
- Web Content Management
- Record Management
- Digital Asset Management
- Mobile Content Management
- Case Management
- By Deployment (Value)
- Cloud
- On-Premises
- By Enterprise Size (Value)
- SMEs
- Large Enterprises
- By Industry Vertical (Value)
- BFSI
- Government
- IT & Telecom
- Consumer Goods and Retail
- Healthcare and Life Sciences
- Transportation and Logistics
- Others (Manufacturing, Energy & Utilities, etc.)
- By Geography (Value)
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
- By Solution (Value)
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