Enterprise governance, risk and compliance (eGRC) is a strategic discipline which arms organizations to identify and protect against relevant risks and improve their operations. eGRC helps businesses in reducing costs, rationalizing controls and identify operational inefficiencies. In other terms, eGRC integrates data, policies and controls and develops the results in strategically visible manner.
The eGRC market is segmented on the basis of business type, deployment model, enterprise size, services and end-use industry. On the basis of business type, eGRC market is categorized as IT, finance, operations and legal. Based on deployment model, eGRC market is classified into on-premise and hosted. In terms of enterprise size, eGRC market is segmented into small and medium enterprises and large organizations.
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In terms of services, eGRC market is further sub-divided into installation and training, consulting and support. On the basis of end-use industry, eGRC market is segmented into telecom and IT, manufacturing, health care, banking, financial services and insurance (BFSI), energy and utility, retail and hospitality, government, mining and others (education, construction, etc.). Moreover, eGRC market is further segmented into various geographies such as North America, Europe, Asia Pacific, Middle East and Africa and South America.
With organizations aiming to reduce costs and strengthen their decision-making capabilities to improve business performance, this factor has evolved as one of the strongest growth driver for eGRC market. Already stressed existing enterprise resource planning (ERP) systems and inadequate monitoring capacities of existing systems has supplemented the adoption of eGRC systems.
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Moreover, growing regulatory requirements and demand for corporate governance has fuelled the adoption of eGRC solutions among enterprises. However, lack of awareness of eGRC particularly in small and medium businesses is anticipated to erode its market growth; this factor is expected to have high impact in earlier part of the forecast period. Alongside this, continuous changes in companies and increasing federal laws is likely to curb the market growth of eGRC market. Also, improving IT ecosystem especially in Asia Pacific region is likely to result in significant growth eGRC market in near term.
On a global scale, eGRC market is currently dominated by North America region. Early adoption of eGRC systems and significant presence of multinational manufacturers is among the key factors driving the market in North America region. However, Asia Pacific is likely to exhibit superior growth rate during the forecast period from 2016 to 2024. In terms of deployment model, on-premise eGRC tools are expected to hold significant market share, although, hosted eGRC solutions are likely to gain significant traction in the later part of the forecast period. BFSI and government sectors are likely to be among the frontrunners of eGRC market. The significant demand for risk management, audit management, and policy & compliance management tools is likely to be the prime factors resulting in the adoption of eGRC solutions in aforementioned applications.