The eGRC (Enterprise, Governance, Risk, and Compliance) market size is projected to grow from USD 18.3 billion in 2024 to USD 34.5 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 13.4% during the forecast period. The growth of the eGRC market is fueled by the adoption of digital technologies such as cloud computing, IoT, AI, and big data analytics by organizations in their complex and interconnected business processes.
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EGRC Market Definition:
eGRC stands for enterprise governance, risk management, and compliance. It refers to how an enterprise addresses governance and manages risk and compliance by creating policies, procedures, regulatory controls, risk assessment, risk monitoring, and internal controls that employees must adhere to.
Competitive overview:
The eGRC market is led by some of the globally established players, such as IBM (US), Microsoft (US), Oracle (US), SAP (Germany), SAS Institute (US), ServiceNow (US), Thomson Reuters (Canada), FIS (US), Wolters Kluwer (Netherlands), LexisNexis (US), Mphasis (India), MetricStream (US), Riskonnect (US), Navex Global (US), OneTrust (US), Mega International (France), LogicManager (US), Acuity Risk Management (UK), C&F SA (Poland), Allgress (US), GlobalSuite Solutions (Spain), Onspring (US), Optimiso (US), Oxial (Switzerland), ReadiNow (Australia), SureCloud (UK), StandardFusion (Canada), Comensure (US), Dynamic GRC (Singapore), LogicGate (US), VComply (US), and SmartSuite (US). Partnerships, agreements, collaborations, acquisitions, and product developments are various growth strategies these players use to increase their market presence.
Wolters Kluwer (Netherlands) provides professional information, software solutions, and services for clinicians, nurses, accountants, and lawyers. It also caters to the tax, finance, audit, risk, compliance, and regulatory sectors. It has a presence in the Europe, North America, Asia Pacific, and Rest of the world (ROW). The company caters to its global clientele in over 180 countries. The company specializes in workflow, GRC, and tax and accounting solutions. It offers Enablon GRC solutions encompass risk management, mobile safety and inspection, mobile audits, internal controls, internal audits, insurance & claims, incident/event management, reporting, continuous assessment, change management, business continuity management, and action plans.
This company's technology partners include Microsoft, Makersite, Pendo, TapRoot, and OSIsoft. Wolters Kluwer is recognized as one of the 100 global most sustainable corporations by Corporate Knights.
FIS (US) is a recognized financial technology solution provider. It offers merchant solutions, banking solutions, and capital market solutions. Its software, services, consulting, and outsourcing solutions are focused on retail and institutional banking, payments, asset and wealth management, risk and compliance, trade enablement, transaction processing, and record-keeping. FIS has a portfolio of products for the financial services sector, including retail and investment banking. It includes "Profile" - a banking application based on the open-source GT.M, a transaction processing database engine maintained by FIS.
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The company offers solutions to over 20,000 clients in more than 130 countries globally.
According to MnM's approach to evaluating the market, most businesses use inorganic growth tactics to hold onto their market share. These agreements cover alliances, acquisitions, collaborations, and partnerships together. Product launches and corporate growth activities are abruptly affected by factors such as government regulations. On the other hand, organizations are anticipated to embrace organic growth strategies to provide end consumers with eGRC solutions and professional services, which would assist businesses in boosting market revenue.
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