Risk Management Tools Resonate as The Fundamental Pillar for the Enterprise Governance, Risk, and Compliance (Egrc) Market
The Global eGRC Market is expected to witness a CAGR of 13.9% to reach a value of $28.25 billion by 2023
Bangalore, India, December 22, 2018: With its recently published study “Enterprise Governance, Risk, and Compliance (eGRC) Market – Global Drivers, Restraints, Opportunities, Trends, and Forecast up to 2023”, Infoholic Research forecasts that the market will be driven by increasing digital platforms generating huge volume data, which correspondingly creates a volatile and dynamic market environment, with digital vulnerabilities being consistent targets for possible breaches across organizations. Moreover, the business also faces a daunting task to remain competitive while being tested to the limits by the constantly evolving regulatory guidelines.
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The organizations are moving toward technology-driven best practices for their GRC programs to comply with the internal and external compliance mandates. This automates the complex GRC management processes, thereby avoiding huge penalties incurred from non-compliance as well as the risk of exposure to numerous imminent risks associated with internal and external entities. This trend is expected to continue during the forecast period 2018–2023, fueling the eGRC market growth at a CAGR of 13.9% to reach $28.25 billion by 2023.
North American and European businesses have been investing heavily in the eGRC market due to stringent regulatory measures with heavy penalties for non-compliance. However, with the increasing digital trends globally escalating threats from various digital touch points, organizations across emerging economies are exploring various GRC technology-driven best practices. This will enable organizations to counter different vulnerabilities within their business functions and enhance the visibility across diverse business processes.
BWise Nasdaq, SAP, Enablon (Wolters Kluwer), SAI Global, MetricStream, LogicManager, Protiviti, Rsam, Dell-RSA, FIS, Thomson Reuters, Ideagen, Resolver, Oracle, and SAS Institute are few of the leading vendors of GRC software and services analyzed for this study. Incident reporting, risk, compliance, policy, and audit management, along with third-party risk management are the core constituents of the overall GRC solution suite for due diligence on business continuity.
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“The GRC software tools not only help in mitigating security risks but also ensure business integrity and continuity through thorough due-diligence and best practices. The services considered here in this study enhance awareness among end-users through certified corporate training exercises and professional support for the effective and seamless functioning of the GRC tools. However, increasing SaaS-based GRC technology deployments, with user-friendly and scalable functionalities, have minimized professional support requirements drastically.” said Shiladitya Chaterji, Research Analyst, Infoholic Research
Key insights of the report include
- Key Components
- Incident Reporting
- Risk Management
- Compliance (Regulatory Change) Management
- Policy Management
- Audit Management
- Third-party Management
- Deployment Types
- Cloud (SaaS)
- Key Business Functions
- Major Verticals
- Industry outlook
- Market trends