eGRC Market worth $27.1 billion by 2027, growing at a CAGR of 12.6%: Report by MarketsandMarkets™
Chicago, Nov. 06, 2023 (GLOBE NEWSWIRE) — The global eGRC Market size which is expected to grow from an estimated value of USD 14.9 billion in 2022 to USD 27.1 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 12.6% from 2022 to 2027, according to a new report by MarketsandMarkets™.
Increasing stringent government regulations, and the growing need for a holistic view of data to curb financial crimes threatening the financial landscape are some of the factors that are driving the market growth.
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eGRC Market Dynamics:
- Increase in stringent compliance mandates
- Integration of AI/ML and blockchain technologies in GRC solutions
- Growth in data and security breaches
- Varying structures of regulatory policies
1. Emerging automation in eGRC solutions
- Growth in acquisitions and partnerships
List of Key Players in eGRC Market:
- IBM (US)
- Microsoft (US)
- SAP (Germany)
- SAS Institute (US)
- ServiceNow (US)
- Thomson Reuters (Canada)
- Wolters Kluwer (Netherlands)
- FIS (USA)
- Software AG (Germany)
- MetricStream (US)
Trend: eGRC and AI/ML:
eGRC enables a company to manage risk and adhere to legal and regulatory standards while integrating IT with business goals. A speedier method of recognizing, categorizing, and analyzing risks as they emerge is provided by AI in eGRC. AI offers a comprehensive perspective of all departments, encourages collaborative thinking, and emphasizes the need for evidence-based decision-making. AI provides firms with a strong Defence system by bringing analytics, audits, legal functions, and security altogether. Organizations will be able to lower their risk of data breaches, cyberattacks, and other dangers by leveraging AI’s capacity to identify threats and take action before they materialize. The use of AI in GRC has huge potential, the large amounts of data can be sorted in a matter of seconds or minutes. This increased speed would have a significant effect on several businesses in the financial, medical, legal, educational, marketing sectors, and others. GRC’s ML solutions help organizations improve performance and make eGRC smarter. ML algorithms are based on historical data, and therefore, they can be used as a solution to a variety of business challenges. This allows companies to calculate and process information faster without human intervention.
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Trend: Awareness in the regional market about eGRC:
The increasing stringent government regulations and the growing need for a holistic view of data to curb financial crimes threatening the financial landscape are some of the factors expected to drive the growth of the eGRC market. The overall eGRC market is expected to witness considerable developments and the adoption of solutions across North America and Europe during the forecast period. Countries in North America are also showing promising opportunities for the growth of the eGRC market due to the presence of the maximum number of AML solution vendors. North America is expected to hold the largest market size during the forecast period due to the presence of key eGRC market vendors, investments and innovations, a strict regulatory environment, and high technology adoption rates. With the continuously developing regulatory landscape with new stringent data privacy laws, such as 5AMLD, GDPR, and PCI DSS, and emerging trends related to trade-based money laundering and virtual currencies, Europe is expected to be the second-largest market. Asia Pacific is projected to grow at the highest CAGR during the forecast period.
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Opportunity: Emerging automation in eGRC solutions
By leveraging automation in tasks and manual processes, eGRC solution vendors are improving process efficiency, resource utilization, and productivity. The budgetary challenges that arise due to compliance costs and a high volume of regulatory challenges are addressed by automation and data harvesting. With advanced technologies like automation and AI, a significant improvement in organizations’ efficiencies in detecting and mitigating risks can take place. The productivity of organizations can improve while ensuring regulatory compliance by updating industry standards and regulatory content, automating risk and compliance management processes, including continuously monitoring all processes and workflows, , and other processes. Users are increasingly looking at automation solutions to manage routine financial and accounting processes and manage financial controls against frauds, abuse, and errors. The deployment of AI for several use cases, ranging from biometric-based authorization, and ML-based fraud detection, to NLP, for helping users accomplish a range of tasks is driving automation in the market.
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