Information Technology
eGRC Market worth $34.5 billion by 2029 - Exclusive Report by MarketsandMarkets™
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The key driver for adopting eGRC solutions is an increase in stringent regulations, such as the EU AI Act, that aims to establish a comprehensive regulatory framework for AI and impact how organizations manage GRC with AI technology integrations. Organizations need to assess their AI models, understand the implications of the EU AI Act, and prepare for the changes it will bring to create a more secure and trustworthy AI environment. By aligning with the regulations of the EU AI Act, businesses can navigate the regulatory landscape effectively and leverage AI technology while safeguarding against risks and ensuring compliance with the updated rules.
The adoption of eGRC solutions has surged as organizations must manage complex regulatory requirements and mitigate diverse risks. These solutions provide a centralized platform to streamline governance processes, automate compliance tasks, and enhance risk visibility across the enterprise. Effective eGRC solution encompasses thorough data integration, advanced analytics, real-time monitoring, and strategic utilization of emerging technologies. These features provide organizations with the necessary resources for managing the intricate landscape of eGRC. Some companies offer dedicated eGRC solutions, such as compliance, risk, and audit management. These solutions are developed to cater to the specific needs of the BFSI, healthcare, IT & ITeS, government, and other verticals. Companies offering eGRC solutions include IBM LogicManager, MetricStream, Software AG, Wolters Kluwer , Diligent, IdeaGen, and SAI Global.
Small and Medium-sized enterprises (SMEs) are increasingly adopting eGRC solutions deployed in the cloud due to several advantages. Cloud deployment offers scalability, flexibility, and cost-effectiveness, making it accessible to businesses without hefty upfront investments. These solutions streamline governance processes, enhance risk visibility, and simplify compliance management. With intuitive interfaces and subscription-based pricing models, eGRC cloud solutions empower SMEs to navigate regulatory landscapes while optimizing resource utilization efficiently.
Europe is expected to register high growth rates in the eGRC market. Emerging European markets, such as the UK, Germany , France , Italy , and Ireland , are expected to offer significant growth opportunities for the eGRC market. Increasing regulations and compliances, political uncertainty, unpredictable business environment, rise in network crimes, and advanced cyber and bot attacks have favored the growth of the eGRC market in the region, as it is helping the organizations effectively work on GRC programs.
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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) are the key players and other players in the eGRC market.
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