World News: 11:05 GMT Friday 12th July 2019. [Research and Markets via Globe Newswire via SPi World News]
Dublin, July 12, 2019 (GLOBE NEWSWIRE) -- The report has been added to offering.
The global eGRC (Enterprises, Governance, Risk and Compliance) market size is expected to grow from USD 31.5 billion in 2019 to USD 51.5 billion by 2024, at a CAGR of 10.3% during the forecast period.
The major factors fueling the market growth include the growing need to meet stringent compliance mandates and get a holistic view of policy, risk and compliance data, and increasing data and security breaches. Moreover, the varying structure of regulatory policies may restraint the growth of the market to a certain extent during the forecast period.
On the basis of components, the eGRC market is segmented into software and services. The services segment is expected to grow at a rapid pace during the forecast period. The growth of the services segment is attributed to the growing need to support the adoption of eGRC solutions across industries. The services are becoming critical for the successful implementation and smooth running of eGRC solutions. Hence, the demand for various services such as training, consulting, and support is expected to increase in the eGRC market.
The eGRC market, on the basis of business functions, has been segmented into finance, Information Technology (IT), legal, and operations. The growth of the finance segment is attributed to the growing need for improving performance, streamlining business processes, reducing costs, and enhancing profit margins. Finance, being one of the internal functions of an organization, has to comply with various norms such as Sarbanes-Oxley, Basel II, Solvency II, and Dodd-Frank, which contribute to the increasing adoption of eGRC solutions.
Organizations across the region are looking for a framework that can help them effectively manage their Governance Risk Compliance (GRC) programs, as traditional methods are no longer adequate to manage and mitigate advanced cyberattacks, and manage compliances and risks. Therefore, industries across the region are focusing on the integration of eGRC solutions with their operations.
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Related Topics: Corporate Governance
Globe Newswire: 11:05 GMT Friday 12th July 2019
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