According to a market report by Lucintel, the future of the eGRC market looks promising with opportunities in the construction & engineering, energy & utility, BFSI, retail & consumer goods, transportation & logistics, and IT & telecom industries. The global eGRC market is expected to grow with a CAGR of 13% to 15% from 2023 to 2028. The major drivers for this market are increase in stringent compliance mandates, integration of AI/ML (artificial intelligence and machine learning) & blockchain technologies in GRC solutions, and growth in data & security breaches.
Finance, IT, legal, and operations are the major segments of eGRC market by business operations. Lucintel forecasts that finance will remain the largest segment over the forecast period due to the growing need for improving performance, streamlining business processes, reducing costs, and enhancing profit margins.
Within this market, BFSI is expected to remain the largest segment due to penetration in technological innovations. Additionally, enterprise governance, risk, and compliance play a vital role in providing compliance with finance-related mandates and heads exact operations with respect to the financial process.
North America will remain the largest region due to the suppliers in this region are diving deep into the roots of creating innovative commodities, adoption of high technology in almost every part of business sectors, and majority of the supplier in this region is engaged in developing the products and services based on the artificial intelligence (AI), analytics, natural language processing (NLP), and machine learning (ML).
Emerging trends, which have a direct impact on the dynamics of the industry, include surge in penetration of IoT technology, integration of AI technologies in eGRC solutions, and rise in adoption of eGRC software in financial institutions. IBM, Wolters Kluwer N.V., Convercent, NAVEX Global., Refinitive, SAS Institute, SAI Global Pty, Microsoft, Oracle, and SAP SE are the major suppliers in the global eGRC market.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global eGRC market by component, business operations, deployment type, end use industry, and region. Lucintel has compiled a comprehensive research report titled “Growth Opportunities in the Global eGRC Market 2023-2028: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy, as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the global eGRC market by component, business operations, deployment type, end use industry, and region, as follows:
eGRC Market by Component [Value ($B) Shipment Analysis from 2017 to 2028]:
· Software
· Services
eGRC Market by Business Operations [Value ($B) Shipment Analysis from 2017 to 2028]:
· Finance
· IT
· Legal
· Operations
eGRC Market by Deployment Type [Value ($B) Shipment Analysis from 2017 to 2028]:
· On-Premises
· Cloud
eGRC Market by End Use Industry [Value ($B) Shipment Analysis from 2017 to 2028]:
· Construction and Engineering
· Energy and Utility
· Banking, Financial Services and Insurance (BFSI)
· Retail and Consumer Goods
· Transportation and Logistics
· IT and Telecom
· Others
eGRC Market by Region [Value ($B) Shipment Analysis from 2017 to 2028]:
· North America
· Europe
· Asia Pacific
· The Rest of the World
A more than 150 pages and in-depth TOC on “Global eGRC Market". To download report brochure, please go to
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About Lucintel
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This report answers the following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the infrastructure as code (IaC) market by component (software and services), business operations (finance, IT, legal, and operations), deployment type (on-premises and cloud), end use industry (construction & engineering, energy & utility, BFSI, retail & consumer goods, transportation & logistics, IT & telecom, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?