(EMAILWIRE.COM, October 25, 2018 ) An effective GRC implementation helps the organization to reduce risk and improve control effectiveness, security and compliance through an integrated and unified approach that reduces the ill effects of organizational silos and redundancies.

The global Enterprise Governance, Risk, and Compliance market is expected to grow from USD 22.14 billion in 2017 to USD 43.87 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 14.7%. The eGRC software solution helps in managing the performance and avoiding financial risk as well as reputational loss. The main driving factors for the market are the need for increasing the operational efficiency and reduced costs, the growing business partnerships and associations, and the government regulation and compliance mandates.

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The Asia Pacific (APAC) region is expected to show the highest CAGR during the forecast period in the eGRC market. The growing complexity to comply with the mandatory corporate and government regulations in the APAC region has left the organizations needy for more faster and efficient Governance, Risk, and Compliance (GRC) solutions, to manage risk, audit, policy, and compliance issues. The vendors are providing upgraded versions or a complete new platform and GRC solution suite to fit organizations’ requirements.

On the basis of content types, the eGRC market is broadly classified into software (usage and type of software) and services (training and consulting, integration, and support). The services segment is expected to grow at the highest CAGR during the forecast period. With the growth in the market, the demand for services is also expected to increase, specifically for integration services. As the adoption of the technology-based software solutions are on the rise, the demand for consulting and training services also is also expected to increase. The support services include the assistance provided during installation and maintenance activities.

On the basis of software, the eGRC market is segmented into usage type and the type of software. In the type of software segment, policy management software is expected to grow at the highest CAGR during the forecast period. Policy management solution allows businesses to author, track, and manage policies centrally while aligning them with business objectives, risk frameworks, and regulatory standards. In the usage type segment, the internal software usage is expected to grow at the highest CAGR during the forecast period. Internal GRC software solutions perform a vital role in guiding an organization toward an integrated GRC capability.

On basis of deployment modes, the eGRC market is segmented into cloud and on-premises. The cloud segment is expected to grow at the highest CAGR during the forecast period. Cloud-based solutions offer rapid implementation, security, and ease of use. The eGRC software deployed on cloud ensures that enterprises have to invest lesser for managing their GRC issues.

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