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:

Drivers :

  1. Increase in stringent compliance mandates
  2. Integration of AI/ML and blockchain technologies in GRC solutions
  3. Growth in data and security breaches

Restraints:

  1. Varying structures of regulatory policies

Opportunities:

1.    Emerging automation in eGRC solutions

  1. 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 ...

Full story available on Benzinga.com