The drive for enterprise governance, risk and compliance (EGRC) market stems from the adoption of approaches of aligning IT with business objectives. The objective is to manage the risk and compliance of changes that come with ever-evolving, competitive business ecosystems. An assortment of technologies, including an array of software options, are meant to streamline GRC operations among companies—small and big. Over the past few years, GRC frameworks have shown cultural underpinnings, with executives supporting the need for a successful GRC implementation. Numerous benefits of EGRC pertaining to an organization’s overall governance have catalysed demands in the EGRC market.
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Growing Interest of Corporates in Internal Control and Governance Processes Boosts Prospects
Growing need for IT controls in meeting compliance needs of organization around the world has added momentum to the expansion of the EGRC market. Over the past five years, corporates have shown significant interest in EGRC to improve internal control and governance processes. This has been a key trend behind the evolution of the EGRC frameworks in various industrialized nations.
Growing interest of corporates in integrated risk management solutions has catalysed expansion in the EGRC market. Need for frameworks and standards that help enterprises develop EGRC solutions tailored to their need is expanding the avenue for solution providers. As they look for frameworks for reducing respond to changes in regulatory scrutiny, EGRC is poised to play higher role in business performance. Myriad technology risks have also been driving the demand for EGRC solutions. A notable case in point is persistent risks businesses face due to cyber-security. This has stridently bolstered the demand for IT controls software.
Growing demand for better risk management solutions is an important dynamic shaping the consumer demands in the EGRC market. Numerous countries have been supporting regulatory frameworks that drive the need for EGRC frameworks to help them manage complex compliance needs. In this regard, cloud-based solutions as part of automating EGRC workflows have been gathering marked steam among end users.
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Enterprises Aligning IT Controls with Business Performance
Of the various geographies, North America has come out as the leading one in the EGRC market. The growth has been driven by the growing importance that large businesses attach to EGRC frameworks to remain agile in the rapidly changing business landscape. Growing realization of the losses that may accrue due to non-compliance to regulations has been key to the growing implementation of EGRC frameworks. Inroads made by internet of things and cloud computing in enterprise operations in economies of North America have helped bolster prospects of EGRC solutions. New opportunities emerge from the business proposition of fully integrated GRC solutions.
Some of the other promising regions are Europe and Asia Pacific. These two regions are showing appetite for new solutions in the EGRC market on account of the need for internal controls and standardized workflows for addressing compliance and management risks. Growing numbers of companies who aim at aligning their IT controls with business objectives is creating revenue streams for players in the EGRC market.
Some of the prominent players in the EGRC market are Ideagen, NAVEX Global, LogicManager, ProcessGene, Software AG, MetricStream, Dell EMC, Wolters Kluwer, Thomson Reuters, SAS Institute, SAP ERP, Oracle., Microsoft Corporation, and IBM.
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