According to a market report, published by Sheer Analytics and Insights, The Europe eGRC market was valued at $12.3 billion in 2021 and it is expected to reach $40.2 billion at a CAGR of 11.3% between 2022 and 2032. The eGRC service and solution are widely used in organizations across the Europe region to follow a systematic, structured, approach for managing and executing many strategies related to GRC. In addition, administrators use a single structure instead of maintaining information in distinct silos for monitoring and implementing laws and methods. Successful benefits allow companies to manage risk and reduce costs incurred by many facilities and also decrease the complexities for executives. Growing factors such as the increasing need to automate and streamline GRC organizational programs, the adoption of eGRC software and services, increasing need to evaluate regulatory demands, policies, and commitments are estimated to boost the market growth during the forecast period. Moreover, in European markets, eGRC software and solutions are provided to incorporate Machine Learning, Artificial Intelligence, Business Intelligence, Instruments, and data analytics, which would help organizations to gain more essential ideas. Thereby, it will decrease the hazards in organizations across the region.
However, governing bodies are imposing various regulations in complex regulatory environments, which are creating a demand for eGRC solutions and services. Regulations such as Control Objectives for Information and Related Technologies, Sarbanes Oxley Act, Health Insurance Portability and Accountability Act, The Federal Financial Institutions Examination Council, The General Data Protection Regulations, The Payment Card Industry Data Security Standard, the Federal Information Security Management Act, and other regulatory acts are becoming very essential for various organizations across the region. These acts are provided to avoid further loss. Therefore, these major benefits are helping the Europe eGRC market to have significant growth opportunities in upcoming years. Furthermore, these would benefit all clients and customers in Europe enterprises as well as organizations. However, if these compliances and regulations are failing to fulfill all the demands, then it would create a huge loss in the business, especially in the form of penalties.
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Changes in enterprise regulations are seemed to increase across the Europe region. Hence, several organizations are facing issues to adopt new regulatory changes. Additionally, these new regulatory changes have forced organizations to adopt enterprise governance, risk, and management solutions. However, European organizations are getting eGRC solutions that would help them to align new regulatory changes very effectively and easily. In addition, many key players across the Europe region are focusing on adopting eGRC solutions and they are trying to implement new business development strategies to expand themselves across the other countries in Europe. Thus, new partnerships to build strong eGRC are expected to tackle the complexities which are associated with various compliances. These would benefit the growth of the eGRC market in Europe.
According to the study, key players such as Alyne GmbH (Germany), Dell EMC (U.S), Dell Technologies Inc (U.S), FIS Corporation (U.S), IBM (U.S), Intertek (U.K), Ideagen (U.K), LexComply (India), Logicmanager Inc (U.S), Microsoft Corporation (U.S), Mphasis (India), MetricStream (U.S), MEGA International (France), Navex Global Inc (U.S), Oracle Corporation (U.S), Quantivate (U.S), Riskonnect Inc (U.S), Robert Half (U.S), StandardFusion (Canada), ServiceNow (U.S), Symphony Technology Group (U.S), SAS Institute (U.S), SAP SE (Germanay), The Woodbridge Company (Canada), Wise Company (U.K), Wolters Kluwer (Netherlands), among others are leading the Europe eGRC market.
Europe eGRC Market Has Been Segmented Into:
Europe eGRC Market –by Component:
Europe eGRC Market – by Organization Type:
Europe eGRC Market – by Deployment Mode:
Europe eGRC Market – by End-User Type:
Europe eGRC Market – by Regions:
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Sheer Analytics and Insights