Oceania eGRC Market Size, Growth, Trends & Forecast 2032

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Oceania eGRC Market to grow at a CAGR of 11.3% between 2022 and 2032

Published : July 2022

According to a market report, published by Sheer Analytics and Insights, The Oceania eGRC market was valued at $2.3 billion in 2021 and it is expected to reach $7.9 billion at a CAGR of 11.3% between 2022 and 2032. In Oceania, eGRC plays an important role in multiple organizations and companies. Managing regulatory risk is becoming dangerous to organizations to manage and integrate IT processes that are subject to the regulatory framework. Furthermore, big data analytics is paving the way for artificial-intelligence-enabled services and solutions associated with eGRC. There are some rising factors such as policy, compliance, risk-related data, and growing data and security breaches that have driven the eGRC market in Oceania in the last few years. Additionally, technologies are becoming advanced in modern days; therefore, the adoption of artificial intelligence, machine learning, data analytics, and more have been increasing in demand which would drive the growth of the eGRC market in the upcoming future. Moreover, blockchain technologies with governance, risk, and compliance are estimated to witness a significant boost which would benefit the Oceania eGRC market. Demands for eGRC solutions are growing in security, data privacy, external reporting obligations, stakeholder transparency stringent regulatory norms, which are projected to boost the market during the forecast period.

eGRC provides solutions and services for various enterprises to achieve many goals through the automation of workflow while assuring that is adherence to policy guidelines and government regulations. With rising complexities nearby stringent regulatory policies and changing external reporting obligations, business atmosphere, and security needs, more businesses across Oceania are seeking unprecedented requirements for eGRC at an organization and enterprise level. In addition, more companies in this region are focusing on adopting GRC solutions with advanced technologies and services to achieve business goals and strategies. Hence, the usage of eGRC solutions can decrease the overall financial risks and helps in maintaining the brand image of various companies. Therefore, these factors are anticipated to boost the eGRC market growth during the forecast period from 2022 to 2032.

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The major challenge is the lack of specific standards which is restraining the growth of the eGRC market. These headwinds are estimated to create a challenge for the various service providers associated with eGRC that are willing to serve multiple end-users requirements. However, in Oceania, companies are adopting eGRC solutions to decrease the monetary losses. Hence, the adoption of IoT services, big data analytics, and cloud technologies are estimated to propel the growth of the eGRC market across the region in upcoming years. Additionally, key players are focusing on developing and expanding their business across other parts of Oceania. They are implementing new business strategies by integrating and adopting advanced technologies to get benefit from eGRC solutions.

According to the study, key players dominating the Oceania eGRC market are 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.

Oceania eGRC Market Has Been Segmented Into:

Oceania eGRC Market –by Component: