The Central and Western Europe eGRC market was valued at $8.2 billion in 2021 and it is expected to reach $26.1 billion at a CAGR of 11.1% between 2022 and 2032. eGRC provides solutions to enterprises and organizations to enable them for managing a few issues associated with corporate compliance, enterprise risk, corporate governance, and other regulatory requirements. This eGRC platform helps various organizations address and manage risks. With the help of eGRC solutions, enterprises and organizations can handle governance by producing policies, guidelines, regulatory controls; risk monitoring, risk assessment, and other internal control.
Central and Western Europe leading the eGRC market with significant share over past few years.
Currently, multiple organizations are losing millions of dollars from various financial thefts and cyber-attacks. Thus, the need for eGRC solutions is rising among a large number of enterprises and organizations across Central and Western Europe countries. Hence, the eGRC market is expected to drive the growth during the forecast period. In this modern world, enterprises, devices, and applications are increasing; hence, various businesses are becoming vulnerable to external and internal threats. As a result, companies are focusing on investing more in farming standardized policies and procedures to expand and increase the ability of security and data privacy. These investments are directly contributing to the growth of the Central and Western Europe enterprise governance risk and compliance market. The government from this region is creating initiatives for data security every year, which would help the companies. Furthermore, companies are also focusing on implementing advanced technologies such as artificial intelligence, data analytics, machine learning, and IoT services for managing risk and compliances. Adoption of eGRC associated with software tools is expected to boost the market growth during the upcoming years from 2022 to 2032.
Source: SAI Research
Based on components, the Central and Western Europe eGRC market is segmented into software, services, risk management, audit management, incident management, support, and maintenance, among others. The risk management segment held the largest share over the past few years. A lot of companies are adopting risk management to identify, assess, and control threats to their capital and earnings. This provides security to organizations so they can prevent such financial thefts and stop the monetary loss. Furthermore, this can help enterprises and organizations to mitigate and accept uncertain investment decisions. However, the adoption of software and service tools is also rising in the larger sector of enterprises and organizations.
Based on organizations, the eGRC market is categorized into small, medium, and large enterprises. The large enterprise segment is accounted for maximum share of the market. Many large enterprises are adopting eGRC solutions to make better operational efficiency, and deliver improved customer experience across the different countries of Central and Western Europe countries. In some countries of Europe, small and medium enterprises are also adopting eGRC platforms and implementing advanced technologies such as artificial intelligence, machine learning, and IoT services, which would benefit the eGRC market in near future.
Based on the deployment mode, the Central and Western Europe eGRC market is categorized into cloud and on-premises. Over the last two years, the cloud-based solutions probably held the largest share in the eGRC market. Companies have implemented cloud-based applications to make an advanced in-depth analysis of risk and reduce the complexities. The on-premises segment is also leading as the second-largest market across the Central and Western Europe region.
Based on end-user, the eGRC market has been segmented into BFSI, healthcare, retail and consumer goods, IT and Telecom, and government and public sector, among others. The BFSI category is leading the eGRC market over the last few years. Due to the rising adoption of eGRC solutions and advanced technologies such as artificial intelligence, data analytics, machine learning, and IoT services, the eGRC market is expected to drive the growth of the market during the forecast period.
Geographically, the Central and Western Europe eGRC market has been segmented into Germany, Poland, the Czech Republic, Austria, France, Ireland, Belgium, and other countries. Germany, Poland, the Czech Republic, and other major countries are leading the eGRC market over the last few years. Key players are situated in most of these major European countries. Hence, companies are adopting eGRC solutions to prevent various types of financial thefts and cyber-attacks, which might harm confidential data and information. To secure all these, companies and organizations across these countries are integrating advanced software and services, which could help the eGRC platforms.
Wise Company launched fast international money transfer with low-cost facilities. With this launch, the selective country would be able to transfer money to more than 40 countries across the Central and Western European zone. This new service is available on Android, iOS, and web platforms. Mphasis Limited has launched a focused cloud ecosystem channel organization. This new launch would enable enterprise clients across the region associated with personalized solutions, to speed-up enterprise-wide cloud-enabled transformations. Navex Global Inc has launched Navex Integration Cloud for seamless data integration. This would provide risk, information security, third-party risk managers, and IT professionals to easily and efficiently integrate a wide variety of business data and automate risk management workflows. Hence, these new launches are estimated to drive the eGRC market growth across Central and Western Europe during the forecast period.
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 (Germany), The Woodbridge Company (Canada), Wise Company (U.K), Wolters Kluwer (Netherlands), among others are leading the Central and Western Europe eGRC market.
Scope of the Report:
|Market Size in 2021||US$ 8.2 Billion|
|Market Volume Projection by 2032||US$ 26.1 Billion|
|Forecast Period 2022 to 2032 CAGR||11.1%|
|Historical Data||2019, 2020 and 2021|
|Forecast Period||2022 to 2032|
By Component: Software, Services, Risk Management, Audit Management, Incident Management, Support and Maintenance & Others
By Organization Type: Small and Medium Enterprises, Large Enterprises
By Deployment Mode: Cloud, On-Premises
By End-User Type: BFSI, Healthcare, Retail and Consumer Goods, IT and Telecom, Government and Public Sector, Manufacturing, Others
Central and Western Europe: Germany, Poland, Czech Republic, Austria, France, Ireland, Belgium & Others
|Companies covered||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), among others.|
Central and Western Europe eGRC Market Has Been Segmented Into:
Central and Western Europe eGRC Market –by Component:
Central and Western Europe eGRC Market – by Organization Type:
Central and Western Europe eGRC Market – by Deployment Mode:
Central and Western Europe eGRC Market – by End-User Type:
Central and Western Europe eGRC Market – by Regions:
Central and Western Europe