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. Organizations adopt eGRC to achieve their targets by preventing some financial thefts and cyber-attacks. The implication of compliance helps multiple enterprises and organizations to follow rules, policies, laws, guidance, and procedures. Hence, it refers to the ability that the internal employees of an organization can follow these policies and guideline methods to get solutions and benefits.
Oceania has been leading the eGRC market with a significant share in last few years.
In Oceania, various organizations are focusing on implementing policies and procedures to reduce the risk of theft and create a healthy workflow. The eGRC services control these organizations by observing risk management, controlling risk, and identifying risk hazards that might occur in the difficult business environment. Hence, these eGRC services play an essential role in several end-user verticals. Additionally, Oceania Government is focusing on creating strict rules and guidelines which is increasing now and then. The industries work with accountability to take necessary steps for overcoming risks. In the modern age, the risk of data breaches is rising among various end-users enterprises which have helped the eGRC market to grow. Other factors such as the growing usage of advanced technologies such as IoT services, artificial intelligence, data analytics, and more are expected to boost the Oceania eGRC market during the forecast period. Moreover, over the last two years, the situation of the COVID-19 pandemic has compelled various industries and organizations to adopt online work which led employees to face a few challenges such as data confidentiality and the risk of data breaching. Therefore, these industries and organizations have adopted the service and solutions of eGRC to get security benefits for their work.
Source: SAI Research
Based on components, the Oceania eGRC market is segmented into software, services, risk management, audit management, incident management, support and maintenance, and others. The software and services segments are accounted for a larger share of the market due to the increasing adoption of advanced technologies such as artificial intelligence, machine learning, data analytics, and more. Furthermore, the risk management segment is expected to gain significant growth during the forecast period. Multiple enterprises can tackle risk related to organizational development and maintain the residual risk with the help of real-time data validations.
Based on organization type, the eGRC market has been segmented into small, medium, and large enterprises. The large enterprise segment is accounted for the highest share in the market. Demands for artificial intelligence and robotics and other advanced technologies are increasing across various enterprises and organizations. These are helping large enterprises to have growth in the upcoming years. Moreover, the small and medium segments are also anticipated to hold significant market growth in upcoming years. In these enterprises, artificial intelligence, machine learning, and IoT services are increasing which would regulate and build a compliance-based roadmap ahead is estimated to propel the market.
Based on the deployment mode, the Oceania eGRC market is segmented into cloud and on-premises. The Cloud category held the largest share in the last few years. Over the past two years, the usage of online facilities has grown due to the pandemic situation of COVID-19. Thus, the cloud-based technologies in multiple sectors and enterprises have impacted positively. Furthermore, the on-premise segment is also rising after the reduction of the pandemic situation.
Based on end-user, the market is categorized into BFSI, healthcare, retail and consumer goods, IT and Telecom, government and public sector, manufacturing, and others. Among these, the BFSI segment is expected to emerge as the largest segment in the last two years. This sector is witnessing growth due to its usage of big data, machine learning, artificial intelligence, and IoT services. The BFSI sector is also adopting financial technologies and services which are expected to boost the market growth in the upcoming years.
Geographically, the Oceania eGRC market is categorized into New Zealand, Australia, Fiji, Samoa, and other countries. Among these countries, New Zealand and Australia have held the largest share in the eGRC market. As the enterprise governance, risk and compliances play an essential role across the Oceania market. Companies are adopting eGRC solutions and services in these countries which would benefit them to prevent various cyber-attacks and financial thefts.
The Woodbridge has launched a new website to offer the ultimate user-friendly experience with improved navigation and functionality while showcasing WITP’s industry-learning foam solutions. Additionally, this new website is estimated to allow visitors to access information easily across all platforms and devices. Alyne GmbH launches rebranding campaign which is focused on the Human-Technology connection. This includes a top-to-bottom redesign of the company’s website and enhancement of the core brand messaging, as a means to convey a complex solution understandably and memorably. Therefore, these new launches are expected to boost the eGRC market growth across the Oceania region.
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 Oceania eGRC market.
Scope of the Report:
|Market Size in 2021||US$ 2.3 Billion|
|Market Volume Projection by 2032||US$ 7.9 Billion|
|Forecast Period 2022 to 2032 CAGR||11.3%|
|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
Oceania: New Zealand, Australia, Fiji, Samoa & 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.|
Oceania eGRC Market Has Been Segmented Into:
Oceania eGRC Market –by Component:
Oceania eGRC Market – by Organization Type:
Oceania eGRC Market – by Deployment Mode:
Oceania eGRC Market – by End-User Type:
Oceania eGRC Market – by Regions: