According to a market report, published by Sheer Analytics and Insights, 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. In Central and Western Europe, the eGRC system is widely used in various enterprises and organizations. Factors such as the increasing need to fulfill strict compliance mandates and comprehensive need for policies and guidelines, risk-related data, and security breaches are rising among multiple organizations which would give benefit their customers and clients. Furthermore, in present days, technologies are becoming modern. Hence, these advanced technologies such as artificial intelligence, machine learning, data analytics, and blockchain technologies associated with governance risk compliance solutions are estimated to provide growth opportunities for eGRC vendors across the Central and Western Europe region. Business professionals such as audit, risk, and compliance are expected to gain more opportunities to enhance their eGRC solutions for maintaining smooth workflow. Therefore, these major factors are projected to boost the eGRC market growth during the forecast period from 2022 to 2032. Moreover, the rising need to analyze data and information to identify any cyber threat or risks as well as to present it to stakeholders at the correct moment is also very important.
However, the need to automate and streamline GRC organizational programs is growing which has helped the eGRC market to have significant growth. Enterprise and organizations in Central and Western Europe are adopting GRC software and solutions which is expected to increase due to the growing need to evaluate regulatory demands, policies, and commitments. Additionally, multiple organizations are focusing on gaining actionable ideas by using eGRC solutions which are incorporated with business intelligence and instruments, analytics, and machine learning technology that would maintain the workflow by preventing various organizational hazards. The central and western parts of Europe hold the largest GRC market across the whole Europe region. Key players are focusing on implanting new business strategies to stay ahead in the competitive market in the region. Thus, the growth of the market is anticipated to witness gain significant share in upcoming years.
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Currently, regulatory guidelines have been changing in the eGRC market. This has enabled multiple enterprises located in some developed countries such as the U.K, Germany, and France to focus their shift on implementing better eGRC solutions. In addition, most of the countries across Central and Western Europe are trying to follow the safety standards of Network Information Service and General Data Protection Regulation for confidential data, information, and security. In these developed countries, various enterprises and organizations are trying to invest more to adopt new technologies. This would help them to focus on automation solutions and reduce multiple errors and financial thefts. Therefore, these new advantages of modern technologies will help the eGRC market in Central and Western Europe.
According to the study, key players dominating the Central and western Europe 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.
Central and Western Europe eGRC Market Has Been Segmented Into:
Central and Western Europe eGRC Market –by Component:
- Software
- Services
- Risk Management
- Audit Management
- Incident Management
- Support and Maintenance
- Others
Central and Western Europe eGRC Market – by Organization Type:
- Small and Medium Enterprises
- Large Enterprises
Central and Western Europe eGRC Market – by Deployment Mode:
- Cloud
- On-Premises
Central and Western Europe eGRC Market – by End-User Type:
- BFSI
- Healthcare
- Retail and Consumer Goods
- IT and Telecom
- Government and Public Sector
- Manufacturing
- Others
Central and Western Europe eGRC Market – by Regions:
Central and Western Europe
- Germany
- Poland
- Czech Republic
- Austria
- France
- Ireland
- Belgium
- Others
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