The most recent research report, labeled “eGRC Market”, comprehensively explores multiple facets of the industry. This includes an examination of market size, current status, prevailing trends, and prospective insights projected over the next decade. The report offers an intricate analysis of competitors and key market drivers, accentuating potential avenues for growth. It encompasses an evaluation of leading players, revenue streams, current CAGR status, and conducts SWOT and PESTLE analyses for each geographical region.
Governance, risk, and compliance (GRC) represent a holistic approach to managing corporate compliance issues related to regulatory requirements, corporate governance, and enterprise risk management (ERM). This synchronized strategy encompasses a unified set of capabilities, enabling organizations to consistently achieve objectives with integrity. Key components of GRC software include IT policy management, IT risk management, compliance management, incident management, threat & vulnerability management, and vendor risk management.
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Driving Forces and Market Dynamics
The eGRC market is experiencing significant growth driven by factors such as the escalating risk of data breaches in enterprises and the implementation of stringent government regulations aimed at preventing business risks. Additionally, the market is fueled by the increasing penetration of IoT technology and the rising adoption of compliance & risk management software in financial institutions. Despite these growth drivers, challenges such as the high cost of software, complexities in installation & configuration, and associated security issues pose obstacles to market expansion. However, opportunities abound, with the rise in demand from developing economies and the integration of artificial intelligence in risk & compliance management software expected to fuel market growth in the forecast period.
Segmentation and Analysis
The global eGRC market is meticulously segmented based on components, deployment modes, organization size, business functions, types, industry verticals, and regions. This detailed breakdown allows for a nuanced understanding of the market dynamics. Key segments include software and services as components, on-premise and cloud as deployment modes, large enterprises and small & medium enterprises based on organization size, and various business functions such as finance, information technology, legal, and operations. The market is further divided into policy management, compliance management, audit management, incident management, risk management, and others based on types. Industry verticals covered include BFSI, IT& telecom, retail, healthcare, energy & utilities, manufacturing, government & defense, and others. Geographically, the market spans North America, Europe, Asia-Pacific, and LAMEA.
Industry Leaders and Strategies
Prominent players in the eGRC market, including IBM Corporation, Lockpath, Inc., LogicManager, Inc., MetricStream Inc., Microsoft Corporation, SAP SE, SAS Institute Inc., Oracle Corporation, RSA Security LLC, and Thomson Reuters, have adopted various strategies to enhance their market penetration and fortify their positions in the industry.
Key Benefits for Stakeholders:
- In-depth analysis of the global eGRC market forecast, including current & future trends and investment pockets.
- Insightful information on key drivers, restraints, and opportunities, with impact analysis on the global eGRC market size.
- Porter’s five forces analysis illustrating the potency of buyers and suppliers in the industry.
- Quantitative analysis of the market industry for the period 2018-2026 to determine market potential.
Key Market Segments
By Component
- Software
- Service
By Deployment Mode
- On-Premise
- Cloud
By Organization Size
- Large Enterprises
- Small & Medium Enterprises
By Business Function
- Finance
- Information Technology
- Legal
- Operations
By Type
- Policy Management
- Compliance Management
- Audit Management
- Incident Management
- Risk Management
- Others
By Industry Vertical
- BFSI
- IT & Telecom
- Retail
- Healthcare
- Energy & Utilities
- Manufacturing
- Government & Defense
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
KEY MARKET PLAYERS
- IBM Corporation
- Lockpath, Inc.
- LogicManager, Inc.
- MetricStream Inc.
- Microsoft Corporation
- SAP SE
- SAS Institute Inc.
- Oracle Corporation
- RSA Security LLC
- Thomson Reuters
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Who Should Buy? Or Key Stakeholders
- Investors
- Environment, Health and Safety Professionals
- Research Organizations
- Electrical & electronics industry
- Marine industry
- Shipping industry
- Manufacturing industry
- Regulatory Authorities
- Others
COVID-19 Impact on the Market:
- The pandemic led to significant disruptions in global supply chains and trade flows. Lockdowns, restrictions, and factory closures in various countries affected the production and movement of goods. This initially resulted in reduced demand for dry van containers, as many businesses scaled back operations.
- As consumer demand shifted during the pandemic, certain types of cargo saw increased demand. Dry van containers were used to transport essential goods such as medical supplies, personal protective equipment (PPE), pharmaceuticals, and groceries. At the same time, containerized shipments of non-essential items declined.
- The pandemic exposed imbalances in the availability of dry van containers. Shipping disruptions, port congestion, and uneven trade flows led to shortages of containers in some regions while causing surpluses in others. This imbalance affected container pricing and availability.
- The disruptions in global trade, coupled with increased demand for essential goods, resulted in rising shipping costs. Freight rates soared, affecting the overall cost of containerized shipping and logistics.
- The pandemic affected the maintenance and repair schedules for dry van containers. Lockdowns and travel restrictions hindered maintenance activities and inspections, potentially leading to longer-term maintenance challenges.
- Companies and industries recognized the need for greater supply chain resilience in the face of future disruptions. This led to discussions and investments in strategies that may involve more robust container logistics, redundancy in supply chains, and digital solutions for better supply chain visibility.
- The pandemic accelerated the adoption of digital solutions in logistics and supply chain management, including the use of digital platforms for container booking and tracking. E-commerce also surged, driving demand for containerized shipments of goods ordered online.
- Governments implemented various regulations and safety measures in response to the pandemic, impacting shipping practices and container handling. This included health and safety protocols at ports and terminals, affecting container operations.
- As COVID-19 vaccines were developed and distributed, dry van containers played a vital role in the transportation of vaccine doses and related supplies, highlighting their importance in global health crises.
- The pandemic prompted businesses to reevaluate their supply chain strategies, prioritize risk mitigation, and explore alternatives to ensure resilience against future disruptions. This may influence decisions related to container procurement, storage, and redundancy.
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Note from the Analysts:
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