The Global Enterprise Governance, Risk, and Compliance (eGRC) market was valued at approximately US$ 13.9 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 13.1% from 2022 to 2031. By the end of 2031, the market is projected to reach a significant value of US$ 47.2 billion.

This rapid growth is driven by the increasing need for organizations to comply with stringent regulatory requirements and manage risks effectively in an increasingly complex business environment. The eGRC solutions help organizations streamline their governance processes, mitigate risks, and ensure compliance with various regulations, such as data protection laws, financial reporting standards, and industry-specific requirements.

As businesses continue to digitize their operations, the demand for robust eGRC solutions is rising. These solutions provide comprehensive tools for risk management, audit management, compliance tracking, and policy management, enabling organizations to maintain transparency and accountability.

Moreover, the growing threat of cyberattacks and data breaches has heightened the importance of eGRC frameworks, as companies prioritize securing their information assets. With advancements in technology and increasing regulatory scrutiny, the eGRC market is poised for sustained growth in the coming years.