The China eGRC market was valued at $6.3 billion in 2021 and it is expected to reach $26.4 billion at a CAGR of 14.0% between 2022 and 2032. In China, various organizations are adopting Enterprise GRC software to follow a systematic, structured approach to managing and executing business strategies associated with GRC. Administrators use a single structure instead of maintaining information in distinct silos for the implementation of laws and processes. Furthermore, organizations are allowed by successful facilities to manage risk, reduce expenses that are sustained by many facilities, and decrease the complexities for executives.
China has been leading the eGRC market with significant share over the last few years.
In China, rising factors such as the growing need to automate and streamline GRC organizational programs have been influencing the market over the last few years. Additionally, the rising need to evaluate regulatory demands, views of policies, and commitments are anticipated to drive the growth of the eGRC market across the country. In the modern world, advanced technologies such as artificial intelligence, business intelligence, machine learning, and data analytics have been adopted by many key players and organizations to provide Enterprise GRC software solutions and services. These modern technologies are allowing multiple Chinese organizations to gain applicable ideas; hence, they are focusing on reducing several hazards in organizations. However, the eGRC plays an essential role in all kinds of end-user industries across the country. These industries are facing multiple types of data breaches which have paved the way for escalating information security. Additionally, the environment of these industries in China involves complex transactions which have given a huge opportunity for Governance Risk Compliance which is expected to drive the market growth during the forecast period.
Based on components, the China eGRC market is segmented into software, services, risk management, audit management, incident management, support and maintenance, and others. The risk management segment has held the largest market share in the last few years due to the risks associated with organizational development that maintains the residual risk with the help of real-time data validation. It also provides solutions to multiple vendors and suppliers to determine risks through risk assessments and follow-up all the services.
Source: SAI Research
Based on organization type, the market is divided into small, medium, and large enterprises. The small and medium enterprise segment has held the largest share over the past few years due to the rising demand for artificial intelligence, machine learning, and robotics. In China, multiple enterprises are adopting modern technologies to get benefits from eGRC solutions; therefore, these enterprises are trying to regulate and create a compliance-based roadmap ahead is estimated to propel the demand for Enterprise GRC in China. Hence, this segment is anticipated to drive the overall market growth during the forecast period.
Based on the deployment model, the China eGRC market is categorized into cloud and on-premises. The cloud segment is estimated to grow in upcoming years. Rising factors such as increasing adoption of cloud-based solutions in various organizations, rising investment in technology, and growing government initiatives in China are estimated to drive the eGRC market in upcoming years. Some of the under-developing areas in China are still using on-premises services and solutions.
Based on end-user type, the market is segmented into BFSI, healthcare, retail and consumer goods, IT and Telecom, government and public sector, manufacturing, and others. Among these, the BFSI segment is estimated to grow in the upcoming years. However, over the past few years, this sector has changed drastically and it has been witnessing significant growth in artificial intelligence, machine learning, and IoT. The rising adoption of financial technology is also developing in the current scenario in the BFSI sectors, which is anticipated to drive the market growth during the forecast period.
Based on regions, the China eGRC market is categorized into Shanghai, Beijing, Guangzhou, Shenzhen, and others. Major cities of China are anticipated to gain significant growth due to the increasing adoption of Enterprise GRC solutions in various organizations across the country. Most of the major players are located in Shanghai, and Beijing, among others. Therefore, the suppliers and eGRC vendors are driving deep into the roots of producing innovative commodities, which would benefit the market in China.
Last year, SAP SE has launched free student offerings such as learning HUB and edition for SAP next generation. This is a free educational offering designed for students and lecturers. Additionally, the company integrates GRC processes for real-time visibility and enterprise risk transformation. BWise Company launched SOX solutions for newly public companies to provide integrated solutions to private companies to better support their financial statement control process, improve efficiencies and create stronger transparency. BCT Digital launches the rt360 Governance, Risk, and Compliance Product Suite which is a cloud-enabled suite which would cover a wide array of GRC requirements such as Enterprise Risk Management, IT Risk Management, Incident Management, Business Continuity Management, Compliance, and Audit Management. Hence, these new launches are expected to drive the eGRC market in China 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 China eGRC market.
Scope of the Report:
|Market Size in 2021||US$ 6.3 Billion|
|Market Volume Projection by 2032||US$ 26.4 Billion|
|Forecast Period 2022 to 2032 CAGR||14.0%|
|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
North America, Europe, Asia-Pacific, LAMEA
|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), 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.|
China eGRC Market Has Been Segmented Into:
China eGRC Market –by Component:
China eGRC Market – by Organization Type:
China eGRC Market – by Deployment Mode:
China eGRC Market – by End-User Type:
China eGRC Market – by Regions: