According to a market report, published by Sheer Analytics and Insights, 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, primary factors such as the increasing need to fulfill the stringent compliance mandates and get an integrated view of the growing need to get the overall view of policy, risk-related data, security breaches, and compliance. Moreover, the other rising factors such as increasing integration of advanced technologies such as blockchain technologies, and Artificial Intelligence, with Governance Risk Compliance Solutions are estimated to offer growth opportunities for eGRC vendors and key players in China. Furthermore, the increasing adoption of IoT, machine learning, and cloud-based technologies, among others with new eGRC services and solutions are expected to propel the demand for such solutions. China's Government and enterprises are focusing on dealing with regulations to provide AI-enabled solutions through the huge processing volumes of data. However, the growing compliance with governing standards and the requirement to fulfill various protocols enacted by multiple governing organizations are estimated to boost huge demand for eGRC solutions across the country during the forecast period from 2022 to 2032.
The complexities of the business environment, and risk management software solutions are increasing in China. This has become more important for the functioning of many businesses across the country. Additionally, these eGRC solutions help various organizations to understand the risk exposure with cost-effective management. At present days, cyber-attacks are growing as well as the increasing desire to analyze organizational silos is gradually driving the demand for risk management software solutions. However, the rising cost of eGRC software and solutions, major security issues associated with it, and the difficulty in installation and configuration are expected to hamper the growth of the eGRC market in China. Whereas, the rising integration of modern technologies such as artificial intelligence in software associated with eGRC and its growing demand in China would provide several growth opportunities for the eGRC market during the upcoming years.
Key players in China are focusing on implementing business strategies to expand their growth in the market. The scenario of the eGRC market has become competitive. Therefore, various companies and organizations are producing innovative software to provide solutions. Thus, the penetration of information technologies and telecom is increasing which has driven the technological breakthroughs in various industrial sectors in China. Multiple businesses are adopting eGRC solutions and services to decrease financial losses and fraud. In addition, they are adopting eGRC solutions to optimize risk management as well. Moreover, the increasing usage of interactive devices and the introduction of various financial digital channels are also expected to boost the demand for eGRC solutions in China during the upcoming years from 2022 to 2032.
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According to the study, key players dominating the China 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.
China eGRC Market Has Been Segmented Into:
China eGRC Market –by Component:
- Software
- Services
- Risk Management
- Audit Management
- Incident Management
- Support and Maintenance
- Others
China eGRC Market – by Organization Type:
- Small and Medium Enterprises
- Large Enterprises
China eGRC Market – by Deployment Mode:
- Cloud
- On-Premises
China eGRC Market – by End-User Type:
- BFSI
- Healthcare
- Retail and Consumer Goods
- IT and Telecom
- Government and Public Sector
- Manufacturing
- Others
China eGRC Market – by Regions:
China
- Shanghai
- Beijing
- Guangzhou
- Shenzhen
- Others
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