The India eGRC market was valued at $2.3 billion in 2021 and it is expected to reach $9.3 billion at a CAGR of 13.2% between 2022 and 2032. eGRC is a type of platform that creates a strategy for multiple organizations for managing corporate governance, enterprise risk management, and corporate compliance associated with regulatory requirements. Furthermore, this eGRC platform provides efficient, effective, ethical management of various companies by its executives and managers.
India has been leading the eGRC market with a significant share over the past few years.
Enterprise GRC offers full data and information. Additionally, this platform defines the company’s ability to effectively and cost-efficiently that reduces the risks of financial theft. In India, competition among various companies and enterprises is growing, which is the major driver for this market. Organizations are adopting eGRC platforms to get advantages in surviving in this competitive market. They also provide services and solutions to monitor the performance and review the policy of the organizations. At present days, companies and organizations across the country are adopting advanced technologies such as artificial intelligence, IoT services, machine learning, data analytics, and more are estimated to gain growth opportunities for the eGRC market in upcoming years. Furthermore, the eGRC adoption is helping in reducing the complexities of complying with new or updated regulatory policies without obstructing general and regular business workflow. Moreover, over the last two years, COVID-19 has forced various organizations to opt for GRC services and solutions as these solutions help organizations in enhancing operational activities and achieving the targets of automating the workflow. This way the eGRC market across India would be benefitted from these rising factors.
Source: SAI Research
Based on components type, the eGRC market is segmented into software, services, risk management, audit management, incident management, support and maintenance, and others. Risk management is accounted for the largest share in the market across India. The rising usage of the process of identifying, assessing, and controlling financial, legal, strategic, and security risks to an organization’s capital and earnings. The software and services segments also accounted for the largest share in the Indian eGRC market due to the rising adoption of advanced technologies such as artificial technologies, IoT services, machine learning, and more. Hence, this is expected to propel the market growth during the forecast period.
Based on organizations, the India eGRC market is categorized into small, medium, and large enterprises. The large enterprise segment held the largest share of the market in the last few years. The eGRC solutions aid large enterprises to make better and stronger workflow efficiency and deliver improved customer experience across the different locations. At present days, cyber-attacks and financial crimes are increasing. Therefore, the large enterprises are adopting eGRC solutions which would benefit them in preventing these thefts and crimes. Additionally, small and medium enterprises are also accounted for the largest market share, which is also estimated to drive the growth of the market in near future.
Based on the deployment mode, the India eGRC market is categorized into cloud and on-premises. On-premises category held a significant market share in the last few years. Due to the rising installation of software and growing adoption of advanced technologies the eGRC market is accounted to have significant growth during the upcoming years. In some places of India, companies and organizations are adopting cloud services due to remote working, which would also benefit the market in some cases.
Based on end-user, the India eGRC market is categorized into BFSI, healthcare, retail and consumer goods, IT and Telecom, government and public sector, manufacturing, and others. The BFSI segment is accounted for the largest market share. This sector is focusing on adopting eGRC solutions to reduce risks associated with customers, third-party enterprises, and related operations. Furthermore, the development of advanced technologies such as artificial intelligence, machine learning, data analytics and more are benefitting this sector for managing the risk landscapes. The IT and Telecom segments are also expected to boost the market growth due to the rising adoption of eGRC services and solutions among a large number of end-users in India.
Based on regions, the market is categorized into Bangalore, Delhi, Mumbai, Kolkata, Uttar Pradesh, and others. Bangalore and Delhi cities have witnessed significant growth opportunities in the last few years. Most of the vendors and organizations are situated in these cities. Therefore, these organizations have adopted enterprise GRC services and solutions, which would benefit them in near future.
Dell Technologies launched Apex Backup Services which is a multi-cloud data service for the benefit of their customers and clients. Oracle Corporation has launched a new chapter of innovation in Formula One which is called Oracle Cloud. This would improve race strategy, engine development, and projects with advanced technologies. Ideagen has launched the first cloud version of the industry-leading Q-Pulse software to manage and mitigate their QHSE risks. This update ensures that existing future customers would have access to one fast, simple system, from an established and trusted vendor. MEGA International launched HOPEX V4, a significant update to its business transformation platform. It would accelerate business and IT transformation through automation, intelligent reporting and dashboards, and an improved user experience that offers a simpler way to consume information through a dedicated enterprise portal and mobile application.
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 India eGRC market.
Scope of the Report:
|Market Size in 2021||US$ 2.3 Billion|
|Market Volume Projection by 2032||US$ 9.3 Billion|
|Forecast Period 2022 to 2032 CAGR||13.2%|
|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
India ()Bangalore, Delhi, Mumbai, Kolkata, Uttar Pradesh & Others
|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.|
India eGRC Market Has Been Segmented Into:
India eGRC Market –by Component Type:
India eGRC Market – by Organization Type:
India eGRC Market – by Deployment Mode:
India eGRC Market – by End-User Type:
India eGRC Market – by Regions: