Rise in stringent government regulatory compliance, surge in adoption of risk analytics among financial institutions, and increase in complexity across business processes drive the growth of the Japan preventive risk analytics market
PORTLAND, Oregon, June 1, 2020 /PRNewswire/ -- Allied Market Research recently published a report, "Japan Preventive Risk Analytics Market by Component (Solution and Services), Type (Strategic Risks, Financial Risks, Operational Risks, and Compliance Risks), Deployment Model (On-Premise and Cloud), User Type (Large Enterprises and Small & Medium Enterprises), and Industry Vertical (BFSI, IT & Telecom, Retail, Healthcare, Energy & Utilities, Manufacturing, Government & Defense, and Others): Opportunity Analysis and Industry Forecast, 2020-2027".According to the report, the Japan preventive risk analytics industry was pegged at $1.17 billion in 2019, and is expected to reach $4.54 billion by 2027, growing at a CAGR of 18.5% from 2020 to 2027.
Drivers, restraints, and challenges
Rise in stringent government regulatory compliance, growth of IoT landscape in Japan, surge in adoption of risk analytics among financial institutions, and increase in complexity across business processes drive the growth of the Japan preventive risk analytics market. High cost and complexity in installation and configuration of software hamper market players. On the contrary, integration of advanced technologies such as artificial intelligence, blockchain in risk analytics, and increase in innovations in the Japan Fintech industry are expected to create lucrative opportunities for the market in the coming years.
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Covid-19 scenario: The advent of Covid-19 has significantly impacted the Japan preventive risk analytics industry.
The solution segment held the largest share
By component, the solution segment dominated the market in 2019, accounting for nearly three-fifths of the Japan preventive risk analytics market, owing to rise in popularity of preventive risk analytics solutions in Japan because of increase in the amount of data. However, the service segment is expected to register the highest CAGR of 21.1% during the forecast period, due to surge in deployment of preventive risk analytics tools and solutions, which increased demand for pre- and post-deployment services.
The cloud-based segment to manifest the highest CAGR through 2027
By deployment mode, the cloud-based segment is expected to manifest the highest CAGR of 20.4% during the forecast period, owing to a paradigm shift in the deployment methods from on-premise to cloud-based models. However, the on-premise segment held the largest share in 2019, contributing to nearly three-fifths of the Japan preventive risk analytics market.
The BFSI segment dominated the market
The BFSI segment held the largest share in 2019, accounting for around one-fourth of the Japan preventive risk analytics market, owing to rise in adoption of the solution for identifying and mitigating different types of risks of the organizations. However, the manufacturing segment is projected to portray the fastest CAGR of 24.4% during the forecast period, due to rise in trend of IoT and automation in the manufacturing sector, which has proliferated the amount of unsecured data.
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