According to a market report, published by Sheer Analytics and Insights, The Japan eGRC market was valued at $4.2 billion in 2021 and it is expected to reach $8.8 billion at a CAGR of 6.7% between 2022 and 2032. In Japan, eGRC creates various policies, procedures, regulatory controls, risk assessment, risk monitoring, and internal controls which would benefit employees across various enterprises. There are some major factors such as the increasing integration of advanced technologies such as artificial intelligence, machine learning, data analytics, and more as well as the growing need for policies, risk, and compliances that have driven the Japanese market over the last few years. A couple of years ago, during the COVID-19 pandemic, various business organizations across the country tackled the situation by adopting and using enterprise governance risk and compliances. Hence, these business organizations are using the potentiality of their risk teams by investing in risk technology. Japanese key players focus on approaches that can react very fast to the latest and advanced developments. The government of this country is focusing on creating rules and regulations to assure compliance with containing the virus. Hence, these factors have driven the Japan eGRC market over the last few years and are expected to drive the market during the forecast period from 2022 to 2032.
Moreover, the demand for eGRC solution and services are increasing due to the rising complex regulatory environment that needs to comply with multiple regulations enacted by the governing bodies. Several companies across Japan are focusing on operating for leading the fastest market growth more efficiently. These companies are dominating the Japanese market by spreading advertisements associated with eGRC, reducing the associated prices, delivering better communication and services to their customers, and more. Companies are also focusing on employing the new generation workforce and studying the business strategies of other companies to stay ahead in the competitive market. These rising factors are estimated to drive the growth of the eGRC market across Japan in upcoming years. Additionally, the market would gain more opportunities in enterprise governance, risk, and compliances across the country.
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However, there might be a possibility of a fast increment in the risk of data breach among multiple Japanese enterprises. Therefore Japanese Government regulations are trying to prevent all the business threats, risks, cyber-attack, and financial fraud cases by implementing new eGRC solutions and services. Hence, this major factor is projected to boost as well as influence the eGRC market growth during the forecast period. Additionally, the rising penetration of artificial technologies and IoT services are helping the implementation of compliance and risk management software in financial technologies. However, the high-cost level of modern software installation and complexities associated with various configurations, and increasing security issues are estimated to hamper the eGRC market.
According to the study, key players dominating the Japan 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.
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