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. eGRC stands for Enterprise Governance, Risk Management, and Compliances. It helps various organizations manage risks and multiple business and financial threats across Japanese enterprises. Furthermore, it prepares safeguards against any business risks by making policies and regulations. This would reduce the further risks and its negative impacts by providing solutions and services to a large number of consumers and clients.
Japan has been leading the eGRC market with a significant share over the past few years.
In this country, IT infrastructures have been adopting eGRC solutions which would drive the market growth. Additionally, their focuses on data security and regulatory compliance management are the major driver of eGRC which is increasing rapidly. The demand is growing due to the high adoption of automation in their operational methods. Even the popularity of smart manufacturing is growing in several industries which are also expected to drive the Japanese eGRC market in the upcoming years. The adoption of advanced technologies such as Artificial Intelligence, Machine Learning, Data Analytics, and more are increasing in multiple companies and organizations across the country. Therefore, eGRC solutions associated with corporates are increasing and enhancing the workflow to make faster and more informed decisions about risk, audit, governance, and compliance requirements of the business processes. Furthermore, in some of the developing provinces across Japan, IT companies and organizations is incorporating artificial intelligence in risk and compliance management software. This is expected to witness some remunerative opportunities. Hence, it is also estimated to gain market growth during the forecast period from 2022 to 2032.
Source: SAI Research
Based on components, the eGRC market is segmented into software, services, risk management, audit management, incident management, support, and maintenance, among others. The software and services are anticipated to hold the largest share in the eGRC market due to the growing adoption of artificial intelligence, data analytics, machine learning, and more. Cyber-attacks and multiple financial thefts are increasing. Therefore, the usage of software and services is also growing among various organizations for benefiting clients and customers.
Based on organizations, the market is segmented into small, medium, and large enterprises. Large enterprises held the maximum share in the last few years. In Japan, large enterprises have been focusing on implementing IoT services and other advanced technologies to provide eGRC solutions. The government is helping these large enterprises to follow new regulations and policies which would benefit them. However, small and medium enterprises are facing a shortage of awareness of eGRC solutions which is expected to hamper the eGRC market growth.
Based on the deployment mode, the eGRC market has been segmented into cloud and on-premises. The cloud segment is accounted for a larger share of the market. The high pace of cloud-based and artificial intelligence associated with eGRC solutions has been propelling the sales opportunities in Japan.
Based on end-user, the Japan eGRC market is categorized into BFSI, healthcare, retail and consumer goods, IT and Telecom, government and public sector, manufacturing, and others. The BFSI segment has been leading the market over the past few years. This sector has opened a promising frontier for key players across the country in the eGRC market. Growing fraudulent activities and threats in this sector has been propelling the demand for eGRC solutions. Furthermore, policy and regulations for managing risks of data and confidential thefts in the digital era are estimated to enhance the horizon for various stakeholders in the Japan eGRC market.
Based on regions, the Japan eGRC market is categorized into Tokyo, Yokohama, Osaka, Nagoya, and other provinces. Tokyo, Yokohama, and Osaka are expected to boost the growth of the eGRC market during the forecast period. Most of the major players are situated in these primary cities. In Japan, multiple major vendors are adopting various business strategies to maintain their competitive position in the eGRC market. They are focusing on creating some policies and procedures to reduce the risks and help the enterprises to gain better workflow. Hence, these are expected to drive the growth of the eGRC market in upcoming years.
Wolters Kluwer has launched OmniVault for real estate finance. This solution would enable clients to manage digital HELOCs and eMortgages on a single platform. A few years ago, Mphasis launched its Cognitive Hub for Risk and Compliance to benefit the eGRC market. This company is mainly focusing on developing next-generation eGRC solutions based on advanced technologies such as cognitive computing, artificial intelligence, machine learning, natural language processing, big data analytics, semantic modeling, and knowledge systems technology domains. Moreover, Quantivate has launched Issue Management, fortifying financial institutions with advanced tools to mitigate multiple risks associated with organizations and enterprises across Japan. Therefore, these new launches associated with enterprise governance, risk management, and compliances are estimated to drive the growth of the Japanese market during the forecast period from 2022 to 2032.
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 (Germanay), The Woodbridge Company (Canada), Wise Company (U.K), Wolters Kluwer (Netherlands), among others are leading the Japan eGRC market.
Scope of the Report:
|Market Size in 2021||US$ 4.2 Billion|
|Market Volume Projection by 2032||US$ 8.8 Billion|
|Forecast Period 2022 to 2032 CAGR||6.7%|
|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
Japan: Tokyo, Yokohama, Osaka, Nagoya & Other
|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), among others.|
Japan eGRC Market Has Been Segmented Into:
Japan eGRC Market –by Component:
Japan eGRC Market – by Organization Type:
Japan eGRC Market – by Deployment Mode:
Japan eGRC Market – by End-User Type:
Japan eGRC Market – by Regions: