Shaping the Future of Safety: Trends and Forecasts in Japan's Preventive Risk Analytics Market 2027

According to a recent report published by Allied Market Research, titled, "Japan Preventive Risk Analytics Market by Component,Type, Deployment Model, User Type, and Industry Vertical: Opportunity Analysis and Industry Forecast, 2020-2027,"the Japan preventive risk analytics market size was valued at $1,170.63 million in 2019, and is projected to reach $4,540.95 million by 2027, growing at a CAGR of 18.5% from 2020to 2027.

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Preventive risk analytics are used by an organization to efficiently and effectively manage different types of risks. The primary goal of preventive risk analytics is to identify potential risks before the occurrence so that proper risk handling measures can be taken across the organizations. Numerous benefits offered by risk analytics, such as efficient business decisions, realistic expectations, escalations, and focus on risk, are the lucrative factors that boost the market growth.

Furthermore, surge in data security breaches in enterprise and increase in government regulatory compliances are some of the major factors, which are expected to drive Japan preventive risk analytics market growth. In addition, rise in adoption of risk analytics in financial institutions and growth in IoT landscape further fuels the growth of the market. However, high cost and complexity in installation, configuration of the software, and less security provided by the risk analytics hamper the growth of the market in Japan. Furthermore, integration of artificial intelligence in risk analytics is expected to provide major opportunities for the growth of the risk analytics market during the forecast period.

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Covid-19 scenario: The advent of Covid-19 has significantly impacted the Japan preventive risk analytics industry.:

• The cancellation of the Mobile World Congress has hugely affected the market revenue as products and solutions get the biggest exposure at such international shows and companies get a chance to meet new clients and seal new partnerships.

• During this pandemic, organizations in Japan have focused on survival of the company and are reluctant to invest big capital on new business models, hire workforce, and spend additional expense apart from essentials.

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.

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.

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Cloud-based preventive risk analytics solutions are expected to attain significant growth in the upcoming years, owing to a paradigm shift in the deployment methods from on-premise to cloud-based models. Cloud-based risk analytics solutions do not involve capital cost as well as are low on maintenance requirements, and hence,are preferred by mid-sized institutions. These solutions facilitate enterprises with superior control over access to applications and sensitive information from distant locations, which further fuel its adoption among the end users.

The key players profiled in the studyare IBM Corporation, Capgemini, Fidelity National Information Services Inc. (FIS), Oracle Corporation, SAP SE, SAS Institute Inc., Verisk analytics Inc., Recorded future, Inc., and AXIOMSL, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the Japan preventive risk analytics market.

The report focuses on the growth prospects, restraints, and trends of the Japan preventive risk analytics market. The study provides Porter's five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on themarket in Japan.

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