Astute Analytica released a new research report on the global Japan Smart City Market. The global market study looks into a variety of subjects, such as opportunities, market size, development, innovation, sales, and the overall growth of top players Chunghwa Telecom Company Ltd., Telefonica SA, NTT Docomo Inc., CISCO Systems Inc.,
The Japan smart city Market held a market value of USD 44,851.2 Million in 2021 and is forecasted to reach USD 93,718.9 Million by the year 2027. The market is anticipated to witness a growth rate of 13.1% over the projected period.
The study incorporates both qualitative and quantitative data and draws on both primary and secondary statistical sources. Significant companies, important market categories, and a range of products are included in the global market report. In addition, the report covers the measurement years and the study points.
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Rising requirement of public safety and communication infrastructure
Public safety is a current challenge for different cities around the globe. However, the population in urban areas is growing; smart cities are leveraging novel digital technologies for monitoring and optimising energy and water consumption for creating effective transportation infrastructures, enhancing citizen access to services, and delivering city-wide connectivity required by citizens as well as businesses. For instance, in July 2021, Mishima City signed an agreement with Oracle Japan for various smart city initiatives. These initiatives are expected to benefit local businesses and citizens by solving various key social issues using digital technology. Japan has been experiencing a need for new reforms for solving many regional issues and a need to boost the appeal to potential immigrants & tourists. To address this issue, the country launched the Mishima Smart City Promotion Council in 2020 for promoting the use of data held by private organizations and local government. Therefore, rising requirement of public safety and communication infrastructure are anticipated to boost the market growth.
Need of faster communication technology
Faster communication technology, such as the 5G technology is anticipated to enable a new type of communication network to interconnect everything. This is estimated to impact economies and societies for providing the necessary communication infrastructure required by various smart city applications. Moreover, a smart city application which can be completed using 5G technologies is the intelligent transporting system (ITS). 5G technology has laid a base for building productive industry, smart technology, and innovative ways of communicating. In addition, 5G poses as a communication network for supporting the IoT infrastructure required by various smart city vertical industries. Hence, various applications of 5G technology for enabling many smart city developments are likely to fuel the market growth.
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The Japan smart city market is segmented into component, application, and city topography.
- Communication Infrastructure (Telecom Network)
- Smart Robots
- Cloud (IoT) Platform
- Data Management & Analytics
- Cyber Security
- Remote Monitoring
- System Integration and Deployment
- Support and Maintenance
- Managed Services
The communication infrastructure (telecom network) segment accounted for the largest market share of more than 30% owing to various technological advancements in the sector. The market size of the hardware segment is anticipated to surpass the market size of communication infrastructure (telecom network) by 2022 owing to the growing demand for connected hardware devices. Also, the software segment is estimated to witness the fastest growth rate of about 14.2% over the forecast period owing to growing focus of market players in the segment.
- Administration (Smart Governance)
- Commercial (Enterprise)
- Homes & Living
- Mobility (Transportation)
- Safety & Security
- Utilities (Public services)
- Street Lighting
The utilities (public service) segment accounted for the largest market share of more than 12.5% owing to growing number of government initiatives. Many of the government institutes prioritise citizen safety that leads to the market growth. The administration (smart governance) segment is anticipated to grow at the fastest CAGR of about 15.5% as it enables government organizations to improve accountability, transparency, collaboration, security, and citizens’ participation, which positively influences the market growth. The water segment is estimated to hit a market size of about USD 2,431 million by 2027.
By City Topography
- Developed Economies
- Emerging Economies
The developed economies segment held the largest market share due to the favorable government initiatives in these economies. These include Tokyo, Yokohama, Kyoto, Osaka, Kobe, and Sapporo, among others. Within the emerging economies segment, new cities segment is likely to witness a CAGR of 14.4%. Emerging economies include Chiba, Fukuoka, Chofu, and Tsukuba, among others.
Key players operating in the Japan smart city market include Thales Group, Nokia Corporation, Qualcomm Technologies Inc., Huawei Technologies Co Ltd, Reliance Jio Infocomm Ltd, Chunghwa Telecom Company Ltd., Telefonica SA, NTT Docomo Inc., CISCO Systems Inc., Verizon Communications Inc., AT&T Inc., GE Company, Telstra Corp Ltd., Orange SA, Vodafone Group Plc, Deutschse Telecom, and Other Major Players.
The cumulative market share of the five major players is near about 35%. These key players are involved in new product launches, collaborations, and mergers & acquisitions to strengthen their market presence. For instance, in January 2021, Orange Bank acquired Anytime, a neobank which focuses on small businesses, professionals, and associations.
The Japan smart city market report provides insights on the below pointers:
- Market Penetration: Provides comprehensive information on the market offered by the prominent players
- Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
- Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
- Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the Japan smart city market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
- Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The Japan smart city market report answers questions such as:
- What is the market size and forecast of the Japan smart city Market?
- What are the inhibiting factors and impact of COVID-19 on the Japan smart city Market during the assessment period?
- Which are the products/segments/applications/areas to invest in over the assessment period in the Japan smart city Market?
- What is the competitive strategic window for opportunities in the Japan smart city Market?
- What are the technology trends and regulatory frameworks in the Japan smart city Market?
- What is the market share of the leading players in the Japan smart city Market?
- What modes and strategic moves are considered favorable for entering the Japan smart city Market?
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