The Japan emerging technologies in smart cities market held a market value of USD 8,980.5 Million in 2020 and is forecasted to reach USD 22,750.0 Million by the year 2027. The market is anticipated to grow at a CAGR of 14.7% during the projected period.
Emerging technologies are used for the development and building of smart cities. The market is majorly driven by the rising need for public safety & communication infrastructure and increasing number of government initiatives & PPP models for smart cities. However, privacy and security concerns over IoT are expected to negatively hamper market growth. Furthermore, huge initial investments are also anticipated to hamper market growth.
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Incresing number of government initiatives and PPP models for smart cities
Various government initiatives along with public private partnerships are boosting the market growth. 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. For instance, 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.
Growing need for public safety and communication infrastructure
Successful launch of smart city projects is majorly dependent on telecommunication infrastructure and its use in public safety. All cities are required to ensure that communication platforms are established as well as accessible for realizing the concept of smart cities in a resource-efficient and open manner. The requirement of basic and modern infrastructure for data communication is required for a city to become smart. Therefore, growing need for public safety and communication infrastructure is estimated to boost the market growth.
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The Japan emerging technologies in smart cities market is segmented into technology, deployment, and application.
Internet of Things (IoT)
o Satellite Network
o Cellular Network
o Radio Frequency Identification
o Near Field Communication
Artificial Intelligence (AI)
o Deep Machine Learning
o Artificial Neural Network
o Voice Recognition
o Pattern Recognition
o Natural Language Processing
o Context Aware Processing
o Other AI Technologies
High Performance Computing
Big Data Analytics
The internet of things (IoT) is anticipated to hold the largest market share of around 34% owing to its growing adoption as it enables innovation by integrating the internet across various functions. Within this segment, the radio frequency identification segment is estimated to surpass a market size of about USD 986.1 million by 2027. The cloud computing segment is expected to witness the fastest growth rate of 15.8% owing to various technological advancements.
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The cloud segment held the largest market share owing to its cost effectiveness which has various applications in areas such as smart governance, smart utilities, smart transportation, and smart building.
o Parking Management
o Ticketing & Travel Management
o Traffic Management
o Passenger Information Management System
o Freight Information System
o Other Smart Transportation Systems
o Energy management
o Advanced Metering Infrastructure
o Smart Grid
o Water Management
o Distribution Management
o Other Smart Utilities
o E-Governance Solutions
o Smart Public Safety
o Law Enforcement
o City Planning
o Other Governance Services
Smart Home & Building
o Building Automation System
o Energy Management Systems
o Parking Management System
o Emergency Management System
o Other Smart Building Systems
Smart Citizen Service
o Smart Education
o Smart Healthcare
o Emergency Response System
o Video Surveillance System
o Assisted Living Solution
o Other Citizen Services
o Electric Vehicle Charging
o Tunnel Management
o Tolling Management
o Other Mobility Solutions
The smart citizen service segment held the largest market share of about 21% owing to various technological advancements for ensuring the safety of citizens. Within the smart utilities segment, the advanced metering infrastructure is anticipated to witness a CAGR of 15.9%. Within the smart governance segment, the law enforcement segment is expected to surpass a market size of USD 1,263.6 million by 2027.
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Key players operating in the Japan emerging technologies in smart cities market include ABB Ltd., Accenture Plc, Alphabet Inc., AT&T, Cisco Systems Inc., Ericsson, Foxconn Electronics Inc., Fujitsu Ltd., Hitachi, General Electric Company, Honeywell, IBM Corporation, Huawei Technologies, INTEL Corporation, LG Electronics Inc., Microsoft Corp., Oracle Corp., Qualcomm Technologies Inc., Schneider Electric SE, Siemens AG, and Toshiba Corporation, among others.
The approximate market share of the five major players is near about 35%. These market players are involved in new product launches, partnerships, mergers & acquisitions to strengthen their market presence. For instance, in May 2021, ABB Robotics advanced its construction industry automation by enabling sustainable and safer buildings.
The Japan emerging technologies in smart cities 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 emerging technologies in smart cities 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
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The Japan emerging technologies in smart cities market report answers questions such as:
- What is the market size and forecast of the Japan emerging technologies in smart cities Market?
- What are the inhibiting factors and impact of COVID-19 on the Japan emerging technologies in smart cities Market during the assessment period?
- Which are the products/segments/applications/areas to invest in over the assessment period in the Japan emerging technologies in smart cities Market?
- What is the competitive strategic window for opportunities in the Japan emerging technologies in smart cities Market?
- What are the technology trends and regulatory frameworks in the Japan emerging technologies in smart cities Market?
- What is the market share of the leading players in the Japan emerging technologies in smart cities Market?
- What modes and strategic moves are considered favorable for entering the Japan emerging technologies in smart cities Market?
What are the key findings of the report?
- This report provides comprehensive information on factors expected to influence the market growth and market share in the future.
- The report offers the current state of the market and future prospects for various geographical regions.
- This report provides both qualitative and quantitative information about the competitive landscape of the market.
- Combined with Porter’s Five Forces analysis, it serves as SWOT analysis and competitive landscape analysis.
- It provides an in-depth analysis of the market, highlighting its growth rates and opportunities for growth.
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