Japan IoT (Internet of Thing) Market to Show Prolific Growth: Forecast to Grow at a CAGR of 23.0% by 2027
Published | 18 October 2021
Japan IoT market is growing at a high CAGR because of the technological advancements, availability of a wide range of consumer goods and IoT devices at competitive prices, and growing application of IoT in various industries…
Japan IoT market has already had an exploding growth. A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that Japan IoT market is estimated to grow at a CAGR of 23.0% during the forecast period of 2021-2027. The growth of the Japan IoT market is attributed to factors such as technological advancements, availability of a wide range of consumer goods and IoT devices at competitive prices, and growing application of IoT in various industries, such as agriculture, manufacturing, automotive, transportation, retail, etc. The launch of 5G networks with high bandwidth is also contributing to the growth of the market by improving connectivity among IoT devices and creating a stronger and safer IoT ecosystem. The high level of privacy concerns associated with IoT technologies may, however, act as a major constraint for the growth of the Japan IoT market.
Growing Penetration of Artificial Intelligence Expected to Boost the Japan IoT Market
The growing penetration of artificial intelligence (AI) is emerging as one of the major driving factors for the Japan IoT market. Businesses and organizations have already embraced AI and IoT as an integral part of their business processes and product development. AI enables IoT to create intelligent machines that stimulate smart behavior and support the decision-making process with little to no human intervention. Therefore, the Japanese market is expected to flourish with the increasing adoption of IoT and AI.
Increasing Demand for IoT Sensors is Projected to Drive the Japan IoT Market Growth
Based on hardware, the Japan IoT market is segmented into processor, memory device, logic device, sensor, connectivity IC. Among these, sensors hold the largest market share because of the increasing demand for medical IoT sensors, such as heart rate sensors, pressure sensors, temperature sensors, blood glucose sensors, blood oxygen sensors, electrocardiogram (ECG) sensors, etc. These medical sensors are prominently used for the geriatric population and patients in home care settings. Furthermore, the demand for other types of sensors, such as chemical sensors, motion and position sensors, soil humidity sensors, etc., is also surging in various industries, such as agriculture, industrial, automotive and transportation, etc.
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The Consumer Electronics Segment is Favoring Japan IoT Market
Based on applications, the Japan IoT market is segmented into consumer electronics, building automation, industrial, automotive & transportation, healthcare, retail, oil & gas, agriculture, and others. The consumer electronics segment dominates the market because of the availability of a wide range of consumer IoT devices in the Japanese market. Devices like smart security systems, fitness trackers, smartwatches, smart fire alarms, smart door locks, etc., are witnessing a boom in the market due to their competitive price. Healthcare is projected to witness the highest CAGR during the forecast period since medical IoT devices such as heart rate, blood pressure, temperature sensors, etc., are prominently used in the treatment of COVID-19 patients and those who are under home-care treatment settings.
Impact of COVID-19 on Japan IoT Market
The unprecedented outbreak of the COVID-19 pushed the Japan IoT market forward by several years. The growing number of COVID-19 patients in Japan and the growing healthcare burden have led to medical facilities rapidly adopting advanced technology such as IoT to effectively manage and treat COVID-19 patients. IoT emerged as the crucial element in monitoring COVID-19 affected patients, such as sensors. It also helped offer telehealth consultations by collecting and sharing patients’ vital data with the healthcare professionals remotely. These factors are expected to fuel the demand for IoT in Japan in the post-COVID-19 period as well.
The leading players in the Japan IoT market are Amazon Web Services, Inc., Fujitsu Ltd., Hitachi, IBM Japan, Microsoft Corporation, NTT Docomo Inc., SoftBank Group Corp., Intel Corporation, Siemens AG, Sakura Internet, and other prominent players.
The market is highly concentrated, with numerous global giants such as Amazon, IBM, Microsoft, etc. However, regional players such as NTT, Fujitsu, Sakura internet also have strong and deeper penetration in the market. The companies significantly focus on advancing their IoT technologies and offerings by launching new products with better connectivity. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, joint ventures, etc., is also very prominent in this market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Japan IoT market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the Japan IoT market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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