CHICAGO, UNITED STATES, Nov. 21, 2022 /EINPresswire.com/ — Japanese smart city market revenue will reach a valuation of US$93,718.9 million by 2027, from US$44,851.2 million in 2021, growing at a CAGR of 13.1% over the forecast period from 2022 to 2027.
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In recent years, smart city technology has become increasingly popular as a means of improving public safety, which includes improving emergency preparedness with sensors, monitoring areas at high crime and many other things. Additionally, a smart city uses various electrical techniques, voice activation techniques, and sensors to collect accurate data about residents, gadgets, buildings, and assets to improve public safety. In addition, data is prepared for analysis and monitoring to manage crime detection, power plants, libraries, information systems, water supply networks, waste, schools, hospitals, services utilities and other community services.
Factors influencing the market
Factors driving the Japanese smart city market are growing demand for communication and public safety infrastructure, growing number of PPP models and government initiatives for smart cities, and demand for faster communication technologies .
The growing need for communications and public safety infrastructure
Smart cities integrate AI and IoT-based technologies to improve public transportation, maintain a healthier environment, and increase safety. In 2020, the Super City Law was adopted in Japan. Regarding the digital transformation of cities, this new law aims to strengthen cooperation between the public and commercial sectors.
Japan is grappling with demand for further reforms aimed at addressing a number of local issues and increasing its appeal to potential immigrants and tourists. The nation established the Mishima Smart City Promotion Council in 2020 to promote the use of data collected by local government and private companies to solve this problem. Hence, the growing need for public safety and communication infrastructure will drive the growth of the industry.
Technological advances such as big data and artificial intelligence
Cities designated as Super Cities will use AI and big data in education, health, transportation, energy and crime prevention, for the creation and implementation of self-driving cars. Furthermore, Society 5.0 is Japan’s national vision for a next-generation human-centric, data-driven society that utilizes IoT, Big Data, and AI and will offer appropriate solutions using these technologies. In addition, Japanese private companies contribute to the development of the market. For example, Panasonic was among the first companies to build a smart city in Kanagawa Prefecture, Japan.
Growing environmental concern
The emerging potential for market expansion is driven by the demand for green initiatives and growing environmental concerns. For example, in October 2020, the Japanese government announced its goal of achieving net zero carbon emissions by 2050. Additionally, it increased its previously set goal of reducing emissions by 2030 to 46% from to its 2013 levels, stepping up its efforts to achieve carbon neutrality in April 2021. On the other hand, privacy and security concerns on the Internet of Things could slow the growth of the industry.
COVID-19 Impact Analysis
The COVID-19 pandemic has had a negative impact on the smart city market. The demand for smart city technology has declined due to reduced private and public sector spending on smart city development, which has led to reductions in service infrastructure. In addition, the implementation of containment has affected the supply chain, which has led to the closure of various manufacturing activities. This has put pressure on the availability of various goods and services. However, the adoption of smart cities is expected to increase in the post-pandemic period, as Japanese regulators prioritize people’s health, safety and standard of living.
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In 2021, by components, the communication infrastructure segment held the leading share of 30% in the Japanese smart city market. On the other hand, hardware component is expected to dominate the market in 2027, as hardware components are prominent in smart buildings and home solutions as these components are mainly used in security and surveillance. Moreover, the software segment will project the highest growth rate of 14.2% from 2022 to 2027 owing to the growing importance of market players in this segment.
In 2021, by applications, the utility segment held a large market share of 12.5% due to the growing number of government projects. Additionally, several government institutes are prioritizing the safety of residents, which is driving the growth of the market. On the other hand, the government (smart governance) segment is likely to show the highest CAGR of around 15.5%, as it enables government organizations to improve accountability, collaboration, transparency and security, which has a positive impact on the growth of the market.
In 2021, by city topography, the developed economies segment dominated the Japanese smart city market. However, in the emerging economies segment, the new cities segment is expected to grow at a CAGR of 14.4% during the forecast period.
The main competitors in the Japanese smart city market are:
Verizon Communications Inc.
Huawei Technologies Co.Ltd.
Chunghwa Telecom Company Ltd.
Qualcomm Technologies Inc.
CISCO Systems Inc.
Telstra Corp Ltd.
Other top players
The Japanese smart city market segmentation focuses on components, applications, and city topography.
By component segment
Communication infrastructure (telecommunications network)
o Intelligent robots
• Cloud platform (IoT)
Data management and analysis
• System integration and deployment
• Support and maintenance
• Managed Services
By application segment
Administration (intelligent governance)
houses and life
By city topography segment
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