In a recent published report, Kenneth Research has updated the market report for Japan SaaS Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Japan SaaS Market products.
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According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
Software as a Service is one of the three types of cloud computing services. With the growing demand for innovation and reducing IT budgets, most of the companies are adopting cloud-based solutions to optimize business efficiency. SaaS offerings include hosting, use of the application, ongoing maintenance, and update services. SaaS solutions are offered through a subscription model and no license fee. Some of the factors contributing to the growth of SaaS-based solutions are; rise in demand for consultative support from IT organizations, growing applications that require specific business requirements and low cost of SaaS solutions.
“The CAGR value Could change due to COVID-19 Pandemic”
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Improved internet connectivity, a surge in the use of instant messaging, and the emergence of social media, emails & video calls for personal and business needs are fueling the market growth. The high penetration rate of cloud services in Japan is one of the key element boosting the adoption of cloud-based services among various end-users in the country. Japan is ranked second among the major markets for global cloud services. The country holds one of the most steady and developed markets for cloud services in the Asia-Pacific region. Moreover, Japan has one of the supreme widespread broadband fiber deployments with the highest number of fiber users in the world, which also significantly contributes to the country ranking.
Rising government investments to develop AI technology coupled with rising awareness amongst SMEs about the benefits of SaaS-based solutions has positively influenced the SaaS market growth. In 2018, the Labor Ministry of Japan has invested USD 179.8 million for applying AI to medical data management and pharmaceutical research. The government is also promoting AI to improvise productivity to reduce the negative impact of labor shortage and a rapidly graying population.
In 2018, Japan’s private cloud services market recorded an increase of approx. 40% as compared to the previous year. During 2018-2019, the country witnessed more than 200 SaaS-based startups and the number is expected to further increase in upcoming years. The Japan SaaS market can be segmented on the basis of the deployment model, software type, enterprise size, and end-user.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
On the basis of the deployment model, the market is bifurcated into public, private and hybrid clouds. Based on software type, the market is divided into business intelligence software, customer relationship management (CRM) software, enterprise resource planning (ERP) software, business accounting software, supply chain management software and others. By enterprise size, the market is divided into SMEs and large enterprises. On the basis of end-user, the market is categorized into manufacturing, BFSI, retail, healthcare, and others. Other end-users include telecommunication, media & entertainment, government & public sector, energy, education, and others.
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On the basis of application, the market for supply chain management software is expected to grow at a significant rate owing to the rise in demand for real-time monitoring of supply chain networks and goods in the transportation sector. Moreover, the rise in ICT expenditure in Japan by the government & private sector is further expected to boost the market growth.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
In 2018, CRM was the largest revenue-generating segment, accounting for approx. 30%, and is expected to maintain its dominance throughout the forecast period. SCM and ERP are expected to grow at a significant CAGR during the forecast period. The subscription-based model of the SaaS has stimulated the adoption of technology in various industries. In Japan, many SMEs, which are at startup positions and are not equipped for licensing the software are switching to the SaaS-based model as they are subscription-based and cost-effective.
End-user segments involving analytics, product life cycles, content management are expected to witness increased adoption of SaaS solutions owing to faster development rates and migration from current infrastructure to cloud-based applications. Growth in the IT industry in the country coupled with increased demand for data analysis software, high speed, and customized solutions are favoring the growth of the SaaS market.
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