Japan Software as a Service (SaaS) Market Projected to Grow at a CAGR of 19.3% by 2027 |Industry Crucial Players- Microsoft Corporation (NASDAQ: MSFT), Alphabet Inc. (NASDAQ: GOOGL), IBM (NYSE: IBM), Hewlett Packard Enterprise Company (NYSE: HPE)
During the year 2018, a statistic by the Asia Cloud Computing Association (ACCA) stated that Japan was ranked fourth in the Cloud Readiness Index (CRI) and was also ranked as the top country for SME cloud investments.
The statistics portray the increasing readiness for cloud infrastructure adaptability in Japan. SMEs are investing more towards the adoption of cloud services on the back of increasing governmental investments for the development of ICT infrastructure in the nation. Additionally, deceasing workforce population in the nation is inducing organizations to adopt for automated process that utilizes less labor-intensive approaches. Such factors are anticipated to contribute significantly towards the growth of the Japan SaaS market.
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The Japan SaaS market is further expected to expand on the back of factors such as increasing demand for consultative support from IT organizations, growing applications that require specific business requirements, low cost of SaaS solutions, improved internet connectivity in the region, upsurge in the utilization of instant messaging, emergence of social media, emails and video calls among others. Additionally, rising technologies, such as artificial intelligence (AI) and machine learning among others along with the increasing use of vertical SaaS solutions and the introduction of mobile SaaS in the nation, which provides amplified growth opportunities for the market in the nation, are also estimated to promote the growth of the Japan SaaS market. The market is anticipated to record a CAGR of 19.3% during the forecast period, i.e. 2019-2027. The Japan SaaS market is further slated to achieve USD 18822.9 million in the year 2027 from USD 3870.0 million in the year 2018 with a Y-o-Y growth rate of 20.43% in the year 2027 as compared to the previous year.
The Japan SaaS market is segmented by end user into manufacturing, BFSI, retail, healthcare and others. Among these segments, the BFSI segment is anticipated to hold the largest market share of around 30.4% in the year 2027 owing to shifting trend in the BFSI towards the adoption of cloud-based solutions for the analysis and storage of data as well as generating large amount of data in the industry.
However, concerns for downtime of internet, technical failure in hardware systems and rising occurrences of cyberthreats and data thefts are estimated to act as a barrier to the growth of the Japan SaaS market over the forecast period.
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This report also studies existing competitive scenario of some of the key players of the Japan SaaS market, which includes profiling of Microsoft Corporation (NASDAQ: MSFT), Alphabet Inc. (NASDAQ: GOOGL), IBM (NYSE: IBM), Hewlett Packard Enterprise Company (NYSE: HPE), Oracle (NYSE: ORCL), Salesforce.com, Inc. (NYSE: CRM), Softbank Corp. (TYO: 9984), and Fujitsu (TYO: 6702).
The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “Japan Software as a Service (SaaS) Market – Regional Demand Analysis & Opportunity Outlook 2027”, analyses the overall Japan SaaS industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the Japan SaaS market in the near future.
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