While markets plunge and drop all over the world at any given time, some areas of the globe have really managed to carve out a name for themselves for being reliable, resilient, and powerful. Asia most certainly fits these criteria, with some countries being more powerful than others. Japan is an excellent example of such a destination, where businesses have really come a long way, and the country itself is now well-respected around the world for its various industries.
Perhaps you’ve been eyeing Japan as a potential destination to open a business, or you’re just curious about the country’s rise to powerhouse status. While there are all kinds of robust markets in the country, there are some that are proving to be a real driving force. Here are the top six markets in Japan that you will want to educate yourself on.
Biopharmaceuticals are a hot market trend all around the world, especially right now during the COVID-19 pandemic wherein the entire world is racing to find a vaccine. Currently, Japan ranks among the top countries in the world when it comes to the compound annual growth rate in this industry, which obviously makes it an attractive option. Even the government has taken notice of the trend and is not only embracing it but encouraging it and selling Japan’s many benefits to investors around the world.
It’s hard to believe we are at the point of talking about smart robots, but that is exactly where technology has taken us. The potential benefits and applications of these smart robots are limitless and have all kinds of industries and businesses extremely excited. While industrial robots tend to be where the majority of the focus is, that’s not to say there aren’t other uses for smart robots.
Service robots are another portion of this industry that is enjoying a lot of growth. These robots could be used in the healthcare industry, transportation, cleaning, security, infrastructure, and plenty of other industries.
Also in the realm of technology, is the AR/VR industry, which isn’t exactly new, but only now seems to be catching on and creating a buzz. This is the kind of industry where only the surface of its capabilities has been touched upon. Look for this one to be a real up and comer in the years ahead. And of course, Japan has recognized that upward trend and is positioning itself to be a real player in the field.
The renewable energy industry is another one that is getting lots of attention and really spreading like wildfire across the globe. Never before has there been such a push for energy self-sufficiency and looking for greener solutions and processes. Japan has recognized this trend, and again, embraced it whole-heartedly.
Also part of the medical and healthcare industry is the life sciences field. Japan holds 10% of the medical equipment and global pharmaceutical markets and there are no signs of that trend slowing down. What this means is that there is plenty of room for growth, development, and innovation.
This is an industry that is most definitely not unique to Japan; e-commerce is something that has completely blown up and taken over the world. Again, you can look at the COVID-19 pandemic as a driving factor this year, as more and more people stay home to “flatten the curve” and choose to do their shopping online. Even with a vaccine and the eradication of the disease, people now understand the conveniences of e-commerce, so don’t expect this industry to suddenly drop off.
Expanding Your Business into Japan – Do So with Guidance
Even with so many booming markets and plenty of promising stats and figures, you still need to go about business expansion in Japan with caution. You want to be sure you’re going about things in the right way that not only follow the custom and local laws but ensure that your company gets the best chance of success.
An excellent tip is to consider GlobalPEO, a Japan employer of record. GlobalPEO is able to give clients employer of record services, taking care of the recruiting, hiring, and payroll. All of this can be done without a business needing to set up its own subsidiary in the country. The Japan PEO, of course, adheres to all local laws and customs, and essentially acts as your PR department. Despite the fact that a company chooses to use this Japan EOR, the employees will still be reporting to the company itself, creating a seamless approach.
Japan is Filled with Promise and Profits for Many Industries
So, if you’re looking for a country that is experiencing a boom in general, and really expanding its variety of industries and markets, Japan has to be high on the list.