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The global Internet of Things (IoT) market was valued at $190 billion in 2018 and is projected to reach $1.102.6 billion by 2026, at a CAGR of 24.7% between 2019-2026.
Over the backdrop of the growing prevalence of IoT networks, connecting millions of electronic devices to the internet in all fields and sectors, Japan and India have stepped up their cooperation in digital infrastructure. The cooperation focuses mainly on information sharing on the development of digital infrastructure to improve architecture design.
As a first step in cooperation, Japan’s Information-technology Promotion Agency, the Japan External Trade Organization, and the Indian Software Product Industry Roundtable will facilitate a joint study on how such digital infrastructure can be utilized in the two countries, as well as third countries including those in Asia and Africa.
The cooperation in digital infrastructure is consistent with the Japan-India Digital Partnership launched in October 2018 between Japan’s Ministry of Economy, Trade and Industry and India’s Ministry of Electronics and Information Technology. Under the partnership, Japan and India agreed on the establishment of a startup hub in Bengaluru, and cooperation in cybersecurity and dissemination of next-generation networks, according to mainichi.jp.
The two countries have been enhancing cooperation on a wide range of issues, such as the strategic depth of bilateral security and defense cooperation, with the two sides sharing a vision of a free, open, inclusive and rules-based Indo-Pacific region.
Last June, India and Japan jointly launched a $187 million fund-of-fund to invest in over 100 tech startups. Reportedly, this fund will focus on ventures related to artificial intelligence and IoT, according to analyticsindiamag.com.