The Japanese software industry hit a milestone of $1.5 billion in revenue and revenue growth on Wednesday, as sales grew at an annual pace of 5.4%.
The software industry’s quarterly revenue increased 10% to $1,063 billion in the fiscal year that ended March 31, up from $1-1.2 billion a year earlier, data from the industry’s own statistics bureau showed.
The data show that sales rose in all regions, and the number of software companies grew at the fastest pace in Japan.
Sales of the software industry accounted for nearly 25% of total software sales.
The Japanese software sector grew to become Japan’s second-largest in 2016, after accounting for nearly 15% of the global market.
Its revenue jumped to $6.9 billion in fiscal year 2017, up 10% from $637.4 billion in 2017.
Sales growth slowed in the last quarter, but it should have continued to increase in 2018 as new applications were launched.
The growth of the Japanese software market was spurred by the launch of mobile phones and tablets in 2020, and in 2022 it was one of the most popular technologies in the U.S. in terms of sales, according to Nikkei Basket, an industry publication.
Sales of digital media services grew 15% in fiscal 2017, according the report.