Prospective Synergy Between Bangladeshi SMEs and Smart City: Through the Lens of Society 5.0

Abstract. Rapid urbanization in the emerging markets necessitates utilizing the scarce resources more reasonably and sustainably, for which technology adaptation is imperative. Despite this, the emerging markets suffer from weak technology and lag from realizing entrepreneurial opportunities inspired by a humancentric concept of Society 5.0. The key research aim is twofold. First, to explore
the possibilities of transforming the emerging markets into smart cities in Bangladesh. Second, the potential of introducing and operating Smart SMEs in the smart cities as a pre-condition to embrace Society 5.0 for ultimate wellbeing for humans across the emerging economy. The study adopts a clustered content analysis method, followed by collection and classification of the relevant extant literature on the urbanization status of Bangladesh, Smart City, and Society 5.0. The literature review suggests that, with the right digital solutions, Society 5.0 may inspire to build a more versatile set of SMEs of the future: Smart SMEs. The
study formulates a framework addressing Society 5.0-inspired Smart City's potentials in the emerging markets to create Smart SMEs. The study pioneers in offering Smart SMEs approach to fit in the concept and proposes a new definition of 'Smart City' based on its rapport with emerging markets. The study foresees a meaningful implementation of Society 5.0 to create transformational value among other emerging Asian nations, including Bangladesh. New directions of future research to empirically test the connections to address diverse social and human needs are also suggested by the study.