BEYOND MAINSTREAM 䜲䝜䝧䞊䝅䝵 䜛 ᤊ䛘 䞁 䜢 䚷 䚷䚷 APRIL 2014 䜢 䞁 䚷ぢ ᴟ䜑 䜛䚷 䚷䚷 䚷䚷 96 䚷䜲䝜䝧䞊 䝅 䝵 ື䛟䜲䝜䝧䞊䝅䝵䞁䜢ᤊ䛘䜛 䝁䞁䝉䝥䝖ᑟᆺ䛾〇ရ㛤Ⓨ௨እ䛷䜒䚸䛭䛾ሙᡤ䜢⛣ື䛧䛺䛜䜙Ⓨ⏕䛩䜛䜲䝜䝧䞊䝅䝵䞁䚹 ⣲ᮦ 䞉 㒊ရ䛛䜙᭱⤊〇ရ䝯䞊䜹䞊䜎䛷䚸ᴗ䛜䛹䛾䜘䛖䛻䛭䜜䜢ᤊ䛘䚸⮬ศ䛾䝰䝜䛻䛩䜛䜉䛝䛛䜢⪃ᐹ䛩䜛䚹 THINK ACT ື䛟䜲䝜䝧䞊䝅䝵䞁䜢ᤊ䛘䜛 THE BIG 3 1 䜲䝜䝧䞊䝅䝵䞁䛿ື䛟 ᭱⤊〇ရ䛾䝷䜲䝣䝃䜲䜽䝹䛻䜘䛳䛶䜲䝜䝧䞊䝅䝵䞁䛿ື䛟 2 䜲䝜䝧䞊䝅䝵䞁䜢ぢᴟ䜑䜛 ồ䜑䜙䜜䜛䜲䝜䝧䞊䝅䝵䞁䛾Ⓨ⏕※䜢ぢᴟ䜑䜛 3 䜲䝜䝧䞊䝅䝵䞁䜢ᤊ䛘䜛 䝞䝸䝳䞊䝏䜵䞊䞁䜢䜎䛯䛠㐃ᦠ䛷䜲䝜䝧䞊䝅䝵䞁䜢ᤊ䛘䜛 2 ROLAND BERGER STRATEGY CONSULTANTS THINK ACT ື䛟䜲䝜䝧䞊䝅䝵䞁䜢ᤊ䛘䜛 ᮇ䚸 ᡂ⇍ᮇ䚸 ⾶㏥ᮇ䛸⛣䜚ኚ䜟䜛୰䛷ື䛔䛶䛔䛝䛺䛜䜙ᙧ䜢ኚ 1. 䜲䝜䝧䞊䝅䝵䞁䛿ື䛟 䛘䛶䛔䛟䚹 䜎䛯䚸䜲䝜䝧䞊䝅䝵䞁䛿๓ୡ௦䚸⌧ୡ௦䚸ḟୡ௦䛾〇 ရ䝷䜲䝣䝃䜲䜽䝹䛜䜟䜛୰䛷ື䛔䛶䛔䛟䛣䛸䛻ὀព䛧䛯䛔䚹 A 〇㐀ᴗ䛷䛿⡿ᅜ䜰䝑䝥䝹♫䛾 iPhone䛷䛾ᡂຌ௨㝆䚸䛂䛣䜣 ᭱⤊〇ရ䛾ᑟධᮇ䛷䛿䚸⣲ᮦ 䞉 㒊ရ䛭䛧䛶⏕⏘ᢏ⾡䛜య 䛺〇ရ䜢ᕷሙ䛻ฟ䛧䛯䛔䛃 䛸䛔䛖䝁䞁䝉䝥䝖ᑟᆺ䛾䜲䝜䝧䞊䝅䝵 䛸䛺䜚䜲䝜䝧䞊䝅䝵䞁䛜Ⓨ⏕䛩䜛䚹 䛣䜜䛿䚸๓ୡ௦䛾〇ရ䛷䜟 䞁䛜ᖖ䛻ὀ┠䛥䜜䜛䚹 ୍㒊䛷䛿䚸ఱᨾ᪥ᮏ䝯䞊䜹䞊䛻䛿 iPhone 䜜䛶䛔䛯⣲ᮦ䜔㒊ရ䛾㧗ᛶ⬟䜔ᑠᆺ䛜䜲䝜䝧䞊䝅䝵䞁䛾 䛜స䜜䛺䛛䛳䛯䛾䛛䚸䛣䜜䛛䜙᪥ᮏ䝯䞊䜹䞊䛿䛹䛖䛩䜜䜀 iPhone 䜻䝑䜹䜿䛸䛺䜛䛣䛸䛜ከ䛔䚹 䛘䜀䚸iPhone 䛜Ⓩሙ䛧䛯⫼ᬒ䛻䛿䚸 䜢స䜜䜛䜘䛖䛻䛺䜛䛾䛛䚸䛸䛔䛳䛯㆟ㄽ䛜⾜䜟䜜䚸䛛䛴䛶䛾䜘䛖䛺 ᪥⣔䝯䞊䜹䞊䛜ᙉ䛛䛳䛯䜺䝷䜿䞊䛷ᇵ䛳䛯ᵝ䚻䛺㧗ᛶ⬟㒊ရ䜢 䝕䝆䝍䝹ᐙ㟁䛷䛾㧗䛔䝥䝺䝊䞁䝇䜢ྲྀ䜚ᡠ䛩䛻䛿䚸䝁䞁䝉䝥䝖 ὶ⏝䛧䛯䛣䛸䛜䛒䜛䛜䚸䛣䜜䜙䛾㧗ᛶ⬟㒊ရ䛜᭦䛻䜲䝜䝧䞊䝅䝵䞁 ᑟᆺ䛾䜲䝜䝧䞊䝅䝵䞁䜢㉳䛣䛩ᚲせ䛜䛒䜛䚸䛸䛔䛳䛯ㄽㄪ䛾᭩⡠ 䛧䛶䛔䛟䛣䛸䛷䝇䝬䝩䛻㐺䛧䛯⣲ᮦ䜔㒊ရ䜈䛸Ⓨᒎ䛧䛯䚹 ┤㏆䛷 䜔グ䜒ᩓぢ䛥䜜䜛䚹 䛿䚸䝇䝬䝩䛷䛾ά⏝䛷ᢏ⾡㐍䛧䛯ᵝ䚻䛺㒊ရ 䠄䝞䝑䝔䝸䞊䚸ฎ 䛧䛛䛧䚸䜲䝜䝧䞊䝅䝵䞁䛾య䛿᭱⤊〇ရ䛰䛡䛷䛿䛺䛟䚸 ᭱⤊ ⌮₇⟬ᶵ䚸䝯䝰䝸䞊➼䠅 䛾ᑠᆺ䜔㧗ᛶ⬟䛜ᘬ䛝㔠䛸䛺䜚䚸ḟ 〇ရ䛾㈍䜎䛷䛾䝞䝸䝳䞊䝏䜵䞊䞁䛾ྛᕤ⛬䛷㉳䛣䜚ᚓ䜛䜒䛾䛷 ୡ௦䛾᭱⤊ၟရ䛸䛧䛶䜴䜵䜰䝤䝹䝁䞁䝢䝳䞊䝔䜱䞁䜾䛾Ⓩሙ䛜ᮇᚅ 䛒䜛䛣䛸䜢ᛀ䜜䛶䛿䛺䜙䛺䛔䚹 ཎᮦᩱ䛾⣲ᮦ㛤Ⓨ䚸㒊ရ䛾㛤Ⓨ䚸 䛥䜜䛶䛔䜛 䠄Google ♫䛾䝯䜺䝛ᆺ䝁䞁䝢䝳䞊䝍䞊䛺䛹䛜୍䛰䛜䚸 ⏕⏘ᢏ⾡䛻⮳䜛䛶䛾䝞䝸䝳䞊䝏䜵䞊䞁ୖ䛾ᕤ⛬䛷䜲䝜䝧䞊䝅䝵 〇ရ䛸䛧䛶䝁䞁䝉䝥䝖䛜ᅛ䜎䜚䚸ᬑཬ䛩䜛䛻䛿䜎䛰䜎䛰㒊ရ䛭䛾䜒 䞁䛿Ⓨ⏕䛩䜛ྍ⬟ᛶ䛜䛒䜚䚸ᖖ䛻䛹䛣䛛䛷䜲䝜䝧䞊䝅䝵䞁䛜㉳䛝䛶 䛾䛾ᢏ⾡䝺䝧䝹䛾ྥୖ䛜ᚲせ䠅䚹 ᡂ㛗ᮇ䛻ධ䜛䛸䚸⣲ᮦ䜔㒊ရ䛾ᢏ⾡Ⓨᒎ䛾᪉ྥᛶ䛿䜋䜌Ỵ 䛔䜛䚹 䜲䝜䝧䞊䝅䝵䞁䛿ᖖ䛻ື䛔䛶䛔䜛䚹 ື䛟䜲䝜䝧䞊䝅䝵䞁䜢⪃䛘䜛ୖ䛷䜒䛳䛸䜒㔜せ䛺䛾䛿䚸䜲䝜䝧䞊 䜎䜚䚸䜲䝜䝧䞊䝅䝵䞁䛿᭱⤊〇ရ䛾〇ရ㛤Ⓨ䛭䛾䜒䛾䛻⛣䜚䚸ᵝ䚻 䝅䝵䞁䛜䛹䛣䛻䛒䜛䛾䛛䜢ぢᴟ䜑䚸䛭䛾䜲䝜䝧䞊䝅䝵䞁䛹䛖䜔䛳䛶ᤊ 䛺〇ရ䝁䞁䝉䝥䝖䛜⏕䜎䜜䜛䚹 䜎䛯〇ရ䝁䞁䝉䝥䝖䜢ᐇ⌧䛩䜛䛯 䛘䜛䛛䛷䛒䜛䚹 ᪥⣔䝯䞊䜹䞊䛜䛭䜜䛮䜜䛾ศ㔝䛷䛱⤌䛸䛧䛶⏕ 䜑䛾స䜚㎸䜏䜔䜲䞁䝔䜾䝺䞊䝅䝵䞁䛻䛚䛡䜛䜲䝜䝧䞊䝅䝵䞁䜒㉳䛝 䛝ṧ䜛䛯䜑䛻䛿䚸ᖖ䛻䛹䛣䛛䛷Ⓨ⏕䛧䛶䛔䜛䜲䝜䝧䞊䝅䝵䞁䜢⮬♫ 䜛䚹䝇䝬䝩䛷䛿⌧ᅾ䛾ᙧ䛻ⴠ䛱╔䛟䜎䛷䛻䛔䛟䛴䛛䛾Ⓨᒎ䛜䛒䛳 䛾౯್䛸䛧䛶ྲྀ䜚⤌䜣䛷䛔䛟ᚲせ䛜䛒䜛䚹 䛯䚹 䛣䛾䝁䞁䝉䝥䝖ᑟᆺ䛾䜲䝜䝧䞊䝅䝵䞁䛿䚸ᡂຌ䛩䜜䜀䛭䛾 ᚋ䛾ᡂ⇍ᮇ䛷䛾⇿Ⓨⓗ䛺ᡂຌ䜢䜑䜛䛣䛸䛜䛷䛝䜛䛯䜑䚸䜒䛳䛸 䜒ὀ┠䛥䜜䜛䛜䚸 㔞䛾᪂〇ရ䛜ᾘ㈝⪅䛾䝙䞊䝈䜢ᤊ䛘䜙䜜䛪 2. ື䛟䜲䝜䝧䞊䝅䝵䞁䜢ぢᴟ䜑䜛 ᾘ䛘䛶䛔䛟䛣䛸䜒ከ䛔䚹 䛭䛾䛯䜑䚸 ᡂ㛗ᮇ䛷䛾䝁䞁䝉䝥䝖ᑟᆺ 䛾䜲䝜䝧䞊䝅䝵䞁䛿䚸ᑟධᮇ䜔ᚋ㏙䛩䜛ᡂ⇍ᮇ䚸 ⾶㏥ᮇ䛾ୖὶ 䜲䝜䝧䞊䝅䝵䞁䛿䚸᭱⤊〇ရ䛾䝷䜲䝣䝃䜲䜽䝹䛜䚸ᑟධᮇ䚸ᡂ㛗 A 䛷䛾䜲䝜䝧䞊䝅䝵䞁䛸ẚ㍑䛧䛶ᢞ㈨ᑐຠᯝ䛿ᚲ䛪䛧䜒㧗䛔䛸䛿ゝ 〇ရ䝃䜲䜽䝹䛾ྛ䝇䝔䞊䝆䛷ື䛟䜲䝜䝧䞊䝅䝵䞁 ᑟධᮇ ᡂ㛗ᮇ ᡂ⇍ᮇ ⾶㏥ᮇ ᭱⤊〇ရ䛾 ㈍㔞 ๓ୡ௦䛻䛚䛡䜛⣲ᮦ䜔 㒊ရ䛾㧗ᛶ⬟䜔ᑠᆺ 䛜⌧ୡ௦〇ရ䛾䜲䝜 䝧䞊䝅䝵䞁䛾 ※Ἠ䛸䛺䜛㻌㻌 䜲䝜䝧䞊䝅䝵䞁 䛾Ⓨ⏕య ⣲ᮦ䞉 㒊ရ ⏕⏘ ᢏ⾡ ⌧ୡ௦䛾ᡂ⇍ᮇ䛷 ᚓ䛯┈䛿ḟୡ௦ 䛾⣲ᮦ䞉㒊ရ䜔⏕⏘ ᢏ⾡䛾䜲䝜䝧䞊䝅䝵䞁 䛻ά䛛䛩 〇ရ 㛤Ⓨ t ⏕⏘ຊ䞉㈍ຊ 䜲䝜䝧䞊䝅䝵䞁䛿᭱⤊〇ရ䛾䝷䜲䝣䝃䜲䜽䝹䛻ᛂ䛨䛶య䛜ື䛟 ฟᡤ 䠖 䝻䞊䝷䞁䝗 䞉 䝧䝹䜺䞊 ROLAND BERGER STRATEGY CONSULTANTS 3 THINK ACT ື䛟䜲䝜䝧䞊䝅䝵䞁䜢ᤊ䛘䜛 䛘䛺䛔䚹 䛹䛾䝁䞁䝉䝥䝖䛜⏕䛝ṧ䜛䛛䜢ぢᴟ䜑䜛䛣䛸䛜㔜せ䛷䜒 䛒䜛䚹 2 . 䜲䝜䝧䞊䝅䝵䞁䛜Ⓨ⏕䛩䜉䛝⟠ᡤ䛿⮬♫䛾ᴗ㡿ᇦ䛻䛒䜛 䛜䚸䜲䝜䝧䞊䝅䝵䞁䛾᪉ྥᛶ䛜ᐃ䜎䜙䛺䛔 ୍᪉䛷䚸〇ရ䛜ᡂ⇍ᮇ䚸⾶㏥ᮇ䛻ᕪ䛧䛛䜛䛸䚸᭱⤊〇ရ䛸 䛧䛶䛾ᙧ䛿ᡂ䛧䛶䛔䜛䛯䜑䚸ᐇ㒊ရ䜔⏕⏘ᢏ⾡䛿䛝䛺ᨵ Ⰻ䜢ᚲせ䛸䛫䛪䚸యⓗ䛺ရ㉁䜒Ᏻᐃ䛩䜛䚹 䛘䜀䚸iPhone 䜢 3 . 䜲䝜䝧䞊䝅䝵䞁䛜Ⓨ⏕䛩䜉䛝⟠ᡤ䛿⮬♫䛾ᴗ㡿ᇦෆ䛻 䛿䛺䛟䚸┤᥋㛵䛷䛝䛺䛔 䛿䛨䜑䛸䛩䜛䝇䝬䝩䛿䛩䛷䛻ᡂᙧ䛻㏆䛔䛸䛔䜟䜜䛶䛚䜚䚸㒊ရ ➼䛾䝇䝨䝑䜽த䛔䛿䛩䛷䛻᮰䛧䛴䛴䛒䜛䚹 䜹䝯䝷䛾⏬⣲ᩘ䜢 䜿䞊䝇䠍䠖 ⮬♫䛾⤒Ⴀ㈨※䛰䛡䛷䛿䜲䝜䝧䞊䝅䝵䞁䜢㉳䛣䛫䛺䛔 䛻䛩䜛䛸䚸800⏬⣲௨ୖ䛾䜹䝯䝷ᦚ㍕䛿ᙜ䛯䜚๓䛷䛒䜚䚸䛭䜜 䜲䝜䝧䞊䝅䝵䞁䛜Ⓨ⏕䛩䜉䛝⟠ᡤ䛜⮬♫䛾ᴗ㡿ᇦ䛻䛒䜚䛺 ௨ୖ䛾⏬⣲ᩘ䛿䛝䛺ᕪู䛻䛿䛺䜙䛺䛔䚹 䛣䛾䝇䝔䞊䝆䛻䛒 䛜䜙䚸⮬♫䛾⤒Ⴀ㈨※䛰䛡䛷䛿䜲䝜䝧䞊䝅䝵䞁䜢㉳䛣䛫䛺䛔≧ἣ 䜛〇ရ䛿䚸⏕⏘㔞䜢☜ಖ䛧䛶䝁䝇䝖䜢ୗ䛢䛶䜚ษ䜛䚸䛸䛔䛖ప䝁 䛸䛔䛖䛾䛿䚸䜲䝜䝧䞊䝅䝵䞁䛾᪉ྥᛶ䛿Ỵ䜎䛳䛶䛔䜛䛜㛤Ⓨ㈝⏝䛜 䝇䝖⏕⏘ຊ䛷䛾䜲䝜䝧䞊䝅䝵䞁䛜㈇䛾య䛰䚹 䛭䛾䛯䜑䚸㒊ရ Ⳙ䛩䛞䛶༢⊂䛷䜔䜛䛻䛿䝸䝇䜽䛜䛝䛩䛞䜛䚸䜎䛯䛿㢳ᐈ䛜䛔 䛿ᶆ‽䛥䜜䛶ศᴗ䛜㐍䜏䚸㒊ရ䛾⤌ྜ䛫䛷〇ရ䛜ྍ⬟ 䛴᥇⏝䛧䛶䛟䜜䜛䛛ぢ㏻䛧䛜❧䛯䛺䛔ሙྜ䛺䛹䛷Ⓨ⏕䛩䜛䚹 ⌧ 䛻䜎䛷䛺䛳䛶䛔䜛䚹 ᶍ㐀ရ䜒Ⓩሙ䛩䜛୰䚸౯᱁த䛔䛿㑊䛡䜙䜜 ᅾ䛾༙ᑟయᴗ⏺䛻䛚䛡䜛༙ᑟయ⨨䝯䞊䜹䞊䛜䛣䛾≧ἣ䛻䛒 䛪䚸ከᑡ䛾ᢏ⾡ඃᛶ䛷䛿ᕪู䛿㞴䛧䛔䚹 䛯䛰䛧䚸䛣䛾ᚋ䛔 䜛䚹 䛪䜜㏄䛘䜛⾶㏥ᮇ䛻ྥ䛡䛶䜔䜛䜉䛝䛣䛸䛜䛒䜛䚹 ḟୡ௦〇ရ䛾 ⌧ᅾ༙ᑟయᴗ⏺䛷䛿༙ᑟయ⨨䛷䛾䜲䝜䝧䞊䝅䝵䞁䛜ồ䜑䜙 䝷䜲䝣䝃䜲䜽䝹䜈䛾䝅䝣䝖䛷䛒䜛䚹 ⌧ୡ௦䛾〇ရ䛜ᡂ⇍ᮇ䛻ᕪ䛧 䜜䛶䛔䜛䚹 ලయⓗ䛻䛿 10 nm䝺䝧䝹䛾ᚤ⣽䜔 450 mm 䛾 䛛䜛䛸䚸ά⏝䛧䛶䛔䛯⣲ᮦ䜔㒊ရ䛾ရ㉁䛿Ᏻᐃ䛧䚸ᑠᆺ䜔 ཱྀᚄ䜴䜵䝝䞊➼䛺䛹䛾〇㐀ᢏ⾡䛷䛒䜚䚸䜲䝜䝧䞊䝅䝵䞁䛾᪉ྥᛶ 㧗ᛶ⬟䛜㐍䜣䛷䛔䜛䚹 䛣䜜䜙䛾⣲ᮦ䜔㒊ရ䜢᭦䛻Ⓨᒎ䛥䛫䜛 䛿ẚ㍑ⓗ䜽䝸䜰䛰䚹 䛧䛛䛧䚸༙ᑟయ⨨䝯䞊䜹䞊䛾୰䛷䜒䜒䛳䛸䜒 䛣䛸䛷ḟୡ௦〇ရ䛾䝁䞁䝉䝥䝖㛤Ⓨ䛻䛴䛺䛜䜛䚹 䛴䜎䜚᭱⤊〇ရ ຍ౯್䛜㧗䛔䛸䛔䜟䜜䛶䛔䜛㟢ග⨨䛷䝖䝑䝥䝅䜵䜰䜢䜛䜸 䛾ୡ௦௦䛻䜘䛳䛶䜲䝜䝧䞊䝅䝵䞁䛿䜎䛯⣲ᮦ䜔㒊ရ䛾㧗ᛶ⬟ 䝷䞁䝎䛾 ASML ♫䛷䛥䛘䚸⮬♫䛾⤒Ⴀ㈨※䛰䛡䛷䛿䜲䝜䝧䞊䝅䝵 䛺䛹䛾ୖὶ䛻䜒䛹䜛䚹 䞁䜢㉳䛣䛫䛪䛻䛔䜛䚹 䜲䝜䝧䞊䝅䝵䞁䜢ᐇ⌧䛩䜛䛯䜑䛻䛿䚸⮬㌟ ⣲ᮦ䞉㒊ရ䝯䞊䜹䞊䚸⏕⏘ᢏ⾡䜢ᢸ䛖ᴗ䚸䛭䛧䛶᭱⤊〇ရ䝯䞊 䜹䞊䛭䜜䛮䜜䛜䜲䝜䝧䞊䝅䝵䞁䛷䝸䞊䝗䛩䜛䛯䜑䛻䛿䚸ᑐ㇟䛸䛺䜛 䛾ୖ㧗䜢㉸䛘䜛䝺䝧䝹䛾◊✲㛤Ⓨ㈝䛜ᚲせ䛰䛸ゝ䜟䜜䛶䛚 䜚䚸⤒Ⴀ䝸䝇䜽䛜ᴟ䜑䛶䛝䛔䛛䜙䛰䚹 ᢏ⾡ 䞉 〇ရ䛜䛹䛾䝷䜲䝣䝃䜲䜽䝹䛾䝇䝔䞊䝆䛻䛔䜛䛛䜢ぢᴟ䜑䜛 ᚤ⣽䜔ཱྀᚄ䜴䜵䝝䞊䛷䛾䜲䝜䝧䞊䝅䝵䞁䛿䛻ጞ䜎䛳䛯䛣 䛣䛸䛜㔜せ䛷䛒䜛䚹ᑟධᮇ䛻䛒䜛䛾䛷䛒䜜䜀䚸⣲ᮦ䞉㒊ရ䝯䞊䜹䞊 䛸䛷䛿䛺䛟䚸䛣䜜䜎䛷䜒༙ᑟయ⨨䝯䞊䜹䞊䛜┤㠃䛧䛶䛝䛯ㄢ㢟 䛿ᢏ⾡த䛔䛜య䛻䛺䜛䛜䚸ᡂ⇍ᮇ 䞉 ⾶㏥ᮇ䛻䛒䜛ሙྜ䛿䚸䛸 䛰䚹 䛧䛛䛧䚸⌧ᅾồ䜑䜙䜜䛶䛔䜛䝺䝧䝹䛿䛣䜜䜎䛷䛾Ỉ‽䜢䛿䜛 䛻䛛䛟䝁䝇䝖䜢ୗ䛢䜛䛣䛸䛻ຊ䜢ධ䜜䜛ᚲせ䛜䛒䜛䚹 䛣䛾ぢᴟ䜑䛿 䛛䛻㉸䛘䜛䚹 ๓㏙䛧䛯䜘䛖䛻◊✲㛤Ⓨ㈝䛿ಸ䚻䛸ቑ䛘⥆䛡䚸 ኚ㔜せ䛷䛒䜚䚸≉䛻ᐙ㟁 䞉 ༙ᑟయ䛺䛹ື䛝䛾᪩䛔ᴗ⏺䛷䛿㛫 ୖ㧗つᶍ䜢㉸䛘䜛䝺䝧䝹䛻㐩䛧䛶䛧䜎䛳䛶䛔䜛䚹 䛥䜙䛻ᚤ⣽䜔 㐪䛳䛯ぢᴟ䜑䛿䛸䜚䛻䛺䜛䚹 ᾮᬗ䝟䝛䝹䛷ᙉ䛛䛳䛯䝅䝱䞊䝥 ཱྀᚄ䛿༙ᑟయ䛾〇㐀ຠ⋡䛜䛝䛟ྥୖ䛩䜛䛯䜑䚸༙ᑟయ 䜔䚸䝸䝏䜴䝮䜲䜸䞁㟁ụ䜢ึ䜑䛶㔞⏘䛧䛯䝋䝙䞊䛜䛭䛾ᙉ䛛䛳 ⨨䝯䞊䜹䞊䛻䛸䛳䛶䚸䛣䛾䜲䝜䝧䞊䝅䝵䞁䛿ୖῶ䛻䛴䛺䛜䜛 䠄〇 䛯ᆅ䜢ኻ䛳䛶䛧䜎䛳䛯⫼ᬒ䛻䛿䚸䛣䛾ぢᴟ䜑䛾ᝏ䛥䛜䛒䛳䛯䛸 㐀ຠ⋡䛾ྥୖ䛻䜘䛳䛶⨨䛾㈍ྎᩘ䛜ᖜ䛻ῶᑡ䛩䜛䠅 䛸䛔 ⪃䛘䜙䜜䜛䚹 ୧♫䛸䜒⣲ᮦ䜔㒊ရ䛸䛧䛶䛾䜲䝜䝧䞊䝅䝵䞁䛻ᡂຌ 䛖䝸䝇䜽䜒ᢪ䛘䜛䚹 䛧䛯䛜䚸䛭䛾ᚋື䛔䛶䛔䛟䜲䝜䝧䞊䝅䝵䞁䜢ぢᴟ䜑䜛䛣䛸䛜䛷䛝䛪䚸 ᡂຌ 1 䠖ୗὶᴗ䜢ᕳ䛝㎸䜣䛷ୖὶ䛷䛾䜲䝜䝧䞊䝅䝵䞁䜢ᐇ ᭱⤊ⓗ䛻䝁䝇䝖➇தຊ䛷㡑ᅜໃ䛻㈇䛡䛯䚹 ⌧䛧䛯 䠄ASML䠅 ๓㏙䛧䛯 ASML 䛿䜲䝜䝧䞊䝅䝵䞁䜢☜ᐇ䛺䜒䛾䛻䛩䜛䛯䜑䛻䚸 3 . 䜲䝜䝧䞊䝅䝵䞁䜢ᤊ䛘䜛 㢳ᐈᴗ䛷䛒䜛䜲䞁䝔䝹䛺䛹䛛䜙䛾䝬䜲䝜䝸䝔䜱ฟ㈨䛚䜘䜃◊✲ 㛤Ⓨ䛾୍㒊㈇ᢸ䜢ཷ䛡ධ䜜䛯䚹 ୖὶ䛛䜙ୗὶ䜎䛷䜢ᕳ䛝㎸䜣 䜲䝜䝧䞊䝅䝵䞁䛾Ⓨ⏕⟠ᡤ䜢ぢᴟ䜑䛯⤖ᯝ䚸⮬♫䛾ᴗ㡿ᇦ 䛰䝁䞁䝋䞊䝅䜰䝮䜢⤌䜐䛣䛸䛷䚸ASML 䛜┤㠃䛧䛶䛔䛯䝸䝇䜽䜢 ෆ䛻䛒䜚䚸䜎䛯䜲䝜䝧䞊䝅䝵䞁䜢⮬♫䛾⤒Ⴀ㈨※䛷㐍䜑䛶䛔䛡䜛 ᖜ䛻㍍ῶ䛩䜛䛸䛸䜒䛻䚸⮬♫䛾䜲䝜䝧䞊䝅䝵䞁䛜☜ᐇ䛻ᴗ䛻⤖ ሙྜ䛿᥎㐍䛧䛶䛔䛡䜀Ⰻ䛔䚹 䛧䛛䛧䚸⌧ᐇ䛿䜘䜚㞴䛧䛔≧ἣ䛻 䜃䛴䛟䜘䛖䛻䛧䛯䚹 B 㝗䜛䛣䛸䛜ᐃ䛥䜜䜛䛯䜑䚸䜲䝜䝧䞊䝅䝵䞁䜢ᤊ䛘䜛䛯䜑䛻䛿ᕤኵ 䛜䛔䜛䚹 ලయⓗ䛻䛿௨ୗ䛾 3 䛴䛾䜿䞊䝇䛜ᐃ䛥䜜䜛䚹 1 . 䜲䝜䝧䞊䝅䝵䞁䛜Ⓨ⏕䛩䜉䛝⟠ᡤ䛿⮬♫䛾ᴗ㡿ᇦ䛻䛒䜛 䛜䚸⮬♫䛾⤒Ⴀ㈨※䛷䛿ᐇ⌧䛷䛝䛺䛔 4 ROLAND BERGER STRATEGY CONSULTANTS THINK ACT ື䛟䜲䝜䝧䞊䝅䝵䞁䜢ᤊ䛘䜛 B ASML 䛸ᡭ༙ᑟయ䝯䞊䜹䞊䛾ඹྠ㛤Ⓨ䝥䝻䜾䝷䝮 䜹䞊䛻ᥦ౪䛧䛶䛔䛯㒊ရ䝯䞊䜹䞊䛷䛒䜛䚹 ᬑ㏻䛾ຊ㛵ಀ䛷䛒䜜 䜀䚸䝁䞁䝢䝳䞊䝍䞊䝯䞊䜹䞊䛜 CPU 䜢㑅䜆❧ሙ䛻䛒䜛䛜䚸䛣䛾㛵 450䝭䝸ཬ䜃ᚤ⣽ᑐᛂ䛾⤒⦋ ಀ䜢䜂䛳䛟䜚㏉䛧䛯䚹 䜲䞁䝔䝹䛿䚸䝁䞁䝢䝳䞊䝍䞊䜢ᵓᡂ䛩䜛せ 䠚䚷㻟㻜㻜䝭䝸䛷䛾ᢞ㈨ᅇ䛜㐍䜎䛪䚸㻠㻡㻜䝭䝸䜒ᙜึᐃ䜘 䜚䜒ඛᘏ䜀䛧 㻌 䇵㻌㻞㻜㻝㻞ᖺᑟධ䠖㻵㼚㼠㼑㼘ᑟ䛷㛤ጞ䛩䜛䜒㐍䜎䛪 㻌 䇵㻌㻞㻜㻝㻡ᖺᑟධ䠖㻵㼚㼠㼑㼘㻛㼀㻿㻹㻯㻛㻿㼍㼙㼟㼡㼚㼓䛜ඹྠ䛷᳨ウ 䛩䜛䜒䚸ྛ✀ᢞ㈨㢠䛾ቑຍ䜔ᴗ⦼ప㏞䛷ៅ㔜ጼໃ 䠚䚷ᚤ⣽䛻䛴䛔䛶䜒䚸⨨䝯䞊䜹䞊䛻㛤Ⓨ㈝䛜㔜䛟䛾䛧䛛 䛛䜛ḟୡ௦䝇䝔䝑䝟䞊⏝䛾㻱㼁㼂㛤Ⓨ㈨㔠➼ ⣲ 䠄CPU䚸䝯䝰䝸䞊䚸䝝䞊䝗䝕䜱䝇䜽䚸䝁䞁䝖䝻䞊䝷䞊䚸㟁※䝴䝙䝑䝖䚸 䛚䜘䜃せ㒊ရ䛾䜲䞁䝍䞊䝣䜵䞊䝇䜔≀⌮ⓗ䝕䝄䜲䞁➼䠅 䜢ྵ䜑 䛯䝁䞁䝢䝳䞊䝍䞊䛾యീ䛸䛭䛾Ⓨᒎ䛾᪉ྥᛶ䜢䜰䞊䜻䝔䜽䝏䝱 䝻䞊䝗䝬䝑䝥䛸䛧䛶ᥥ䛟䛣䛸䛷䜲䞁䝔䝹䛜⪃䛘䜛 CPU䛾䜲䝜䝧䞊䝅䝵 䞁䜈䝁䞁䝢䝳䞊䝍䞊䝯䞊䜹䞊䜢ㄏᑟ䛧䚸⮬♫〇ရ䛜ᖖ䛻㑅䜀䜜䜛 ≧ἣ䜢స䜚ฟ䛧䛯䚹 ㏆ᖺ䛷䜒ୗὶ䝯䞊䜹䞊䜢ᘬ䛝ᐤ䛫䛶䛧䜎䛖䛜䚸⮬ື㌴⏘ᴗ 䛷Ꮡᅾ䛩䜛䚹 Ḣᕞ䛾䝯䜺䝃䝥䝷䜲䝲䞊䛾୍䛴䛷䛒䜛䝪䝑䝅䝳䛿䚸 㒊ရ䝃䝥䝷䜲䝲䞊䛷䛒䜚䛺䛜䜙䚸⮬ື㌴㛤Ⓨ䛾䜲䝙䝅䜰䝔䜱䝤䜢 ྲྀ䛳䛶㧗䛔┈⋡䜢⋓ᚓ䛧䛶䛔䜛ዲ䛷䛒䜛䚹 䝪䝑䝅䝳䛾≉ᚩ ASML䛸ᡭ༙ᑟయ䝯䞊䜹䞊䛸䛾ྜពෆᐜ䠄2012ᖺ9᭶䠅 䛿䝃䝥䝷䜲䝲䞊䛷䛒䜚䛺䛜䜙䚸ᑗ᮶䛾⮬ື㌴䛾ጼ䜢ᥥ䛝䚸䛭䜜䜢 䠚䚷ᚤ⣽䛻ྍḞ䛺㻱㼁㼂䛾㛤Ⓨ䚸㻠㻡㻜㼙㼙䜈䛾⛣⾜䛻 ᚲせ䛺ᢏ⾡䛾㛤Ⓨ䜢┠ᶆ 㻌 䇵㻌㻞㻜㻝㻡ᖺ㡭䛛䜙㻱㼁㼂䜈䛾⛣⾜ 㻌 䇵㻌㻞㻜㻝㻢㻛㻞㻙㻝㻣㡭䛛䜙㻠㻡㻜㼙㼙䜈䛾⛣⾜ 䠚䚷㻵㼚㼠㼑㼘㻛㼀㻿㻹㻯㻛㻿㼍㼙㼟㼡㼚㼓䛜ྜィ㻣㻜൨䉔௨ୖ䛾㈨㔠䜢 㻭㻿㻹㻸䛻ᥦ౪ 䠚䚷㻭㻿㻹㻸䜈䛾ฟ㈨䠖⣙㻢㻜൨䉔䠄ᡭ༙ᑟయ䝯䞊䜹䞊䛜ྜィ ᭱㻞㻡㻑䛾㻭㻿㻹㻸ᰴᘧ䜢ྲྀᚓ䠅 㻌 䇵㻌㻵㼚㼠㼑㼘䠖㻝㻜㻑䡡䡡䡡㻠㻡㻜㼙㼙ᑐᛂ䛿㻵㼚㼠㼑㼘䛾ฟ㈨㔠䛾䜏䛜䛒䛶 䛜䜟䜜䜛๓ᥦ 㻌 䇵㻌㼀㻿㻹㻸ཬ䜃㻿㼍㼙㼟㼡㼚㼓䠖ྛ㻠㻑๓ᚋ䡡䡡䡡㻱㼁㼂ྥ䛡 㻌 䇵㻌ඹྠ㻾㻒㻰䜈䛾ᢞ㈨䠖㻝㻟㻚㻤൨䉔 䠚䚷䛭䛾䚸㻭㻿㻹㻸䜔ୖグ㻟♫䛜య䛸䛺䛳䛶㻠㻡㻜㼙㼙䜢᥎ 㐍䛩䜛䜾䝻䞊䝞䝹㻠㻡㻜䝁䞁䝋䞊䝅䜰䝮䛻䛿㻵㻮㻹㻘㻳㼘㼛㼎㼍㼘㻌 㻲㼛㼡㼚㼐㼞㼕㼑㼟䜒ཧ⏬ ᐇ⌧䛩䜛䛯䜑䛻ᚲせ䛺ྛ㒊ရ䛾ᢏ⾡䝻䞊䝗䝬䝑䝥䜢స䛳䛶䛔䜛䚹 䛱⤌䛾⨨䝯䞊䜹䛸ᡭ༙ᑟయ䝯䞊䜹䞊䛸䛾䜘䜚ᐦ 䛺㐃ᦠ䛻䜘䛳䛶䜲䝜䝧䞊䝅䝵䞁䛜㐍䜣䛰 䛣䛾ᢏ⾡䝻䞊䝗䝬䝑䝥సᡂ䛻䛴䛔䛶䛿䚸䝪䝑䝅䝳ᮏ♫䛻ᑓ㛛䛾◊ ✲ᶵ㛵䜢タ⨨䛩䜛⛬䛾ຊ䛾ධ䜜䜘䛖䛷䛒䜛䚹 䝪䝑䝅䝳䛿సᡂ䛧䛯ᢏ⾡䝻䞊䝗䝬䝑䝥䜢䝧䞊䝇䛻䚸」ᩘ䛾⮬ື ㌴ᡂ㌴䝯䞊䜹䞊 䠄OEM䠅 䛸⮬ື㌴䛾ᑗ᮶ീ䜢㆟ㄽ䛧䚸⮬䜙䛾 䝻䞊䝗䝬䝑䝥䛻 OEM䜢ᕳ䛝㎸䜣䛷䛔䛟䛣䛸䛷䚸䝃䝥䝷䜲䝲䞊ᑟ 䛾〇ရ㛤Ⓨ䜢ᐇ⌧䛧䛶䛔䜛䛾䛷䛒䜛䚹 䝪䝑䝅䝳䛿㛤Ⓨ䛾ᑟᶒ 䜢ᥱ䜛䛣䛸䛜䛷䛝䜛䛸ඹ䛻䚸 䜚ඛ䛜ぢ䛘䛯≧ែ䛷㛤Ⓨ䜢⾜䛘䜛 䛯䜑䚸 ᛮ䛔ษ䛳䛯◊✲㛤Ⓨᢞ㈨䛜ྍ⬟䛸䛺䜛䚹 ከ㢠䛾◊✲㛤 Ⓨᢞ㈨䛻䜘䛳䛶♫䜢ᐤ䛫䛡䛺䛔䝇䝢䞊䝗䛷䜲䝜䝧䞊䝅䝵䞁䜢 ㉳䛣䛧䛶➇தඃ䜢⋓ᚓ䛩䜛䚸䛸䛔䛖ṇ䛾䝃䜲䜽䝹䜢ᵓ⠏䛧䛶䛔䜛 䛾䛷䛒䜛䚹 C ASML 䛾䛾䜘䛖䛻䚸ୖὶ䝯䞊䜹䞊䛜ୗὶ䝯䞊䜹䞊䛸ᡭ䜢⤌䜐 䛣䛸䛷ᚲせ䛺䜲䝜䝧䞊䝅䝵䞁䛾Ⓨ⌧䜢☜ᐇ䛻䛩䜛䛣䛸䜔䚸䜲䞁䝔䝹 䜔䝪䝑䝅䝳䛾䛾䜘䛖䛻䚸 ୖὶ䝯䞊䜹䞊䛿ୗㄳⓗ䛺䛾᪉ 䜢䛩䜛䛾䛷䛿䛺䛟䚸⮬䜙⬟ືⓗ䛻᭱⤊〇ရ䛾㛤Ⓨ䜢䝸䞊䝗䛧䛯䜚䚸 ᪉ྥᛶ䜢♧䛩䛣䛸䛷䚸⮬♫䛾䜲䝜䝧䞊䝅䝵䞁䜢ຍ㏿䛧䛶䛔䛟䛣䛸 䛿ྍ⬟䛷䛒䜛䚹 䛥䜙䛻䚸䝪䝑䝅䝳䛾䛾䜘䛖䛻᭱⤊〇ရ䛾㛤Ⓨ䝁䞁䝉䝥䝖䜢⮬䜙 ᥥ䛟䛣䛸䛷䚸〇ရ䝷䜲䝣䝃䜲䜽䝹䛾䛶䛾䝇䝔䞊䝆䛻䛚䛔䛶䜲䝜䝧䞊 䜿䞊䝇 2 䠖 䜲䝜䝧䞊䝅䝵䞁䛾᪉ྥᛶ䛜ᐃ䜎䜙䛺䛔 䝅䝵䞁䛾※Ἠ䜢⋓ᚓ䛩䜛䛣䛸䛜䛷䛝䜛䚹 䛣䜜䜢ᐇ⌧䛩䜛䛯䜑䛻䛿䚸 䜲䝜䝧䞊䝅䝵䞁䛜Ⓨ⏕䛩䜉䛝⟠ᡤ䛜⮬♫䛾ᴗ㡿ᇦ䛻䛒䛳䛯 䛸䛧䛶䜒䚸䜲䝜䝧䞊䝅䝵䞁䛜䛹䛾᪉ྥ䛻䛒䜛䛾䛛䛜ᐃ䛛䛷䛺䛔≧ἣ 䛿ከ䛟Ⓨ⏕䛩䜛䚹 ≉䛻᭱⤊〇ရ䝯䞊䜹䞊䛻⣲ᮦ䜔㒊ရ䜢⣡䜑䜛 C 㒊ရ䝯䞊䜹䞊䛾ṇ䛾䝃䜲䜽䝹 㒊ရ䝯䞊䜹䞊䛿䛣䛾≧ἣ䛻㝗䜚䜔䛩䛔䚹 ᴗ☜ᗘ䛜㧗䜎䜚䚸 㧗㢠䛾ᢞ㈨䛜ྍ⬟ ᡂຌ 2 䠖 㒊ရ䝯䞊䜹䞊䛜䜲䝜䝧䞊䝅䝵䞁䛾᪉ྥᛶ䜢ᘬ䛝ᐤ䛫 䜛 䠄䜲䞁䝔䝹䛸䝪䝑䝅䝳䠅 㐣ཤ䛷䚸䜒䛳䛸䜒᭷ྡ䛺䛾䛿䜲䞁䝔䝹♫䛜 1980 ᖺ௦䛛 ᭱⤊〇ရ䝯䞊䜹䞊 䜢ᕳ䛝㎸䜣䛰㛤Ⓨ 䜙 1990 ᖺ௦䛻䛸䛳䛯䝟䞊䝋䝘䝹䝁䞁䝢䝳䞊䝍䞊䛾䜰䞊䜻䝔䜽䝏䝱 䝻䞊䝗䝬䝑䝥ᡓ␎䛷䛒䜝䛖䚹 䜲䞁䝔䝹䛿䛣䛾ᙜ䜒䛳䛸䜒㧗ᛶ⬟ 䛜ᮇᚅ䛥䜜䛶䛔䛯 CPU 䠄୰ኸฎ⌮⨨䠅 䜢䝁䞁䝢䝳䞊䝍䞊䝯䞊 ROLAND BERGER STRATEGY CONSULTANTS ᢞ㈨䛻䜘䛳䛶 䜲䝜䝧䞊䝅䝵䞁䛜ຍ㏿ 5 THINK ACT ື䛟䜲䝜䝧䞊䝅䝵䞁䜢ᤊ䛘䜛 ୖὶ♫䛜ཎᩱ㛤Ⓨ䜔ㄪ㐩䛸䛔䛳䛯䛥䜙䛻ୖὶ䛾♫䜎䛷ᕳ 䛥䜙䛻䝤䝸䝐䝇䝖䞁䛿䚸 ୖὶ䛻䛒䜛⣲ᮦ䜔㒊ရ䝯䞊䜹䞊䜎䛷ᕳ 䛝㎸䜣䛷㛤Ⓨ䜢⾜䛖䛸䛔䛖䝞䝸䝳䞊䝏䜵䞊䞁ୖ䛾㐃㙐䛜㔜せ䛷䛒 䛝㎸䜐䛣䛸䛷䛔䛪䜜䛟䜛〇ရ㛤Ⓨ䛻䛚䛡䜛䜲䝜䝧䞊䝅䝵䞁䜈ㄏᑟ 䜛䚹 䛧䚸 ຍ㏿䛥䛫䛶䛔䜛䚹 䝤䝸䝐䝇䝖䞁䛾䜘䛖䛺᭱⤊〇ရ䝯䞊䜹䞊䛿䚸 䝞䝸䝳䞊䝏䜵䞊䞁ෆ䛾ຍ౯್䛾※Ἠ䜢ぢᴟ䜑䚸䛹䛾㒊ศ䜢ᆶ 䜿䞊䝇 3 䠖 䜲䝜䝧䞊䝅䝵䞁䛜⮬♫䛾ᴗ㡿ᇦ䛻Ꮡᅾ䛧䛺䛔 ཎᮦᩱ䛛䜙᭱⤊〇ရ䜎䛷䛾䛩䜉䛶䛾䝞䝸䝳䞊䝏䜵䞊䞁ୖ䛾ᕤ ┤⤫ྜ 䞉 㐃ᦠ䛧䚸䛹䛣䛿Ỉᖹศᴗ䛩䜛䛛䛾 䛂┠䛝ຊ䛃 䜢ᣢ䛴 䛣䛸䛜㔜せ䛰䚹 ⛬䜢୍䛴䛾ᴗ䛜ᡭ䛡䛶䛔䜛䛣䛸䛿ᑡ䛺䛟䚸ከ䛟䛾ᴗ⏺䛷䛿Ỉ ᖹศᴗᛶ䛜㐍䜣䛷䛔䜛䛣䛸䜒ከ䛔䚹 䛧䛯䛜䛳䛶䚸ᚲせ䛺䜲䝜䝧䞊 4 . 䜎䛸䜑 䝅䝵䞁䛜⮬♫䛾ᴗ㡿ᇦෆ䛻Ꮡᅾ䛧䛺䛔䛸䛔䛖≧ἣ䛿㢖⦾䛻Ⓨ 䜲䝜䝧䞊䝅䝵䞁䛿ື䛟䚹 䝞䝸䝳䞊䝏䜵䞊䞁ୖ䛻䛔䜛䛩䜉䛶䛾䝥 ⏕䛩䜛䚹 䝺䞊䝲䞊䛿䛭䛾ື䛝䜢ぢᴟ䜑䚸⮬♫䛾౯್䛸䛧䛶ྲྀ䜚ධ䜜䜛᪉ἲ ᡂຌ 3 䠖 ᭱⤊〇ရ䝯䞊䜹䞊䛜ୖὶ䛻䛒䜛䜲䝜䝧䞊䝅䝵䞁䜢ྲྀ 䜢᥈䜛ᚲせ䛜䛒䜛䚹 䝪䝑䝅䝳䛾䜘䛖䛻䜲䝜䝧䞊䝅䝵䞁䛾ື䛝䜢ண 䜚㎸䜣䛰 䠄䝤䝸䝐䝇䝖䞁䠅 䛧䚸䜲䝜䝧䞊䝅䝵䞁䛭䛾䜒䛾䜢⮬♫䛻ᘬ䛝ᐤ䛫䛶䛧䜎䛖䜘䛖䛺䜔䜚᪉ ⮬♫䛾ᴗ㡿ᇦ䛻䜲䝜䝧䞊䝅䝵䞁䛜䛺䛔≧ἣ䛷䜒䛖䜎䛟ྲྀ䜚㎸ 䜒䛒䜜䜀䚸 ẚ㍑ⓗୗὶ䛻䛔䜛䝥䝺䞊䝲䞊䜢ᕳ䛝㎸䜣䛷䜲䝜䝧䞊 䜣䛷ᡂຌ䛧䛶䛔䜛䛸䛧䛶䛿䝤䝸䝐䝇䝖䞁䛜ዲ䛷䛒䜛䚹 ᪥ᮏ 䝅䝵䞁䜢☜ᐇ䛺䜒䛾䛻䛩䜛 ASML 䛾䜘䛖䛺䜔䜚᪉䜒䛒䜛䚹 ୍᪉䛷 䛜ୡ⏺䛻䜛䜾䝻䞊䝞䝹ᴗ䛾䝤䝸䝐䝇䝖䞁䛿䚸2012 ᖺᗘ䛾Ỵ 䝤䝸䝐䝇䝖䞁䛾䜘䛖䛻䚸⮬䜙⣲ᮦ䛾㛤Ⓨ䛻ᡭ䜢ฟ䛧䛶䛒䜙䜖䜛䜲䝜 ⟬䛷䚸ୖ䚸Ⴀᴗ┈⋡䛸䜒䛻ୡ⏺䝘䞁䝞䞊䝽䞁䛻㍤䛔䛶䛔䜛䚹 䝧䞊䝅䝵䞁䜢⮬ศ䛾䜒䛾䛻䛧䛶䛧䜎䛖䜒ぢ䜙䜜䜛䚹 Ỉᖹศᴗ䛜㐍䜐〇㐀ᴗ䛻䛒䛳䛶䚸䝤䝸䝐䝇䝖䞁䛿ᆶ┤⤫ྜ䜢 䛣䜜䛿➃ⓗ䛻䜎䛸䜑䜛䛸䚸ከ䛟䛾ᴗ⏺䛷䛿䝞䝸䝳䞊䝏䜵䞊䞁䜢 㐍䜑䜛䛣䛸䛷䝞䝸䝳䞊䝏䜵䞊䞁ୖ䛷Ⓨ⏕䛩䜛ᵝ䚻䛺䜲䝜䝧䞊䝅䝵䞁 ㉸䛘䛯㐃ᦠ䛻䜘䛳䛶䜲䝜䝧䞊䝅䝵䞁䜢⮬♫䛾ຍ౯್䛸䛧䛶ᅖ䛔 䜢ྲྀ䜚㎸䜣䛷䛔䜛䚹 ㎸䜣䛷䛔䜛䛣䛸䜢ព䛩䜛䚹䜰䝑䝥䝹♫䛷䛥䛘䚸䝇䝬䝩䛾ḟ䜢≺䛔䚸 䝤䝸䝐䝇䝖䞁䛿䚸䝍䜲䝲ᴗ䛾䝃䝥䝷䜲䝏䜵䞊䞁䛻䛚䛔䛶䚸᭱ୖ ὶ䛷䛒䜛 䛂ཎᮦᩱ䛾◊✲ 䞉 ⏕⏘䛃 䛛䜙ୗὶ䛾 䛂㈍ 䞉 䝃䞊䝡䝇䛃 ᵝ䚻䛺㒊ရ䜔⣲ᮦ䜈䛾ᢞ㈨䜔㈙䜢㐍䜑䚸ୖὶ䛻䛒䜛䜲䝜䝧䞊 䝅䝵䞁䜢⮬♫䛻ྲྀ䜚㎸䜏ጞ䜑䛶䛔䜛䚹 䜎䛷⮬䜙ᡭ䛡䜛䚸䛂⦪䛾䜂䜝䛜䜚䛃 䛻䜘䛳䛶䚸 ᢏ⾡䜲䝜䝧䞊䝅䝵䞁 ᪥⣔ᴗ䛿䛹䛖䛛䚹 ༙ᑟయᴗ⏺䛷䛿༙ᑟయ䝯䞊䜹䞊ྠኈ䛜 䜢㉳䛣䛧䛶䛔䜛䚹 ཎᮦᩱ䛾◊✲䛿䚸 ኳ↛䝂䝮㈨※䛸䛺䜛᳜≀䛾 ⤫ྜ䛧䛶 䛂᪥䛾༙ᑟయ䛃 䜢స䜛䛣䛸䛻ᚲṚ䛻䛺䛳䛶䛔䜛䛜䚸ṇ䛧 ရ✀ᨵⰋ䜎䛷ᡭ䛡䜛ᚭᗏ䜆䜚䛷䛒䜛䚹 D 䛔㑅ᢥ䛷䛒䜝䛖䛛䚹 䛛䛺䜚ฟ㐜䜜䛯ᙧ䛷Ỉᖹ⤫ྜ䜢ᶍ⣴䛧䛶䛔 䜛䛜䚸༙ᑟయ䝯䞊䜹䞊ྠኈ䜢⤫ྜ䛧䛯䛸䛣䜝䛷䚸䜲䝜䝧䞊䝅䝵䞁䛿 D ୡ⏺ୖ 5 䝍䜲䝲䝯䞊䜹䞊䛾ୖ㧗䛸Ⴀᴗ┈⋡ 䠄2012ᖺ䠅 ༙ᑟయ䝯䞊䜹䞊䛻ồ䜑䜙䜜䛶䛔䛺䛔䚹 ༙ᑟయᴗ⏺䛷ᚲせ䛺䜲 䝜䝧䞊䝅䝵䞁䛿༙ᑟయ⨨䛾ᚤ⣽䜔ཱྀᚄᑐᛂ䛰䚹 ASML 䜔䜲䞁䝔䝹䛜䝞䝸䝳䞊䝏䜵䞊䞁䜢䜎䛯䛔䛷ᆶ┤㐃ᦠ䜢῝䜑䛯䜘䛖 12.3% 䛻䚸᪥⣔༙ᑟయ䝯䞊䜹䞊䜒ḟ䛾䜲䝜䝧䞊䝅䝵䞁䜢䛱ྲྀ䜛䛯䜑䛻 11.5% ༙ᑟయ⨨䝯䞊䜹䞊䜔䜎䛯䛭䛾ୖὶ䛻䛒䜛⣲ᮦ䝯䞊䜹䞊䛸㐃ᦠ䛧 9.9% 9.2% 䛶䛔䛟ᚲせ䛜䛒䜛䛾䛷䛿䛺䛔䛛䚹 䜒䛱䜝䜣䚸༢⣧䛻ᆶ┤⤫ྜ 䞉 㐃ᦠ䛩䜜䜀Ⰻ䛔䛸䛔䛖䛣䛸䛷䛿 䛺䛔䚹 㔜せ䛺䛾䛿䚸䜲䝜䝧䞊䝅䝵䞁䛜ື䛟䛣䛸䜢ㄆ㆑䛧䚸Ⓨ⏕⟠ᡤ 3.6 䜢ぢᴟ䜑䚸 䝍䜲䝭䞁䜾Ⰻ䛟ᤊ䛘䜛䛣䛸䛷䛒䜛䚹 ᵝ䚻䛺ᴗ⏺䛷䚸᪥⣔ 3.4 7.0% ᴗ䛜⏕䛝ṧ䜛䛯䜑䛻䛿䚸䛣䜜䜎䛷䛾䜘䛖䛺䝁䞁䝉䝥䝖ᑟᆺ䛾 〇ရ㛤Ⓨ䛾䜲䝜䝧䞊䝅䝵䞁䛰䛡䛻ᮇᚅ䛩䜛䛾䛷䛿䛺䛟䚸䝞䝸䝳䞊 2.2 䝏䜵䞊䞁య䜢ໟྵ䛧䛯ᵝ䚻䛺䜲䝜䝧䞊䝅䝵䞁䜢ḟ䚻䛸ᤊ䛘䛶䛔䛟 1.9 䛣䛸䛜㔜せ䛷䛒䜛䚹 0.8 䝤䝸䝐䝇䝖䞁 䝁䞁䝏䝛䞁䝍䝹 䝭䝅䝳䝷䞁 Ⴀᴗ┈⋡ 6 䜾䝑䝗䜲䝲䞊 ఫ䝂䝮 ୖ㧗㻔䠅 ROLAND BERGER STRATEGY CONSULTANTS THINK ACT ື䛟䜲䝜䝧䞊䝅䝵䞁䜢ᤊ䛘䜛 ABOUT US 䝻䞊䝷䞁䝗䞉䝧䝹䜺䞊 䝻䞊䝷䞁䝗 䞉 䝧䝹䜺䞊䛿䝗䜲䝒䚸䝭䝳䞁䝦䞁䛻ᮏ♫䜢⨨䛝䚸䝶䞊䝻䝑䝟䜢௦⾲䛩䜛ᡓ␎❧䛸䛭䛾ᐇ⾜ᨭ䛻≉䛧䛯⤒Ⴀ 䝁䞁䝃䝹䝔䜱䞁䜾 䞉䝣䜯䞊䝮䛷䛩䚹 1967ᖺ䛾❧௨᮶䚸ᡂ㛗䜢⥆䛡䚸⌧ᅾ 2 ,700 ྡ䜢㉸䛘䜛䝇䝍䝑䝣䛸ඹ䛻䚸ୡ⏺ 36 䜹ᅜ 51 ົᡤ䜢ᵓ䛘䜛䜎䛷䛻⮳䜚䜎䛧䛯䚹 ᪥ᮏ䛻䛚䛝䜎䛧䛶䛿䚸1991ᖺ䛻䜸䝣䜱䝇䜢㛤タ䛧䚸᪥ᮏᴗཬ䜃እ㈨⣔ᴗ䛾⤒Ⴀୖ 䛾ㄢ㢟ゎỴ䛻ᩘከ䛟䛾ᐇ⦼䜢✚䜏㔜䛽䛶䛚䜚䜎䛩䚹 〇㐀䚸ὶ㏻ 䞉 䝃䞊䝡䝇䚸㏻ಙᴗ⏺➼ᩘከ䛟䛾䝥䝻䝆䜵䜽䝖䛿䜒䛸䜘䜚䚸5 䡚 10 ᖺᚋ䜢ண 䛩䜛ྛ✀䝖䝺䞁䝗䝇䝍䝕䜱䛾ᐇ䜔Ꮫ⾡ᶵ㛵䛸䛾ඹྠ◊✲䛺䛹䜢⾜䛖䛣䛸䛻䜘䜚ᖖ䛻᭱ඛ➃䛾䝜䜴䝝䜴䜢 ✚䛧䛶䛚䜚䜎䛩䚹 Tablet version Further reading Links & likes DOWNLOAD OUR KIOSK APP 㛵㐃᭩⡠䛾䛤⤂ IPE䠄Innovation䡠Product䡠Engineering䠅 ORDER AND DOWNLOAD www.think-act.com STAY TUNED www.twitter.com/BergerNews To read our latest editions on your tablet, search for "Roland Berger" in the iTunes App Store or at Google Play. Download the Kiosk App for free. iTunes Store www.rbsc.eu/RBKiosk LIKE AND SHARE www.facebook.com/Roland BergerStrategyConsultants 䜾䝻䞊䝞䝹䛺ᴗ㛫➇த䛿⃭䛧䛟䛺䜛୍᪉䛷䛒䜛䚹ᴗ䛿⌧ᆅ ᕷሙ䛾䝙䞊䝈䛻ྜ䛳䛯〇ရ䜢㛤Ⓨ䛧❧䛱ୖ䛢䛺䛡䜜䜀䛺䜙䛺 䛔䚹䛧䛛䛧䚸ᆅᇦᕷሙ䛾䝖䝺䞁䝗䚸ྛᅜẖ䛾ἲつไ䚸␗䛺䜛㢳ᐈ䛾 䝙䞊䝈䛻䜘䜚䚸▷ᮇⓗ䛺⤒Ⴀ┠ᶆ䛸㛗ᮇⓗ䛺䜲䝜䝧䞊䝅䝵䞁䝃䜲 䜽䝹䛿┦䛧䛶䛔䜛䛾䛜⌧≧䛰䚹䛭䛾⤖ᯝ䚸ᕷሙ䛻㐺䛥䛺䛔〇 ရ䜢㛤Ⓨ䛧➇ྜ䛸䛾➇த䛻㈇䛡䛶䛔䜛䚹 IPE䚷䠄" BOOSTED INNOVATION, OPTIMIZED PRODUCT VALUE, EFFICIENT ENGINEERING" 䠅䛿䚸ᴗ䛜᪂ᕷሙྥ䛡䛻᭱㐺䛺 〇ရ䜢㛤Ⓨ䛩䜛䛯䜑䛾䝻䞊䝷䞁䝗䝧䝹䜺䞊䛻䜘䜛㠉᪂ⓗ䛺ᡭἲ 䛷䛒䜛䚹IPE䛷䛿䚸᪂⯆ᕷሙ䛺䛹≉ᐃᕷሙ䛻䛚䛡䜛〇ရ䛾ᇶᮏ せ௳䚸〇ရ䛾䝫䞊䝖䝣䜷䝸䜸䛾ヲ䛧䛔ศᯒ䛜ྍ⬟䛷䛒䜛䚹 Google Play www.rbsc.eu/RBAndroid WWW.THINK - ACT.COM ROLAND BERGER STRATEGY CONSULTANTS 7 THINK ACT ື䛟䜲䝜䝧䞊䝅䝵䞁䜢ᤊ䛘䜛 Publisher The authors welcome your questions, comments and suggestions ROLAND BERGER STRATEGY CONSULTANTS 䝥䝸䞁䝅䝟䝹 ᶫ䚷ㆡ䚷Ohashi Yuzuru ᰴᘧ♫ 䝻䞊䝷䞁䝗䞉䝧䝹䜺䞊 yuzuru.ohashi@rolandbeger.com ᗈሗᢸᙜ䠖 す㔝䚸ᒣୗ 䜹䝸䝣䜷䝹䝙䜰Ꮫ䝃䞁䝕䜱䜶䝂ᰯ䛾ሗᕤᏛ㒊䜢༞ᴗᚋ䚸᪥ᮏ䝠䝳䞊䝺䝑䝖 䝟䝑䜹䞊䝗ཬ䜃䝉䝢䜶䞁䝖䛷ᴗ䛾IT䝅䝇䝔䝮ᵓ⠏䜢ከᩘ⤒㦂䛧䛯ᚋ䚸䝻䞊䝷 䛈107-6023䚷ᮾி㒔 ༊㉥ᆏ1-12-32䚷 䜰䞊䜽᳃䝡䝹23㝵 㟁ヰ 03-3587-6660䠄௦⾲䠅 䝣䜯䝑䜽䝇 03-3587-6670 e-mail: strategy@jp.rolandberger.com www.rolandberger.co.jp 䞁䝗䞉䝧䝹䜺䞊䛻ཧ⏬䚹⡿ᅜ⣔ᡓ␎䝁䞁䝃䝹䝔䜱䞁䜾䝣䜯䞊䝮䜢⤒䛶䚸⫋䚹 ᾘ㈝㈈䚸⮬ື㌴䚸▼Ἔ䚸䝝䜲䝔䜽ᴗ䛺䛹ᖜᗈ䛔䜽䝷䜲䜰䞁䝖䛻䛚䛔䛶䚸ᡂ㛗 ᡓ␎䚸ᾏእᴗᡓ␎䚸䝬䞊䜿䝔䜱䞁䜾ᡓ␎䚸ᕷሙཧධᡓ␎䠄≉䛻ᮾ༡䜰䝆䜰 ㅖᅜ䠅䚸ᴗົ䝥䝻䝉䝇ᨵ㠉䚸䝁䝇䝖๐ῶ䚸ITᡓ␎➼䛾䝥䝻䝆䜵䜽䝖⤒㦂䜢᭷䛩 䜛䚹 䝅䝙䜰䝁䞁䝃䝹䝍䞁䝖 బ⸨㍜䚷Daisuke Sato daisuke.sato@rolandberger.com ᛂ⩏ሿᏛ⌮ᕤᏛ㒊䜢༞ᴗᚋ䚸ᡭ┘ᰝἲே䛻䛶බㄆィኈ䛸䛧䛶ィ ┘ᰝ䚸ෆ㒊⤫ไ┘ᰝ䜢ከᩘ⤒㦂䛧䛯ᚋ䚸䝻䞊䝷䞁䝗䞉䝧䝹䜺䞊䛻ཧ⏬䚹 ⮬ື㌴䚸ᡭၟ♫䚸䝣䜯䞁䝗䛺䛹䜢୰ᚰ䛻䚸ከᩘ䜽䝷䜲䜰䞁䝖䛻䛚䛔䛶ᡂ㛗ᡓ ␎❧䚸ᾏእᴗᡓ␎❧䚸ᴗ౯್ホ౯䚸䝁䝇䝖๐ῶ䛺䛹䛾䝥䝻䝆䜵䜽䝖 ⤒㦂䜢᭷䛩䜛䚹 © 2014 ROLAND BERGER STRATEGY CONSULTANTS GMBH. 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