In case you aren't familiar with M2, you should probably get acquainted. The Japanese developer has partnered with Sega for some of the best retro re-releases to date, but they also break out of that comfort zone to craft new games based on existing IP and their own creations.
One of their latest original works, codenamed "Ikusaba," is shaping up very nicely. According to German website Maniac.de, M2 is developing a vertical shoot 'em up (shmup) that's set to release in Japanese arcades very soon, distributed by (of course) Sega. It has four ships to choose from with different playstyles, with a brisk five stages to shoot through and four game modes and an emphasis on tricking out high scores.
No console release is planned at this time, but this has "Switch" written all over it. I mean shmups are already grand on Switch to begin with, but given how much Sega and M2 work directly with the platform, the ease of the distribution pipeline is a no-brainer.