Meticulous Research®—a leading global market research company, published a research report titled, ‘Asia-Pacific Smart Cities Market by Solutions (Smart Citizen Services, Smart Buildings, Smart Transportation), Component (Software, Hardware, Services), Technology (IoT, AI, Cloud Computing, Machine Learning), and Geography - Forecast to 2030.’
According to this latest publication from Meticulous Research®, the Asia-Pacific smart cities market is projected to reach $1,635.3 billion by 2030, at a CAGR of 38% during the forecast period. The growth of this market is driven by the increasing government initiatives to manage the needs of the rising urban population, rising demand for fast and efficient transport, public safety concerns to accelerate smart city adoption, and the growing need for resource management and sustainable development. However, the significant initial investment requirements restrain the growth of this market. Furthermore, integrating artificial intelligence and increasing use and widening applications of IoT technology are expected to create market growth opportunities. However, the risk of data abuse by large corporations and reluctance to adopt new technologies is a major challenge for the players in this market. The latest trends in the Asia-Pacific smart cities market are the increasing use of 5G technology to boost internet connectivity and the proliferation of connected vehicles and autonomous drones.
The Asia-Pacific smart cities market is segmented by solution (smart citizen services [smart public safety, smart governance, smart street lighting, smart education, and smart healthcare], smart environment [climate monitoring, smart waste management, air quality monitoring, and noise mapping & monitoring], smart buildings [by solution and by type], smart transportation [by solution and by application], smart utilities [smart energy management, smart water management, and smart distribution management], and other smart solutions), component (hardware [endpoint devices, processing devices, network devices, and other devices], software [IoT device, gateway, cloud, computing device, and other software], and services [consulting, system integration & deployment services, infrastructure monitoring & management services, network services, and other services]), and technology (IoT, artificial intelligence, cloud computing, machine learning, machine-to-machine communications, and other technologies). The study also evaluates industry competitors and analyzes the market at the region/country level.
Based on solutions, the Asia-Pacific smart cities market is segmented into smart citizen services, smart utilities, smart transportation, smart buildings, smart environment, and other smart solutions. In 2023, the smart citizen segment is expected to account for the largest share of the Asia-Pacific smart cities market. The large market share of this segment is attributed to the increasing adoption of digital technologies to create a more efficient, sustainable, and livable urban environment for residents, the growing adoption of digital platforms such as social media, mobile apps, and online forums to engage citizens, and the rising adoption of smart public safety technologies to prevent and respond to emergencies and enhance the safety of citizens.
However, the smart utilities segment is projected to register the highest CAGR during the forecast period due to the increasing need to optimize asset performance, improve operational efficiencies, and gain insights into utility usage patterns. In addition, the increased utilization of digital technologies such as advanced analytics and the Internet of Things (IoT) to develop new business and operating models, and the rising adoption of utility solutions to make performance improvements and enhance operational transparency, are expected to support the growth of this segment.
Based on components, the Asia-Pacific smart cities market is segmented into services, hardware, and software. In 2023, the services segment is expected to account for the largest share of the Asia-Pacific smart cities market. The large market share of this segment is attributed to the growing implementation, installation, and maintenance of advanced hardware and software to connect multiple aspects of smart cities and the increasing implementation of services to enhance the challenges of mobility, city services, and public safety, and promote sustainability. In addition, the growing adoption of smart city services to enhance public safety by monitoring CCTV/video/surveillance solutions, and the rising use of smart services to reduce operational costs by smart infrastructure monitoring and management, are driving the growth of this segment. This segment is also projected to register the highest CAGR during the forecast period.
Based on technology, the Asia-Pacific smart cities market is segmented into IoT, cloud computing, machine learning, artificial intelligence, machine-to-machine communications, and other technologies. In 2023, the IoT segment is expected to account for the largest share of the Asia-Pacific smart cities market. The large market share of this segment is attributed to the rising adoption of smart vehicles, the growing use of machine-to-machine (M2M) communications, and the increasing implementation of connected devices such as smart meters. In addition, the growing use of IoT-based software, solutions, and services to enhance communication and control between citizens and governments, and the increasing use of IoT devices by government to control traffic flow, air quality, noise levels, energy consumption, and waste management, further augment the growth of this segment.
However, the cloud computing segment is projected to register the highest CAGR during the forecast period due to the increasing adoption of cloud computing platforms to manage traffic management systems, public safety systems, and energy management systems, the growing demand for data storage, processing, and analysis in urban areas. In addition, the rising adoption of technology in smart cities to improve services, reduce costs, and enhance residents’ quality of life, and the increasing adoption of efficient and scalable solutions for managing the vast amounts of data generated by smart city applications, are expected to support the growth of this segment.
Based on country/region, the Asia-Pacific smart cities market is segmented into China, Japan, India, Singapore, and the Rest of Asia-Pacific. In 2023, China is expected to account for the largest share of the Asia-Pacific smart cities market. The large market share of China is attributed to the increasing adoption of smart technologies to improve energy efficiency, and improve the lives of citizens, the growing government initiatives to deploy smart city solutions to sustain public services, and the rising adoption of smart cities solution to promote intelligent urban design, construction, management, and services.
However, Japan is projected to register the highest CAGR during the forecast period due to the increasing number of government initiatives, public-private partnership models for smart cities, and the growing need for public safety and communication infrastructure. In addition, the rising use of Internet of Things (IoT) technologies, the increasing need for environmentally friendly and energy-efficient solutions, and the growing government initiatives for the Society 5.0 concept to achieve sustainable development goals contribute to the country's growth.
The key players operating in the Asia-Pacific smart cities market include Cisco Systems, Inc. (U.S.), Huawei Investment & Holding Co., Ltd. (China), IBM Corporation (U.S.), Siemens AG (Germany), Cognizant Technology Solutions Corporation (U.S.), Capgemini (France), Schneider Electric SE (France), Intel Corporation (U.S.), Qualcomm Technologies, Inc. (U.S.), Fujitsu Ltd. (Japan), Robert Bosch GmbH (Germany), Atos SE (France), Hon Hai Precision Industry Co. Ltd. (Taiwan), LTIMindtree Limited (India), and General Electric Company (U.S.).
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