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

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 2024-2030. 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.

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Government Initiatives to Manage the Needs of the Rising Urban Population

Governments around the globe are undertaking initiatives to manage the needs of the rising urban population. Rapid urbanization has created new challenges, such as meeting the ever-increasing demand for housing; developing infrastructure, transport systems, and basic services; and creating jobs. It is necessary to plan and provide basic services, infrastructure, and housing to meet the needs of this growing population. Governments across the globe are undertaking initiatives to develop connected smart cities that use the Internet of Things (IoT), Artificial Intelligence (AI), Machine Learning (ML), M2M communication, and cloud computing, among other technologies, to provide residents with intelligent infrastructure, a clean and sustainable environment, and better living standards. These initiatives are driving economic growth and improving people’s quality of life by enabling local infrastructure development and utilizing technology-based solutions that improve the sustainability of cities.

Key Findings in the Asia-Pacific Smart Cities Market Study:

The Smart Utilities Segment to Register the Highest CAGR During the Forecast Period

Based on solutions, the smart utilities segment is projected to register the highest CAGR during the forecast period. The increased utilization of digital technologies such as advanced analytics and the IoT to develop new business and operating models, the increasing need to optimize asset performance, improve operational efficiencies, and gain insights into utility usage patterns, are expected to support the growth of this segment.

The Services Segment to Register the Highest CAGR During the Forecast Period

Based on component, the services segment is projected to register the highest CAGR during the forecast period. The growing implementation, installation, and maintenance of advanced hardware and software to connect multiple aspects of smart cities, the rising use of smart services to reduce operational costs by smart infrastructure monitoring, and the increasing implementation of services to enhance the challenges of mobility, city services, and public safety, and promote sustainability, are expected to support the growth of this segment.

The Cloud Computing Segment to Register the Highest CAGR During the Forecast Period

Based on technology, the cloud computing segment is projected to register the highest CAGR during the forecast period. The increasing adoption of cloud computing platforms to manage traffic management systems, public safety systems, and energy management systems, the rising adoption of efficient and scalable solutions for managing the vast amounts of data generated by smart city applications, and the growing demand for data storage, processing, and analysis in urban areas, the rising adoption of technology in smart cities to improve services, reduce costs, and enhance residents’ quality of life, are expected to support the growth of this segment.

Japan to be the Fastest-growing Regional Market

In 2024, China is expected to account for the largest share of the Asia-Pacific smart cities market, followed by Japan, India, Singapore, and the Rest of Asia-Pacific. However, Japan is slated to record the highest growth rate during the forecast period. The rising use of IoT technologies, the increasing need for environmentally friendly and energy-efficient solutions, the government initiatives for the Society 5.0 concept to achieve sustainable development goals, and the increasing number of government initiatives and public-private partnership models for smart cities contribute to the rapid growth of this regional market.

Key Players

The report includes a competitive landscape based on an extensive assessment of the key growth strategies adopted by the leading market participants in the Asia-Pacific smart cities market in the last three to four years. The key players profiled in the Asia-Pacific smart cities market report are 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.).

Scope of the report:

Asia-Pacific Smart Cities Market Assessment, by Solution                                       

• Smart Citizen Services
  • Smart Public Safety
    • Surveillance
    • Command & Control Centers
  • Smart Governance
    • Smart Emergency Management
    • Smart Law Enforcement
    • E-Governance
  • Smart Street Lighting
  • Smart Education
  • Smart Healthcare
    • Connected Healthcare Solutions
    • Telemedicine
• Smart Environment
  • Climate Monitoring
  • Smart Waste Management
  • Air Quality Monitoring
  • Noise Mapping & Monitoring
• Smart Buildings
  • Smart Building Market, by Solution
    • Smart Energy Management
    • Smart Facility Management
    • Safety And Security Management
    • Smart Lighting Control Systems
    • Elevators & Escalators Management Systems
  • Smart Building Market, by Type
    • Commercial Buildings
    • Public Buildings
    • Residential Buildings
• Smart Transportation
  • Smart Transportation Market, by Solution
    • Traffic Management Systems
    • Parking Management Systems
    • Freight Information Systems
    • Ticketing & Travel Management Systems
    • Passenger Information Management Systems
  • Smart Transportation Market, by Application
    • Roadways
    • Railways
    • Airways
    • Waterways
• Smart Utilities
  • Smart Energy Management
    • Smart Grid
    • Smart Meter
    • Smart Energy Storage
    • PV Monitoring
    • Meter Data Management
    • Power Electronics Converters
  • Smart Water Management
  • Smart Distribution Management
• Other Smart Solutions         

Asia-Pacific Smart Cities Market Assessment, by Component  

• Hardware
  • Endpoint Devices
  • Processing Devices
  • Network Devices
  • Other Devices
• Software
  • IoT Device Software
  • Gateway Software
  • Cloud Software
  • Computing Device Software
  • Other Software
• Services
  • Consulting Services
  • System Integration & Deployment Services
  • Infrastructure Monitoring & Management Services
  • Network Services
  • Other Services

Asia-Pacific Smart Cities Market Assessment, by Technology 

• IoT (Internet of Things)
• Artificial Intelligence
• Cloud Computing
• Machine Learning
• Machine-To-Machine Communications
• Other Technologies

Asia-Pacific Smart Cities Market Assessment, by Country/Region           

• Asia-Pacific
  • China
  • Japan
  • India
  • Singapore
  • South Korea
  • Australia & New Zealand
  • Malaysia
  • Indonesia
  • Rest of Asia-Pacific            

Key questions answered in the report: