South East Asia Smart Cities Market to be Worth $236.7 Billion by 2030

South East Asia Smart Cities Market by Solutions (Smart Citizen Services, Smart Utilities, Smart Transportation), Component (Hardware, Software, Services), Technology (IoT, AI, Cloud Computing, Machine Learning), and Geography - Forecast to 2030

Meticulous Research^®—a leading global market research company, published a research report titled, ‘South East Asia Smart Cities Market by Solutions (Smart Citizen Services, Smart Utilities, Smart Transportation), Component (Hardware, Software, Services), Technology (IoT, AI, Cloud Computing, Machine Learning), and Geography - Forecast to 2030.’

According to this latest publication from Meticulous Research^®, the South East Asia Smart Cities market is projected to reach $236.7 billion by 2030, at a CAGR of 39.9% during the forecast period. The growth of this market is driven by the increasing government initiatives for the adoption of smart devices, the wider proliferation of the Internet of Things (IoT), public safety concerns to accelerate smart city adoption, and the growing need for resource management and sustainable development. However, consumer reluctance towards technology adoption and significant initial investment requirements restrain the growth of this market.

Furthermore, integrating artificial intelligence and significant growth opportunities in emerging countries of Asia-Pacific 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 South East Asia smart cities market are the increasing use of 5G technology to boost internet connectivity and the proliferation of connected vehicles and autonomous drones.

Meticulous Research® has segmented this market based on 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), and geography for efficient analysis. The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on solution, the South East Asia 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 services segment is expected to account for the largest share of the South East Asia smart cities market. The large market share of this segment is attributed to the technological advancements in smart home products, 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 rapid advancement in the electricity generation capacity and grid systems and the increasing need to optimize asset performance, improve operational efficiencies, and gain insights into utility usage patterns.

Based on component, the South East Asia smart cities market is segmented into hardware, software, and services. In 2023, the hardware segment is expected to account for the largest share of the South East Asia smart cities market. The large market share of this segment is attributed to the increasing adoption of IoT sensors and other hardware solutions for different applications across city processes and operations and technological advancements in hardware products such as smart cameras for public safety and surveillance applications.

However, the services segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the growing adoption of smart city services to enhance public safety by monitoring CCTV/video/surveillance solutions and the growing implementation, installation, and maintenance of advanced hardware and software to connect multiple aspects of smart cities.

Based on technology, the South East Asia 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 South East Asia smart cities market. The large market share of this segment is attributed to the growing use of IoT-based software, solutions, and services to enhance communication and control between citizens and governments, increasing government initiatives to support the adoption of IoT devices across various sectors, and the increasing implementation of connected devices such as smart meters.

However, the cloud computing segment is projected to register the highest CAGR during the forecast period due to the rising adoption of technology in smart cities to improve services, reduce costs, and enhance residents’ quality of life, increasing adoption of cloud computing platforms to manage energy management systems, and the growing demand for data storage, processing, and analysis in urban areas.

Based on country/region, the South East Asia smart cities market is segmented into Indonesia, Vietnam, Thailand, Malaysia, Singapore, Philippines, and the Rest of South East Asia. In 2023, Singapore is expected to account for the largest share of the South East Asia smart cities market. The large market share of Singapore is attributed to the increasing adoption of high-tech solutions in the country and increasing government initiatives for the adoption of smart technologies to enhance traffic flow and ensure road safety applications.

However, Indonesia is projected to register the highest CAGR during the forecast period due to the increasing number of smart city projects in the country, the growing need for public safety and communication infrastructure, and increasing government initiatives to support the adoption of advanced technologies across various sectors, especially transportation & logistics sector.

Key Players:

The key players operating in the South East Asia 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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Key questions answered in the report:

Which high-growth market segments are based on solution, component, technology, and country/region?
What was the historical market for South East Asia smart cities?
What are the market forecasts and estimates for 2023–2030?
What are the major drivers, restraints, opportunities, challenges, and trends in the South East Asia smart cities market?
Who are the major players, and what shares do they hold in the South East Asia smart cities market?
How is the competitive landscape in the South East Asia smart cities market?
What are the recent developments in the South East Asia smart cities market?
What strategies are adopted by the major players in the South East Asia smart cities market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the South East Asia smart cities market, and how do they compete with the other players?

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