Press release
South East Asia Smart Cities Market to be Worth $236.7 Billion by 2030
Meticulous Research®, a prominent global market research firm, has unveiled a comprehensive research report underlining the dynamics of the South East Asia Smart Cities market. The 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,' provides invaluable insights into the evolving landscape of smart city initiatives across the region.Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5680
Projections from this latest publication indicate that the South East Asia Smart Cities market is poised to achieve a remarkable milestone, reaching an estimated value of $236.7 billion by the year 2030. This growth is anticipated to unfold at an impressive CAGR of 39.9% during the forecast period. The driving forces behind this surge encompass heightened government initiatives advocating smart device adoption, the widespread integration of the Internet of Things (IoT), amplified concerns for public safety fostering accelerated smart city adoption, and an escalating demand for resource management coupled with a commitment to sustainable development. Nevertheless, market growth faces hindrances in the form of consumer hesitancy toward technology adoption and substantial initial investment requirements.
Moreover, the infusion of artificial intelligence and substantial growth prospects in emerging Asia-Pacific nations are anticipated to generate further avenues for market expansion. Nonetheless, challenges persist in the form of potential data misuse by major corporations and a general reluctance among stakeholders to embrace novel technologies.
Pivoting to the current trends in the South East Asia smart cities market, the utilization of 5G technology to enhance internet connectivity and the proliferation of connected vehicles and autonomous drones are identified as noteworthy developments.
In a meticulous segmentation, Meticulous Research® has categorized the market based on solutions such as smart citizen services, smart utilities, smart transportation, smart buildings, smart environment, and other smart solutions. The report anticipates the smart citizen services segment to dominate the market share in 2023, owing to technological advancements in smart home products, the surge in digital platform adoption, and the increasing embrace of smart public safety technologies.
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Furthermore, the market has been segmented based on components, including hardware, software, and services. The hardware segment is poised to hold the largest market share in 2023, driven by the expanding adoption of IoT sensors and hardware solutions across various city processes. Simultaneously, the services segment is anticipated to register the highest CAGR, fueled by the growing adoption of smart city services for public safety enhancement and the increasing deployment of advanced hardware and software solutions.
The technology segmentation features IoT, cloud computing, machine learning, artificial intelligence, machine-to-machine communications, and other technologies. The IoT segment is predicted to dominate in 2023, attributed to the growing utilization of IoT-based solutions for communication and control, government initiatives supporting IoT device adoption, and the increasing implementation of connected devices.
Geographically, the South East Asia smart cities market is divided into Indonesia, Vietnam, Thailand, Malaysia, Singapore, Philippines, and the Rest of South East Asia. Singapore is expected to lead in market share in 2023, driven by the adoption of high-tech solutions and government initiatives aimed at enhancing traffic flow and road safety. On the other hand, Indonesia is forecasted to register the highest CAGR, fueled by the surge in smart city projects, a growing need for public safety infrastructure, and increasing government support for advanced technology adoption, especially in the transportation and logistics sector.
Key Players operating in the South East Asia Smart Cities market include Cisco Systems, Inc., Huawei Investment & Holding Co., Ltd., IBM Corporation, Siemens AG, Cognizant Technology Solutions Corporation, Capgemini, Schneider Electric SE, Intel Corporation, Qualcomm Technologies, Inc., Fujitsu Ltd., Robert Bosch GmbH, Atos SE, Hon Hai Precision Industry Co. Ltd., LTIMindtree Limited, and General Electric Company. These industry leaders contribute significantly to shaping the landscape of smart city initiatives in the region, marking their presence with innovative solutions and technological advancements.
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About Meticulous Research®
Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.
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