Asia-Pacific Smart Cities to be Worth $1,635.3 Billion by 2030-Exclusive Report by Meticulous Research®

According to a new market 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.' The Asia-Pacific smart cities market is projected to reach $1,635.3 billion by 2030, at a CAGR of 38.0% during the forecast period.

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A smart city is an urban area that uses emerging technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), big data, cloud, and data analytics to collect and analyze data on infrastructure utilization and use the insights gained to manage assets, resources, and services more efficiently. The Asia-Pacific smart cities market is witnessing consistent growth due to government initiatives for urbanization management and the growing need to manage resources efficiently for sustainable development.
Several advanced technologies are being incorporated into urban infrastructure to enhance the utilization of city resources and improve residents' quality of life. These factors have encouraged governments around the region to launch smart city initiatives.

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 software, gateway software, cloud software, computing device software, and other software], and services [consulting services, 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.

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Based on 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 rising adoption of smart public safety technologies to prevent and respond to emergencies and enhance the safety of citizens and the growing adoption of digital platforms such as social media, mobile apps, and online forums to engage citizens.

However, the smart utilities segment is projected to register the highest CAGR during the forecast period due to the rising adoption of utility solutions to improve performance and enhance operational transparency and the increased utilization of digital technologies such as advanced analytics and IoT to develop new business and operating models.

Based on component, 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 rising use of smart services to reduce operational costs through smart infrastructure monitoring and management and the increasing implementation of services to enhance the challenges of mobility, city services, and public safety. This segment is also projected to register the highest CAGR during the forecast period.

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Based on technology, 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 growing use of IoT-based software, solutions, and services to enhance communication and control between citizens and governments, the growing use of machine-to-machine (M2M) communications, and the increasing implementation of connected devices.

However, the cloud computing segment is projected to register the highest CAGR during the forecast period due to the increasing 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.

Based on country/region, in 2023, China market 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 rising adoption of smart cities solution to promote intelligent urban design, construction, management, and services and growing government initiatives to deploy smart city solutions to sustain public services, drive economic competitiveness, and enable a thriving environment.

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However, Japan is projected to register the highest CAGR during the forecast period due to the growing government initiatives for the Society 5.0 concept to achieve sustainable development goals, the growing need for public safety and communication infrastructure, and the rising use of IoT technologies.

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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