global APAC Smart City Market size was valued at $343.71 Billion in 2023, and is projected to reach $ 562.85 Billion by 2030, registering a CAGR of 7.3 % from 2023 to 2030.
A Smart City is an urban environment that leverages advanced technologies to enhance the quality of life for its residents and improve overall efficiency in various aspects of city management. It integrates information and communication technology (ICT), data analytics, and the Internet of Things (IoT) to optimize infrastructure, services, and communication. A wide range of oil-based polymers is currently used in packaging applications. This material is nonbiodegradable and is difficult to recycle or reuse as it can become contaminated. Biodegradable plastics were developed from renewable resources to overcome the drawbacks of non-biodegradable products.
According to the global APAC Smart City Market analysis, the market is divided by Component, Functional Area, and geographical division. By Component, it comprises Hardware, Software, and Service. By Functional Area, includes Smart Infrastructure, Smart Governance and Smart Education, Smart Energy, Smart Mobility, Smart Healthcare, Smart Buildings, and Public Safety. By geography, it includes North America, Europe, Asia-Pacific, and LAMEA markets. Further, the report also covers the strategies adopted by key market players to sustain a competitive environment and increase their market share.
The Asia-Pacific (APAC) Smart City market is experiencing substantial growth, due to the increasing demand for an enhanced quality of life among its burgeoning urban population. Rapid urbanization in the region has led to increased challenges related to congestion, pollution, and inefficient resource utilization. Governments and urban planners in the APAC region are increasingly investing in smart city solutions to address these issues and uplift the overall quality of life for their citizens.
Smart city initiatives incorporate innovative technologies such as IoT (Internet of Things), AI (Artificial Intelligence), and data analytics to optimize urban infrastructure, transportation, energy management, and public services. These solutions contribute to the creation of sustainable, efficient, and livable urban environments. Improved transportation systems, enhanced public safety measures, efficient waste management, and advanced healthcare services are just a few examples of how smart city technologies are positively impacting the lives of residents in the APAC region.
Global APAC Smart City Market, Segmentation
The APAC Smart City Market is segmented based on Component, Functional Area, and region.
Component:
By Component, the Service segment is expected to dominate the market during the forecast period. In the dynamic landscape of smart cities in APAC, the Service segment is poised to take center stage, driving the region's smart city market forward. This dominance can be attributed to the critical role that services play in orchestrating and optimizing the various components of a smart city ecosystem. As urban areas increasingly embrace smart technologies to enhance efficiency and quality of life, services become integral in implementing, managing, and sustaining these advanced solutions.
Functional Area:
Cities across APAC are investing heavily in Smart Mobility initiatives, fostering innovation and collaboration between the public and private sectors. Advanced infrastructure, such as smart traffic management systems and integrated public transportation networks, facilitates the efficient flow of traffic, reducing travel time and enhancing overall mobility. Moreover, the integration of emerging technologies like 5G and the Internet of Things (IoT) further propels Smart Mobility solutions, enabling real-time data exchange and communication between vehicles and infrastructure. As APAC urban centers increasingly embrace these advancements, the Smart Mobility segment continues to play a pivotal role in shaping the smart city landscape, enhancing the quality of life for residents while contributing to the region's economic and environmental sustainability goals.
Region:
China is poised to emerge as a dominant force in the Asia-Pacific (APAC) smart city market, reflecting its commitment to technological advancements and urban development. With a strategic focus on integrating cutting-edge technologies into urban infrastructure, China has undertaken ambitious initiatives to transform its cities into smart, sustainable hubs. Key drivers contributing to China's expected dominance include substantial government investments, robust digital infrastructure, and a burgeoning tech ecosystem. The Chinese government's multi-year plans outline extensive investments in smart city projects, encompassing areas such as intelligent transportation, energy management, and public services.
Some of The Leading/Active Market Players Are-
- Huawei
- Alibaba Cloud
- Tencent Cloud
- Mitsubishi Electric
- Hitachi
- NEC
- Samsung Electronics
- LG Electronics
- SK Telecom
- Singtel
- NTT Docomo
- AIS
- Telkom Indonesia
- Globe Telecom
- Optus
- Spark New Zealand
- Cityzen
- BOSCH
- Siemens
- Schneider Electric and Other Active Players
Key Industry Developments
- In February 2023, Alibaba Group Holding Ltd. (China) Launched its ET City Brain platform in Hangzhou, China, to optimize traffic flow, energy consumption, and public safety
- In February 2023, Samsung Electronics Co. Ltd. (South Korea): Announced plans to invest $27 billion in smart city projects over the next five years, focusing on areas like AI, IoT, and robotics.
Key Findings of the Study
- Component, The Service segment is expected to dominate the market during the total APAC Smart City Market forecast period.
- By Functional Area, the Smart Mobility segment held the largest share of 37.6% in 2023.
- China is Expected to Dominate the Market Over the Forecast period.
