Indonesia Smart Cities Market to Grow with a CAGR of 23.91% During 2021-2030; Market to Grow on Account of Increasing Supporting Initiatives of the Government for the Development of Smart Cities
Kenneth Research published a report titled “Indonesia Smart Cities Market: Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the Indonesia smart cities market in terms of market segmentation by functional area.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The Indonesia smart cities market is anticipated to grow with a CAGR of 23.91% over the forecast period, i.e., 2021 – 2030. The market is segmented by functional area into smart transportation, smart citizen services, smart building, smart utilities, and others, out of which, the smart citizen services segment is anticipated to garner the largest revenue of USD 52.75 Billion by the end of 2030. Moreover, in the year 2020, the segment registered a revenue of USD 5.44 Billion.
The Indonesia smart cities market is estimated to garner a revenue of USD 120.43 Billion by the end of 2030, up from a revenue of USD 15.83 Billion in the year 2020. Increasing number of individuals in the nation who are using the internet, along with the rise in advancements in information technology, and the growing focus on adopting sustainable solutions are some of the major factors anticipated to drive the growth of the market in the coming years.
Increasing Urbanization in Indonesia to Drive the Market Growth
The urban population as a share of the total population in Indonesia, according to the statistics by the World Bank, touched 56.641% in the year 2020, up from 42.002% in the year 2000.
With the growing urbanization in Indonesia, and the rising population density, especially in cities, such as Jakarta and Bandung, there is a growing need amongst the government of the nation to adopt initiatives that could improve the quality of life of the people living in the nation. Smart cities are developed to address the rising challenges of urbanization and also to drive environmentally sustainable solutions for ease of life. The government of the nation has also kicked off an ambitious digitalization program titled “100 Smart Cities Movement” in the year 2017 to address the rising socio-economic challenges that are driven by rising urbanization in the nation. Such factors are therefore anticipated to drive the growth of the Indonesia smart cities market during the forecast period.
However, the growing concern for security and the high cost of implementation are expected to operate as key restraint to the growth of Indonesia smart cities market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the Indonesia smart cities market which includes company profiling of IBM Corporation, ABB Ltd., Cisco Systems Inc., Siemens AG, Microsoft Corporation, Huawei Technologies Co., Ltd., Itron Inc., Telefonaktiebolaget LM Ericsson, NEC Corporation, Honeywell International Inc., and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the Indonesia smart cities market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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