Malaysia Smart Cities Market to Grow with a CAGR of 24.12% During 2021-2030; Growing Number of Initiatives of the Government of the Nation to Drive Market Growth
Kenneth Research published a report titled “Malaysia Smart Cities Market: Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the Malaysia 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 Malaysia smart cities market is anticipated to grow with a CAGR of 24.12% 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 expected to garner the largest revenue of USD 53.17 Billion by the end of 2030. Moreover, in the year 2020, the segment registered a revenue of USD 5.66 Billion.
The Malaysia smart cities market is estimated to garner a revenue of USD 118.69 Billion by the end of 2030, up from a revenue of USD 15.05 Billion in the year 2020. Increasing number of initiatives of the government of the nation for smart cities, such as Malaysia Smart City Framework (MSCF) and the Smart City – National Physical Plan 3 (NPP3), is one of the major factors anticipated to drive the growth of the market in the coming years. Additionally, rising adoption of advanced technologies, and the increasing adoption of internet of things (IoT), are also expected to contribute to the market growth during the forecast period.
Rising Urbanization in Malaysia to Drive the Market Growth
The urban population in Malaysia, according to the statistics by the World Bank, touched 24973604 in the year 2020, up from 20002877 in the year 2010. Additionally, in terms of urban population as a share of total population, it touched 77.16% in the year 2020, up from 70.912% in the year 2010.
Urbanization in Malaysia is one of the major factors that is contributing to socio-economic issues, such as overcrowding, traffic congestion, shortage of affordable housing, and environmental degradation among others. By the adoption of smart city infrastructure, the government of the nation can address all these issues, which is one of the major factors anticipated to drive the growth of the market in the coming years.
However, the rising concern for cybercrimes and the high cost of implementation of smart city projects are expected to operate as key restraint to the growth of Malaysia smart cities market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the Malaysia smart cities market which includes company profiling of General Electric, Schneider Electric, IBM Corporation, ABB Ltd., Cisco Systems Inc., Siemens AG, Microsoft Corporation, Huawei Technologies Co., Ltd., 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 Malaysia 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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