hi

Malaysia Smart Cities Market Size 2022 | Statistics, Share, Growth Rate, Emerging Trends, Regional Analysis by Key Players | Research Report Forecast to 2031

The Malaysia smart cities market is estimated to garner a revenue of USD 118.69 Billion by the end of 2030, by growing at a CAGR of 24.12% over the forecast period, i.e., 2021 – 2030. Moreover, in the year 2020, the market in the country registered a revenue of USD 15.05 Billion. The growth of the market can primarily be attributed to the rising urbanization in the nation, which is driving the need amongst the government to address the various issues of traffic congestion, overcrowding, shortage of affordable housing, and environmental degradation among others. According to the statistics by the World Bank, the urban population in Malaysia increased from 20002877 in the year 2010 to 24973604 in the year 2020. In terms of urban population as a share of total population, this grew from 70.912% to 77.16% during the same period.

The growth of the Malaysia smart cities market can also be attributed to the rising government initiatives of the nation. The Government of Malaysia has defined seven major components for smart cities in the nation, namely, smart economy, living, environment, people, government, mobility, and smart digital infrastructure. To address the various issues of urbanization, the government of the nation has formed several initiatives, such as the Malaysia Smart City Framework (MSCF) and the Smart City – National Physical Plan 3 (NPP3). These initiatives are expected to strengthen urban functions and act as a catalyst in enhancing the capability and competitiveness of the rural areas in the development of the national economy. Besides this, the surge in internet penetration in the nation, increasing advancements in technology, and the growing adoption of internet of things (IoT), are some of the additional factors expected to create numerous opportunities for market growth.

Download Sample PDF of this Report :- https://www.kennethresearch.com/sample-request-10352349

Growth Drivers and Challenges Impacting the Growth of the Malaysia Smart Cities Market

Growth Drivers

  • Rising Urbanization in Malaysia
  • Increasing Supportive Initiatives of the Government of the Nation
  • Growing Adoption of Advanced Technologies

Challenges

  • Rising Concern for Cybercrimes
  • High Cost of Implementation of Smart City Projects

Malaysia Smart Cities Market Segmentation Synopsis

The Malaysia smart cities market is segmented by functional area into smart transportation, smart citizen services, smart building, smart utilities, and others. Out of these, the smart citizen services segment is expected to garner the largest revenue of USD 53.17 Billion by the end of 2030, up from a revenue of USD 5.66 Billion in the year 2020. The smart citizen services segment if further divided into smart education, smart public safety, smart healthcare, smart street lighting, and others. Out of these, the smart healthcare segment is projected to garner the largest revenue of USD 17.28 Billion by the end of 2030, up from a revenue of USD 1.49 Billion in the year 2020.

Key Companies Dominating the Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the Malaysia smart cities market that are included in our report are 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.

Request Free Sample Copy :- https://www.kennethresearch.com/sample-request-10352349

About Kenneth Research

Kenneth Research provides scheduled syndicated reports that help industry professionals and organizations decipher market trends to take significant decisions and plan strategies. We cater to a wide range of industries including healthcare & pharmaceuticals, ICT & telecom, automotive & transportation, energy & power, chemicals, FMCG & food, aerospace & defense, among others. Our research team ensures to track and analyze the industry on a regular basis to offer strategic business consultancy services on a global level. We, at Kenneth Research are adept at capturing descriptive insights on crucial topics to help our clients make their informed decisions.
Contact Us

Kenneth Research

Email : Sales@kennethresearch.com

Phone: +1 313 462 0609

Leave a Reply