The Indonesia smart cities market is estimated to garner a revenue of USD 120.43 Billion by the end of 2031 by growing at a CAGR of 23.91% over the forecast period, i.e., 2021 – 2031. Moreover, the market in the nation generated a revenue of USD 15.83 Billion in the year 2020. The growth of the market can be attributed to the growing urban population in Indonesia and therefore the rising need of the government of the nation to adopt smart city initiatives so as to mitigate the various linked issues associated with the rising urbanization in the nation.
In Q4 2021, U.S. current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, country’s goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches highest at 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point impacting the economic activity in the U.S, pushing consumers to spend less on the products and services and save more.
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On the other hand, the worst is expected to be seen in the European countries, especially during 2022 winters. The energy and gas crises has already started grappling the region, wherein many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage created by Russian-Ukraine conflict.
Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.
According to the statistics by the World Bank, the urban population as a share of the total population in Indonesia increased from 42.002% in the year 2000 to 56.641% in the year 2020. Urbanization in Indonesia has resulted in economic growth with more human capital and increased consumption for different goods and services. Despite of all these, there are numerous socio-economic issues which can be addressed with the adoption of smart city initiatives. In the year 2017, the government of the nation has kicked off an ambitious digitalization program, known as the “100 Smart Cities Movement”, which was aimed to improve the quality of life of the indigenous people of the nation and further work on the six pillars that define smart cities, namely, governance, people, economy, mobility, living and environment.
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Several cities in Indonesia, such as Jakarta and Bandung among others are known to have the highest population density in the country, which is also driving the need amongst the government of the nation to adopt smart city initiatives. In Indonesia, as a whole, the population density (people per sq. km of land area), according to the statistics by the World Bank, grew from 116.757 numbers in the year 2000 to 145.684 numbers in the year 2020. The growth of the Indonesia smart cities market can also be attributed to the growing number of individuals using the internet, which according to the World Bank, grew from 22.063% (% of population) in the year 2015 to 53.726% in the year 2020. Besides this, the growing advancements in information technology, rise in the adoption of internet of things (IoT), and the increasing focus on adopting sustainable solutions and environment sustainability are some of the major factors expected to create opportunities for market growth in the coming years.
Growth Drivers and Challenges Impacting the Growth of the Indonesia Smart Cities Market
Growth Drivers
- Growing Government Initiatives for Smart Cities
- Advancement in Technologies Related to Smart Cities
Challenges
- Growing Concern for Security
- High Cost of Implementation
Indonesia Smart Cities Market Segmentation Synopsis
The Indonesia 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 anticipated to garner the largest revenue of USD 52.75 Billion by the end of 2030, up from a revenue of USD 5.44 Billion in the year 2020. The smart citizen services segment is further divided into smart education, smart public safety, smart healthcare, smart street lighting, and others. Amongst these, the smart healthcare segment is expected to generate the largest revenue of USD 18.78 Billion by the end of 2030, up from a revenue of USD 1.33 Billion in the year 2020 and also grow with the highest CAGR of 31.63% during the forecast period.
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 Indonesia smart cities market that are included in our report are 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.
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