Malaysia Smart City Market Outlook 2020-2030

Malaysia Smart Cities Market Analysis 2020-2030

The Malaysia smart cities market is anticipated to grow with a CAGR of 24.12% over the forecast period, i.e., 2021 - 2030. Factors such as the rising urbanization in Malaysia, which is giving rise to several socio-economic issues, such as overcrowding, traffic congestion, shortage of affordable housing, and environmental degradation among others. This has resulted in the rising need amongst the government of the nation to adopt smart city infrastructure that can address these issues effectively. Besides this, the rising number of initiatives taken by the government for smart city infrastructure along with the rising adoption of technology in the nation are some of the additional factors anticipated to drive the growth of the market in the coming years. The market is estimated to garner a revenue of close to USD 120 Billion by the end of 2030, up from a revenue of about USD 15 Billion in the year 2020.

By functional area, the Malaysia smart cities market is segmented into smart transportation, smart citizen services, smart building, smart utilities, and others. The smart citizen services segment is expected to garner the largest revenue of near to USD 50 Billion by the end of 2030 amongst all the other segments, up from a revenue of around USD 6 Billion in the year 2020.

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.