Future Growth Potential Lies in the Opportunities Provided by Smart Cities
The Asia-Pacific (APAC) smart city market recorded robust growth in 2019. It generated a revenue of $33.5 billion and is anticipated to expand at a compound annual growth rate (CAGR) of 29.1% between 2019 and 2025 to reach $154.84 billion in 2025. The market is expected to grow exponentially as government initiatives call for smart technologies to be integrated with economic initiatives to make for a smart society. Owing to the growth potential the market holds, it will attract investments from vendors and solution providers.
IoT solutions will help societies manage their traffic and resources in an efficient manner and facilitate holistic living standards. Data analytics will play a key role in shaping smart cities as there is a growing need for access to citizen data across all segments of smart cities. Smart transportation will emerge as the most profitable segment as local municipalities will see a rising number of smart mobility use-cases. Governments will adopt smart technologies within their processes in an attempt to align and upgrade the role of ICT in their systems, with a focus on digital payments.
The study discusses market drivers and restraints; growth opportunities are also examined, and the publisher's growth recommendation for market participants are provided.
