Research Nester assesses the growth of Indonesia Smart Cities Market which is anticipated to be on account of the rising effort by the government and the rising need for advanced technology to boost the execution of smart city.
New York – February 21, 2023 - Research Nester’s recent market research analysis on “Indonesia Smart Cities Market: Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the Indonesia smart cities market in terms of market segmentation by functional area, and by end user.
Growing Prevalence of Digitization and Higher Adoption of Technology to Drive Growth of Indonesia Smart Cities Market
The Indonesia smart cities market is estimated to grow majorly on account of the rising digitization in the region and growing need for advance technology. the World Economic Forum estimates that Indonesia had 202 million internet users in 2021, who collectively spent USD 70 billion online. By 2025, this figure is projected to rise to USD 146 billion. Furthermore, the president of Indonesia, Joko Widodo, first unveiled the "Building Indonesia 4.0" program in 2018. With the help of revolutionary technologies like the internet of things (IoT), artificial intelligence (AI), automation, and robotics, Indonesia hopes to rank among the top 10 economies in the world by 2030.
Some of the major growth factors and challenges that are associated with the growth of the Indonesia smart cities market are:
- Rising Government Efforts for Building Smart City
- Rising Prevalence of 5G Services and Digitization
- Growing Automation of the Industry
- Rising Need for Advance Technology
- Higher Partnership Between Public and Private Sectors
The rising concern for risks associated with data security with the rising use of smart devices and expanded internet connectivity, lack of adequate infrastructure, and shortage of enough funding for the smart city implementation are some of the major factors anticipated to hamper the growth of the global Indonesia Smart Cities Market.
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By functional area, the Indonesia smart cities market is segmented into smart transportation, smart citizen services, smart building, smart utilities, and others. The smart citizen services segment is to garner a highest revenue of USD 89,441.7 Million by the end of 2035 by growing at a significant CAGR of 23.1% over the forecast period. Moreover, the segment garnered a revenue of USD 9,796.2 million in 2022. Proactive government efforts to boost smart education in the and need for technology in the healthcare sector are the few factors that are likely to boost the segment growth.
This report also provides the existing competitive scenario of some of the key players of the Indonesia smart cities market which includes company profiling of Honeywell International Inc., General Elect, IBM Corporation, Siemens AG, Schneider Electric., Oracle Corporation, Microsoft Corporation, Huawei Technologies Co. Ltd., and Cisco Systems Inc.