Malaysia Smart Cities market size is anticipated to grow at a CAGR of 12.2% during 2023-2029F

On the basis of components, hardware segment attained the largest revenue share in Malaysia Smart Cities Market – 6Wresearch

In terms of components, hardware has emerged as the highest revenue shareholder in the market in 2022, owing to versatility of its diverse components in wide range of applications such as waste management, traffic management and others making it as an essential element within smart cities market. During the forecast period, hardware would exhibit substantial growth in the Malaysia smart cities market owing to hardware components such as smart sensors, smart meters, traffic sensors, and waste management sensors play a vital role in enabling the infrastructure and services making cities smarter and more efficient.

According to 6Wresearch, Malaysia Smart Cities market size is anticipated to grow at a CAGR of 12.2% during 2023-2029F. The urbanization rate in Malaysia grew drastically over the last few years where around 75.5% of the country’s population residing in urban areas. This number is expected to increase to 88.8% by 2050 comprising ~36 million urban population. The country's population is currently estimated at 33.4 million and is forecasted to grow by 2.1% this year with Sabah's Kinabatangan, Semporna, Kunak and Beluran estimated to have the highest percentage increase in population among all districts nationwide. The rising residents across the nation would have a positive impact on the future of the smart cities as population grow, the demand for efficient infrastructure, transportation, and services would increase, driving the adoption of smart city solutions. The rising cyber-attacks and increasing hacking incidents and data breaches along with the budget constraint for the infrastructure development would restrict the growth of smart city market in Malaysia.

According to Shubham Deep, Senior Research Analyst, 6Wresearch, smart mobility in terms of application dominates the market as smart mobility solutions such as intelligent traffic management systems, real-time traffic monitoring is vital for overall quality of life in smart city and further Malaysia’s National Transport Policy 2019-2030 further aims to improve public transport networks and ease traffic congestion.

The Malaysia Smart Cities Market (2023-2029) report provides an in-depth analysis with 10 figures and 8 tables, covered in 78 pages. The report comprehensively covers the market by components, and application. The report provides a detailed as well as unbiased analysis of the on-going drivers, opportunities/high growth areas, and trends of the sector which are projected to support the stakeholders to align as well as devise their market strategies as per to the latest and future market dynamics.