Malaysia: smart cities market revenue growth 2019-2029

The revenue of smart cities market in Malaysia experienced a significant growth in 2023, with 22.7 percent increase compared to the previous year. Statista Digital Market Insight estimated that the revenue of the Internet of Things (IoT) market will continue to grow with an average of 12.69 percent CAGR and reach more than 4.6 billion U.S. dollars by 2029.

Revenue growth of the smart cities market in Malaysia from 2019 to 2029

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Supplementary notes

Data provided by Statista Market Insights are estimates.

Definition:

Smart Cities term refers to usage of Internet of Things (IoT) technologies in order to improve the quality of life for its citizens, enhance sustainability, and optimize urban services. In a smart city, various devices and sensors are installed throughout the urban landscape to create the intelligent transportation systems, smart grids and public safety systems.

Additional information:

The Internet of Things market compromise of revenue and revenue growth as the key performance indicators. The market consists of revenue generated through selling of hardware (such as sensors, chips and other hardware), platforms (IoT platforms, security software and other software), connectivity (cellular, LoRa, SigFox and other connectivity) and services (equipment & system integration and maintenance). Reported market revenues include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Revenues are allocated to the country where the money is spent.

Some of the key players include Alphabet, Huawei and Cisco.

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