Taiwan Smart Cities Market Research Report 2024

Taiwan Smart Cities Market Synopsis

Taiwan Smart Cities Market was worth USD 355.22 Million in 2023. As such, the forecast is that the market is expected to reach USD 1,291.30 Million by 2032 with a CAGR of 15.42% from 2024 to 2032.

Taiwan has emerged as a leader in smart city development thanks to the government's consistent investment in various smart city projects across the country. These projects cover key areas such as smart transport, healthcare, and education. Everyone's goal is to create more vibrant, resilient, and sustainable cities. 

• An exemplary smart city project in Taiwan is the Taipei Smart City project. It focuses on the deployment of technologies such as intelligent traffic management, waste management, water management, and energy-efficient lighting. Using sensors and data analysis, Taipei aims to optimize traffic flow, monitor waste collection, monitor water use, and save energy through smart lighting.
• The importance of smart city development in Taiwan is multifaceted. It improves the quality of life for citizens by promoting efficiency, sustainability, and sustainability in the urban environment. It stimulates economic growth by attracting investment and creating jobs. It will strengthen Taiwan's global reputation as an innovative and forward-looking country that can promote trade and tourism.
• While the exact impact of smart city development on Taiwan is still being assessed, it has several potential benefits. A better quality of life due to reduced traffic congestion, air quality, and affordable energy could improve the well-being of citizens.
• Economic growth can result from increasing investment and tax revenues, as well as from a more skilled workforce. In addition, Taiwan's innovative smart city projects could gain international attention and raise the country's status on the global stage. 
• smart city development in Taiwan is promising. By investing in these initiatives, Taiwan can improve the well-being of its citizens, accelerate economic growth, and demonstrate its forward-looking approach to the world. It offers a revolutionary opportunity for the urban landscape and position of the country on the international stage.

Top Key Players:

"Advantech Co. Ltd. (Taiwan), Acer Inc. (Taiwan), ASUSTek Computer Inc. (Taiwan), Delta Electronics Inc. (Taiwan), Siemens AG (Germany), IBM Corporation (US), Cisco Systems Inc. (US), Schneider Electric SE (France), FarEasTone Telecommunications Co. Ltd. (Taiwan), Foxconn Technology Group (Taiwan), Inventec Corporation (Taiwan), Micro-Star International Co. Ltd. (Taiwan), QNAP Systems Inc. (Taiwan), Huawei Technologies Co. Ltd. (China), Microsoft Corporation (US), Ericsson (Sweden), Panasonic Corporation (Japan), NEC Corporation (Japan), Honeywell International Inc. (US), Quanta Computer Inc. (Taiwan), and Other Major Players."

Taiwan Smart Cities Market Trend Analysis

The Development of New and innovative Smart City Technologies

• By continuously developing and deploying innovative smart city technologies, Taiwan is improving its global competitiveness and gaining recognition as a leader in smart city solutions. This reputation can attract foreign investment, promote international cooperation, and open new market opportunities for Taiwanese companies in the field of smart cities.
• New and innovative technologies help to solve various urban problems such as traffic congestion, energy consumption, environmental problems, and public safety. By creating and implementing new solutions, Taiwan can improve urban services, improve urban life, and ensure sustainable urban development.
• The development of innovative smart city technologies will promote economic growth and job creation in Taiwan. As the demand for these technologies grows, it leads to the expansion of local businesses and the creation of new startups that create jobs and contribute to the economic prosperity of the country.

The Growth of the IoT Market

• IoT enables various components of smart cities, such as street lights, traffic lights, waste management, and public transport, to connect and communicate with each other. This connectivity improves urban infrastructure and enables data-driven decisions to improve resource management.
• IoT generates massive amounts of real-time data from various sources. This data can be analyzed to provide valuable insights into various aspects of city life, such as traffic patterns, energy consumption, air quality, and public safety. By leveraging this data, Taiwan's smart cities can optimize services, improve citizen experiences and proactively respond to challenges.
• IoT plays a crucial role in developing smart mobility solutions. Connected vehicles, smart parking systems, and intelligent transportation networks can help reduce traffic congestion, enhance public transportation efficiency, and promote sustainable mobility options.

Taiwan Smart Cities Market Segment Analysis

Smart Cities market is segmented into the Solution and Service, Component, Level, and End-user. By Solution and Service, the Smart Public Safety segment is Anticipated to Dominate the Market Over the Forecast Period.

• Taiwan has experienced major public safety incidents in recent years, raising awareness of the importance of ensuring safety. As a result, there is a growing demand for smart public safety solutions to effectively address these issues.
• The availability and affordability of advanced technologies such as facial recognition, license plate recognition, and video analytics have made them more attractive to various stakeholders, including government agencies and businesses. These technologies provide powerful tools to cost-effectively improve public safety.

The Taiwanese government has shown strong support for the development of intelligent public security solutions. The government has played a crucial role in promoting the growth of this segment by investing in smart public security and implementing supportive policies.

Over the four years from 2018 to 2021, the Security segment in Taiwan experienced significant growth, with revenues increasing from $25.5 million US dollars in 2018 to $74.33 million US dollars in 2021.

The increasing revenues in the Security segment in Taiwan reflect the growing emphasis on security and safety, which is likely driven by the parallel development of smart city initiatives in the country. As Taiwan continues to invest in and implement smart city projects, the demand for security-related products and services is expected to remain strong, contributing to the overall growth and advancement of the nation's smart cities.

Taiwan Smart Cities Market Country Analysis

• Taiwan stands out as a leader in smart city development, with several cities recognized globally for their innovative initiatives. Among these cities, Taoyuan City has particularly distinguished itself, earning the prestigious title of the world's top intelligent community in the Intelligent Community Forum (ICF) rankings for two consecutive years in 2018 and 2019.
• The city's success in becoming a smart city model can be attributed to various initiatives that have been implemented. One noteworthy initiative is the smart transportation system, which effectively utilizes sensors and data analytics to optimize traffic flow and enhance public transportation services.
• Taoyuan City has excelled in creating a smart water management system that monitors water usage and detects leaks, ensuring water resources are efficiently utilized and shortages are prevented.
• The city's commitment to sustainable practices is evident through its smart waste management system. By employing sensors to track waste collection and disposal, Taoyuan City has successfully reduced waste generation and improved waste management processes.

COVID-19 Impact Analysis on the Taiwan Smart Cities Market

• The pandemic forced governments and companies to quickly adopt digital solutions. Taiwan's smart city market is likely to have received a boost from digital transformation initiatives to meet the challenges posed by the pandemic. Remote work, e-learning, and telemedicine were areas where adoption increased, leading to increased demand for related technologies.
• As public health has become a priority during the pandemic, smart city solutions related to health monitoring, contact tracing, and crowd control are likely to see even greater investment. These initiatives may have led to increased investment in technologies such as IoT-based health devices and smart monitoring systems.
• The pandemic has brought financial challenges to various industries. Depending on the financial situation of the state and companies, there may have been changes in the allocation of budgets and priorities for the development of a smart city. Some projects could be delayed or reprioritized, affecting the overall growth of Taiwan's smart city market.

Top Key Players Covered in Taiwan Smart Cities Market

• Advantech Co. Ltd. (Taiwan)
• Acer Inc. (Taiwan)
• ASUSTek Computer Inc. (Taiwan)
• Delta Electronics Inc. (Taiwan)
• Siemens AG (Germany)
• IBM Corporation (US)
• Cisco Systems Inc. (US)
• Schneider Electric SE (France)
• FarEasTone Telecommunications Co. Ltd. (Taiwan)
• Foxconn Technology Group (Taiwan)
• Inventec Corporation (Taiwan)
• Micro-Star International Co. Ltd. (Taiwan)
• QNAP Systems Inc. (Taiwan)
• Huawei Technologies Co. Ltd. (China)
• Microsoft Corporation (US)
• Ericsson (Sweden)
• Panasonic Corporation (Japan)
• NEC Corporation (Japan)
• Honeywell International Inc. (US)
• Quanta Computer Inc. (Taiwan), and Other Major Players

Key Industry Developments in the Taiwan Smart Cities Market

In June 2023, Advantech, a global leader in Industrial IoT, announced the launch of IoTMart International, an innovative cross-border digital commerce platform. IoTMart is a newly created online business service aimed at meeting the diverse needs of different customer groups with a primary focus on small and medium-sized customers.

In May 2022, Taiwan-based electronics manufacturer Quanta Computer invested $1 billion in the northern Mexican state of Nuevo Leon. A Nuevo Leon spokesperson also confirmed the investment will expand Quanta's existing operations in the state.