Press release
Smart Cities Market To Cross USD 3,363 Billion By 2028 |Cisco Systems (US), IBM (US), ABB (Switzerland)
Global Smart Cities Market size is projected to reach USD 3,363 billion by 2028 from an estimated USD 831.13 billion in 2021, growing at a CAGR of 22.1% globally.
A smart city is a municipality that uses information and communication technologies (ICT) to increase operational efficiency, share information with the public, and improve both the quality of government services and citizen welfare value is given to the smart city based on what they choose to do with the technology, not just how much technology they may have. While the exact definition varies, the overarching mission of a smart city is to optimize city functions and drive economic growth while improving the quality of life for its citizens using data analysis and smart technology.
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Market Dynamics:
Driver:
Smart cities are a combination of the internet of things (IoT) devices, software solutions, and user interfaces (UI), and communication networks-are new technologies. However, they rely first and foremost on the IoT. The IoT is a network of connected devices such as sensors, vehicles, or home appliances that can communicate and exchange data. Data collected and delivered by the IoT sensors and devices are stored in the cloud or on servers. The connection of these devices and the use of data analytics (DA) facilitates the convergence of the physical and digital city elements, enabling economic benefits, thus improving both public and private sector efficiency and improving citizens' lives.
Opportunities:
Urbanization is expected to increase even more in the coming years. The United Nations (US) reports that around 55% of the world's population currently resides in an urban area or city. This figure is set to rise by 68% throughout the coming decades. Smart technology will help the cities sustain growth and improve efficiency for citizen welfare and government efficiency in urban areas in the upcoming years.
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• Patent Analysis
• Regulatory Framework
• Technology Roadmap
• BCG Matrix
• Heat Map Analysis
• Price Trend Analysis
• Investment Analysis
• Company Profiling and Competitive Positioning
• Industry Value Chain Analysis
• Market Dynamics and Factors
• Porter's Five Forces Analysis
• Pestle Analysis
• SWOT Analysis
Market Segmentation
Depending on the component, the software segment is forecasted to have the highest share of the smart cities market. The software allows seamless and smooth interaction of AI, IoT, sensors, and data analytics. With this integration service providers can offer real-time solutions for traffic management, industrial utility management, and the healthcare sector.
Depending on the application, the smart transportation system is anticipated to dominate the smart cities market during the projected period attributed to the rise in the vehicle-bearing population. Connected transport systems offer the greatest potentials to significantly improve efficiency throughout the city.
By Type
• Smart Governance
• Smart Building
• Environmental Solution
• Smart Utilities
• Smart Transportation
• Smart Healthcare
By Component
• Software
• Hardware
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Regional Analysis of Smart Cities Market:
North America region is expected to dominate the smart cities market in the forecast period attributed to the presence of major service providers in this region. The increase in government fundings to propel the adoption rate of smart technologies in the U.S. and Canada are driving the growth of the smart cities market in this region. The growing awareness about the advantages of smart solutions in managing populated areas, transportation, and the demand for smart buildings to lower the strain on natural resources consolidates the demand for smart cities. The industrial sector in this region is highly developed and to lower the carbon footprint industries in this region have partnered with services providers, to incorporate smart technologies that will help in managing available resources efficiently. The ready 5G infrastructure is expected to fuel the development of the smart cities market in this region.
• North America (U.S., Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
• Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
• Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
• South America (Brazil, Argentina, Rest of SA)
Players Covered In Smart Cities Market Are :
• Cisco Systems (US)
• IBM (US)
• Siemens AG (Germany)
• Schneider Electric (France)
• Ericsson (Sweden)
• Vodafone (UK)
• Itron Inc. (US)
• Verizon (US)
• Telensa (England)
• ABB (Switzerland)
• Honeywell International Inc. (US)
• SAP SE (Germany)
• KAPSCH Group (Austria) and AGT International (Switzerland) and Other Major Players.
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Recent Developments in Smart Cities Market:
• In November 2021, Schneider Electric, a global leader in energy management and automation, launched Green Yodha, a sustainability engagement program in India, to encourage and enable businesses, industries, and individuals to collaborate and take tangible climate action. This urgent call to action aims to support the Indian government's robust commitment expressed at COP26.
• In August 2021, ABB India collaborated with the Indore Smart City Development Limited to deploy next-generation digital technology that will provide continuous electricity supply to homes and industries in Indore. In the first phase of the deployment, the technology utilized in this partnership has achieved 24/7 electricity supply to more than 2300 connections with an efficient automatic response system (ARS) in case of power outages or disruption.
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Read More Related Reports:
https://introspectivemarketresearch.com/reports/smart-cities-or-connected-city-solutions-market/
https://introspectivemarketresearch.com/reports/wireless-mesh-network-market/
https://introspectivemarketresearch.com/reports/wireless-smart-utility-network-market/
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