The global smart cities market is expected to grow at a CAGR of 15.3% during the forecast period 2021-2027. The increasing number of investments by cities and federal governments and the growing need for sustainable infrastructure because of the rapid urbanization and intensifying population are the major driving factors for the smart cities market growth.
Moreover, rising demand for public safety & security are fulfilling with the help of technologically advanced devices such as video surveillance cameras, immediate recognition of faces, and license plates may lead to the smart cities market growth. Furthermore, the emergence of the IoT and 5G technologies is also an impelling factor contributing towards the smart cities market development over the forecasting years.
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The widespread COVID-19 witnesses a struggle to make progress from the outcome of the pandemic in various industries across the global economy, which curtailed several short-term intelligent cities plans. However, long-term situations still remain favorable for the intelligent cities development projects due to the growth of the IoT sector which will contribute to the intelligent cities market development.
Thereby, COVID-19 acts as a catalyzing factor for the various sectors by offering digitalized services such as e-trading, e-health applications, e-banking, etc., across the globe. The penetration of the solutions and services is raised by the lots of intelligent cities providers to manage projects in sectors like transportation, citizen services, construction, and utilities. Hence, these factors witness a positive impact of the COVID-19 in the market.
Growth Drivers
The emergence of artificial intelligence (AI) into intelligent cities developments is one of the significant driving factors for the market. The deployment of AI in various applications such as video surveillance, incorporation with independent ride-share vehicles, parking & traffic management, etc., is growing across multiple sectors which will contribute to the market development.
For example, in any emergency medical situation, AI-based cameras facilitate getting the doctor’s aid on time. Similarly, AI is also integrated into CCTV cameras for facial identification that further supports citizens’ safety.
Moreover, the technology of facial recognition also allows in accessing private details of a resident at the time of emergency. Also, AI integration with the sensors implemented at traffic signals and parking lots assists in collecting helpful information for designing the intelligent cities proposal efficiently which in turn propels the market development.
Consequently, the growing applications of AI are creating a lucrative growth of the market across the globe. Furthermore, the increasing number of smart cities initiatives also accelerates the market demand for intelligent cities. For instance, in Singapore, the National Research Foundation is working on developing Virtual Singapore, in which a dynamic 3D cities model and mutual data platform are set up.
Technologies are incorporated into housing with the help of a framework that reflects on living, environment, planning, and buildings. For example, engineers examine wind flow, shaded regions, and solar dispersion for improved design and site for new buildings. By 2022, the government intends to deploy intelligent, energy-efficient lighting for every community road and install solar panels on the rooftop of nearly 6,000 buildings.
Report Segmentation
By Application
Smart Governance
Building
Environmental Solution
Utilities
Transportation
Healthcare
By Smart Governance
City Surveillance
CCS
E-governance
Lighting
Infrastructure
By Smart Utilities
Energy Management
Water Management
Waste Management
By Smart Transportation
Intelligent Transportation System
Parking Management
Ticketing & Travel Assistance
By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
Competitive Insight
Major players operating in the global market include ABB Limited, AGT Group GmbH, AVEVA Group plc, , Cisco Systems, Inc., Ericsson, General Electric, Honeywell International Inc., Huawei Technologies Co., Ltd., International Business Machines Corporation, Itron Inc., KAPSCH Group, Microsoft, Siemens AG,, Oracle Corporation., SAP SE, Schneider Electric SE, Siemens AG, Telensa, Verizon, and Vodafone Group plc.
Table of Content
Chapter 1: Global Smart Cities Industry Overview
Chapter 3: Market Dynamics
Chapter 4: Top Company Profiles
Chapter 5: Global Smart Cities market Competition, by Players
Chapter 6: Global Market Size by Regions
Chapter 7: Global Market Segment by Application
Chapter 8: Global Smart Cities Industry Segment by Type
Chapter 9: Market Chain, Sourcing Strategy, and Downstream Buyers
Chapter 10: Strategies and key policies by Distributors/Suppliers/Traders
Chapter 11: Key Marketing Strategy Analysis, by Market Vendors
Chapter 12: Market Effect Factors Analysis
Chapter 13: Global Smart Cities market Size Forecast (2023-2032).
Continue….
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of Smart Cities market revenues on a global, regional, and country level, projecting trends until 2032. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the Smart Cities market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the Smart Cities market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate Smart Cities business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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