Report Ocean has recently unveiled a comprehensive report on the Smart Cities market, offering valuable insights into the factors influencing its growth. This report provides an in-depth analysis of market drivers, restraints, opportunities, and emerging trends, both at the global and regional levels.
In 2021, the global Smart Cities market reached a total valuation of US$ 511.1 billion. Over the forecast period from 2022 to 2030, the market is projected to experience substantial growth, with an expected compound annual growth rate (CAGR) of 11.1%, ultimately reaching US$ 1841.9 billion by 2030.
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The Essence of Smart Cities
A Smart City, or well-connected city, integrates a variety of Information and Communication Technologies (ICTs) to promote public welfare initiatives and facilitate information sharing among residents. This approach has gained traction as a means to enhance public safety through services like monitoring crime rates and sensor-based emergency planning. It encompasses innovative methods to boost productivity, economic development, control, integration, and sustainability.
Key Drivers of Market Growth
Several critical factors are driving the growth of the global Smart Cities market:
- Safety of Public Infrastructure: The pressing need to secure public infrastructure is driving the increase in smart city projects to ensure public safety.
- Easy Accessibility to Communication Platforms: The convenience of easy access to communication platforms is a significant benefit driving market growth.
- Rising Urban Population: The growing urban population is accelerating the development of smart cities as governments aim to provide housing for a large populace.
- Environmental Concerns and Awareness: Growing greenhouse gas emissions and increased awareness of their harmful effects are contributing to the expansion of the smart cities market. For example, India’s Smart Cities Mission aims to drive economic growth and enhance living standards.
Impact of COVID-19
The pandemic led to a significant shift in focus from infrastructure development to healthcare as governments prioritized public health. The sudden economic slowdown in various countries also had a notable impact on the smart city market.
Regional Analysis
The Asia-Pacific smart cities market has experienced substantial growth due to the increasing demand for smart solutions for power management, transportation, network maintenance, and more. The region is also seeing growing deployment of smart solutions and a need to reduce carbon emissions, offering lucrative growth opportunities for the market. The region’s high population further drives the demand for housing, making it an opportune market for smart city development.
Key Market Players
Key players in the Smart Cities market include:
- Cisco Systems (US)
- Ericsson (Sweden)
- ABB (Switzerland)
- AGT International (Switzerland)
- KAPSCH Group (Austria)
- IBM (US)
- Vodafone (UK)
- Honeywell International Inc. (US)
- Telensa (England)
- Schneider Electric (France)
- Siemens AG (Germany)
Market Segmentation
The global Smart Cities market is segmented based on service building type, smart utilities, and regions:
- Service Building Type:
- Type
- Solutions
- Services Deployment and Integration
- Smart Utilities:
- Public Safety
- Smart Healthcare
- Smart Education
- Smart Street Lighting
- e-Governance
About Report Ocean
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