The most recent study conducted by Report Ocean, titled “Global Smart Cities Market Size, Share, Pricing, Trends, Growth, Report and Forecast 2023-2030,” presents a comprehensive analysis of the worldwide market. This research delves into the factors driving the market, emerging trends, opportunities for development, as well as potential limitations that may affect the Smart Cities. The report provides an estimation of the global market size and examines recent strategic actions taken by prominent international competitors.
Global Smart Cities Market to reach USD 992.59 billion by 2027.Global Smart Cities Market is valued approximately USD 401.58 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 13.8 % over the forecast period 2021-2027. Smart Cities are cities which use Information and Communication Technology (ICT) to share information with public to improve operational efficiency and provide better public service, and citizen welfare. The demand for efficient and fast transport and commuting will fuel the smart cities market growth. Also, increasing demand for healthy environment with efficient energy consumption and growing government investments in infrastructure will be major driving factors for smart cities market.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
For instance, according to Ministry of New and Renewable Energy (MNRE), India and France have formed an International alliance in November 2015, namely, International Solar Alliance (ISA), with the aim of investing USD 1000 billion by 2030 for deployment of solar energy. However, high cost of implementation impedes the growth of the market over the forecast period of 2021-2027. Also, with the increasing deployment of 5G network, the demand for Smart Cities is likely to increase during the forecast period.
The regional analysis of global Smart Cities market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is a significant region across the world in terms of market share owing to the presence of advanced infrastructure and top market players. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate over the forecast period 2021-2027. Factors such as growing urbanization and increasing government initiatives to boost the adoption of smart cities would create lucrative growth prospects for the Smart Cities market across Asia-Pacific region.
Major market player included in this report are:
Cisco
Siemens
Hitachi
IBM
Microsoft
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Schneider Electric
Huawei
Intel
NEC
ABB
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Smart Transportation:
Component
Type
By Smart Building:
Component
Type
By Smart Utilities:
Component
Type
By Smart Citizen Services:
Smart Healthcare
Smart Education
Smart Public Safety
Smart Street Lighting
E-Governance
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By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Russia-Ukraine War on Market
The market is anticipated to suffer because of the Russia-Ukraine War. The demand for the market has decreased as a result of the political unrest and economic unrest in the area. The war had a detrimental impact on global economic activity, adding to inflationary pressures globally and hindering the post-pandemic recovery, even if it was not the primary cause of the slower-than-anticipated economic growth in 2022 and revised estimates for 2023.
The Five Forces analysis examines the following factors:
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
The PESTLE analysis takes into account the following dimensions:
- Political factors: This includes political policies, stability, and factors related to trade, fiscal policies, and taxation policies.
- Economic factors: This involves analyzing interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates.
- Social factors: These encompass changing family demographics, education levels, cultural trends, shifts in attitudes, and changes in lifestyles.
- Technological factors: This examines changes in digital or mobile technology, automation, and research and development in the relevant industry.
- Legal factors: This entails analyzing employment legislation, consumer law, health and safety regulations, as well as international trade regulations and restrictions.
- Environmental factors: This dimension considers aspects such as climate change, recycling procedures, carbon footprint, waste disposal, and sustainability practices.
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