Smart Cities Market

Smart Cities Market Size, Share, Growth (2023-2028)

Smart Cities Market was at USD 825,778.8 million, and it’s expected to reach USD 3180,358.5 million by 2028 with a 21.5% CAGR.

Smart Cities Market Drivers

In the global smart cities market, various types of factors play an essential role in growth and development in the market. The increasing investment of money by the government for smart city and initiatives taken by governments drive the overall demand for smart cities.  Also, rising urbanization boosting the technology market in smart cities which help the consumer in daily life is one of the important driving factors for the changing preference of the consumer towards smart city plans. The rising involvement in the sector of corporates and public-private partnerships is the new market-driving opportunity for smart city projects. Also, the manufacturing of Electric Vehicles has started for the smart city to reduce air and noise pollution, promoting the growth of the market. In the Asia Pacific region, the technology base components are implemented in smart cities which are pivotal in the growth of the Asia Pacific smart city market. In Latin America, the changing preferences of people towards the smart city and demand for technology give new opportunities in their smart city projects, which are newly growing. Also, the people used Information and communication technology day by day so the use of internet services drives the new trend in the industry. Hardware and software have increased the market growth with the help of computer-based services in the global smart city market. Besides, the use of Artificial Intelligence in the Smart City market drives the major adoption in the sectors of education, healthcare, transportation, and so on.

Market Restraints

The increasing demand for smart cities is making a few changes in the traditional method of human beings. The technology used for improving lifestyle is creating distance between rural areas and urban areas. Such as continually searching and acquiring land is the major restraint factor.  The growth of Population and well-planned cities in every country creates difficulty in providing a smart city facility for everyone. Also, increasing pollution and overcrowding increased because of urbanization and industrialization due to smart cities. Smart City provides a lavish lifestyle but due to this reason natural resources are going to existing and they come in danger. Some government rules are in favor of nature which not gives permission for smart cities. Smart city lifestyle is highly cost-effective so middle class and lower class consumers are not going to adopt the facilities of smart City. Also, the increasing demand for internet service is creating a cyber-crime, and it is the most harmful and restraining aspect.

SMART CITIES MARKET REPORT COVERAGE:

Smart Cities Market Segmentation:

Smart Cities Market - By Focus Area:

• Transportation

• Building

• Utilities

Air transportation is the major element of a smart city that is having a major share. APAC & MEA are the future growing regions in smart city transportation. The smart utilities are categorized as advanced metering infrastructure, distribution, and management systems. In the utilities sector, the distribution management system drives the demand response management, therefore, having a notable market share.

By Transportation:

• Smart Ticketing

• Traffic Management

• Passenger Information Management System

• Freight Information System

• Connected Vehicles

Primetime of the smart city management, the focus is secured for traffic management and passenger information but now the focus is going towards the connected vehicle segments.

By Smart Building and Solution:

• Building Energy Optimization

• Emergency Management System

• Parking Management Systems

Smart cities would face most of the factors in the future so the management of this all section is really important. Emergency services are the most important part in a smart city.

Smart Cities Market Regional Analysis:

1. North America

2. Europe

3. APAC

4. LATAM

5. Middle East and Africa

After the European countries, Asia Pacific is the most leading smart city market. In this region, almost 80 countries have completed the smart city infrastructure. With favorable government initiatives, different countries are making some development under smart city projects. For instance, India invested 107.95 crore rupees in smart city projects. China invested 500 crores and Dubai planned 100% paperless government.

Leading industry

In the global Smart City market for energy, Schneider Electric is a leading company and in all over the market, IBM Corporation is a leading company for all components.

Smart Cities Market Key players

In the global smart city market, some of the major players are:

1. IBM Corporation (U.S.)

2. Ericsson (Sweden)

3. Cisco Systems Inc.(U.S.)

4. Oracle Corporation (U.S.)

5. Microsoft Corporation (U.S.)

6. Huawei Technologies Co Ltd. (China)

7. AT&T Inc. (U.S)

8. Schneider Electric SE (France)

9. Siemens AG (Germany)

10. Hitachi Corporation (U.S.) and so on