The global smart cities market size is projected to reach nearly USD 651.7 billion by 2028. Besides, it is projected to gather a CAGR of above 18.0% over the forecast years 2021-2028. A smart city is a metropolitan environment that uses digital technologies such as the Internet of Things ( IoT), Artificial Intelligence (AI), Big Data, Cloud Computing Technology, and Data Analytics for data processing and measurement of usage and the effective use of assets, resources and services. —
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A smart city is a city that well-connected and has various information and communication technologies deployed in order to enhance the quality of citizen welfare along with quality of government services and also helps in sharing information among public. The smart city technology is widely being adopted across the globe in recent years in order to enhance public safety that can range from supervising areas of high rates of crime to improving emergency preparedness with the use of sensors and many more. The global Smart Cities Market has recorded a noteworthy growth in the performance in this time. The growth of the industry is accredited by various growth driving measures. The increasing awareness regarding ‘smart everything’, the industry has also managed to gather rising attention which is probably the result of increasing technological innovations.
The major aspect responsible for the upsurge in the growth of Global Smart Cities Market is the increasing penetration of digital devices in our lives. In addition to that, several dedicated governing bodies, city governments and central/federal governments are providing support by contributing into the development of the industry by providing funds. Moreover, the factors like advancements in infrastructure, technology ecosystems, governance structures and funding and financing models are also playing a crucial role in the growth of the Smart Cities industry. Smart cities influence the innovations as well as available technologies in order to improve the living conditions of its residents. The market growth is also driven by recent technological advancements in sectors like intelligence gathering, governance, energy, transport, healthcare, etc.
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Furthermore, the rising demand for sustainable infrastructure due to rising urbanization and increasing population has also been propelling the growth of the market. Several governments across the globe are trying to resolve the issues came to raise rapid growth in urbanization and growing population by the adaptation of smart city initiatives across domains like safety, utility management, mobility, etc. Moreover, the rise in greenhouse gas emissions and an increase in traffic congestion are promoting efficient energy management and intelligent mobility applications. The emerging growth in the smart city sector like open data, cognitive computing, big data, cloud computing and Internet of Things have also been providing lucrative growth opportunities for development in the global market. Furthermore, the rising implementation of various Public Private Partnership (PPP) models like BOM, OBM, BOT and BOO are adding fuel to the market growth.
The Asia-Pacific region is projected to accumulate the highest growth during the forecast years. The market growth in this region is mainly ascribed to the Significant investment in technology modernization and expanded implementation of automation technologies such as the Internet of Things ( IoT) and the Artificial Intelligence (AI).
The major players of the global smart cities market are Cisco Systems, IBM, Siemens AG, Microsoft, Hitachi, Schneider Electric, Huawei, Intel, Fujitsu, Oracle, and SAP SE. Moreover, the market comprises several other prominent players in the smart cities market that are Ericsson, ABB, Honeywell, Google, and AWS.
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Segment Overview of Global Smart Cities Market
Application Overview, 2018-2028 (USD Million)
Command & Control Solution
Intelligent Transportation System
Smart Ticketing & Travel Assistance
Regional Overview, 2018-2028 (USD Million)
Rest of Europe
Rest of Asia-Pacific
Middle East and Africa
Rest of Middle East and Africa
Rest of South America
List of Figures
FIG. 1 Market size estimation: Top-down methodology
FIG. 2 Forecasting methodology
FIG. 3 Global Smart Cities Market, By Application 2018-2028 (USD Million)
FIG. 4 Value chain analysis of the Smart Cities Market
FIG. 6 Smart Cities Market for Smart Governance By Region, 2018-2028 (USD Million)
FIG. 7 Smart Cities Market for Smart Building By Region, 2018-2028 (USD Million)
List of Tables
TABLE 1 Market Snapshot: Smart Cities Market
TABLE 2 Smart Cities Market for Applications by Region, 2018-2028, USD Million
TABLE 3 Smart Cities Market for Services by Region, 2018-2028, USD Million
TABLE 4 Smart Cities Market for Smart Governance by Region, 2018-2028, USD Million
TABLE 5 Smart Cities Market for Smart Building, by Region, 2018-2028, USD Million
TABLE 6 Smart Cities Market for Environmental Solution, by Region, 2018-2028, USD Million
TABLE 7 Smart Cities Market for Smart Utilities, by Region, 2018-2028, USD Million
TABLE 8 Smart Cities Market for Smart Transportation, by Region, 2018-2028, USD Million
TABLE 9 Smart Cities Market for Smart Healthcare, by Region, 2018-2028, USD Million
TABLE 10 North American Smart Cities Market by Country, 2018-2028, USD Million
TABLE 11 North American Smart Cities Market by Smart Governance, 2018-2028, USD Million
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