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. Technologies such as Big Data, Cloud Computing, and the Internet of Things (IoT) have contributed to innovation by incorporating the Internet into daily human functions, simplifying and enhancing human life. Over the coming years, developments in the field of artificial intelligence are expected to pave the groundwork for the advancement of technology that will have a huge effect on human life. Moreover, the advancement of technology such as hybrid cars and green energy systems will make a major contribution to the development of smart cities. As a result, the spread of technology in the coming years is expected to improve the development potential of urban infrastructure stakeholders. —
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Smart Cities Market: Advances in Smart Utilities and Smart Traffic Management to Augment Substantial Growth
Global smart city market is anticipated to witness flourishing growth with astonishing progresses in urbanization. Technological milestones marked by large scale adoption of 5G ad IoT technologies on the back of favorable internet connectivity are likely to amplify massive growth in global smart cities market in foreseeable future, a new research report of Adroit Market Research concludes.
Energy consumption challenges are gaining impeccable attention across developing and developed economies alike to encourage sustainable consumption patterns. Legacy electricity infrastructure continues to interfere with smooth functioning across energy industries. With advances in smart city development pacing up, optimal distribution and consumption patterns are likely to be synergized. Therefore, adequate energy consumption and distribution infrastructure is likely to steer high revenue growth in global smart cities market in foreseeable future.
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Advances in advanced security infrastructure and smart utilities perk up growth avenues in smart cities market. Other parallel aspects such as smart street lighting, traffic management as well as waste management are gaining fast track adoption backed by tremendous funding aids and government initiatives, thus bolstering tremendous growth in global smart cities market. Emerging and populous economies across APAC, comprising of India, Singapore, China, Korea and the like are witnessing tremendous mobility of rural population into the urban fringes which therefore creates ample expansion opportunities for smart cities market. Corona virus pandemic is also unleashing novel opportunities for significant traction in smart cities projects as several governments are accelerating digital transformation to improve economic outcome.
To limit physical proximity as apt virus containment initiative, several countries such as Singapore and UAE are accelerating investments towards smart cities transformation. Technologies such as AI and machine learning are anticipated to drive tremendous growth triggers inclusive of requisite investments in sensor technologies. Thus with these developments in place, global smart cities market is anticipated to etch novel growth through the forecasts span.
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). However, the North American region held the highest market share in 2019 and it is projected to remain dominant during the forecast years 2021-2028.
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. The Smart Cities market consists of well-established global as well as local players. Besides, the previously recognized market players are coming up with new and advanced strategic solutions and services to stay competitive in the global market.
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Segment Overview of Global Smart Cities Market
Application Overview, 2018-2028 (USD Million)
• Smart Governance
• City Surveillance
• Command & Control Solution
• Smart Lighting
• Smart Infrastructure
• Smart Building
• Environmental Solution
• Smart Utilities
• Energy Management
• Water Management
• Waste Management
• Smart Transportation
Intelligent Transportation System
• Parking Management
• Smart Ticketing & Travel Assistance
• Smart Healthcare
Regional Overview, 2018-2028 (USD Million)
• North America
• Rest of Europe
• Asia Pacific
• Rest of Asia-Pacific
• Middle East and Africa
• South Africa
• Rest of Middle East and Africa
• South America
• Rest of South America
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