Smart Cities Market – Allied Market Research
Rise in the need for better natural resource management in urban environments & need for public safety and security fuel the smart cities market growth.
PORTLAND, OR, UNITED STATES, October 3, 2024 /EINPresswire.com/ — Allied Market Research published a new report, titled, ” Growing with 25.2% of CAGR | The Global Smart Cities Market Size Reach USD 6,061 Billion by 2030 .” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global smart cities market size was valued at USD 648.36 billion in 2020, and is projected to reach USD 6,061.00 billion by 2030, growing at a CAGR of 25.2% from 2021 to 2030.
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Increase in adoption of smart cities in multiple regions, emergence of several digital city initiatives, and rise in the need for better natural resource management in urban environments drive the growth of the global smart cities market. On the other hand, numerous security concerns associated with smart cities and lack of funding & adequate infrastructure restrain the growth to some extent. However, incorporation of artificial intelligence in smart cities and the rise in the IoT market & its application in digital cities are expected to create lucrative opportunities in the industry.
The global smart cities market is segmented into component, functional area, and region. Based on component, the market is divided into hardware, software, and service. Depending on the functional area, the market is fragmented into smart infrastructure, smart governance and smart education, smart energy, smart mobility, smart healthcare, smart buildings, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Key Industry Developments
● March 2024: IBM announced the launch of its Smart Cities IoT platform, designed to improve urban infrastructure management through real-time data analytics and AI. This platform aims to enhance city services such as traffic management, energy distribution, and public safety in cities across North America and Europe.
● June 2024: Cisco revealed its new Smart City solution focusing on enhancing public safety and urban mobility. The solution integrates IoT sensors with Cisco’s networking technology to provide cities like London and Paris with advanced analytics and real-time monitoring capabilities.
● August 2024: Siemens deployed a smart grid solution in Singapore, which includes advanced metering infrastructure and energy management systems. This project aims to optimize energy distribution and support the city’s sustainability goals by improving energy efficiency and reducing carbon emissions.
● September 2024: Schneider Electric introduced its EcoStruxure Smart City platform in Dubai, featuring solutions for energy management, smart buildings, and infrastructure monitoring. This platform is designed to support Dubai’s vision of becoming a global leader in smart city technology.
● October 2024: Hitachi launched a smart transportation initiative in Tokyo, integrating AI and IoT technologies to enhance traffic flow and public transit efficiency. This project aims to address urban congestion and improve overall transportation infrastructure in the city..
Covid-19 Scenario
● Trends such as shopping for groceries online, remote working, remote education, telehealth services, etc. have now become highly popularized, which in turn has boosted the smart cities market positively during the pandemic.
● This trend is most likely to continue post pandemic as well.
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By component, the hardware segment contributed to the major share in 2020, holding nearly three-fifths of the global smart cities market. Growth in demand for hardware components in smart cities drive the growth of the segment. The services segment, however, would cite the fastest CAGR of 27.1% during the forecast period. Widespread implementation services availed by smart cities fuel the segment growth.
By functional area, the smart infrastructure segment accounted for the major share in 2020, holding around one-fifth of the global smart cities industry, due to increasing demand for intelligent infrastructure post the outbreak of global pandemic. The smart energy segment, on the other hand, is also expected to grow at the fastest CAGR of 28.1% from 2021 to 2030. This is attributed to rise in demand for clean and green energy.
By region, the market across North America had the lion’s share in 2020, generating around two-fifths of the global smart cities market, due to various government initiatives to promote smart cities in the province. The Asia-Pacific region, simultaneously, is projected to portray the fastest CAGR of 28.7% by 2030, due to growing economic transformation in the region.
The global smart cities market is dominated by key players such as AT&T Intellectual Property, Cisco Systems, Inc., Ericsson, General Electric, Hitachi, Ltd, Huawei Technologies Co. Ltd., IBM Corporation, Intel Corporation, Microsoft Corporation, and Schneider Electric. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
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