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(IT-NEWSWIRE.COM, August 22, 2024 ) Pune, 22, August 2024: The Global Smart Cities Market was valued at USD 1239.08 billion in 2023 and is expected to reach USD 7668.82 billion by 2032, with a CAGR of 22.45%.
The concept of smart cities can be dated back to the 1960s and 1970s when the U.S. Community Analysis Bureau began collecting data by utilizing databases, aerial photography, and cluster analysis to monitor resources, issue reports to direct services, minimize disasters, and reduce poverty. As a result of this initiative, the first generation of smart cities was born. The smart city employs information and communication technology (ICT) to streamline operations, improve government service, enhance citizen welfare, and help the government share data with the public. Technologies such as the Internet of Things (IoT), cloud computing, cognitive computing, big data analytics, and open data are used to optimize city functions and stimulate economic growth while simultaneously enhancing residents' quality of life. Furthermore, cities currently house 54 % of the world's population, which is predicted to increase to 66 % by 2050, resulting in an additional 2.5 billion people joining the urban population in the following three decades. Due to the expected increase in population, the sustainability of resources must be managed on an environmental, social, and economic level. Citizens and public enterprises can work together to launch projects and deploy advanced technologies to manage assets and resources in a growing urban environment.
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Smart Cities Key Competitors include:
Cisco Systems (US)
IBM (US)
Siemens AG (Germany)
Schneider Electric (France)
Ericsson (Sweden)
Vodafone (UK)
Itron Inc. (US)
Verizon (US)
Telensa (England)
ABB (Switzerland)
Honeywell International Inc. (US)
SAP SE (Germany), and other major players.
Smart Cities Market Dynamics
In smart urban environments, technologies such as video surveillance, DNA phenotyping, real-time license plate tracking, and facial recognition are extensively deployed for public safety, highlighting the importance of surveillance in safeguarding citizens. Smart city solutions aggregate data from diverse urban sources to facilitate traffic safety, data-driven policing, and optimized emergency response protocols. This proactive approach not only enhances crime-fighting capabilities but also ensures safer conditions for first responders. Utilizing smart systems can streamline call center and field operations, while preemptive traffic signal management prioritizes clear pathways for emergency vehicles. The introduction of 5G technology has greatly affected the world of cloud computing. The high-speed, low-speed connectivity enabled by 5G has revolutionized communication and accelerated data transfer. For example, a 5G-connected street light with a video camera or ball sensor can quickly send information to security authorities and increase response time. In addition, 5G will enable high-speed video analysis and AI access, helping to increase city security. Drones are important in many 5G use cases to ensure public safety, especially for first responders, where there are few 5G video cameras spread throughout the city. In healthcare, a 5G-connected ambulance constantly communicates with traffic signals and chooses non-stop routes while maintaining communication with hospital staff. The arrival of 5G will allow cities to use artificial intelligence to analyze large amounts of data from sensors and cameras to help make decisions for city managers, owners of buildings, and building managers. Considering that countries are actively improving their networks to implement urban plans through 5G, the cost savings are huge.
Smart Cities Market Regional Insights
North America dominated the Smart Cities Market in 2023 and is expected to continue its dominance over the forecast period. Increasing government funding to increase the use of smart technologies in the US and Canada has fueled the growth of the smart city market in the region. Increasing awareness of the benefits of smart solutions to manage space, and transportation and the demand for smart buildings to reduce pressure on natural resources is strengthening the demand for cities. smart. The industrial sector of the region is highly developed, industries and service providers have worked together to reduce their carbon footprint in the region by introducing smart technologies that help to better manage the available resources. The 5G infrastructure is poised to help the development of the urban market in this region.
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Smart Cities Market Segment Analysis
By Type
Smart Governance
Smart Building
Environmental Solution
Smart Utilities
Smart Transportation
Smart Healthcare
Based on the Type, the market is segmented into Smart Governance, Smart Building, Environmental Solutions, Smart Utilities, Smart Transportation, and Smart Healthcare. Smart Transportation is expected to dominate the Smart Cities Market during the forecast period. Connected transportation systems provide great potential to improve efficiency throughout the city. From better traffic management to the ability to track bus and train stops, smart technologies will enable cities to better serve their citizens despite growing populations. Smart vehicles make better use of available resources and reduce costs through preventative maintenance, reduced energy consumption, and lower accident costs. When public transportation is cheap and convenient, people can save money from their competitors who own a car. According to the Texas A&M Transportation Institute, vehicle sales in the United States contribute $179 billion to the U.S. economy each year. This cost can be reduced by the use of smart technologies, thereby increasing the expansion of the smart transportation sector during the analysis period.
By Component
Software
Hardware
GLOBAL SMART CITIES MARKET BY REGION
NORTH AMERICA
USA
Canada
Mexico
EASTERN EUROPE
Russia
Bulgaria
The Czech Republic
Hungary
Poland
Romania
Rest Of Eastern Europe
WESTERN EUROPE
Germany
United Kingdom
France
The Netherlands
Italy
Spain
Rest Of Western Europe
ASIA PACIFIC
China
India
Japan
South Korea
Malaysia
Thailand
Vietnam
The Philippines
Australia
New-Zealand
Rest Of APAC
MIDDLE EAST & AFRICA
Turkey
Bahrain
Kuwait
Saudi Arabia
Qatar
UAE
Israel
South Africa
SOUTH AMERICA
Brazil
Argentina
Rest of South America
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Key questions answered in the Smart Cities Market report are:
Which market segment dominated the global Smart Cities market in 2023?
What are the current global trends in the Smart Cities market?
What future industry applications and trends are emerging in the Smart Cities market?
What growth strategies are companies adopting to expand their presence in the Smart Cities market?
Who are the leading companies in the Smart Cities market, and what are their product portfolios?
What are the primary challenges that the Smart Cities market may face in the future?
Which region had the largest share of the Smart Cities market in 2023?
How is the regulatory environment influencing the Smart Cities market?
Key Offerings:
Market Size, Share, Size & Forecast by Different Segments | 2024−2032
Smart Cities Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
Market Trend Analysis
Pestle Analysis
Porter’s Five Forces Analysis
Industry Value Chain Analysis
Ecosystem
Regulatory Landscape
Price Trend Analysis
Patent Analysis
Technology Evolution
Investment Pockets
Smart Cities Market Segmentation
Competitive Landscape – Profiles of selected key players in a strategic perspective
Competitive landscape – Competitive Benchmarking, Smart Cities Market Share by Manufacturer (2023), Industry BCG Matrix, Heat Map Analysis, Mergers & Acquisitions
Analyst Viewpoint and Conclusion
Introspective Market Research, a prominent Technology Media and Communication research firm, has released the following reports:
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