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Smart Cities Market Size is projected to reach USD 3363 Billion By 2028 | CAGR-22.1%

Global Smart Cities Market size is projected to reach USD 3,363 billion by 2028 from an estimated USD 831.13 billion in 2021, growing at a CAGR of 22.1% globally.

A smart city is a technologically modern urban area that uses different types of electronic methods and sensors to collect specific data. Information gained from that data is used to manage assets, resources and services efficiently; in return, that data is used to improve operations across the city. The smart city concept integrates information and communication technology (‘ICT’), and various physical devices connected to the Internet of things (‘IoT’) network to optimize the efficiency of city operations and services and connect to citizens. Smart city technology allows city officials to interact directly with both community and city infrastructure and to monitor what is happening in the city and how the city is evolving.

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Report Scope:

Report Attribute Details
Market Size In 2021 USD 831.13 Billion
Market Size in 2028 USD 3,363 Billion
CAGR Growth Rate 22.1 %
Base Year 2021
Forecast Period 2022 to 2028

Recent Developments in Smart Cities Market:

  • In November 2021, Schneider Electric, a global leader in energy management and automation, launched Green Yodha, a sustainability engagement program in India, to encourage and enable businesses, industries, and individuals to collaborate and take tangible climate action. This urgent call to action aims to support the Indian government’s robust commitment expressed at COP26.
  • In August 2021, ABB India collaborated with the Indore Smart City Development Limited to deploy next-generation digital technology that will provide continuous electricity supply to homes and industries in Indore. In the first phase of the deployment, the technology utilized in this partnership has achieved 24/7 electricity supply to more than 2300 connections with an efficient automatic response system (ARS) in case of power outages or disruption.

Leading Key Players:

  • 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)
  • KAPSCH Group (Austria)
  • AGT International (Switzerland) and Other Major Players.

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Market Dynamics and Factors:

Drivers:

Integration of automation, machine learning, and IoT has paved the way for the development of smart cities. Boosting economic growth and providing citizens with a high quality of life are the essential components offered by a smart city.

Restraints:

The introduction of surveillance cameras and sophisticated systems networked to monitor areas makes maintaining anonymity more challenging. Face recognition technology, for instance, has fundamentally altered the concept of personal privacy. Moreover, the capacity to track and centralize data provides the person in charge of it a lot of power.

Opportunities:

The rise in the urban population is creating a tremendous strain on non-renewable sources. To tackle the challenges faced by the growing population, governments are partnering with service providers to develop smart solutions that will tackle the problems such as the surge in the number of automobiles, that results in traffic congestion.

Challenges:

Smart city projects must be open to the public and accessible through an open data site or mobile app. It allows residents to interact with the data and fulfill personal duties such as paying bills and choosing efficient transportation options. All this requires a reliable and secure, data collecting and storage system to prevent hacking or misuse of the data.

Market Segment by Type:

  • Smart Governance
  • Smart Building
  • Environmental Solution
  • Smart Utilities
  • Smart Transportation
  • Smart Healthcare

 Market Segment by Application:

  • Software
  • Hardware

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Market Segment by Region:

  • North America (U.S., Canada, Mexico)
  • Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
  • Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
  • Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
  • South America (Brazil, Argentina, Rest of SA)

North America region is expected to dominate the smart cities market in the forecast period attributed to the presence of major service providers in this region. The increase in government fundings to propel the adoption rate of smart technologies in the U.S. and Canada are driving the growth of the smart cities market in this region. The growing awareness about the advantages of smart solutions in managing populated areas, transportation, and the demand for smart buildings to lower the strain on natural resources consolidates the demand for smart cities.

Key Benefits of Global Smart Cities Market Research Report:

  • Market Segmented by Types, Applications, Regions, and key players
  • Potential Market Drivers. restraints, opportunities and challenges in the study
  • Recent Key industry news, developments and trends
  • Leading Competitive landscape & strategies of industry players
  • Research coves market historical, current, and projected market size and share value
  • In-depth analysis of market in terms of sales, price, revenue, market share, and growth rate
  • Research covers the porter analysis Bargaining Power of Suppliers and consumers, Threats of New Entrants, Substitute Product and Services

 

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