As per this study, the Global Smart Cities Market was valued USD 657.8 BN (by revenue) in 2022 and is anticipated to reach USD 4395.9 BN by 2030 with a CAGR of 26.8%.
A smart city is an urban area that incorporates different types of electronic IoT sensors. This includes temperature sensors, smoke sensors, water quality sensors, and others which collect data and use this data to organize city's assets such as schools, libraries, transportation systems, hospitals, power plants, and other community services. The main purpose of building a smart city is to improve the quality of life by using IoT services to improve the efficiency of services and meet the resident's needs.
Market Dynamics
The rising demand for smart city solutions along with an increasing population and the changing lifestyle of people is stimulating the growth of the smart city market. Moreover, increasing focus on environmental sustainability, as there is a need to optimize and protect the limited natural resources, is further pushing the market growth. On the flip side, the high development cost for smart cities is likely to impede market growth.
This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter's five forces analysis, market attractiveness analysis and value chain analysis. These tools are employed to gain insights of the potential value of the market facilitating the business strategists with the latest growth opportunities. Additionally, these tools also provide a detailed analysis of each application/product segment in the global market of smart cities.
Market Segmentation
The broad smart cities market has been sub-grouped into application and components. The report studies these subsets with respect to the geographical segmentation. The strategists can gain a detailed insight and devise appropriate strategies to target specific market. This detail will lead to a focused approach leading to identification of better opportunities.
By Application
- Smart Governance
- Smart Building
- Environmental Solution
- Smart Utilities
- Smart Transportation
- Smart Healthcare
By Smart Governance
- City Surveillance
- C.C.S.
- E-governance
- Smart Lighting
- Smart Infrastructure
By Smart Utilities
- Energy Management
- Water Management
- Waste Management
By Smart Transportation
- Intelligent Transportation System
- Parking Management
- Smart Ticketing & Travel Assistance
Regional Analysis
Furthermore, the report comprises of the geographical segmentation which mainly focuses on current and forecast demand for smart cities in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report further focuses on demand for individual application segments in all the regions.
Global Smart Cities Market Share by Region (Representative Graph)
The report also covers detailed competitive landscape including company profiles of key players operating in the global market. The key players in the smart cities market include ABB Limited, AGT International, AVEVA Group plc., Cisco Systems, Inc., Ericsson, General Electric, Honeywell International Inc., International Business Machines Corporation, Itron Inc., KAPSCH Group, Huawei Technologies Co., Ltd., Microsoft Corporation, Oracle Corporation, Osram Gmbh, SAP SE, Schneider Electric SE, Siemens AG, Telensa, Verizon, Vodafone Group plc. An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.
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