Smart Cities Market Outlook
A smart city refers to a technology-intensive metropolitan area that predominantly utilizes advanced frameworks to collect data, improve operational efficiency and provide enhanced government services. It employs various integrated sensors and information and communication technologies (ICTs) that help manage assets and accomplish long-term economic development by excelling in diverse key areas, such as sustainability, mobility, and living conditions.
The global smart cities market reached a value of US$ 882.3 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 2,482.3 Billion by 2027, exhibiting a CAGR of 18.34% during 2022-2027.
Apart from this, smart cities optimize time in public service and hospital lines, leverage technological infrastructure to provide beneficial opportunities to local companies, and better citizen collaborations.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Smart Cities Market Trends:
Rapid urbanization, the increasing desire for better life quality, and the growing demand for healthy environment, public safety, infrastructure, and assets management solutions with minimal energy consumption properties are mainly driving the market growth. In line with this, the rising consumer awareness regarding global warming and ozone depletion has encouraged several governments to implement digital city initiatives to limit emissions and improve natural resource management in urban environments.
Additionally, the integration of artificial intelligence (AI), nanotechnology, big data analytics, open data, the internet of things (IoT), cloud, and cognitive computing to simulate the human thought process in complex circumstances, is propelling the market growth. Besides this, the widespread adoption of different public-private partnership models, such as Build, own, operate (BOO), Organizational Behavior Management (OBM), and Bill of Materials (BOM), is contributing to the market growth.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Competitive Landscape with Key Players:
The competitive landscape of the market has been analyzed in the smart cities market report, along with the detailed profiles of the major players operating in the industry. Some of these players are:
- ABB Group (NYSE: ABB)
- Cisco Systems Inc.
- Alphabet Inc.
- International Business Machines (IBM) Corporation
- Microsoft Corporation
- Oracle Corporation
- Schneider Electric
- Hitachi, Ltd.
- Siemens AG
- Huawei Technologies Co. Ltd.
- Intel Corporation
- General Electric (GE) Company
- Telefonaktiebolaget L M Ericsson
- Toshiba Corporation
- Honeywell International Inc.
- ATT Communications
Key Market Segmentation:
The report has categorized the market based on smart citizen services, focus area, smart transportation, smart buildings and smart utilities.
Breakup by Smart Citizen Services:
- Smart Education
- Smart Healthcare
- Smart Public Safety
- Smart Street Lighting
- Others
Breakup by Focus Area:
- Smart Transportation
- Smart Buildings
- Smart Utilities
- Smart Citizen Services
Breakup by Smart Transportation:
- Smart Ticketing
- Traffic Management System
- Passenger Information Management System
- Freight Information System
- Connected Vehicles
- Others
Breakup by Smart Buildings:
- Building Energy Optimization
- Emergency Management System
- Parking Management System
- Others
Breakup by Smart Utilities:
- Advanced Metering Infrastructure
- Distribution Management System
- Substation Automation
- Others
Regional Insights:
- Europe
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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