Smart Cities Market to hit US $651.7 billion by 2028

Smart Cities Market to hit US $651.7 billion by 2028

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Developing economies and booming IT sector is expected to provide opportunities for market growth

The “Smart Cities Market by Application (Smart Governance (City Surveillance, Command & Control Solution, E-governance, Smart Lighting, Smart Infrastructure) Smart Building, Environmental Solution, Smart Utilities ( Energy Management, Water Management, Waste Management, Smart Transportation (Intelligent Transportation System, Parking Management, Smart Ticketing & Travel Assistance), Smart Healthcare) and by Region, Global Forecast, 2018 to 2028” study provides an elaborative view of historic, present and forecasted market estimates.

The global smart cities market size is projected to reach nearly USD 651.7 billion by 2028. Besides, it is projected to gather a CAGR of above 18.0% over the forecast years 2021-2028. A smart city is a metropolitan environment that uses digital technologies such as the Internet of Things ( IoT), Artificial Intelligence (AI), Big Data, Cloud Computing Technology, and Data Analytics for data processing and measurement of usage and the effective use of assets, resources and services. Growth in the smart cities sector is powered primarily by increasing government policies for overpopulation and urbanization management and an increasing need for resource management for sustainable development.

Artificial intelligence has become an important part of many sectors and is finding its way through smart city projects. Smart cities have a range of AI-driven solutions for maintaining a healthy climate, supporting public transport and safety. AI should consider how city services are being used and how they operate. It lets city officials consider how the city reacts to different shifts and programs. Leading economies around the world are spending billions of dollars on improving artificial intelligence technology. AI has a great opportunity for future development and smart city ventures will use this platform for different applications from waste control, traffic management, and building automation to street surveillance, hazard identification and response, emergency management, and e-government.

The report also outlines the various characteristics of the global smart cities industry by assessing the market from value chain analysis. Moreover, the smart cities market report comprises various qualitative parts of the smart cities industry in market restraints, essential industry drivers, and opportunities. Furthermore, the report provides a complete assessment of the market through company profiling and the competitiveness of the local as well as global vendors.

The smart cities market has solid competition amongst the already well-known and new market players. Besides, the smart cities industry players are pursuing potential markets to seize a competitive lead among the other industry players by forming mergers & acquisitions, agreements, acquiring other companies & new startups, establishing collaboration & partnerships, and growing their business existence.

Based on the application segment, the market is bifurcated into smart governance, smart building, environmental solutions, smart utilities, smart transportation, and smart healthcare. The smart utility segment accounted for a largest market share in 2019 and is also anticipated to witness lucrative growth over the forecast period. Several countries are focused on deploying emerging systems for the distribution and billing of power, water, and Liquefied Petroleum Gas (LPG) to people to enhance the supply and efficiently track their consumption. The market growth of this segment is mainly due to the growing demand for electricity grids and smart meters in urban areas due to the increasing need to monitor energy consumption and to build sustainable communities.

The Asia-Pacific region is projected to accumulate the highest growth during the forecast years. The market growth in this region is mainly ascribed to the Significant investment in technology modernization and expanded implementation of automation technologies such as the Internet of Things ( IoT) and the Artificial Intelligence (AI). However, the North American region held the highest market share in 2019 and it is projected to remain dominant during the forecast years 2021-2028.

The major players of the global smart cities market are Cisco Systems, IBM, Siemens AG, Microsoft, Hitachi, Schneider Electric, Huawei, Intel, Fujitsu, Oracle, and SAP SE. Moreover, the market comprises several other prominent players in the smart cities market that are Ericsson, ABB, Honeywell, Google, and AWS. The Smart Cities market consists of well-established global as well as local players. Besides, the previously recognized market players are coming up with new and advanced strategic solutions and services to stay competitive in the global market.

Source: Adroit Market Research
Image: Deusto Faculty of Engineering

Smart Cities Market to hit US $651.7 billion by 2028

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