Smart Cities Market to be Worth $6,965.02 Billion by 2030: Million Insights
FELTON, Calif., Dec. 14, 2022 /PRNewswire/ -- The global smart cities market size was valued at USD 1,090.64 billion in 2021 and is projected to be valued at USD 6,965.02 billion by 2030, showcasing a CAGR of 24.2% from 2022 to 2030. Rapidly growing urbanization, the need for effective infrastructure management, and asset management are some of the many factors encouraging governments to make notable investments toward the development of smart cities.
Key Industry Insights & Findings from the report:
- Based on application, smart transportation segment accounted for 20% of the total revenue share in 2021. The increasing number of vehicles on the road and the absence of an effective traffic management system have driven the need for a robust smart transportation system.
- Smart governance segment is expected to witness a considerable CAGR of 23.7% over the projected timeframe. The expansion may be attributed to the growing adoption of smart technologies that are being supported by the governments to enhance accountability, transparency, security, and citizens' participation by creating a better government-public partnership.
- Considering smart governance insights, city surveillance segment held a market share of more than 20% in 2021. The expansion in the industry may be attributed to the rising security and public safety concerns, which will encourage the use of video management solutions and IP cameras worldwide.
- On the basis of smart utilities, energy management segment held a considerable share of revenue of more than 55% in 2021. Urbanization leading to the industrialization has led to a rise in demand for energy globally. Virtual power plants that operate on machine learning, AI, and IoT are gaining popularity as they offer efficiency and security. Key market players are focusing on establishing a robust R&D infrastructure to supplement the development and overview of advanced energy management solutions, to integrate advanced technologies like blockchain.
- Geographically, North America held a major share of smart cities of over 30% in the year 2021. The regional market expansion is supported by digital transformation in the region in various sectors of the economy such as telecom, banking, and government, among others. High awareness among people in the region to reduce their carbon footprint has led them to make smarter choices further propelling the business scope of smart cities in the region.
- In similar context, Asia Pacific is expected to register a significant CAGR of 27.7% during the period of study. The steady market growth in the region may be due to rapid economic development in the region and a rapidly developing IT sector in the region. With governments in countries like India, South Korea, Singapore, and China supporting the development of smart cities and investing in it, these factors will drive regional smart cities market growth.
Read 180 page full market research report for more Insights, "Smart Cities Market Size, Share & Trends Analysis Report By Application, By Smart Governance, By Smart Utilities, By Smart Transportation, By Region And Segment Forecasts From 2022 To 2030", published by Million Insights.
Smart Cities Market Growth & Trends
Technological advancements have fuelled the adoption of the Internet of Things or IoT in smart cities to manage the flow of traffic, monitor city infrastructure, and also monitor the quality of air and water in a city. The growing need to ensure public safety, effective use of resources, the need to meet the surging energy demand, and the need for a healthy environment have all steered the development of smart cities in both developed as well as developing countries.
The rapidly rising urban popultion has driven the demand for sustainable infrastructure across the globe. Governments across a number of countries are undertaking steps and heavily investing to counter concerns related to the rising population in urban areas through the development of smart cities. Safety, utility management, and mobility are some of the major aspects that are efficiently handled in smart cities. The growing use of novel technologies such as nanotechnology, AI, cloud computing, big data analytics, open data, and cognitive computing, among various others.
Increasing implementation of several public-private partnership models like Build, operate, transfer (BOT), Bill of Materials, Build, Own, Operate (BOO) are considerably driving the implementation of various smart city projects globally.
Smart Cities Market Segmentation
Million Insights has segmented the global smart cities market based on application, smart governance, smart utilities, smart transportation, and region:
Smart Cities Market - Application Outlook (Revenue, USD Million, 2017 - 2030)
- Smart Governance
- Smart Building
- Environmental Solution
- Smart Utilities
- Smart Transportation
- Smart Healthcare
Smart Cities Market - Smart Governance Outlook (Revenue, USD Million, 2017 - 2030)
- City Surveillance
- Smart Lighting
- Smart Infrastructure
Smart Cities Market - Smart Utilities Outlook (Revenue, USD Million, 2017 - 2030)
- Energy Management
- Water Management
- Waste Management
Smart Cities Market - Smart Transportation Outlook (Revenue, USD Million, 2017 - 2030)
- Intelligent Transportation System
- Parking Management
- Smart Ticketing & Travel Assistance
Smart Cities Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- Nordic Region
- Eastern Europe
- Asia Pacific
- Latin America
List of Key Players of Smart Cities Market
- ABB Limited
- AGT International
- AVEVA Group plc.
- Cisco Systems, Inc.
- 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
- Vodafone Group plc
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