Smart Cities Market Size to Reach USD 1,427.84 Billion in 2030 | Emergen Research
VANCOUVER, B.C., Dec. 22, 2022 /PRNewswire/ -- The smart cities market size reached USD 457.18 Billion in 2021 and is expected to register a CAGR of 13.9% during the forecast period, according to the latest analysis by Emergen Research. Growing emergency response demand, and increasing urbanization, as well as aid provided by the health government to develop cutting-edge video surveillance, DNA phenotyping, and real-time license plate and face detection treatments used for community security in smart cities are key market revenue growth drivers.
Smart city initiatives need telecommunication services and public safety applications to be implemented successfully. Future market revenue growth is anticipated to be aided by increased attention to the creation of fixed networks, mobile networks, and customized connections for IoT devices.
Market revenue growth is being fueled by government's efforts and Public-Private Partnership (PPP) plans for smart cities, Internet of Things (IoT) usage, and automation. Major companies' continued technology advancements and increasing use of analytics are enhancing the user experience and boosting market revenue growth. Technical advancements in transportation and a rise in demand for the creation of connected cars, and smart cities are becoming a reality. Governments all around the world are also working to upgrade railways by prioritizing the development of smart cities as urbanization rises. The need for smart railroads is rising as people's preferences for metropolitan metros and ultrafast trains for long-distance travel expand.
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The growth of the transportation industry is being driven by increasing shipments and considerable progress in infrastructure projects for the timely passage of shipping cargoes. As a result, highly developed cargo trains are incredibly popular for management and the transportation of products, which is expected to fuel market revenue growth. For instance, Iteris Inc., and Continental announced the release of Vantage Fusion on December 7, 2021. Vantage Fusion is a hybrid traffic detection system that enables a hybrid video and radar detection system, delivering unmatched detection, tracking, and classification accuracy of vehicles, pedestrians, and cyclists, as well as unique visualization capabilities that enable intuitive, top-down viewing of intersections in real-time.
The advancement of the worldwide market for smart cities is significantly constrained by a number of adverse circumstances. In initiatives involving smart cities, security and privacy are crucial factors. Since smart city environment relies heavily on IoT as well as centralized network nodes for a variety of data, this susceptibility is critical overall. To prevent the issues from spreading to the rest of the smart network, participants, including security experts and smart city builders, must manage privacy and security difficulties in smart cities thoroughly.
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The smart cities market is expected to register a CAGR of 13.9% over the forecast period and revenue is projected to increase from USD 457.18 Billion in 2021 to USD 1,427.84 Billion in 2030. Increasing spending in emerging smart city solutions is expected to support revenue growth of the market.
Current Trends and Innovations:
The Internet of Things (IoT) and Artificial Intelligence (AI), as well as increased developments in green construction technology by major businesses, and environmental knowledge in this region, are all smart automated solutions that may be accessed by creative facilities. For instance, the "LEED" initiative, developed by the United States Green Building Council and the Bank of America Charitable Foundation, assists local governments in putting sustainable practices into practice. To address the country's energy and environmental issues while simultaneously bringing down costs for building owners and tenants, structures must use less energy.
In addition to accomplishing green and technological modernization, a smart and environmentally responsible mobility plan also contains a number of goals for transporting people and goods within and between cities in the future. According to the European Green Deal, establishing a mobility strategy may provide better, more accessible, and safer transportation networks while reducing emissions by 90% by 2050. In addition, significant government spending on the deployment of high-performance trains, increased Activate Window smart city projects, including smart railroads, and increased research and development investments for autonomous train development are all contributing to the market's revenue growth.
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Major companies included in the market report are Cisco Systems, IBM, Siemens AG, Schneider Electric, EricssonVodafone, Itron Inc., Verizon, Telensa, ABB, Honeywell International Inc., SAP SE, KAPSCH Group, and AGT International.
Scope of Research
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Emergen Research has segmented smart cities market on the basis of solution and application and region:
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