The size of the smart city market was estimated at USD 425.9 billion in 2022. According to projections, the Smart City market industry would increase from USD 491.9 billion in 2023 to USD 1558.1 billion by 2032, growing at a compound annual growth rate (CAGR) of 15.50% over that time. The primary market drivers boosting market expansion include growing demand for digitization and reliable IT as well as increased demand for public safety and communication infrastructure.
With the application of technology like machine learning and artificial intelligence, smart cities assist people, organisations, or systems in becoming self-sufficient and futuristic. These technologies acquire a lot of data to enhance the systems and components to run the cities and make them capable of making wise decisions without.
Key Companies in the Smart City market include
- Itron and Yokogawa Electric Corporation
- Microsoft Corp
- Cisco Systems Inc.
- Essent
- NEC Corporation India
- AspenTech
- Emerson Electric Co.
- Ericsson Inc.
- ABB Ltd
- Bharat Electronics Ltd
- EFKON India Pvt.
- IBM
- Oracle Corporation
- Panasonic Corporation
The demand for sustainable constructions is rising as a result of urbanisation and population growth. The information gathered by the robots aids in planning for smart cities through predictive analysis and decision-making.
To meet the demands of the expanding population, the governments in various regions are taking the initiative. There are various issues associated with the growing urbanisation, including meeting the increased housing demand, creating infrastructure and transportation systems, and creating jobs. Governments around the world are planning to create connected smart cities using IoT, AI, ML, M2M communication, and cloud computing to meet needs and give people access to internet infrastructure, a sustainable and clean environment, and higher living standards.
In this way, the development of municipal infrastructure will promote economic growth, improve people's quality of life, and increase the sustainability of the city. The initiatives for smart cities have a strong emphasis on creating a sustainable and environmentally friendly urban environment, reducing carbon emissions, and safeguarding natural resources.
The major market players are spending money on R&D to create new systems and technologies for connected infrastructure in smart city initiatives. The successful project execution of smart cities is being aided by the growing use of the built-own-operate, build-operate-transfer, original brand manufacturer, and bill of material business models. driving the income of the Smart City sector.
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Segment Insights:
Hardware, software, and services are included in the segmentation of the smart city market depending on component type. The market was dominated by the hardware sector, which generated the most income. In order to assure the effective operation of the systems they support, the hardware components that are crucial to smart cities—sensors, cameras, and networking technology—must be highly reliable.
Smart Security, Smart Building, Smart Transportation, Smart Governance, Smart Energy, Smart Healthcare, and Others make up the application-based segmentation of the smart city market. The market for smart cities is dominated by the smart security application segment.
The analysis offers market insights for each region separately, including North America, Europe, Asia-Pacific, and the Rest of the World. Because smart city technologies are being adopted more widely in the region, the North American Smart City market dominates the industry. The economies of the nations in this region are stable and strong, enabling them to invest heavily in R&D initiatives to advance new technology. They have used technologies like cloud edge computing and network slicing for strategic urban management, enabling them to embrace smart cities at a reasonable cost. The US is the top exhibitor in the region's expanding smart city market.
Because of the growing digital infrastructure, growing disposable income, and government measures to improve traffic and reduce traffic and air pollution, the Asia Pacific Smart City market has the second-largest market share. Additionally, the Indian Smart City market was the fastest-growing market in the European region, and China's Smart City market had the biggest market share. From 2023 to 2032, the European Market is anticipated to experience the fastest CAGR growth. This is a result of expanding R&D efforts to create new technologies that will support smart city systems. Additionally, the UK market was the fastest-growing market in the Asia-Pacific region, while the German Smart City market had the biggest market share.
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