Pune, 6, Dec 2022: The Smart Cities Market is expected to reach USD 1,291.75 billion by 2029, growing at a CAGR of 13.85%, according to Maximize Market Research. Critical data on growth strategy, market dynamics, innovations, business opportunities, and the competitive environment for 2021 are included in the recovery-based survey of the market price report.
Smart Cities Market Scope and Research Methodology
The research report makes extensive use of primary and secondary data sources. During the research process, government policy, the market environment, the competitive landscape, historical data, current market trends, technological innovation, upcoming technologies, and the technical progress in related industries are all investigated, as are market risks, opportunities, market barriers, and challenges. In order to provide the final quantitative and qualitative data, all conceivable factors influencing the markets included in this research study were considered, thoroughly examined, validated through primary research, and evaluated. The impact of inflation, economic downturns, regulatory and policy changes, and other variables is factored into the market forecast for top-level markets and sub-segments. This information is included in the report, as well as detailed inputs and analysis.
To estimate market size and analyze global market trends, bottom-up approaches were used. To obtain accurate inferences, data was collected from a large sample using both primary and secondary research methods. Surveys, questionnaire distribution, and phone interviews with industry experts, market leaders, entrepreneurs, and marketing professionals were the primary methods used. Secondary data was meticulously gathered from a carefully selected set of sources to ensure the accuracy of the conclusions. There are paid databases, industry journals, white papers, annual reports, product manufacturer and supplier releases, official databases of numerous organizations, and government websites with addition to white papers and annual reports. PESTLE analysis was used to understand various market factors, whereas SWOT analysis was used to understand the strengths and weaknesses of major corporations. As a result, the report goes into great detail about the Smart Cities Market.
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Smart Cities Market Overview
A “smart city” is defined as an innovative city that uses information and communications technologies (ICT) and other means to improve quality of life, the efficiency of urban operations and services, and urban competitiveness in order to meet current and future generation’s economic, social, and environmental needs.
The increased interconnection of various technologies, such as smartphones, RFID-enabled gadgets, smart cards, body cameras, and GPS systems, is propelling the smart cities’ market forward. There is a growing demand for advanced databases and information-organization software as government organizations are increasingly required to analyze data stored in government systems as well as data from outside the government. As governments around the world struggle to manage road traffic, crime, and public events, social media and information from mobile applications and cell phones are becoming increasingly important. As data volumes grow, software must become more sophisticated, complicated, and adaptable to a broader range of hardware platforms and systems.
Smart Cities Market Dynamics
Smart energy solutions are essential for the deployment of smart cities. As utilities monitor, forecast, and plan for the volatility of today’s energy use and production trends, smart meter cost savings could total USD 157 billion by 2035. Between 2021 and 2025, China, India, Japan, and South Korea will install 572.3 million smart power meters. Energy networks could be outfitted with sensors that collect massive amounts of data previously used by utility companies through smart city technologies. This information can be used to determine the status of a grid as well as the energy consumption habits of various homes.
Smart Cities Market Regional Insights
North America dominated the smart cities industry and held the largest smart cities market revenue of 30.5% in 2021. Rising technological breakthroughs and digital revolutions in many business sectors, including telecommunications, government, information technology, retail, and banking, have resulted in the growth of the North American smart cities market. The region has a well-developed information and communication technology (ICT) infrastructure, partnerships with ICT suppliers by federal and local governments, and the presence of major technology companies.
Smart Cities Market Segmentation
By Application
- Smart Building
- Smart Transportation
- Smart Utilities
- Smart Governance
- Smart Healthcare
- Environmental Solution
By Smart Building
- By Component
- Solutions
- Building Infrastructure management
- Safety and Security Management
- Energy Management
- Network Management
- Integrated Workplace Management System
- Services
- Consulting
- Deployment and Integration
- Infrastructure Monitoring and Management
- By Type
- Residential
- Commercial
- Industrial
By Smart Transportation
- By Component
- Solutions
- Smart Ticketing
- Traffic Management
- Parking Management
- Traffic Surveillance
- Passenger Information
- Connected Logistics
- Other solutions
- Services
- Consulting
- Deployment and Integration
- Infrastructure Monitoring and Management
- By Type
- Roadways
- Railways
- Airways
By Smart Utilities
- By Component
- Solutions
- Advanced Metering Infrastructure
- Distributed Management System
- Substation Automation
- Other Solutions
- Services
- Consulting
- Deployment and Integration
- Infrastructure Monitoring and Management
- By Type
- Energy Management
- Gas Management
- Water Management
- Other types
By Smart Governance
- City Surveillance
- CCS
- E-governance
- Smart Lighting
- Smart Infrastructure
By Smart Healthcare
- Medical Devices
- System and Software
- Services
Smart Cities Market Key Competitors:
- ABB Limited
- AGT International
- AVEVA Group plc.
- Cisco Systems, Inc.
- Ericsson
- 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
- Telensa
- Verizon
- Vodafone Group plc
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Key questions answered in the Smart Cities Market are:
- What are Smart Cities?
- What will be the growth rate of the Smart Cities Market over forecast period?
- What is the nature of competition in the Smart Cities industry in developed and developing economies?
- Who are the key players in the Smart Cities market?
- Who are the European Laboratory Freezer market leaders?
- Who are the Laboratory Freezer market leaders in the United States and Canada?
- Who are the Laboratory Freezer market leaders in India, China, Japan, and South Korea?
- What factors are influencing growth in the Smart Cities Market?
- Who commanded the greatest market share in the Smart Cities Market?
- What are the factors driving growth in the Asia-Pacific Smart Cities Market?
Key Offerings:
- Market Statistics, Challenges, Trends, Opportunities & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth, Size, Trends, Share, Forecast, Supply Demand to 2029
- Market Segmentation – A detailed analysis by Application, Smart Building, Type, Smart Transportation, Smart Utilities, Smart Governance, Smart Healthcare, and Region
- Competitive Landscape – Top Key Players and Other Prominent Vendors
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