Smart Cities Market worth $1,114.4 billion by 2028, growing at a CAGR of 15.2%: Report by MarketsandMarketsâ„¢
Chicago, March 01, 2024 (GLOBE NEWSWIRE) -- The Smart Cities Market is projected to grow from 549.1 billion in 2023 to USD 1,114.4 billion by 2028 at a CAGR of 15.2% during the forecast period, according to a new report by MarketsandMarkets™. Supportive policies, regulations, and government initiatives promoting sustainability, efficiency, and quality of life in urban areas drive investments in smart city projects.
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Smart Cities Market Dynamics:
Drivers:
- Growth in urbanization to drive adoption of smart city solutions
- Artificial intelligence and machine learning to accelerate development of smart cities
- Need for efficient management and utilization of resources
- Demand for fast and efficient transport
- Surveillance in interest of public safety
- Need for healthy environment with efficient energy consumption
Restraints:
- Privacy and security concerns
- High costs of implementation
Opportunities:
- Advancements in AI, cloud, IoT, and analytics technologies
- Rise of 5G
- Use of drones to enforce compliance during pandemic
List of Key Companies in Smart Cities Market:
- Cisco (US)
- IBM (US)
- Siemens (Germany)
- Microsoft (US)
- Hitachi (Japan)
- Schneider Electric (France)
- Huawei (China)
- Intel (US)
- NEC (Japan)
- ABB (Switzerland)
- Ericsson (Sweden)
- Oracle (US)
- Fujitsu (Japan)
- Honeywell (US)
- Accenture (Ireland)
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Moreover, government initiatives often catalyze investment in smart city projects. Public-private partnerships (PPPs) are formed to leverage public resources and private sector expertise to develop and implement innovative solutions. These collaborations facilitate mobilizing funding, expertise, and resources necessary for large-scale smart city initiatives.
Smart building solutions and energy management are expected to register the highest CAGR in the Smart Cities Market during the forecast period.
Owners and managers of multi-story buildings, schools, or complexes constantly face the ongoing challenge of minimizing operational expenses. Energy management solutions typically comprise two major components: the Energy Information System (EIS) and the Building Energy Management System (BEMS). The Energy Information System (EIS) provides comprehensive energy usage data for various processes within a facility, offering insights into consumption patterns and areas where efficiency improvements can be made. On the other hand, the Building Energy Management System (BEMS) controls and optimizes the energy-consuming processes within the building. This includes managing HVAC systems, adjusting temperature and pressure settings, controlling lighting schedules, and overseeing other critical aspects of energy usage.
These integrated systems provide valuable data for informed decision-making and empower building operators to make real-time adjustments to optimize energy usage and reduce costs. By centralizing control and management functions, EIS and BEMS enable more efficient operations and contribute to the overall sustainability goals of the facility.
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By smart transportation services, deployment and integration services is estimated to hold the largest market share in 2023
The smart transportation sector's deployment and integration services segment entails a comprehensive suite of activities to tailor solutions to meet user specifications. This process initiates with the meticulous gathering of customer requirements, followed by the deployment, integration, rigorous testing, and eventual implementation of the solutions. These service providers are crucial in assisting end users in seamlessly incorporating smart infrastructure solutions into their existing systems and operations. This involvement ensures that the integration is smooth and optimized for the specific needs and functionalities of the users.
Based on region, North America holds the largest market size during the forecast period.
The North American region, comprising the United States and Canada, is pivotal in driving advancements in smart cities. The area is characterized by a dynamic and diverse workforce, fostering a culture of innovation and adaptability. The United States and Canada lead this regional surge, showcasing a steady adoption of smart city services and solutions across various industries. This adoption isn't merely a trend; it's a strategic move by companies to fortify their market presence. North America boasts a burgeoning startup culture, outpacing its global counterparts. This entrepreneurial spirit further propels the region's smart city endeavors. Additionally, the rapid digitization sweeping through diverse industry sectors and the widespread integration of smart connected devices like IoT underscores the region's tech-forward trajectory, fostering an environment ripe for smart city innovation and growth.
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