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
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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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