Smart Cities Market Worth $545.7 Billion by 2025, Growing at a CAGR of 22.9% from 2019- Global Market Opportunity Analysis and Industry Forecasts by Meticulous Research®


London, June 10, 2020 (GLOBE NEWSWIRE) -- The smart cities market is expected to grow at a CAGR of 22.9% from 2019 to reach $545.7 billion by 2027. Various factors such as government initiatives for overpopulation and urbanization management, growing requirement of resource management for sustainable development, emergence of AI, IoT and their market application are expected to boost the market for Smart City across the globe. However, significant initial investment requirement, and rising cases of data theft obstruct the growth of this market to some extent. Also, reluctance shown by citizens to adopt new technologies, and rising cases of data abuse by large corporations are the major challenging factors observed in this market.  

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Managing the ever-increasing urban population is one of the most pressing issues for governments around the world. Today, over 4 billion people or more than 50% of the global population lives in cities. According to UN World urbanization prospects 2018, by 2030, there will be 43 megacities in the world with developing regions like Middle East, Asia, & Africa leading the table. Cities like New Delhi, Tokyo, Shanghai, Dhaka, Cairo, Beijing, and Mumbai will be the most populous cities of the world, each with a population of more than 25 million. 

With a growing urban population, government and private sector organizations across the world are working tirelessly towards innovative solutions for systematic and sustainable growth of the cities. City authorities are seeking solutions to elevate the standard of living by providing healthy environment, and ensuring better management of valuable resources like energy, water etc. Smart communication technologies like ICT, IoT, AI, and Big Data are being applied to reduce crime rate, facilitate seamless transportation, and healthcare management. These technologies can provide real-time data on the situation and alert the concerned authorities accordingly. Smart Cities is one such initiative undertaken by governments of developing as well as developed countries around the world to extensively use IoT, AI and ICT concepts for creating self-sustaining and self-healing cities around the world.

Recently, many cities across the globe have upgraded their infrastructure, using sensors, data analytics, and automatic access control to better manage urban resources such as public transit, wastewater systems, and roads. Regulatory bodies can analyze usage data in real time to optimize energy usage or the number of trash pickups required in a week. Citizens can also utilize these data via the point of contact (PoC) app in their smart phones or other monitoring devices and use it to optimize their daily needs, access real-time traffic information to plan daily commutes, while service providers can use this information to offer better consumer services.

The overall smart cities market is segmented based on application, component, and geography.

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On the basis of application, utilities dominated the overall smart cities market in 2019 and is also estimated to continue its dominance over the forecast period. Smart utilities help in achieving optimized asset performance and improved operational efficiency using real-time business intelligence, and leveraging smart grid and intelligence to identify key insights into customers’ utility usage patterns.

Based on component, the smart cities market is mainly segmented into hardware, software, and services. The hardware segment held the largest share of the overall smart cities market in 2019, owing to the very early phase of implementation of smart city solutions across major parts of the globe.

Geographically, the global Smart cities market is segmented into five regions, namely, North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa with a further analysis of major countries in these regions. North America accounted for the largest share of the global smart cities market in 2019, followed by Europe and Asia-Pacific region. The largest share of this region is mainly attributed to the fast-developing advanced communication infrastructure, stringent measures for public safety and data privacy, efforts to reduce carbon footprints using innovative ICT technologies, and prioritizing the development of smart cities by many local and national government authorities.

On the other hand, Asia-Pacific region is projected to grow at the highest CAGR during the forecast period. This growth of smart cities market in this region is mainly attributed to the infrastructural development activities in Southeast Asian countries as well as gradually rising technology adoption rate in countries such as India, Taiwan, South Korea, Australia, and New Zealand among others.

Some of the key players operating in the global smart cities market are CISCO Systems Inc., Huawei Technologies, IBM Corporation, ATOS SE, Foxconn Electronics, Inc, Robert Bosch GMBH, General Electric, SIEMENS AG, L&T Infotech, Cognizant, Capgemini, Schneider Electric SE, INTEL Corporation, Qualcomm Technologies Inc, and Fujitsu Ltd. among others.

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Scope of the Report:

Smart Cities Market, by Application                                        

  • Smart Transportation
    • Parking Management
    • Ticketing & Travel Management
    • Traffic Management
    • Passenger information management system
    • Freight information system            
  • Smart Utilities
    • Energy management
      • Smart Meters
      • Meter Data Management
      • PV Monitoring
      • Smart Grid
      • Power electronics
      • Energy Storage
    • Water Management
    • Waste Management
    • Distribution Management
  • Smart Education
  • Smart Healthcare
    • Connected Healthcare Solutions
    • Telemedicine            
  • Smart Public Safety
    • Surveillance
    • Command & Control Solutions
  • Smart Governance
    • E-Governance Solutions
    • Emergency Management
    • Law Enforcement
    • City Planning            
  • Smart Lighting Solutions
  • Smart Building
    • Lighting Control Systems
    • Energy Management Systems
    • Facility Management Systems                        

Smart Cities Market, by Component                                       

  • Hardware
  • Software
  • Services

Smart Cities Market, by Region                                    

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Italy
    • Spain
    • Rest of Europe            
  • Asia-Pacific
    • China
    • India
    • Japan
    • Singapore
    • Rest of Asia-Pacific
  • Latin America
  • Middle East & Africa

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