Dublin, June 16, 2023 (GLOBE NEWSWIRE) -- The "Smart Cities Market - Global Industry Size, Share, Trends, Opportunity and Forecast, 2018-2028" report has been added to ResearchAndMarkets.com's offering.
The Global Smart Cities Market is anticipated to register a high CAGR during the forecast period.
Smart cities are technologically advanced metropolitan areas that utilize various smart electrical techniques and smart sensors to gather certain data. The knowledge gathered from that data is utilized to manage resources, services, and assets effectively. It is also used to enhance operations throughout the city.
To monitor and control traffic and transportation systems, power plants, utilities, water supply networks, waste, criminal investigations, information systems, schools, libraries, hospitals, and other community services, data is processed and analyzed from information gathered from participants, devices, buildings, and assets. Smart cities are those that employ technology effectively in their planning, monitoring, and administration of the city.
Data sharing in smart cities extends beyond the boundaries of the city to businesses and residents that stand to gain from the data's numerous applications. Sharing data across various systems and industries opens up possibilities for better knowledge and financial benefit.
Advancements in Technologies
Emerging technologies such as AI, ML, cloud data analytics, IoT, and cybersecurity have advanced quickly in recent years. A better connection has been made possible by the increasing usage of these technologies in the context of smart cities, completely transforming the ecosystem.
The system may gather data from many sources with the aid of IoT devices and then share it with a central control point by utilizing the cloud. Such cutting-edge technologies are applied in a variety of contexts, including security, privacy, and environmental sustainability, in addition to enhancing the lives of residents.
For instance, a Mexican city employs technological improvements to manage connected devices effectively in real-time, using an IoT platform called a control center.
Advanced Learning & Intelligence responsible for Smart Cities Advancement
Machine learning and artificial intelligence are enabling self-sufficient and futuristic systems, companies, and individuals in smart cities. These technologies gather enormous quantities of data to modernize the systems and parts that power cities and enable them to make wise judgments with minimal human input.
Building smart cities require the use of artificial intelligence and machine learning algorithms, which are already essential components of many sectors. The deployment of machine learning-powered, AI-enabled intelligent equipment generates cyber-physical space, which includes smart meters, traffic sensors, medical monitoring systems, industrial control systems, video cameras, and environmental sensors. Machine-generated data aids in predictive analysis and decision-making for the design of smart cities.
Government Initiatives
Through their legislation and programs aimed at the deployment of smart services as a significant component of their infrastructure, governments throughout the world have been playing a significant role in the smart cities business.
As an illustration, the General Services Administration's (GSA) Smart Buildings programs, launched in May 2012, intended to decline the costs and promote smart services with updated federal government buildings that were mostly enabled by linked technology. Similarly to this, the European smart cities sector is anticipated to expand rapidly due to its emphasis on energy and climate goals.
As a result, the government is concentrating on the distribution of energy using effective models and policies to move closer to a low-carbon future. Additionally, governments of many countries, for instance, China, South Korea, UAE, India, Singapore, and Japan, seek the economic growth of their countries.
Furthermore, China has planned 500 pilot projects for digital cities, another significant government investment in the area. In addition, Dubai's desire to fulfill the Smart Dubai Plan 2021 aim of becoming a 100% paperless government has accelerated the adoption of smart services in the region, which is fueling the expansion of the smart cities industry.
Market Dynamics
Drivers
- Rising Population and urbanization
- Increasing Investments in Infrastructure Development
- High Demand Across End Users
Challenges
- Significant initial investment required
- Rising cases of data theft
Market Trends & Developments
- Need for efficient management
- Increasing demand for a healthy environment
- Rising Government Investments
- Government Initiatives
- Merger & Acquisitions
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Global Smart Cities Market.
- ABB Limited
- AGT International
- AVEVA Group Plc
- Cisco Systems Inc
- 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
Report Scope:
Global Smart Cities Market, By Smart Utilities:
- Water Management
- Waste Management
- Energy Management
Global Smart Cities Market, By Smart Governance:
- Smart Lighting
- Smart Infrastructure
- City Surveillance
Global Smart Cities Market, By Smart Transportation:
- Intelligent Transportation Systems
- Parking Management
- Smart Ticketing & Travel Assistance
Global Smart Cities Market, By Smart Citizens Service:
- Smart Healthcare
- Smart Education
- Smart Public Safety
- Smart Street Lighting
- Others
Global Smart Cities Market, By Region:
- Asia-Pacific
- North America
- Europe
- Middle East & Africa
- South America
For more information about this report visit https://www.researchandmarkets.com/r/masm14
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