Chicago, June 15, 2022 (GLOBE NEWSWIRE) -- According to a new market research report "Smart Cities Market by Focus Area, Smart Transportation, Smart Buildings, Smart Utilities, Smart Citizen Services (Public Safety, Smart Healthcare, Smart Education, Smart Street Lighting, and E-Governance), and Region - Global Forecast to 2026", published by MarketsandMarkets™, the global Smart Cities Market size to grow from USD 457.0 billion in 2021 to USD 873.7 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 13.8% during the forecast period.
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330 – Tables
66 – Figures
328 – Pages
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Smart electric grids help to better identify times of peak usage and outages for better management of energy consumption. Smart sensors allow cities to quickly identify leaks in pipes and fix damaged segments in a shorter time frame, thereby reducing the amount of water lost. Technologies such as intelligent traffic signals optimize traffic flow, relieving congestion during peak travel times. Thus, smart city technology can help cities operate more efficiently while improving services for citizens and businesses, among other benefits.
Scope of the Report
| Report Metrics | Details |
| Market size available for years | 2016-2026 |
| Base year considered | 2021 |
| Forecast period | 2021-2026 |
| Forecast units | Value (USD Million) |
| Segments covered | By Focus Area, Smart Transportation, Smart Building, Smart Utilities, Smart Citizen Services, and Region |
| Regions covered | North America, Europe, APAC, MEA, Latin America |
| Companies covered | Cisco (US), IBM (US), Siemens (Germany), Microsoft (US), Hitachi (Japan), Schneider Electric (France), Huawei (China), Intel (US), NEC (Japan), ABB (Switzerland), Ericsson (Sweden), Itron (US), Oracle (US), Fujitsu (Japan), Honeywell (US), Accenture (Ireland), Vodafone (UK), AWS (US), Thales (France), Signify (Netherland), Kapsch (Austria), Motorola (US), GE (US), Google (US), TCS (India), Nokia (Finland), Samsung (South Korea), SAP (Germany), TomTom (Netherland), AppyWay (UK), KETOS (US) |
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By Smart Building Solutions, the Safety and Security Management segment to hold the largest market size during the forecast period
By Smart Building Solutions, the Safety and Security Management segment is projected to hold the largest market size in 2021. Safety and Security management systems mainly deal with security-related operations of buildings that help authorities or administrators to respond to emergency situations quickly. The system handles every phase of the emergency response, from logging the emergency situation to informing the appropriate personnel about the size and severity of the incident, so that quick and effective response can be ensured.
By Smart Transportation Solutions, the Passenger Information segment to grow at the highest CAGR during the forecast period
Under the Smart Transportation Solutions, the Passenger Information segment is expected to grow at the highest CAGR during the forecast period. Passenger Information Systems provide real-time information, such as current location, vehicle timings, weather conditions, vehicle availability, and causes for disruption. Along with system reliability, safety, and general appearance, the ability to provide accurate and current information on arrival and departure times offers a satisfactory passenger experience.
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By region, North America to account for the largest market size during the forecast period
North America holds a strong position in the global Smart Cities Market, due to the presence of most of the top Smart City solution vendors such as Cisco, IBM, Microsoft, Oracle, and Intel. Network operators in this region constantly invest in expanding and upgrading their telecom networks and transition toward 5G infrastructure, leveraging technologies such as cloud edge computing and network slicing, thereby actuating the adoption of smart cities at a low cost and for strategic urban management. Rapid digitalization across industry verticals, the increasing adoption of smart connected devices, and the rising technological advancements have fuelled the growth of the Smart Cities Market in this region.
Market Players
Major vendors in the Smart Cities Market include Siemens (Germany), Cisco (US), Hitachi (Japan), IBM (US), Microsoft (US), Schneider Electric (France), Huawei (China), Intel (US), NEC (Japan), and ABB (Switzerland).
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