Dublin, March 14, 2024 (GLOBE NEWSWIRE) -- The "Global 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 - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global smart cities market is estimated to be USD 549.1 billion to USD 1,114.4 billion at a CAGR of 15.2% from 2023 to 2028. The proliferation of high-speed internet connectivity and mobile devices facilitates the adoption of smart city technologies and enables seamless communication between various systems and devices. 
By smart utility solution, distribution management registers higher CAGR during the forecast period
Adopting efficient demand response management (DRM) systems heavily influences utility distribution management in the utilities sector. These DRM systems empower utilities to effectively implement Demand Response (DR) programs across various commercial, industrial, and residential sectors. The surge in smart grid implementations is pivotal in driving utility industry advancements. This surge has led to the widespread integration of advanced metering infrastructure meters, improved customer utility management systems, transmission and distribution infrastructure automation, and greater incorporation of renewable energy sources. As a result, the smart grid rollout emerges as a key driver propelling growth within the utilities sector.
Additionally, the advent of automated Demand Response (DR) systems has further bolstered market expansion. The allure of cost-effective solutions such as Software-as-a-Service (SaaS) and the adoption of cloud-based DRM deployment models present significant growth opportunities for the market. These factors collectively contribute to the upward trajectory of the distribution management segment within the smart cities market.
By smart building solution, security and emergency management to account for largest market share in the smart cities market during the forecast period
In urban environments, unforeseen events such as natural disasters, terrorist threats, and criminal activities pose significant challenges. To mitigate the impact of these emergencies, cities require robust emergency management systems capable of swift and efficient response protocols. Within this context, effective security infrastructure management plays a crucial role in overseeing the security operations of various facilities. Advanced computerized emergency management systems have emerged as invaluable tools for authorities and administrators navigating emergencies. These systems are designed to seamlessly coordinate every aspect of the emergency response process, from initial incident logging to disseminating vital information to relevant personnel. By providing real-time updates on the nature and scale of emergencies, these solutions enable authorities to mount rapid and targeted responses, minimizing potential damages and ensuring public safety.
Key global players in this domain, such as Schneider Electric and ABB, are at the forefront of developing innovative solutions tailored to the evolving needs of modern urban environments. Through their expertise and technological advancements, these vendors contribute significantly to enhancing the resilience and security of cities worldwide.
Asia Pacific will register the highest growth rate during the forecast period
The Asia Pacific region is set to undergo significant growth opportunities in the coming years, with countries like India, China, Japan, Australia, and New Zealand expected to experience high growth rates. Asia Pacific is propelled by significant technological strides witnessed throughout the region. China, notably, stands poised to lead the charge in adopting smart city solutions. Factors such as a burgeoning population and ongoing developments in infrastructure and technology form the bedrock of this market's expansion in the region.
The smart city landscape has evolved markedly, with cutting-edge innovations like robotics and big data analytics gaining prominence. The Asia Pacific has recently facilitated collaborative endeavors centered around low-carbon models and IoT-driven smart city frameworks, garnering invaluable insights that promise knowledge-sharing among member economies. The overarching commitment of the region towards advancing smart city initiatives presents a fertile ground for providers to capitalize on the burgeoning market opportunities.
Research Coverage
The study covers the smart cities market size across different segments. It aims to estimate the market size and the growth potential across different segments, including focus areas, smart transportation, smart building, smart utility, smart citizen service, and region. The study includes an in-depth competitive analysis of the leading market players, their company profiles, key observations related to product and business offerings, recent developments, and market strategies.
Premium Insights
- Increased Use of Artificial Intelligence and Machine Learning and Growing Urbanization to Drive Market Growth
- Smart Citizen Services to Lead Market in 2023
- US and Smart Citizen Services to Account for Largest Segmental Shares in North American Smart Cities Market in 2023
- Smart Citizen Services and China to Account for Largest Market Shares in Asia-Pacific in 2023
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
- Challenges
- Achieving Future-Readiness of Smart Cities for Sustainable Urban Living
- Absence of Appropriate Infrastructure in Emerging Economies
- Lack of Knowledge Among People About Smart Cities
- Disruptions in Logistics and Supply Chains
Technology Analysis
- Introduction
- AI and ML
- IoT
- Big Data Analytics
- 5G
- Adjacent Technologies
- Robotics
- Augmented Intelligence
- Edge Computing
- Renewable Energy Solutions
- Complementary Technology
- Augmented Reality (AR) and Virtual Reality (VR)
- Smart Grids
- Cybersecurity Solutions
Case Study Analysis
- Smart Cities LLP Transformed Cloud Service Delivery with Cisco ACI and Terraform
- Cordoba Province Improved Safety of Its Municipalities Using NEC's Cloud-based Shared Platform
- ABB Helped Fastned Expand Its EV Fast Charge Network Across Europe
- Honeywell Enabled Efficient Flight Routing for Newark Liberty International Airport
- Bane Nor Selected Thales to Provide Next-Generation Nationwide Traffic Management System
- Curtin University Adopted Hitachi Internet of Things Solution to Implement Smart Campus
- Huawei Helped Qinghai-Tibet Railway Improve Surveillance Efficiency
Key Attributes
| Report Attribute | Details |
| No. of Pages | 328 |
| Forecast Period | 2023-2028 |
| Estimated Market Value (USD) in 2023 | $549.1 Billion |
| Forecasted Market Value (USD) by 2028 | $1114.4 Billion |
| Compound Annual Growth Rate | 15.2% |
| Regions Covered | Global |
Companies Mentioned
- Siemens
- Cisco
- Hitachi
- IBM
- Microsoft
- Schneider Electric
- Huawei
- Intel Corporation
- NEC Corporation
- Ericsson
- ABB
- Oracle
- Fujitsu
- Honeywell
- Accenture
- Vodafone
- Itron
- AWS
- Thales
- Signify Holding
- Kapsch Trafficcom
- Motorola
- General Electric
- TCS
- AT&T
- Nokia
- Samsung
- SAP
- TomTom
- Appyway
- Ketos
- Gaia
- Takadu
- Flamencotech
- Xenius
- Bright Cities
- Zencity
- Ixden
For more information about this report visit https://www.researchandmarkets.com/r/v7kkjv
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