Dublin, July 16, 2024 (GLOBE NEWSWIRE) -- The "India Smart Cities Market 2024-2030: Value, Analysis, Growth, Share, Forecast, Industry, Trends, Size, Companies & Revenue: Market Forecast by Components, Applications and Competitive Landscape" report has been added to ResearchAndMarkets.com's offering.
India Smart Cities Market size is anticipated to grow at a CAGR of 17.4% during 2024-2030F
India smart cities market has witnessed substantial growth, primarily attributed to investments and advancements across 100 smart cities in India with a total budget allocation of around $20.1 billion, with ongoing developments in transportation, residential and commercial buildings, waste management etc.
However, During COVID-19, the diversion of funds from Smart City Mission to other important programmes was witnessed, resulting in a financial crunch and delayed progress in projects, however, the growth rate picked up with the completion of around 70% of an approximate total of 7000+ smart city projects in India have been completed post COVID-19, further boosting and developing the smart cities market in India.
India smart cities market anticipates significant expansion, propelled by heightened investments and strategic directives. With the urban population projected to reach 675 million by 2050, the government aims for the completion of all 100 smart cities across 28 states. Moreover, the allocation of $28 million for National Infrastructure Projects reflects efforts to improve economic and social infrastructure. These initiatives and investments are set to fuel growth in India's smart city sector in the foreseeable future.
Additionally, government programs like "AMRUT 2.0" and "Make in India," along with policies targeting economic and social infrastructure development, are likely to further boost smart city growth. For example, in 2024, the government earmarked $179 million for 18 cities under the CITTIS 2.0 mission, focusing on promoting a circular solid waste management economy over the next four years. Hence, such investments and initiatives are expected to strengthen the development of smart cities in the country in the coming years.
Market Segmentation by Components
During the forecast period, hardware is expected to register substantial growth in the India smart cities industry as hardware such as smart sensors, IoT devices and others are essential for enabling various smart city initiatives such as the development of smart hospitals, municipalities and smart traffic management under the smart cities mission aiming to develop 100 smart cities.
Market Segmentation by Application
During the forecast period, Smart Mobility is expected to register the highest growth as compared to other government applications on the back of escalating investments aimed at enhancing and modernizing transportation, including the ongoing deployment of electric vehicles and intelligent traffic systems. For instance, the government is advancing its 'Smart India Mission' to develop a sustainable transport network in 100 Indian cities. With the goal of reducing vehicular emissions and subsequent pollution levels, it aims to lead India towards achieving 100% Electric Vehicle (EV) usage by 2030.
Key Attractiveness of the Report
- 10 Years Market Numbers
- Historical Data Starting from 2020 to 2023
- Base Year: 2023
- Forecast Data until 2030
- Key Performance Indicators Impacting the Market
- Major Upcoming Developments and Projects
Key Highlights of the Report
- India Smart Cities Market Overview
- India Smart Cities Market Outlook
- India Smart Cities Market Forecast
- India Smart Cities Market Pestel Analysis
- Market Drivers and Restraints
- Smart Cities Outlook
- Key Performance Indicators
- Market Opportunity Assessment
- Competitive Benchmarking
India Smart Cities Market Overview, By Components
- India Smart Cities Market Revenue Share and Revenues, By Components (2020-2030F)
- India Smart Cities Market Revenues, By Hardware (2020-2030F)
- India Smart Cities Market Revenues, By Software (2020-2030F)
- India Smart Cities Market Revenues, By Services (2020-2030F)
India Smart Cities Market Overview, By Applications
- India Smart Cities Market Revenue Share, By Applications (2022 & 2029F)
- India Smart Cities Market Revenues, By Applications (2020-2030F)
- India Smart Cities Market Revenues, By Smart Governance (2020-2030F)
- India Smart Cities Market Revenues, By Smart Digital Infrastructure (2020-2030F)
- India Smart Cities Market Revenues, By Smart Mobility (2020-2030F)
- India Smart Cities Market Revenues, By Smart Environment (2020-2030F)
- India Smart Cities Market Revenues, By Smart Living (2020-2030F)
- India Smart Cities Market Revenues, By Smart People (2020-2030F)
- India Smart Cities Market Revenues, By Smart Economy (2020-2030F)
Company Profiles
- ABB India Pvt. Ltd.
- Schneider Electric India Pvt. Ltd.
- Tech Mahindra Limited
- L&T Technology Services Limited
- Cisco Systems (India) Private Limited
- Siemens Limited
- Bharat Electronics Limited (BEL)
- NEC Corporation India
- IBM India Pvt. Ltd
- Ericsson (India) Pvt. Ltd
- Intel Technology India Private Limited
- Hitachi, Ltd
- Tata Consultancy Services
For more information about this report visit https://www.researchandmarkets.com/r/5s734
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