New York, US, April 21, 2022 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Smart City Market” information by Transport, by Application and Region – forecast to 2030” market size to reach USD 1549.86 billion, growing at a compound annual growth rate of 15.5% by 2030.
Market Scope:
The smart city concept is garnering significant market prominence, mainly due to the rising need for smart living. Smart living, which has become a trend now, refers to smart systems influencing people's lives with increased efficiency, safety, and sustainability. Cities around the world are benefiting by implementing innovative solutions that capture and analyze real-time data to make life more efficient, economical & productive, and integrated & sustainable.
Today, the world is rapidly progressing to become smarter where everything is connected digitally. Then why not cities go entirely smart and connected on a deeper level? The smart city mission enables local area development, harnessing technology, especially the one that leads to smart outcomes. Smart City innovations offer a promising new way to foster development plans, offering guidance, facilitation, and tracking initiatives.
Governments are increasingly taking up initiatives and investing in the smart city mission that also can drive the economy and improve the quality of people's life. The purpose of the governmental smart city initiatives is area-based development to transform existing areas by retrofitting and redeveloping slums into better-planned ones, thereby improving the city's livability.
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New areas, including Greenfields, are developed around cities to minimize the increasing pollution levels due to the expanding population in urban areas. The application of smart solutions enables cities to use technology, information, and data to improve infrastructure and services. This kind of comprehensive development not only improves the quality of life but also creates employment and enhances incomes for all.
Dominant Key Players on Smart City Market Covered are:
- ABB Limited
- Cisco Systems Inc.
- Schneider Electric SE
- IBM Corporation
- Siemens AG
- Microsoft Corporation
- Honeywell International Inc.
- Oracle Corporation
- Huawei Technologies Co. Ltd.
- Hitachi Ltd.
- Intel Corporation
Market USP Exclusively Encompassed:
Market Drivers
Rapid Urbanization is a Significant Growth Driver
Increased urbanization worldwide has entailed the need for smart cities. Adequate and reliable water & electricity supply, sanitation, including solid waste management, efficient mobility & public transport, affordable housing, health & education, and a sustainable environment are basic urban life requirements.
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Besides, the rising demand for robust IT connectivity & digitalization and good governance promotes the safety & security of citizens. The growing e-governance and citizen participation drive the smart city market growth, prompting the need for smart city initiatives.
Moreover, government initiatives and funding support for R&D activities have significantly diversified the smart city market demand. The development of IoT technologies and devices has also fostered market revenues. The increasing need for high-speed internet connectivity plays a vital role in developing the smart city industry.
The increasing urban population and rising industrialization worldwide demand Better housing solutions in order to accommodate the expanding population and improved infrastructure in urban areas. Economic enhancement and the pressure to improve the economy further are directing governments to take up smart city projects.
Also, increasing road accidents and traffic issues push the demand for smart city solutions such as smart street lighting, smart traffic managing technology & devices, and others. Innovative smart city funding mechanisms include partnerships with private companies, smart procurement policies, and national- or state-level funds.
High Implementation & Maintenance Costs Could be the Only Restraint
Despite the promising growth trends, the smart city market still witnesses significant challenges, such as high costs associated with the implementation & maintenance of systems and components. Smart city systems comprise various high-end devices and solutions that are quite expensive and require regular maintenance.
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Also, the lack of expertise and proficiencies of users is the biggest challenge the smart city market is confronting today. A truly smart city has the exponential potential to transform the character and lifestyle of a city. However, smart city projects need a certain level of expertise and proficiencies.
It rejuvenates the economy & heritage, enhances resilience & sustainability, and even tightens the social pact between the government and citizens. A city can become truly "smart" only when all citizens become familiar with various technologies associated with the concept.
Segmentation of Market Covered in the Research:
The smart city market is segmented into components, applications, and regions. The component segment comprises hardware, software, and services. The application segment comprises transport, utility, residential, education, government, healthcare, and others. By region, various major countries, including the US, UK, Germany, India, South Korea, and others, are studied region-wise.
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Regional Analysis
North America is the Market Leader
North America leads the global smart city market. The region emphasizes the conservation of the environment and low energy consumption, which helps the market proliferate. Besides, high-end infrastructure development to enhance the network connectivity and implementation of the internet of things are the major factors impacting the regional smart city market growth positively.
The US dominates the regional market, followed by Canada, due to the presence of many notable technology providers and equipment manufacturers. Also, the availability of highly advanced technologies is a key driving force behind the regional market's flourishing growth. Augmenting demand for safety and comfort features boosts the market growth in this region.
Competitive Landscape
The smart city market would witness significant strategic approaches, such as expansion, collaboration, mergers & acquisitions, and advanced technologies integration. Leading industry players make strategic investments in driving research and development activities and fostering their expansion plans. The market is increasingly witnessing launches of new products and related technologies.
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