Dublin, April 28, 2023 (GLOBE NEWSWIRE) -- The "Smart Cities Market by Solution, Component, Technology, Geography - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The research report provides an in-depth analysis of smart cities market in five major geographies and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2030.
The global smart cities market is projected to reach $3,107.05 billion by 2030, at a CAGR of 25.8% during the forecast period of 2023-2030. The growth of the smart cities market is driven by the area that uses emerging technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), big data, cloud, and data analytics to collect and analyze data on infrastructure utilization and use the insights gained to manage assets, resources, and services more efficiently.
The global smart cities market is witnessing consistent growth due to government initiatives for urbanization management and the growing need to manage resources efficiently for sustainable development.
The study offers a comprehensive analysis of the global smart cities market by solution, components, technology, and geography.
Based on solution, the global smart cities market is segmented into smart citizen services, smart environment, smart buildings, smart transportation, smart utilities, and other smart solution.
In 2023, the smart citizen services segment is expected to account for the largest share of the global smart cities market. Smart citizen services are an essential part of a smart city ecosystem that leverages digital technology to improve the quality of life of its residents. Smart cities use digital platforms like social media, mobile apps, and online forums to engage citizens in decision-making processes and encourage them to participate in local governance. In addition, smart citizen services in smart cities leverage digital technology to create a more efficient, sustainable, and livable urban environment for residents. These are some of the major factors driving the growth of this segment.
Based on component, the global smart cities market is segmented into hardware, software, and services. In 2023, the hardware segment is expected to account for the largest share of the global smart cities market. Hardware forms the backbone of the infrastructure support required for deploying smart city projects. Developing regions such as Asia-Pacific, Latin America, and the Middle East & Africa are in the initial stage of smart city implementation, boosting the demand for connected hardware devices over the coming years.
Based on technology, the cloud computing market is projected to register the highest CAGR during the forecast period. Smart cities use various IoT devices, sensors, and data analytics to collect and process large amounts of data to improve the quality of life for their citizens. Cloud computing provides a scalable and flexible infrastructure for storing and processing this data, making it an essential component of smart city infrastructure. In addition, cloud computing offers enhanced security and reliability for smart city applications. Cloud providers typically offer robust security measures, such as encryption and multi-factor authentication, to protect against cyber threats. They also provide high availability and disaster recovery capabilities to ensure critical applications remain accessible during an outage or disaster.
Based on geography, the global smart cities market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to register the highest CAGR during the forecast period. Smart city projects in Asia-Pacific continue to grow as large nations consolidate their urbanization process. Asia-Pacific's smart cities primarily focus on the areas of digital government services, environmental impact reduction, and improvement of ICT infrastructure and adoption. Growing urban population and rapid expansion of cities are driving governments to deploy smart city solutions to sustain public services, drive economic competitiveness, and enable a thriving environment in the Asia-Pacific region.
Key questions answered in the report
- Which are the high-growth market segments in terms of solution, component, technology, and geography?
- What is the historical market for smart cities across the globe?
- What are the market forecasts and estimates for the period of 2023-2030?
- What are the major drivers, restraints, opportunities, challenges, and trends in the global smart cities market?
- Who are the major players in the global smart cities market and what share of the market do they hold?
- Who are the major players in various countries and what share of the market do they hold?
- How is the competitive landscape?
- What are the recent developments in the global smart cities market?
- What are the different strategies adopted by the major players in the global smart cities market?
- What are the geographical trends and high-growth countries?
- Who are the local emerging players in the global smart cities market and how do they compete with the other players?
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Insights
5. Global Smart Cities Market, by Solution
6. Global Smart Cities Market, by Component
7. Global Smart City Market, by Technology
8. Smart Cities Market, by Geography
9. Competitive Landscape
10. Company Profiles
11. Appendix
Companies Mentioned
- Cisco Systems Inc. (U.S.)
- Huawei Investment & Holding Co. Ltd. (China)
- IBM Corporation (U.S.)
- Siemens AG (Germany)
- Cognizant Technology Solutions Corporation (U.S.)
- Capgemini (Europe)
- Schneider Electric SE (France)
- Intel Corporation (U.S.)
- Qualcomm Technologies Inc. (U.S.)
- Fujitsu Ltd. (Japan)
- Robert Bosch GmbH (Germany)
- Atos SE (France)
- Foxconn Electronics Inc. (Hon Hai Precision Industry Co. Ltd.) (China)
- LTIMindtree Limited (India)
- General Electric Company (U.S.).
For more information about this report visit https://www.researchandmarkets.com/r/qzrjpd
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