New York, USA, May 31, 2023 (GLOBE NEWSWIRE) -- According to the research report published by Market Research Future (MRFR), “Smart City Market” Information Deployment Mode, By Application, Transport and Residential – Market Forecast Till 2030”, the Smart City Market could thrive at a rate of 15.5% between 2022 and 2030. The market size will be reaching around USD 1549.86 Billion by the end of the year 2030.
Smart City Market Key Players
Prominent industry players profiled in the global smart city market report include
- Honeywell Corporation (the US)
- Huawei Technologies Co Ltd. (China)
- Siemens AG (Germany)
- Cisco Systems Inc. (US)
- Schneider Electric SE (France)
- IBM Corporation (US)
- Siemens AG (Germany)
- AT&T Inc. (US)
- Ericsson (Sweden)
- Oracle Corporation (US)
- Hitachi Corporation (Japan)
- Microsoft Corporation (US)
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Scope of the Report - Smart City Market:
| Report Metrics | Details |
| Market Size by 2030 | USD 1549.86 Billion |
| CAGR during 2022-2030 | 15.5% |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Key Market Opportunities | Governments are increasingly taking up and investing in the smart city mission that can also drive economic growth while enhancing the quality of life of people. |
| Key Market Dynamics | Rising demand for robust IT connectivity & digitalization, and good governance. |
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Smart City Market Drivers
Increasing Investments in Smart City Designs to Boost Market Growth
The increased investment in the smart city designs is one of the positive elements fueling growth in the smart cities industry. Because everything will be integrated into these smart cities and some regions would profit from the usage of smart cities for garbage collection, certain plans are setting the standard in emerging nations where governments in fact are investing billions of dollars especially in smart city technology. The cost of smart city IoT sensors is another important element fueling the expansion of the industry. As sensors will be implemented in data visualization programs & screening support, consumption administration firms are taking this very seriously as it will help with the comfortable collection of rubbish.
Opportunities
Trend of Disruptive Technology to offer Robust Opportunities
Disruptive technology is a key element of smart cities, according to governments. As governments use these technologies to handle urban concerns such as increased electricity usage, water distribution and management, productivity, safety, environmentally friendly transportation, & crime and terrorist protection/security, it helps in the formulation of plans. Thus the trend of disruptive technology will offer robust opportunities for the market in the forecast period.
Restraints and Challenges
Security Concerns to act as Market Restraint
The security concerns related to smart cities, high deployment cost of smart city features, and lack of adequate infrastructure & funding for a smart city model may act as market restraints over the forecast period.
Smart City Market Segmentation
The global smart city market is bifurcated based on application, transport, and residential.
- By application, the market is bifurcated into smart waste management.
- By transport, the market is bifurcated into smart transportation, smart ticket, and smart parking.
- By residential, the market is bifurcated into government, education, healthcare, and smart building.
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COVID-19 Analysis
Several nations have put in place stringent lockdowns, closures, and movement restrictions in response to the COVID-19 epidemic to stop the virus from spreading. As a result of the pandemic's reduced staffing efforts and Silicon Valley's nearly total closure during the crisis, the government and other stakeholders are now less able to satisfy the strategic management & planning requirements of smart cities. The global healthcare & energy industries have been impacted by COVID-19. These businesses are seeking to integrate cutting-edge technology like AI and IoT, meanwhile, in order to meet the difficulties provided by the epidemic. A considerable decrease in traffic and pollution has been achieved as a result of the growing use of e-health & e-government services, along with trends like online learning and remote employment.
Smart City Market Regional Analysis
North America to Head Smart City Market
With more than 30% of all sales in 2020, the North American region topped the worldwide Smart City Market. The expansion has been facilitated by the ongoing digital transformation in a variety of business areas, including banking, retail, and telecommunications. North America has emerged as the dominating area because of its advanced ICT infrastructure, federal & municipal governments' partnerships with ICT vendors and start-ups, and the presence of important technology suppliers. It is anticipated that these factors will encourage the development of smart technology in the area. The ongoing digital revolution in a number of sector verticals, including government, telecom, and finance, among others, may be credited with the expansion of the regional market. The area has a strong information & communication technology (ICT) infrastructure, federal and municipal governments work closely with ICT providers, and there are several well-known technology firms there. Parts of the municipal connection infrastructure have been widely implemented by these service providers & other local authorities, which will facilitate the planning of the development of smart cities in the area. Throughout the projection period, these elements will support the expansion of the local market.
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APAC to Have Admirable Growth in Smart City Market
Asia Pacific is predicted to grow at the quickest rate throughout the projection period. This growth may be related to the region's increased focus on developing its digital infrastructure. Additionally, it is anticipated that throughout the course of the projected period, increased urbanization and disposable income would support regional market development. Governments in the region are projected to focus more on better parking management, lessening traffic jams and air pollution throughout the course of the projection period, which will raise need for smart parking systems. The rise in disposable income, the emergence of digital infrastructure, globalization, and economic advancements are all factors that have contributed to the region's success. Asia Pacific businesses are eager to take advantage of the cost-effectiveness and other advantages of cloud-based solutions, which are encouraging for the development of smart city concept such as applications for smart buildings, smart utilities, smart transportation, and smart governance. Due to several government efforts and regional digital transformation trends, which are anticipated to fuel this region's market expansion, Asia-Pacific is anticipated to have considerable growth during the projected period.
Industry Updates
May 2023- Srinagar in Jammu and Kashmir is prepared to become the "Smart City" of the Valley thanks to the addition of the Polo View Market & High Street. The project's goal is to create a modern market that would also help Srinagar's economy grow. The project has been carried out under the Central Government's banner.
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