New York, United States , Aug. 02, 2024 (GLOBE NEWSWIRE) -- The Global Smart City ICT Infrastructure Market Size is to Grow from USD 1312.48 Billion in 2023 to USD 6474.89 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 17.30% during the projected period.
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A smart city is a municipality that uses ICT, or information and communication technology, to increase operational efficiency, share information with the public, and improve the quality of government services and citizen welfare. The term 'Smart City' has been widely used since 2009, following the Great Financial Crisis. Smart cities, according to urban practitioners, are new Silicon Valley that has developed via the strong integration of a network of airports, highways, and other lines of communication, resulting in a so-called intellectual metropolis with advanced ICT. Smart cities are those that were constructed using cutting-edge technology and smart, intelligent solutions. Smart cities succeed by implementing smart criteria such as smart energy, smart buildings, smart transportation, smart healthcare, smart government, smart education, and involving smart citizens. For example, on June 25, 2015, the Government of India unveiled the Smart Cities Mission.
Browse key industry insights spread across 215 pages with 120 Market data tables and figures & charts from the report on the "Global Smart City ICT Infrastructure Market Size, Share, and COVID-19 Impact Analysis, By Type (Smart Grid, Smart Home and Building, Smart Water Network, Smart Healthcare, Smart Education, Smart Security, and Smart Transport), By Application (Communications Industry, Transportation Industry, Express Industry, Government, Education, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The smart grid segment dominated the market with the largest revenue share of the smart city ICT infrastructure market during the projected timeframe.
Based on the type, the smart city ICT infrastructure market is categorized into smart grid, smart home and building, smart water network, smart healthcare, smart education, smart security, and smart transport. Among these, the smart grid segment dominated the market with the largest revenue share of the smart city ICT infrastructure market during the projected timeframe. Smart grids are crucial for the development of smart cities because they enable more efficient use of energy resources, the incorporation of renewable energy sources, cheaper energy prices, the prevention of power outages, and enhanced dependability. They utilize cutting-edge technology to monitor and control electricity within, maximizing energy generation, distribution, and consumption.
The communications industry segment is projected to hold a significant market share of the smart city ICT infrastructure market during the projected timeframe.
Based on the application, the smart city ICT infrastructure market is categorized into communications industry, transportation industry, express industry, government, education, and others. Among these, the communications industry segment is projected to hold a significant market share of the smart city ICT infrastructure market during the projected timeframe. Telecommunications companies, network infrastructure providers, and other service providers are all part of the communication sector. This industry has grown dramatically in response to increased demand for advanced connectivity solutions such as 5G networks, fiber-optic internet, and wireless technologies. Smart cities rely heavily on dependable communication networks to provide fast data transfers, real-time monitoring, and efficient operations.
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North America is expected to hold the largest share of the smart city ICT infrastructure market over the forecast period.
North America is expected to hold the largest share of the smart city ICT infrastructure market over the forecast period. The smart city market in North America is expanding as a result of technical advancements and digital revolutions in a variety of industries, including telecommunications, information technology, retail, and finance. North America's information and communication technology (ICT) infrastructure is well-established, and the region's market for smart cities has expanded dramatically in recent years as a consequence of strong relationships between municipal and federal governments, as well as ICT startups and suppliers. As municipal connectivity infrastructure becomes more widely available, the market for smart cities will expand. For example, the US government has planned a $1 trillion investment in infrastructure, which will include smart city solutions.
Asia Pacific is predicted to grow at the fastest pace in the smart city ICT infrastructure market during the projected timeframe. The government's increased emphasis on digital infrastructure and transformation is propelling growth in the Asia Pacific smart city ICT infrastructure market. Over the projected period, the Asia Pacific smart cities market is predicted to grow as a result of increasing urbanization, population expansion, sustained economic growth, and globalization. Increased government expenditure to strengthen a range of industries, including public security, transportation, and energy, is projected to be the key growth drivers soon. The expansion of China's smart infrastructure sector is being fueled by supportive government programs for smart cities and growing worries about building energy use. Furthermore, the region's industries prioritize automation to improve business operations and reduce overhead costs.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the smart city ICT infrastructure market are Cisco Systems, IBM, Huawei Technologies, Siemens AG, Verizon Communications, Vodafone, Accenture, Alcatel-Lucent, Ericsson, HP, Microsoft Corp., Nokia Corp., Oracle Corp., and Schneider Electric., and others.
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Recent Developments
- In February 2024, Huawei officially launched ten industrial digital and intelligent transformation solutions, as well as a new line of flagship products, to cater to the needs of customers at different stages of industrial transformation. Huawei specializes in ICT services and technology, building an open ecosystem that brings together partners and developers to create cutting-edge digital and intelligent infrastructure.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the smart city ICT infrastructure market based on the below-mentioned segments:
Global Smart City ICT Infrastructure Market, By Type
- Smart Grid
- Smart Home and Building
- Smart Water Network
- Smart Healthcare
- Smart Education
- Smart Security
- Smart Transport
Global Smart City ICT Infrastructure Market, By Application
- Communications Industry
- Transportation Industry
- Express Industry
- Government
- Education
- Others
Global Smart City ICT Infrastructure Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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