NEW CASTLE, Delaware, Aug. 27, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Smart City ICT Infrastructure Market by Type (Smart Grid, Smart Building, Smart Water Network, Smart Healthcare, Smart Education, Smart Security and Smart Transport), and Application (Communication, Transportation, Express Government, Education and Others): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the smart city ict infrastructure market was valued at $1.2 trillion in 2023, and is estimated to reach $5.3 trillion by 2032, growing at a CAGR of 17.7% from 2024 to 2032.
Prime determinants of growth
The global smart city ICT infrastructure market has grown due to several factors such as urbanization in several countries, government support & initiatives, and increase in adoption of digital solutions. However, the lack of a skilled workforce and indistinct regulatory clarity act as restraints for the smart city ICT infrastructure market. In addition, growing demand for IoT solutions and the integration of smart devices into a variety of industries are expected to provide ample opportunities for the market growth during the forecast period.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2023 |
| Market Size in 2023 | $1.2 trillion |
| Market Size in 2032 | $5.3 trillion |
| CAGR | 17.7% |
| No. of Pages in Report | 350 |
| Segments Covered | Type, Application, and Region. |
| Drivers | Rising urbanization in several countries |
| government development and initiatives | |
| Increasing adoption of digital solutions | |
| Opportunities | Growing demand for IoT solutions |
| The integration of smart devices into a variety of industries | |
| Restraint | The lack of a skilled workforce |
| Indistinct regulatory clarity |
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The smart grid type segment is expected to grow faster throughout the forecast period
By type, the smart grid type segment held the highest market share in 2023, as it includes features such as remote monitoring and control of distribution equipment, fault detection and isolation, and self-healing capabilities to minimize outages and optimize power delivery.
The communication segment is expected to grow faster throughout the forecast period
By application, the communication segment held the highest market share in 2023. Smart city solutions for communication applications encompass a range of technologies and initiatives aimed at improving connectivity, enhancing communication infrastructure, and fostering digital inclusion within urban environments.
North America to maintain its dominance by 2032
By region, North America held the highest market share in terms of revenue in 2023 and is expected to boost in terms of revenue throughout the forecast period. The market for smart city in North America is expanding as a result of the escalating technical breakthroughs and digital transformations occurring across several business verticals, including telecommunications, IT, retail, and finance.
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Major Industry Players: -
- Microsoft Corporation
- IBM Corporation
- Oracle Corporation
- Cisco Systems, Inc.
- NTT Communications
- ABB
- Hitachi
- Siemens
- Ericsson
- Verizon Communication
The report provides a detailed analysis of these key players in the global smart city ICT infrastructure market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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