Overview and Scope
A smart city employs information and communication technology (ICT) to boost operational performance, share data with the people, and enhance government service and citizen comfort. It employs technology to provide services and solve municipal issues.
Sizing and Forecast
The smart cities market size has grown exponentially in recent years. It will grow from $667.51 billion in 2023 to $808.46 billion in 2024 at a compound annual growth rate (CAGR) of 21.1%. The growth in the historic period can be attributed to rapid urbanization, environmental sustainability concerns, traffic congestion and mobility issues, energy efficiency and resource management, government initiatives and funding.
The smart cities market size is expected to see rapid growth in the next few years. It will grow to $1652.36 billion in 2028 at a compound annual growth rate (CAGR) of 19.6%. The growth in the forecast period can be attributed to integration of 5G networks, focus on health and safety, resilience and disaster preparedness, citizen engagement and inclusivity. Major trends in the forecast period include citizen engagement platforms, edge computing for real-time processing, smart building automation, public safety and emergency response systems, digital twin technology for city modeling.
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Segmentation & Regional Insights
The smart cities market covered in this report is segmented –
1) By Component: Solutions, Services
2) By Type: Roadways, Railways, Airways
3) By Application: Smart Governance, Smart Building, Smart Utilities, Smart Transportation, Smart Healthcare, Other Applications
North America was the largest region in the smart cities market in 2023. The regions covered in the smart cities market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising urbanization all over the globe is expected to drive the growth of the smart cities market going forward. Urbanization refers to the population movement from rural to an urban setting and increasing human population densities in urban areas. A smart city is a technologically advanced urban area that gathers information using various electronic technologies, voice activation methods, and sensors. For instance, according to the United Nations Department of Economic and Social Affairs, 68% of the world’s population is 2.5 billion people are projected to live in urban areas by 2050. Therefore, rising urbanization all over the globe is driving the decorative coatings market growth.
Key Industry Players
Major companies operating in the smart cities market report are Microsoft Corporation, AT&T Inc., Huawei Technologies Co Ltd., Hitachi Ltd., Siemens AG, General Electric Company, Siemens Mobility GmbH, Accenture plc, Intel Corporation, International Business Machines Corporation, Cisco Systems Inc., Schneider Electric SE, Honeywell International Inc., ABB Ltd., Nokia Corporation, Telefonaktiebolaget LM Ericsson, Koninklijke Philips N.V., Infineon Technologies AG, Emerson Electric Co, NXP Semiconductors N.V., Atsuke, Xerox Holdings Corporation, Giesecke+Devrient GmbH, Cubic Corporation, HID Global Corporation, CPI Card Group Inc., Scheidt & Bachmann GmbH, Vix Technology Ltd., Verimatrix Inc., Confidex Ltd., Robert Bosch GmbH, Capgemini SE, Cognizant Technology Solutions Corporation, Dell Technologies Inc., Fujitsu Limited, HP Inc., Infosys Limited, NEC Corporation, Oracle Corporation, SAP SE
The smart cities market report table of contents includes:
1. Executive Summary
2. Smart Cities Market Characteristics
3. Smart Cities Market Trends And Strategies
4. Smart Cities Market – Macro Economic Scenario
5. Global Smart Cities Market Size and Growth
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32. Global Smart Cities Market Competitive Benchmarking
33. Global Smart Cities Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Smart Cities Market
35. Smart Cities Market Future Outlook and Potential Analysis
36. Appendix
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