The MMR report for the Smart Cities market help with market forecast values of every economy as per the segment in the market. The report provides the market dynamics such as growth driving factors, growth restraining factors, opportunities for the new market entrants, and the various government rules and regulations regarding the product. The report also helps with data on decisions taken by the industry specialties during the forecast period.
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Smart Cities Market Scope
The size of the Smart Cities market in various divisions and areas is included in the report, including Market dynamics shifting from 2020 to 2029, the latest Trends in the market related to the product price, Recent market developments over the years, In-depth geographical analysis of the region, Strategies for development implemented by key players and Company profiling based on business models is included in the Smart Cities market report. PESTLE analysis is conducted to evaluate the market conditions.
The market for “smart cities” was estimated to be worth USD 457.63 billion in 2021 and is anticipated to grow to USD 1,291.75 billion by 2029, with a forecasted CAGR of 13.85%. (2022-2029)
Segmentation
In 2021, the smart transportation sector accounted for the biggest market share of almost 20%. An increase in the number of vehicles on the road, an impending scarcity of traffic data management, and an ageing infrastructure are further factors anticipated to support segment growth. An alternative traffic management system has arisen as a result of the need to control traffic flow on highways and in cities. The role of technology in shaping the future of the market for intelligent transportation systems has been made clear by the adoption of smart technologies and a range of initiatives by both public and private entities.
The smart governance market is anticipated to expand at a sizable CAGR of 23.7% during the forecast period. The use of smart technology by governments to promote transparency, accountability, security, and citizen involvement by forming a progressive government-public partnership can be credited to the rise. With the assistance of system integrators, Original Equipment Manufacturers (OEMs), and distributors, governments in various regions are employing video surveillance systems in several cities to spot and stop unlawful activities and advance smart governance.
The city surveillance segment held the greatest revenue share of the smart cities industry above 20% in 2021. The expansion of the market may be attributed to the growing public safety and security concerns that are propelling the adoption of IP cameras and video management systems globally. It is crucial to the creation of a smart city since it allows for the management and oversight of public services, civic institutions, and transportation networks. Furthermore, the city surveillance sector is growing as a result of recent advancements in analytics and software, as well as decreasing IP camera costs. The Command and Control Center (CCC) industry is anticipated to expand at a healthy CAGR of 21.4% over the forecast period.
Key Players
• Cisco Systems, Inc.(US)
• Verizon(US)
• Microsoft Corporation(US)
• Oracle Corporation(US)
• General Electric(US)
• Honeywell International Inc.(US)
• International Business Machines Corporation(US)
• Itron Inc.(US)
• KAPSCH Group(Austria)
• Huawei Technologies Co., Ltd.(China)
• Schneider Electric SE (France)
• Ericsson (Sweden)
• Osram Gmbh (Germany)
• AGT International (Germany)
• SAP SE(Germany)
• Siemens AG(Germany)
• Vodafone Group plc(UK)
• Telensa (UK)
• AVEVA Group plc. (UK)
• ABB Limited (Switzerland)
Regional Analysis
North America, the United States, Canada, Mexico, Europe, the United Kingdom, Germany, France, Spain, Italy, the Rest of Europe, Asia Pacific, China, India, Japan, Australia, South Korea, ASEAN Countries, Rest of APAC, South America, Brazil, and the Middle East and Africa are covered in the Smart Cities market report. The regional Smart Cities market size of the base and the forecast values for each and every segment is covered for all the economies. The report also includes the market hampering factors both positively as well as negatively in every region for the Smart Cities market.
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