The Smart Cities Global Market Report 2023 by The Business Research Company, provides smart cities market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Smart Cities Global Market Report 2023, the global smart cities market size will grow from $562.25 billion in 2022 to $678.07 billion in 2023 at a compound annual growth rate (CAGR) of 20.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the smart cities is expected to grow to $1,460.93 billion in 2027 at a CAGR of 21.2%.
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
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The smart cities market 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
Technological advancements have emerged as a key trend gaining popularity in the smart cities market. Major companies operating in the smart cities sector are focused on innovative technologies to modernize urban transit infrastructure and deliver fast, efficient, and equitable public transportation. For instance, in January 2020, Hayden AI, a US-based artificial intelligence technology company launched the first autonomous traffic management platform with vision-based perception devices. These gadgets are installed in city vehicles such as street sweepers, buses, and garbage trucks. Precision localization technology is included in each vehicle-mounted perception device, allowing it to recognize and map items such as parking meters, traffic lights, fire hydrants, street signs, lane lines, and trees.
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. Smart Cities Market Size And Growth
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26. Africa Smart Cities Market
27. Smart Cities Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Smart Cities Market29. Smart Cities Market Future Outlook and Potential Analysis
30. Appendix
Top Major Players:
- Siemens
- Cisco
- Hitachi
- IBM Corporation
- Microsoft
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