Smart Cities Market is anticipated to grow at a CAGR of 18.0% from 2019 to 2030
Market Industry Reports (MIR) has published a new report titled “Smart Cities Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global smart cities market accounted for over US$ 360 billion (estimated) in 2019. It is anticipated to grow at a CAGR of 18.0% from 2019 to 2030.
The growing adoption of connected devices and smart technologies across various regions has been one of the most crucial factors for the growth of smart cities globally. Moreover, rising awareness to ensure environmental sustainability in cities has triggered the need for the adoption of smart solutions. Furthermore, key player strategies, such as new product launches, business expansions, acquisitions, and partnerships, can be attributed to the extensive market growth. For instance, in November 2019, ABB’s power grids business and Cree, a U.S.-based manufacturer of power semiconductors entered into a partnership to accelerate the growth of ABB’s Electric Vehicles (EV). This partnership is aimed toward the development of energy-efficient silicon carbide semiconductors for the automotive and industrial sectors. However, insufficient awareness regarding the advantages of smart technologies and the dearth of skilled personnel hinders market growth to a certain extent.
Smart cities provide solutions to several problems associated with increasing urbanization. For instance, these solutions promote efficient waste management, systematic public transport services, advanced infrastructural developments, and efficient use of resources like water & energy. According to the UN World Urbanization Prospects, it is estimated that by 2050, the population living in urban areas will become approximately 68 percent across the world. Hence, the adoption of smart city solutions will significantly promote urban development by offering sustainable buildings & equipment and smart network infrastructures.
Favorable government initiatives to promote smart cities will significantly drive market growth. These initiatives are aiming to improve several sectors, especially energy & infrastructure projects, data-driven public safety, and intelligent transportation.
Browse key industry insights spread across 160 pages with market data tables & figures & charts from the report, Smart Cities Market By Smart Transportation (Types, Solutions, and Services), By Smart Buildings (Solutions and Services), By Smart Utilities (Solutions and Services), By Smart Citizen Services (Smart Street Lighting, Smart Education, Smart Public Safety, and Smart Healthcare) - Global Analysis & Forecast 2019-2030 in detail along with the table of contents:https://www.marketindustryreports.com/smart-cities-market/185
For instance, in June 2018, the Singapore Government officially adopted a commercial cloud-first policy owing to the several advantages offered by commercial cloud services including low hosting costs and reduced system downtime, among others. Similarly, to embrace smart city solutions across the European Union, governments are promoting several policies & regulations, to provide solutions across diverse aspects. Some of these initiatives include energy saving, clean energy production, low emission mobility & logistics, and climate change mitigation for 2020, 2030, and 2050.
Smart cities have the capability to monitor the physical world in real-time with advanced surveillance systems & IP-based cameras and provide intelligent services in terms of transportation, healthcare, environment, entertainment, and energy. Hence privacy and security associated with smart cities remain one of the major concerns which may hinder market growth. Cyber threats in smart city ecosystems can be associated with poor encryption key management, device communication hijacking, and manipulation of sensor data to cause severe panic in cases of disaster detection. Hence better management of data & resources is pivotal to combat cyber-threats and simultaneously provide an efficient implementation of smart city solutions.
Asia Pacific is estimated to account for the highest CAGR in the smart cities market over the forecast period. The growing number of megacity projects, rising adoption of advanced technologies, rapid urbanization, and favorable government initiatives are some of the factors which will propel market growth in the region. For instance, in April 2016, the City Brain traffic pilot project was launched in Hangzhou. The project assists in calculating the traffic flow and automates the detection & reporting of accidents via camera surveillance technology. A large number of local companies, such as Alibaba Group, provided technical support to the project. Similarly, India has one of the world’s most recognized smart city programs, which is driving technological innovation to help in economic growth and citizen engagement.
Some of the prominent players in the smart cities market include Schneider Electric, Cisco Systems, Inc., Siemens, Telefonaktiebolaget LM Ericsson, Itron Inc., Telensa, Honeywell International Inc, Gfi, ABB, and IBM, among others.
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