Smart Cities Market Future Trends, Demand And Forecast To 2027

Smart Cities Market: Global Industry Analysis and Forecast (2021-2027) by Component, Applications, Focus Area, and Region

Smart Cities Market size was valued at US$ 400 Bn. in 2020 and the total revenue is expected to grow at a CAGR of 14.8% through 2021 to 2027, reaching nearly US$ 1077.4 Bn.

Smart Cities Market Overview:

The Global Smart Cities Market The global smart cities market was estimated at $400 billion in 2020, and it is predicted to grow at a CAGR of 14.8 percent to $1077.4 billion by 2027, with a CAGR of 14.8 percent. Because of the rising awareness of "smart everything," which is partly due to all intermediary technologies, the smart cities concept has gained traction. Smart cities collect and analyse data from a variety of sources using developing technologies such as artificial intelligence (AI), the internet of things (IoT), cloud storage, big data, and data analytics. According to Eric Woods, Navigant's research director, smart cities are gradually instrumenting the urban fabric at every layer, resulting in cross-sector advantages.

Historical Forecast Period:

Maximize Market Research report presents the analysis of each segment from 2021 to 2027 considering 2020 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segment calculated for the forecast period from 2020to 2027.

Smart Cities Market Overview and Dynamics:

The report covers comprehensive data on market drivers, restraints, emerging trends, and growth opportunities that can change the market dynamics of the end use industry. It provides an in-depth analysis of the Smart Cities Market segments which include products, applications, and competitor analysis.

Technologically advanced cities use Internet of Things (IoT) platforms to monitor city infrastructures and manage anything from traffic flows and parking to water and air quality. Using the smart data generated as a result, these communities are confronting longer-term planning issues focusing on environmental sustainability. A growing number of smart city initiatives and projects will emerge in the near future as the world moves toward urbanisation. The Smart Santander project in Spain uses around 2,000 IoT devices to explore solutions and verify theories about smart city security and privacy challenges.

In many organisations and smart cities, artificial intelligence has become embedded. In smart cities, AI-powered technology is being utilised to maintain a healthier environment, improve public transportation, and increase safety. Artificial intelligence (AI) might be able to find out how municipal resources are used and how they function. It helps municipal planners better understand how the city responds to various changes and efforts. Artificial intelligence research and development is a multibillion-dollar industry in the world's most powerful economies.

Urbanized areas utilise a significant amount of global energy and account for up to 80% of GHG emissions. Greater energy consumption leads to increased energy dissipation and carbon emissions, prompting the urgent need for a more sustainable and efficient energy use. The US Environmental Protection Agency (EPA) released the Clean Power Plan to address the issue of carbon emissions from power plants. Intelligent infrastructure automation, smart grids, and control systems all contribute to lower power consumption and carbon emissions, as well as fewer losses and better operations.
Privacy and security are major considerations in smart city projects. The smart city ecosystem's overall vulnerability is significant because it is primarily reliant on IoT and central access points for varied data.

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Smart Buildings, Smart Mobility, Smart Healthcare, Smart Security, and Others are the different segments of the market. By 2027, the Smart Security category is estimated to have the greatest market share of percent. The emergency management industry is expected to develop as the demand for safety and security solutions grows, as well as the necessity of emergency preparedness. The requirement for public safety necessitates advanced computerised systems that can supply the right information for law enforcement officials, firefighters, and emergency medical service providers to respond effectively and safely. During the forecast period 2021-2027, these are the key factors driving the growth of this category in the global market.

Smart Transportation, Smart Buildings, Smart Utilities, and Smart Citizen Services are the four segments of the market. During the projection period 2021-2027, the Smart Citizen Services category is predicted to increase at a CAGR of percent. The protection of its residents is a top priority for every government body. People place a high value on government safety services, whether supplied at the municipal, state, or federal level. Aerial systems, real-time crime reports, Integrated Emergency Management Systems (IEMS), and law enforcement video analytics are just a few of the instruments that can assist government officials in providing better protection to citizens. The IoT, cloud, sensors, and mobility technologies are used to create a smart city. These components are strongly reliant on networking hardware and protocols, making them vulnerable to cyber-attacks.

Key Players:

• Cisco Systems
• Schneider Electric
• Emerson
• Microsoft
• Hitachi
• Siemens AG
• Huawei
• Intel
• Oracle
• GE
• Nokia
• Vodafone
• Itron
• Verizon
• Toshiba Corporation
• Alstom SA
• Kapsch Group
• Honeywell
• Agt International
• Bentley Systems

Regional Analysis:

Regional analysis is another highly comprehensive part of the research and analysis study of the Smart Cities Market presented in the MMR report. Local development plans are often affected by the performance of Smart Cities market. Our report briefly explains all the factors, market size, growth rate, import and export in regions covering North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. This research has provided market trends, key opportunities, factors affecting of particular regions, to examine the global and domestic Smart Cities market and these findings have been strategically presented in the report.

Competition Landscape:

Most of the key players present in the Smart Cities Market are focusing on mergers and acquisitions to expand their geographic presence and gain a competitive edge. Meanwhile, some of the other players are updating their existing product portfolios and adding innovative screens to keep up with the high consumer demand and generate more sales.

Key questions answered in Smart Cities Market report

  • What was the market size of Smart Cities Market in 2020 and forecast up to 2027?
  • Which is the largest regional Smart Cities Market?
  • What are the major trends followed in Smart Cities Market across different regions?
  • Who is the key Smart Cities Market companies leading the market?
  • What are the key strategies adopted by the leading Smart Cities Market companies in market?
  • Unique data points of this report
  • Statistics on Smart Cities Market penetration and spending worldwide
  • Recent trends across different regions in terms of adoption of Smart Cities Market for various end-use.
  • Notable developments going on in Smart Cities Market
  • Attractive investment proposition for segments as well as geography
  • Comparative scenario for all the segments for years 2020 (actual) and 2027 (forecast)

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