, /PRNewswire/ — The global smart cities market size was valued at USD 1,090.64 billion in 2021 and is projected to be valued at USD 6,965.02 billion by 2030, showcasing a CAGR of 24.2% from 2022 to 2030. Rapidly growing urbanization, the need for effective infrastructure management, and asset management are some of the many factors encouraging governments to make notable investments toward the development of smart cities.
Key Industry Insights & Findings from the report:
- Based on application, smart transportation segment accounted for 20% of the total revenue share in 2021. The increasing number of vehicles on the road and the absence of an effective traffic management system have driven the need for a robust smart transportation system.
- Smart governance segment is expected to witness a considerable CAGR of 23.7% over the projected timeframe. The expansion may be attributed to the growing adoption of smart technologies that are being supported by the governments to enhance accountability, transparency, security, and citizens’ participation by creating a better government-public partnership.
- Considering smart governance insights, city surveillance segment held a market share of more than 20% in 2021. The expansion in the industry may be attributed to the rising security and public safety concerns, which will encourage the use of video management solutions and IP cameras worldwide.
- On the basis of smart utilities, energy management segment held a considerable share of revenue of more than 55% in 2021. Urbanization leading to the industrialization has led to a rise in demand for energy globally. Virtual power plants that operate on machine learning, AI, and IoT are gaining popularity as they offer efficiency and security. Key market players are focusing on establishing a robust R&D infrastructure to supplement the development and overview of advanced energy management solutions, to integrate advanced technologies like blockchain.
- Geographically, North America held a major share of smart cities of over 30% in the year 2021. The regional market expansion is supported by digital transformation in the region in various sectors of the economy such as telecom, banking, and government, among others. High awareness among people in the region to reduce their carbon footprint has led them to make smarter choices further propelling the business scope of smart cities in the region.
- In similar context, Asia Pacific is expected to register a significant CAGR of 27.7% during the period of study. The steady market growth in the region may be due to rapid economic development in the region and a rapidly developing IT sector in the region. With governments in countries like India, South Korea, Singapore, and China supporting the development of smart cities and investing in it, these factors will drive regional smart cities market growth.
Read 180 page full market research report for more Insights, “Smart Cities Market Size, Share & Trends Analysis Report By Application, By Smart Governance, By Smart Utilities, By Smart Transportation, By Region And Segment Forecasts From 2022 To 2030“, published by Million Insights.
Smart Cities Market Growth & Trends
Technological advancements have fuelled the adoption of the Internet of Things or IoT in smart cities to manage the flow of traffic, monitor city infrastructure, and also monitor the quality of air and water in a city. The growing need to ensure public safety, effective use of resources, the need to meet the surging energy demand, and the need for a healthy environment have all steered the development of smart cities in both developed as well as developing countries.
The rapidly rising urban population has driven the demand for sustainable infrastructure across the globe. Governments across a number of countries are undertaking steps and heavily investing to counter concerns related to the rising population in urban areas through the development of smart cities. Safety, utility management, and mobility are some of the major aspects that are efficiently handled in smart cities. The growing use of novel technologies such as nanotechnology, AI, cloud computing, big data analytics, open data, and cognitive computing, among various others.
Increasing implementation of several public-private partnership models like Build, operate, transfer (BOT), Bill of Materials, Build, Own, Operate (BOO) are considerably driving the implementation of various smart city projects globally.
Smart Cities Market Segmentation
Million Insights has segmented the global smart cities market based on application, smart governance, smart utilities, smart transportation, and region:
Smart Cities Market – Application Outlook (Revenue, USD Million, 2017 – 2030)
- Smart Governance
- Smart Building
- Environmental Solution
- Smart Utilities
- Smart Transportation
- Smart Healthcare
Smart Cities Market – Smart Governance Outlook (Revenue, USD Million, 2017 – 2030)
- City Surveillance
- Smart Lighting
- Smart Infrastructure
Smart Cities Market – Smart Utilities Outlook (Revenue, USD Million, 2017 – 2030)
- Energy Management
- Water Management
- Waste Management
Smart Cities Market – Smart Transportation Outlook (Revenue, USD Million, 2017 – 2030)
- Intelligent Transportation System
- Parking Management
- Smart Ticketing & Travel Assistance
Smart Cities Market – Regional Outlook (Revenue, USD Million, 2017 – 2030)
- North America
- Nordic Region
- Eastern Europe
- Asia Pacific
- Latin America
List of Key Players of Smart Cities Market
- ABB Limited
- AGT International
- AVEVA Group plc.
- Cisco Systems, Inc.
- General Electric
- Honeywell International Inc.
- International Business Machines Corporation
- Itron Inc.
- KAPSCH Group
- Huawei Technologies Co., Ltd.
- Microsoft Corporation
- Oracle Corporation
- Osram Gmbh
- SAP SE
- Schneider Electric SE
- Siemens AG
- Vodafone Group plc
Read the Latest Press Releases by Million Insights:
- Permanent Magnets Market – The global permanent magnets market size is expected to reach USD 39.70 billion by 2030 at a CAGR of 8.4%. The major market driving factor include the increasing support initiatives promoting healthcare infrastructure post-pandemic. The growing prominence of renewable energy sources like solar and wind is projected to positively impact the market growth during the forecast year.
- Plastic Market – The global plastic market valued USD 593.00 billion in 2021 and is anticipated to exhibit expansion at a CAGR of 3.7% from 2022 to 2030. The growing population, industrialization, and rapid rising urbanization are increasing the demand for lightweight materials at lower costs. The production rate of manufacturing products from such lightweight materials is high.
- Calcium Carbonate Market – The global calcium carbonate market size was valued at USD 42.5 billion in 2021, expanding at a CAGR of 5.4% from 2022 to 2030. Rocks including limestone and dolomite usually contain the chemical calcium carbonate. Further processing the product after it has been mined or recovered from a quarry (GCC) produces precipitated calcium carbonate (PCC) or ground calcium carbonate.
- Home Bedding Market – The global home bedding market size was USD 87.05 billion in 2021, which is anticipated to attain a CAGR of 7.9% and reach at USD 172.36 billion by 2030. Factors driving the market growth include surge in the housing sector, increased expenditure on home furnishing, and different types of bedding available for home decor. In addition, the inflated demand for bedding products is likely to uplift the market growth during the forecast period.
- Preclinical CRO Market – The global preclinical CRO market size was valued at USD 4.87 billion in 2021 and is projected to reach USD 9.67 billion by 2030, expanding at a CAGR of 7.9%. Two major factors primarily determining the preclinical CRO market growth are the growth in opportunities for outsourcing preclinical CRO services and early research activities during the drug discovery process.
Explore more Market Research Reports by Million Insights, for industry specific reports that provide real-time market trends and forecasts, by condensing the integral elements from our industry reports into bite-sized paragraphs, charts, and tables.
Access More Press Releases
About Million Insights:
Million Insights, is a market research and consulting company, provides syndicated as well as customized research reports and consulting services. We have a comprehensive marketplace, that will enable you to compare data points, before you make a purchase. Enabling informed buying, is our motto and we strive hard to ensure that our clients get to browse through multiple samples, prior to an investment. Service flexibility & the fastest response time are two pillars, on which our business model is founded. Our market research report store includes in-depth reports, from across various industry verticals, such as healthcare, technology, chemicals, food & beverages, consumer goods, material science & automotive.
SOURCE Million Insights