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The Global Smart Cities Market was Valued At USD XX Mn In 2019 And ss Projected To Reach USD 351559.1 Mn By 2028, Registering A CAGR Of 21.25% From 2020-2028.
The intensity of the global smart cities market is stimulated proactive government smart cities initiatives, demand for quality life and urbanization. There is a rise in the implementation of artificial intelligence solutions among these projects and are expected to offer considerable chances for the period of 2020-2028. Among all others, governments are playing a vital role in the smart cities market enforcing policies which are entitled to the smart cities projects. Security and privacy concerns of smart cities offerings are anticipated to restrain the demand for growth of this market.
General Services Administration’s (GSA) Smart Buildings initiative has begun in May 2012 enabled to decrease the cost and promote smart services modernization of federal government facilities connected shall enhance the operations capabilities. The intensity of implementing unique technologies are high which complies with smart cities are major driving forces of this market. Smart cities encompass of various domains that are applicable to enhance the efficiency of customers and institutions.
The smart city market is experiencing good demand in order to manage utility resources such as electricity, infrastructure, water, waste management; farming, traffic and gas are considered majorly to these projects. Disruptive technologies evolving in the current smart city industry are considerably boosting the market. These technologies could not only increase the efficacy of infrastructure but also it could also limit the growth of other industries that are already doing well in the market.
There is a deployment of numerous sensors and gadgets for health-care facilities, transportation, government organizations which gather large volumes of data which is sensitive hence privacy is a major concern limiting its growth in the market. Thus, the smart city infrastructure segment had dominated the total smart cities market globally in the year 2019.
The Emergence Of Smart City Service Segment is Projected Expand Globally:
Among smart city projects, the need for services segment to cater to smart city infrastructure is being at its introductory phase and has a significant role in managing these projects long term basis worldwide. Thus the service segment in the smart city is considered as one of the most demanded offerings over others and has lucrative market opportunities. Demand for health care management has a significant contribution to smart cities infrastructure development market. This is mainly because individuals are focused on monitoring the health conditions remotely and managing at the time of emergency across the project. Availing health-care benefits such as insurance and facilitate hospital services stimulating the growth of smart city services segment at a good pace among these projects.
Disruptive Technological Advancements:
Developed nations are focusing on the disruptive technologies that are driving these market segments. 7Thus, the growth of telecommunication systems that could create virtual space for the individuals and institutions are being at an introductory phase. Such initiatives are being majorly contributed by the investments in R&D in-order to evolve technological advantages to the prospective end-users. Enabling the internet of things technology is one of the catalytic factors for smart cities concepts among the developed nations. Because such technological introduction and integration would ease the technological advantage and increase the demand for such disruptive technological advent.
Asia Pacific Region is Dominate Global Market:
Asia Pacific region is expected to surpass the global market for the smart cities market due to the significant initiatives enforced by the governments of these nations. Thus it becomes a vital growth catalyst in the space of smart cities industry enabling relevant companies to formulate their projects that could suit the need of specified nation’s policies and their requirements. These initiatives by China are focused on transforming its 500 cities into smart cities which could dominate industry among other nations. The country has already introduced its smart city projects for about 290 cities which are being facilitated at a fast pace.
Such initiatives are driving this market at a considerable pace involving the organizations to contribute with their advanced technologies. The major segments focused by these markets smart infrastructure and utilities which are about to dominate the smart cities market in the Asia Pacific region. There is also a higher scope of market development for the smart city transportation facilities in the forecast period of 2020-2028.
China has made an investment of nearly USD 95 Bn in the smart city projects developments across the country. Developed nations in the Asia Pacific region had initiated their investments in the smart city transportation market enabling to efficiently manage their resources. Moreover, the Asia Pacific region is expecting rapid urbanization contributing to the smart city introduction to those urban areas has stimulated the market growth for this industry. Currently, North America is in the leading position of smart cities market value with a share of 33% in the global market.
The major player among the smart city companies is International Business Machines Corporation. It is estimated to have generated revenue of USD 79.60 Bn and had a net income of USD 8.71 Bn in the year 2019. The companies operate in the diversified industry vertical that enables it to give a significant contribution to the smart city concept market share.
The prominent players in the smart city market have competed at a large scale globally, they are as followed; Schneider Electric, Vodafone, Verizon, Siemens AG, Honeywell International Inc., Ericsson, SAP SE., KAPSCH Group, and AGT International, Cisco Systems, Ericsson, Itron Inc.
Key segments of Global smart cities market
By product type:
- Smart security
- Smart infrastructure
- Smart energy
- Smart governance and smart education
- Smart building
- Smart healthcare
- Smart mobility
- North America
- Asia Pacific
- Latin America
- Middle East & Africa