The global Smart Cities Market size is expected to reach USD 6,965.02 billion by 2030, according to the new reports of Grand View Research, Inc. The market is expected to expand at a CAGR of 25.8% from 2023 to 2030. The market growth can be attributed to rapid favorable government initiatives worldwide and emerging technologies, such as Artificial Intelligence (AI), cybersecurity, big data analytics, and the Internet of Things (IoT). This has encouraged several countries to invest in smart city projects to manage infrastructure and assets. Further, the increasing adoption of Electric Vehicles (EVs) has also created a demand for the development of charging infrastructure in cities globally. Due to this, it provides energy storage and creates new revenue streams from EV batteries. These benefits will further boost the smart cities market's growth during the forecast period.
The smart cities market is witnessing a high
investment in smart security, smart metering for utilities, integrated traffic
management systems, and smart mobility. Several technologically innovative
cities use IoT platforms to monitor their infrastructure, manage traffic flows,
water management, parking, and air quality, and use the generated smart data to
handle longer-term decisions for environmental sustainability. Market players
are establishing strategic partnerships with technology providers to improve
their smart cities portfolio. For instance, in February 2022, an electric
utility company, E.ON SE, partnered with telecom company Vodafone Group plc to
develop smart water, gas, and electricity meters, accrelating the smart cities
market growth.
Various country governments, such as India, Germany,
Canada, Japan, and Australia, are launching smart city-based projects to
improve citizens' lifestyles and create safer communities, propelling smart
cities market expansion. Government-authorized associations & organizations
are collaborating with market players to develop smart city solutions to assist
the government in planning smart city strategies. For instance, in October
2022, the non-profit organization, Accelerator for America partnered with
Honeywell International Inc. and launched the Smart City Accelerator Program to
help smart city developers define priorities, align key stakeholders, and
improve service delivery & operational efficiency of smart cities projects.
Related Press Release@ Smart Cities Market Report
Smart Cities Market Report
Highlights
- The environmental solution segment is expected to witness a
considerable CAGR of 28.8% over the forecast period. Shifting various
government focus towards reducing Greenhouse Gases (GHGs) and preservation
and promotion of biodiversity is propelling the segment growth globally
- The smart lighting segment is anticipated to register a CAGR of
26.8% over the forecast period. The substantial demand for IoT-enabled
lighting fixtures, increasing infrastructure developments, and end-user
preference for energy-efficient lighting are propelling the adoption of
smart lighting in residential, commercial, and industrial sectors
- The waste management segment is estimated to witness a CAGR of
27.0% through 2030. Numerous waste management companies are installing
sensors, data visualization platforms, and network infrastructure to
generate actionable insights and make informed decisions. Adopting these
smart technologies in waste management will supplement the segment's
growth during the forecast period
- The intelligent transportation system segment is expected to
witness a significant CAGR of 26.7% over the forecast period. The rising
public and private investments in the transport sector, government
initiatives to curb traffic congestion & enhance public safety, and
advancements in video surveillance & analytics system is expected to
accelerate the segment growth notably through 2030
- In Asia Pacific, the market is anticipated to register significant
CAGR of 29.2% during the forecast period. The regional growth can be
attributed to rapid economic developments, digitalization, globalization,
and the rising proliferation of smartphones
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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