Smart Cities Market
Smart Cities Market is expected to reach USD 1 Trillion by 2027 at a CAGR of 14% during the forecast period.
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The factors driving the growth of Smart Cities Market includes emerging need to manage existing infrastructure, minimizing energy consumption. The rising temperature levels across the globe, has pushed the Governments to take appropriate measures to sustainably develop smart transportation, smart buildings, and smart education infrastructure, which will further increase the Smart Cities Market size in the coming years. Increasing traffic congestion, public safety and rising water and electricity shortage are some of the factors contributing to the growth of Smart Cities Market. In addition, smart cities offer advantages such as increased digital equity, enhanced infrastructure and minimized environmental footprint.
However, the growth of Smart Cities Market is hindered due to initial high investment for building infrastructure, increasing cases of data theft and growing security and privacy concerns.
Notable players operating in the market are International Business Machines Corporation, Koninklijke Philips N.V., and Alphabet, Inc., Honeywell International Inc., SAP SE, Emerson Electric Co., Schneider Electric SE, Cisco Systems, Inc., Siemens AG among others.
Solution: Segment Analysis
Based on solution, smart mobility management segment is anticipated to capture a remarkable share in the market due to emerging demand for safe public transportation systems and growing concerns about Carbon Dioxide emissions. The increasing adoption of Electric Vehicles is adding on as a key factor towards the growth Global Smart City Market, as per the report from Nikkei, the electric-vehicle sales in China jumped 160% to a record 2.91 million units in 2021 and U.S. auto sales increased to 3.2% in 2021.
The smart healthcare market segment is expected to witness significant grow significantly during the forecast period, mainly due to growing adoption of digital healthcare platforms. As per the report from FICCI and BCG, 60% of patients from tier-1 cities and 65% doctors in India, are expected to continue using the digital platforms in the coming years.
Regional – Segment Analysis:
Based on region, Asia-Pacific is expected to witness a notable growth during the forecast period due to rapid urbanization, increasing investments for building offices, ports, manufacturing facilities and public transportation services. The Union Ministry of Urban Development is planning to build 100 smart cities in India between 2019 and 2023. The increasing Public Private Partnerships in the region for development of infrastructure is further pushing the growth of Smart Cities Market.
Market Segmentation
Global Smart Cities Market by Solution
· Smart Mobility Management
· Smart Public Safety
· Smart Healthcare
· Smart Building
· Smart Utilities
· Smart Security
· Smart Education
· Others
Global Smart Cities Market by Region
· Asia Pacific
o China
o Japan
o India
o Rest of APAC
· North America
o United States of America
o Canada
· Europe
o United Kingdom
o Germany
o France
o Spain
o Rest of Europe
· RoW
o Brazil
o South Africa
o Saudi Arabia
o UAE
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