As per GlobalData’s latest published report, the smart cities market size was valued at $511.1 billion in 2021 and is expected to grow at a CAGR of 8.1% during 2022-2026. The primary reason behind the development of the market is the colossal growth of the cities that are also the powerhouses of the global economy. Cities cover only 2% of the Earth’s surface but account for 50% of its population, 75% of its energy consumptionand 80% of its carbon emissions.
The market has experienced significant uncertainties over the past few years, and there are several factors that have contributed to this trend. Key market trends and challenges that are currently impacting the growth of smart cities include:
Migration of Population to the Cities
By 2050, up to 70% of the world’s population will live in cities, making smart city projects necessary to cope with migration pressures. However, the pandemic’s economic fallout has caused municipal governments’ budgets to shrink and smart city solutions to become more expensive. Now more than ever, cities will need to choose carefully what smart city initiatives they invest in.
Advancements in Smart City Technologies
IoT, 5G, and AI are the most widely implemented smart city technologies. IoT is driving the growth of smart cities by enabling the integration of various devices and systems, such as traffic lights, parking sensors, and air quality monitors, to create a more efficient and sustainable urban environment. Companies operating in these technologies provide the hardware (such as sensors and cameras), connectivity, and data analysis capabilities that collectively underpin most smart city infrastructures.
Impact of the Pandemic on Economics of the Cities
The pandemic has made clear the need for cities to be resilient in the face of public health and environmental threats. Technologies that safeguard public health will be crucial in the post-pandemic city. Effective analysis of smart city data offers the prospect of automated infrastructure, where a city can use its data to benefit its people and keep them safe.
Impact of Natural Calamities and COP26
As our climate changes, fresh water will become an increasingly limited resource. According to UNICEF, one in two people could live in areas facing water scarcity by 2025, and one in four children could live in areas of extreme water stress by 2040. The delegates at COP26 recognized that limiting global warming to 1.5 degrees Celsius was essential. To reach this goal and achieve net zero by 2050, CO2 emissions must be lowered very significantly by 2030. This will considerably impact cities, particularly in areas such as buildings and transport infrastructure.
Need more information? GlobalData's new report covers each of these companies in much more detail, providing an analysis of the following:
- Region wise analysis of smart cities challenges and opportunities
- Country specific market figures in terms of market revenues
- Bifurcation of market figures by smart transportation and smart infrastructure
- Comprehensive qualitative insights
- The comprehensive report provides global market size estimates, revenue numbers, and coverage of key drivers and challenges
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The study includes an accurate estimate of the current industry scenario along with the market size, market volume, and revenue garnered by the industry.
The report delivers radical data about the competitive landscape of the Smart Cities industry and a thorough bifurcation of the regions where the Smart Cities market has established a significant footing.
The report offers key details about the production volume and price analysis.The report further provides key insights into the market share held by each product and application in the Smart Cities market.
The report also provides a pricing analysis and growth trends for the key segments of the market.Request a discount on the report @ https://www.reportsanddata.com/discount-enquiry-form/936For the purpose of this report, Reports and Data have segmented into the global Smart Cities market on the basis of provider, application, vertical, and region:Provider Outlook (Revenue, USD Billion; 2016-2026)Application ProvidersMiddleware ProvidersInfrastructure Providers Application Outlook (Revenue, USD Billion; 2016-2026)Payments & SettlementCounterfeit DetectionProduct TraceabilitySmart ContractsRisk and Compliance ManagementOthers Vertical Outlook (Revenue, USD Billion; 2016-2026)HealthcareRetail and Consumer GoodsTransportation and LogisticsOil and GasManufacturingOthersAlong with the basic information, the report also offers insights into marketing strategies readily adopted by the key manufacturers for the endorsement of their products.
The report also sheds light on the supply chains and the changes in the trends of the upstream raw materials and downstream distributors.
The report explains the market share and sales volume of each company, along with the key details of the operations of these companies.
The Smart Cities Market research report provides the latest industry data, growth, key segments and future trends on the basis of the detailed study.
This market report also allows you to identify the future opportunity and growth rate of the leading segment based on regions and countries.The report also covers detailed competitive landscape including company profiles of key players operating in the global market.
The key players in the smart cities market include ABB Group, Cisco Systems Inc., General Electric Company, Honeywell International Inc., Huawei Technologies Ltd., IBM Corporation, Microsoft Corporation, Schneider Electric SE, and Siemens AG.
An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.Get more information on "Global Smart Cities Market Research Report" by requesting FREE Sample Copy athttps://www.valuemarketresearch.com/contact/smart-cities-market/download-sampleMarket DynamicsThe rising demand for smart city solutions along with an increasing population and the changing lifestyle of people is stimulating the growth of the smart city market.
Moreover, increasing focus on environmental sustainability, as there is a need to optimize and protect the limited natural resources, is further pushing the market growth.
On the flip side, the high development cost for smart cities is likely to impede market growth.This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter’s five forces analysis, market attractiveness analysis and value chain analysis.
