The global smart cities market size reached USD 457.18 billion in 2021 and is expected to register a revenue CAGR of 13.9% during the forecast period, according to latest analysis by Emergen Research. Market revenue growth is attributed to rising demand for public security, as well as favorable government initiatives in various countries to develop advanced video surveillance, real-time vehicle number plate, and facial recognition solutions used for public safety in smart cities, emphasizing the importance of monitoring to ensure people's safety. Increasing energy usage results in higher energy dissipation and carbon emissions, highlighting the need for more sustainable and efficient energy consumption. Concerns about global warming and ozone depletion have prompted increased government attempts to reduce the country’s carbon footprint. Furthermore, tougher emission-control rules in both developed and emerging countries are expected to support revenue growth of the market.
Furthermore, growing government initiatives and Public-Private Partnership (PPP) models for smart transportation, Internet of Things (IoT) usage, and automation are driving market revenue growth. Rising analytics penetration and ongoing technological advancements by leading players are improving consumer experience and driving market revenue growth. Smart transportation is becoming a reality owing to technological innovations in transportation, an increase in demand for autonomous cars, and development of linked cards. In addition, as urbanization increases, governments across the globe are attempting to modernize railways by focusing on the creation of smart cities. The growing desire for city metros and ultrafast trains for long-distance transport is driving the demand for smart railroads. Significant development in construction projects is driving the logistics sector for timely transit of freight commodities. As a result, technologically advanced cargo trains are in high demand for goods transportation and logistics, which is expected to drive market revenue growth. However, the initial cost of deploying smart solutions is considerably high, and the absence of defined policies is impeding their acceptance, hence restraining market revenue growth.
The major companies Covered in the report are:
Cisco Systems, Inc., International Business Machines (IBM) Corporation, SAP, Itron Inc., Telefonaktiebolaget LM Ericsson, Schneider Electric, Siemens, Telensa Inc., Accenture, Cubic Corporation, and Kapsch TrafficCom AG.
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Segments Covered in this report are:
- Solution Type Outlook (Revenue, USD Billion 2019-2030)
- Smart Transportation
- Smart Buildings
- Smart Utilities
- Smart Citizen Services
- Others
- Application Outlook (Revenue, USD Billion 2019-2030)
- Security
- Energy Management
- Healthcare
- Industrial Automation
- Buildings
- Transportation
- Others
- Regional Outlook (Revenue, USD Billion; 2019–2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
- North America
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Key highlights of this research report:
- On 29 March 2021, Zscaler Inc. and CrowdStrike Holdings Inc. launched an end-to-end security protection application. The zero-trust security from devices is expected to provide organizations with dynamic data and identity-centric security protection through new
- The smart buildings segment is expected to register the fastest revenue CAGR during the forecast period. This is owing to expanding energy costs and increasing environmental problems, such as carbon emissions and waste, which are compelling builders to invest in smart building technology that delivers improved security and cost savings wherever possible. Furthermore, smart buildings combine cloud technology, sensors, and IoT connection to allow users to monitor and control lighting, air conditioning, security, and other housing functions remotely hence, smart buildings are more environmentally friendly and energy-efficient thereby driving revenue growth of the segment.
- The healthcare segment is expected to register the fastest revenue CAGR during the forecast period. The growing requirement for observing smart healthcare device users suffering from chronic illnesses and obtaining improved patient outcomes drives the provider's appeal and use hence driving revenue growth of the healthcare segment. The Internet of Things has made significant progress in enhancing public safety and health owing to its capacity to increase the efficiency and accuracy of present systems. For instance, IoT applications, such as GPS mapping technology and wearable technology, are quickly evolving; coupled with the adoption of new opportunities and applications. All of these are driving revenue growth in the segment.
The professional intelligence study on the Smart Cities market addresses some of the most critical questions:
What market size will 2031 be, and what growth rate will it experience?
What are the key trends in the Market?
What are the driving forces behind the Smart Cities market?
What are the obstacles to market growth?
Which are the top vendors in this space?
What are the threats and opportunities in the market for key vendors?
What are the strengths or weaknesses of critical vendors?
What are the future opportunities for the players in the Smart Cities market?
What are the main issues facing the global Smart Cities market?
How does the competitive landscape look?
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About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend’s existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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