Smart Cities Market Trends, Size, Growth & Forecast 2022-2029

Market Overview
The Global Smart Cities Market is expected to grow at a CAGR of 22.9% during the forecasting period (2022-2029).

A smart city refers to an urban area that uses various types of electronic methods and sensors, intending to collect data. Insights acquired from that data are used to manage resources, assets, and services efficiently; that data is used to enhance the operations across the city. This includes data collected from devices, citizens, buildings, and assets that are then analyzed and processed to monitor and manage power plants, water supply networks, traffic and transportation systems, utilities, waste, crime detection, and information systems, across several areas, such as schools, libraries, hospitals, and other community services.

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Market Dynamics
Increasing environmental concerns and demand for green initiatives

Urbanized areas hold a huge portion of global energy consumption and are expected to release up to 80% GHG. The increasing usage of energy sources results in the rising amount of carbon emissions and energy dissipation, which urgently raises the demand for sustainable and efficient use of energy. Electricity generation reports for almost one-fourth of CO2 emissions globally. Increasing concerns over ozone depletion and global warming have accelerated the efforts of governments of developed and emerging nations to control their carbon footprint, with governments enforcing stricter regulations to limit emissions.

Huge initial investments

One of the major challenges associated with the growth of the smart cities market is project funding for huge initial CAPEX. It has come to be the national/local government's major responsibility to invest in the transformation process of smart city infrastructure. It is easy to understand that governments possess the need, vision, and clarity for such transformations; however, the lack of budgetary allocations for large-scale implementations impedes the pace of the transformation process, either directly or indirectly. Such heavy investments could add to the economic burden of debt-ridden governments or local municipal authorities, which adversely affects future general budgets.

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Market Segmentation:
By Solution
• Smart Healthcare
• Smart Transportation
• Smart Education
• Smart Security
• Smart Buildings
• Smart Utilities
• Smart Grid
• Smart Industry Automation

Competitive Analysis
The smart cities market is highly competitive. The key smart cities players which are contributing to the growth of the global market include Cisco Systems, IBM, Siemens AG, Schneider Electric, Ericsson, Vodafone, Itron Inc., Verizon, Telensa, ABB, Honeywell International Inc., SAP SE, KAPSCH Group, and AGT International, Zhongshan Woli Lighting, Foshan Kaicheng Lighting, SHENZHEN LONG SUN OPTOELECTRONICS TECHNOLOGY Co., Ltd, Yangzhou Bright Solar Solutions Co., Ltd., GUANGDONG WORLD OPTO-ELECTRONIC CO., LTD., among others. The major players are adopting new product launches and expansion strategies for global growth in the smart cities market.

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