Smart Cities Market to be $3,107.05 Billion by 2030 - Exclusive Report by Meticulous Research®

According to a new market research report titled, 'Smart Cities Market by Solutions (Smart Citizen Services, Smart Environment, Smart Buildings, Smart Transportation, Smart Utilities, Other Smart Solutions), Component (Hardware, Software, Services), Technology, and Geography - Global Forecast to 2030', the global smart cities market is projected to reach $3,107.05 billion by 2030, at a CAGR of 25.8% from 2023 to 2030.

The growth of the smart cities market is driven by government initiatives to manage the needs of the rising urban population and the growing need for resource management and sustainable development. However, significant initial investment requirements restrain the growth of this market. The integration of artificial intelligence and the increasing use and widening applications of IoT technology are expected to create growth opportunities for the players operating in this market.

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However, the risk of data abuse by large corporations, the reluctance to adopt new technologies, and the rising cases of data theft are major challenges to market growth. Additionally, the use of 5G technology to boost internet connectivity and the proliferation of connected vehicles and autonomous drones are prominent trends in the smart cities market.

Government Initiatives to Manage the Needs of the Rising Urban Population is Driving the Smart Cities Market Growth

Governments around the globe are undertaking initiatives to manage the needs of the rising urban population. Currently, over 50% of the global population lives in urban areas. By 2045, the world's urban population is expected to reach 6 billion. Rapid urbanization has created new challenges, such as meeting the ever-increasing demand for housing; developing infrastructure, transport systems, and basic services; and creating jobs. It is necessary to plan and provide basic services, infrastructure, and housing to meet the needs of this growing population.

Governments across the globe are undertaking initiatives to develop connected smart cities that use the Internet of Things (IoT), Artificial Intelligence (AI), Machine Learning (ML), M2M communication, and cloud computing, among other technologies, to provide residents with intelligent infrastructure, a clean and sustainable environment, and better living standards. These initiatives are driving economic growth and improving people's quality of life by enabling local infrastructure development and utilizing technology-based solutions that improve the sustainability of cities.

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Based on solution, in 2023, the smart citizen services segment is expected to account for the largest share of the global smart cities market. Smart citizen services can include a wide range of public services, such as healthcare, education, transportation, public safety, and waste management. For example, smart citizen services in healthcare may include telemedicine and remote monitoring technologies to improve access to medical care and enable patients to receive care from the comfort of their homes. In education, smart citizen services may use online learning platforms and digital tools to enhance students' learning experience and provide teachers with real-time data and insights to improve their teaching.

Based on component, the global smart cities market is segmented into hardware, software, and services. In 2023, the hardware segment is expected to account for the largest share of the global smart cities market. Hardware forms the backbone of the infrastructure support required for deploying smart city projects. Smart cities comprise a bundle of IoT solutions combined to capture and analyze different data points and predict patterns and trends to better manage the resources and improve the quality of life in the cities. These systems assist city councils in providing improved and sustainable services and safeguarding the infrastructure. Smart cities rely on IoT sensors and other hardware solutions for different applications across city processes and operations. These act as primary nodes by collecting, transferring, processing, and storing user data for further analysis and prediction of consumption patterns to plan and forecast demand and manage resources efficiently.

Based on technology, the global smart cities market is segmented into IoT, artificial intelligence, cloud computing, machine learning, machine-to-machine communications, and other technologies. In 2023, the IoT segment is expected to account for the largest share of the global smart cities market. The demand for IoT is increasing due to the rising adoption of connected devices such as smart cars, smart meters, and machine-to-machine (M2M) communications. Such factors increase the demand for the Internet of Things (IoT) security product market. 5G as an IoT trend is the key to its development and adoption. The technology is touted to cross data exchange speeds of up to 10Gbps. As the speed and availability of data communication increase with IoT networks, so will their data analysis and other capabilities, leading to higher penetration of IoT technology in city services.

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However, the cloud computing segment is expected to register the highest CAGR during the forecast period. The growth of this segment is driven by the ability to provide access to a shared pool of computing resources, including servers, storage, and applications. This allows smart city planners to scale up or down their computing needs without significant capital investment in hardware and software infrastructure.

Based on geography, the global smart cities market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the global smart cities market. North America is witnessing a notable transformation due to the adoption of smart city technology, which has brought about significant changes across various sectors. One such sector is waste management, where smart city technologies are utilized to optimize waste collection, sorting, and recycling processes, leading to a more efficient and eco-friendly waste management system. In addition, surveillance cameras, sensors, and analytics have improved public safety by enabling faster detection and response to emergencies and crimes. Moreover, smart city technology has enhanced the delivery of healthcare services, with telemedicine and mobile health technologies providing remote consultations and enhancing patient outcomes.

However, Asia-Pacific is expected to register the highest CAGR during the forecast period. Asia-Pacific continues to grow as large nations consolidate their urbanization process. Asia-Pacific's smart cities primarily focus on digital government services, environmental impact reduction, and improvement of ICT infrastructure and adoption. Growing urban population and rapid expansion of cities are driving governments to deploy smart city solutions to sustain public services, drive economic competitiveness, and enable a thriving environment in the Asia-Pacific region.

Some of the key players operating in the global smart cities market are Cisco Systems, Inc. (U.S.), Huawei Investment & Holding Co., Ltd. (China), IBM Corporation (U.S.), Siemens AG (Germany), Cognizant Technology Solutions Corporation (U.S.), Capgemini (Europe), Schneider Electric SE (France), Intel Corporation (U.S.), Qualcomm Technologies, Inc. (U.S.), Fujitsu Ltd. (Japan), Robert Bosch GmbH (Germany), Atos SE (France), Foxconn Electronics Inc. (Hon Hai Precision Industry Co. Ltd.) (China), LTIMindtree Limited (India), and General Electric Company (U.S.).

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/smart-cities-market-5087

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