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Smart Cities Market Size, Share, Growth, & Trends 2030
[Redding, California - Jan 30, 2024] - Meticulous Research®, a distinguished leader in global market research, has unveiled its latest research report, 'Smart Cities Market by Solutions (Smart Citizen Services, Smart Environment, Smart Buildings, Smart Transportation, Smart Utilities, Other Smart Solutions), Component (Hardware, Software, Services), Technology, Geography - Global Forecast to 2030.'Download Sample Copy of Report @ https://www.meticulousresearch.com/download-sample-report/cp_id=5087
The report indicates that the global smart cities market is poised to achieve a remarkable Compound Annual Growth Rate (CAGR) of 25.8% over the forecast period, reaching a substantial valuation of $3,107.05 billion by the year 2030. This robust growth is primarily propelled by proactive government initiatives addressing the needs of burgeoning urban populations and an escalating demand for resource management and sustainable development. Despite these positive trends, the market faces challenges related to significant initial investments. However, the incorporation of artificial intelligence and the expanding applications of Internet of Things (IoT) technology are anticipated to open new avenues for market players.
The report identifies major hurdles to market expansion, including the risk of data abuse by corporate entities, resistance to adopting new technologies, and a surge in data theft incidents. Conversely, noteworthy trends shaping the smart cities market include the strategic deployment of 5G technology to enhance internet connectivity, as well as the proliferation of connected vehicles and autonomous drones.
Segmentation Insights:
Smart Citizen Services Lead, Smart Utilities Exhibit Highest Growth
In 2023, the smart citizen services segment is predicted to command the largest market share, playing a pivotal role in enhancing the quality of life within smart city ecosystems. This segment utilizes digital platforms, including social media, mobile apps, and online forums, to engage citizens in decision-making processes and local governance. Additionally, the smart utilities segment is expected to register the highest CAGR, driven by the imperative to optimize asset performance, enhance operational efficiencies, and leverage digital technologies for sustainable urban development.
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Hardware Dominates, Services Set for Rapid Growth
The hardware segment is projected to dominate the global smart cities market in 2023, forming the infrastructure backbone for smart city projects. In contrast, the services segment is anticipated to witness the highest CAGR, emphasizing the pivotal role of implementation, installation, and maintenance of advanced hardware and software in connecting various facets of smart cities.
IoT Holds Largest Market Share, Cloud Computing Shows Highest CAGR
The IoT segment is forecasted to capture the largest market share in 2023, owing to the rising adoption of connected devices like smart cars, meters, and machine-to-machine communications. Meanwhile, the cloud computing segment is expected to register the highest CAGR during the forecast period, driven by its ability to provide scalable access to computing resources, facilitating efficient smart city planning.
Regional Dynamics: North America Leads, Asia-Pacific Grows at Highest CAGR
In 2023, North America is anticipated to dominate the global smart cities market, attributing its substantial market share to the increasing adoption of digital technology and data for enhancing decision-making processes and ensuring citizen safety. However, Asia-Pacific is poised to register the highest CAGR, reflecting the region's rapid urbanization and prioritization of smart city solutions for sustainable public services and economic competitiveness.
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Key Players:
The global smart cities market boasts the presence of influential players, including Cisco Systems, Inc., Huawei Investment & Holding Co., Ltd., IBM Corporation, Siemens AG, Cognizant Technology Solutions Corporation, Capgemini, Schneider Electric SE, Intel Corporation, Qualcomm Technologies, Inc., Fujitsu Ltd., Robert Bosch GmbH, Atos SE, Foxconn Electronics Inc. (Hon Hai Precision Industry Co. Ltd.), LTIMindtree Limited, and General Electric Company.
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About Meticulous Research®
Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.
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