Press release
Smart Cities Market to be Worth $1652.36 Billion with CAGR of 19.6% by 2028 | Key Players: Microsoft Corporation, AT&T Inc., Huawei Technologies Co Ltd., Hitachi Ltd., Siemens AG
Smart Cities Market Report
The Business Research Company offers in-depth market insights through Smart Cities Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The smart cities market size has grown exponentially in recent years. It will grow from $667.51 billion in 2023 to $808.46 billion in 2024 at a compound annual growth rate (CAGR) of 21.1%. The growth in the historic period can be attributed to rapid urbanization, environmental sustainability concerns, traffic congestion and mobility issues, energy efficiency and resource management, government initiatives and funding.
The smart cities market size is expected to see rapid growth in the next few years. It will grow to $1652.36 billion in 2028 at a compound annual growth rate (CAGR) of 19.6%. The growth in the forecast period can be attributed to integration of 5G networks, focus on health and safety, resilience and disaster preparedness, citizen engagement and inclusivity. Major trends in the forecast period include citizen engagement platforms, edge computing for real-time processing, smart building automation, public safety and emergency response systems, digital twin technology for city modeling.
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Market Segmentation:
The smart cities market covered in this report is segmented -
1) By Component: Solutions, Services
2) By Type: Roadways, Railways, Airways
3) By Application: Smart Governance, Smart Building, Smart Utilities, Smart Transportation, Smart Healthcare, Other Applications
Major Driver - Smart Cities Market Growth Propelled By Global Urbanization Trends
The rising urbanization all over the globe is expected to drive the growth of the smart cities market going forward. Urbanization refers to the population movement from rural to an urban setting and increasing human population densities in urban areas. A smart city is a technologically advanced urban area that gathers information using various electronic technologies, voice activation methods, and sensors. For instance, according to the United Nations Department of Economic and Social Affairs, 68% of the world's population is 2.5 billion people are projected to live in urban areas by 2050. Therefore, rising urbanization all over the globe is driving the decorative coatings market growth.
Competitive Landscape:
Major companies operating in the smart cities market report are Microsoft Corporation, AT&T Inc., Huawei Technologies Co Ltd., Hitachi Ltd., Siemens AG, General Electric Company, Siemens Mobility GmbH, Intel Corporation, International Business Machines Corporation, Cisco Systems Inc., Schneider Electric SE, Honeywell International Inc., ABB Ltd., Nokia Corporation, Telefonaktiebolaget LM Ericsson, Koninklijke Philips N.V., Infineon Technologies AG, Emerson Electric Co, NXP Semiconductors N.V., Atsuke, Xerox Holdings Corporation, Giesecke+Devrient GmbH, Cubic Corporation, HID Global Corporation, CPI Card Group Inc., Scheidt & Bachmann GmbH, Vix Technology Ltd., Verimatrix Inc., Confidex Ltd., Robert Bosch GmbH, Capgemini SE, Cognizant Technology Solutions Corporation, Dell Technologies Inc., Fujitsu Limited, HP Inc., Infosys Limited, NEC Corporation, Oracle Corporation, SAP SE
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Top Trend - Strategic Partnerships In The Smart Cities Market Are Accelerating Innovation And Digital Transformation
Major companies operating in the smart cities market are forming partnerships to develop new products and strengthen their positions in the market. Collaborations and partnerships in the smart cities market foster innovation, leverage complementary expertise, and accelerate the development and commercialization of advanced therapies by combining resources and capabilities. For instance, in May 2021, Itron Inc. a US-based technology company partnered with Microsoft Corporation a US-based technology company that specializes in the development, licensing, and sale of software, hardware, and other technology-related products and services. This partnership is to offer clients cloud-based meter data management (MDM) services that are highly scalable. The goal of this partnership is to work together to create solutions that will help utility companies address critical challenges such as carbon reporting, energy transition, and distribution automation. Through this partnership, utilities and smart cities will be able to leverage cloud computing technology specifically, edge computing to speed up cloud-native analytics and have access to a more adaptable, scalable infrastructure that supports crucial business operations in the cloud. The partnership will enable mission-critical business activities in the cloud and aid in the administration of huge data volumes, which will aid in the digital transformation of utilities.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Smart Cities Market Characteristics
3. Smart Cities Market Trends And Strategies
4. Smart Cities Market - Macro Economic Scenario
5. Smart Cities Market Size And Growth
…..
27. Smart Cities Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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