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Smart Cities Global Market Reach $1652.36 Billion with a CAGR of 19.6% By 2028, Key Factors behind Market's Exponential Growth
Smart Cities Global Market
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According to The Business Research Company's, 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 Drivers and 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.
Technological advancements have emerged as a key trend gaining popularity in the smart cities market. Major companies operating in the smart cities sector are focused on innovative technologies to modernize urban transit infrastructure and deliver fast, efficient, and equitable public transportation. For instance, in December 2023, Yunex Traffic, a part of Siemens Mobility, a Germany-based provider of intelligent traffic management solutions, launched a new cloud-based advanced traffic management system (ATMS) called Yutraffic Studio. This platform was created with top-notch planning, monitoring, and optimization tools to handle traffic challenges swiftly, efficiently, consistently, and safely. The centerpiece of the Yutraffic package, it was designed to handle current transportation management issues while being adaptable to future changes in traffic demands. Massive volumes of public and private data, including data straight from linked cars, can be ingested by the platform. When customers upgrade with Yutraffic Insights intersection optimization analytics and Aimsun's simulation and predictive forecasting engine, it also provides users with digital-twin and predictive capabilities.
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Major Key Players of the Market:
Microsoft Corporation, AT&T Inc., Huawei Technologies Co Ltd., Hitachi Ltd., Siemens AG, General Electric Company, Siemens Mobility GmbH, Accen*ture plc, 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
Smart Cities Market 2024 Key Insights:
• 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%.
• Smart Cities Market Growth Propelled By Global Urbanization Trends
• Revolutionizing Urban Mobility With Cloud-Based Advanced Traffic Management System
• North America was the largest region in the smart cities market in 2023
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