AI in Smart Cities Market Top Players - IBM Corporation, Microsoft Corporation, Google LLC, Intel Corporation, Cisco Systems, Inc.

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global AI in Smart Cities Market- (By Application: Smart Mobility, Energy Management, Healthcare, Public Safety and Security, Waste Management, Environmental Monitoring, Water Management, Others), By Deployment Mode, By Component, By End User, By Region, Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the Global AI in Smart Cities Market is valued at US$ 36.9 Bn in 2023, and it is expected to reach US$ 138.8 Bn by 2031, with a CAGR of 18.1% during the forecast period of 2024-2031.

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The integration of artificial intelligence (AI) in smart cities aims to enhance urban efficiency, sustainability, and overall quality of life. The market's growth is driven by the increasing deployment of AI in smart city applications, including transportation, energy management, and public safety. Rising investments in AI from both public and private sectors are further supporting market expansion. The implementation of AI in government-led smart city initiatives is also enhancing community engagement and improving the overall citizen experience.

However, concerns surrounding data privacy, high implementation costs, and complex regulatory frameworks are notable challenges that could hinder market growth. Despite these obstacles, the market is expected to benefit from the optimization of sustainable energy use, enhanced public safety through advanced surveillance and emergency response systems, and the development of smart transportation networks to alleviate traffic congestion. Additionally, AI-driven improvements in water distribution, waste management, and predictive infrastructure maintenance are expected to contribute to the creation of more resilient and livable urban environments, thereby driving market demand in the coming years.

List of Prominent Players in the AI in Smart Cities Market:
• IBM Corporation
• Microsoft Corporation
• Google LLC
• Intel Corporation
• Cisco Systems, Inc.
• Siemens AG
• Huawei Technologies Co., Ltd.
• NVIDIA Corporation
• Hitachi Vantara
• NEC Corporation

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Market Dynamics
Drivers:
The growing demand for artificial intelligence (AI) in smart cities is driven by increasing concerns over inefficient urban management and declining quality of life. AI technology enables the automation and real-time analysis of data, allowing cities to optimize resource utilization, reduce traffic congestion, and enhance public safety. The adoption of AI is facilitating more effective decision-making as cities face challenges in managing infrastructure and services due to rising urban populations. Furthermore, AI supports sustainable development by improving energy efficiency and waste management, aligning with the expectations of tech-savvy citizens for smarter living environments. As a result, governments and municipalities are investing in AI-powered smart city solutions to create more responsive, resilient, and sustainable urban ecosystems.

Challenges:
The high cost of implementation and the complexity of integrating AI systems into existing municipal infrastructure represent significant challenges for the smart cities market. Budget constraints and the substantial capital investment required to deploy AI solutions have made cities cautious about adopting these advanced technologies. Additionally, AI systems rely on the collection and analysis of large volumes of personal data, raising concerns about data security and privacy. The absence of standardized regulations and policies governing AI deployment in urban settings further complicates the situation. Moreover, resistance to change and a shortage of skilled professionals capable of managing AI systems are expected to restrain market growth in the coming years.

Regional Trends:
The North American AI in smart cities market is expected to secure a significant share of global revenue and is projected to grow at a strong compound annual growth rate (CAGR) in the near term. This growth is driven by increasing demand for effective urban solutions to challenges such as traffic congestion and resource management, along with substantial financial investments by governments in smart city projects. Similarly, Europe holds a considerable market share due to large-scale investments in smart infrastructure, a commitment to technological innovation, and strong government support for sustainable urban development. The region's focus on reducing carbon emissions while enhancing urban living standards is also contributing to the increased adoption of AI in smart city initiatives.

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Recent Developments:
• In July 2024, Oracle opened a second cloud region in Saudi Arabia, Riyadh. This is part of a $1.5 billion plan by Oracle to increase the country's cloud capacity in line with Saudi Vision 2030. Saudi businesses can use Oracle Cloud Infrastructure's fast speed, built-in security, powerful data, distributed cloud, and disaster recovery features to speed up AI creation and make their businesses more resilient.
• In January 2024, IBM and the Department of Science and Technology, Government of Gujarat, signed an MoU to create and promote an AI Cluster using IBM Watson. The goal is to promote new ideas and collaboration among these institutions. This partnership will provide financial institutions with digital assistant solutions, an AI sandbox, help with proof of concept creation, and AI literacy initiatives.

Segmentation of AI in the Smart Cities Market-
AI in the Smart Cities Market- By Component
• Hardware
• Software
• Services (Consulting, Maintenance, Training)
AI in the Smart Cities Market- By Application
• Smart Mobility
• Energy Management
• Healthcare
• Public Safety and Security
• Waste Management
• Environmental Monitoring
• Water Management
• Others
AI in the Smart Cities Market- By Deployment Mode
• Cloud-based
• On-premises
AI in the Smart Cities Market- By End-User
• Government
• Utilities
• Transportation Companies
• Healthcare Providers
• Real Estate Developers
• Others
AI in the Smart Cities Market- By Region
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa

About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.

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This release was published on openPR.