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Smart Cities Market Growth Propelled By Global Urbanization Trends Emerges as a Core Driver of the Smart Cities Market in 2025
Smart Cities
What Is the Expected CAGR for the Smart Cities Market Through 2025?
In the last few years, the smart cities market has seen a meteoric rise in its size. It is projected to expand from $792.03 billion in 2024 to $949.94 billion in 2025, marking a compound annual growth rate (CAGR) of 19.9%. The surge during the historic period can be traced back to factors such as swift urbanization, worries about environmental sustainability, traffic clogs and movement problems, the importance of energy efficiency and resource administration, along with government endeavours and financial support.
What's the Projected Size of the Global Smart Cities Market by 2029?
The market size for smart cities is anticipated to experience phenomenal growth in the coming years, reaching a value of $1987.43 billion by 2029 with a compound annual growth rate (CAGR) of 20.3%. This growth within the predicted timeframe can be credited to the incorporation of 5G networks, emphasis on health and safety, resilience, and disaster readiness, along with citizen involvement and inclusivity. The forecast period is expected to see major trends such as citizen engagement platforms, edge computing for immediate processing, automation of smart buildings, systems for public safety and emergency responses, along with the utilization of digital twin technology for city simulation.
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Top Growth Drivers in the Smart Cities Industry: What's Accelerating the Market?
The global trend of increasing urbanization is anticipated to fuel the progress of the smart cities market in the future. When we mention urbanization, it implies the shift of people from countryside to city areas and the escalating amount of human population in urban settings. A smart city, on the other hand, is a city equipped with superior technologies that accumulates data with the help of different electronic technologies, sensors and voice activation techniques. For example, the United Nations Department of Economic and Social Affairs predicts that by 2050, 68% of the world's population, equating to 2.5 billion individuals, will reside in city locations. Hence, the global rise in urbanization is instigating the growth of the decorative coatings market.
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What Trends Will Shape the Smart Cities Market Through 2029 and Beyond?
In the smart cities sector, innovative technology fueled by continuous advancements has become a prevalent trend. Businesses in this market are utilizing advanced technologies to upgrade urban commute networks and offer prompt, fair, and effective public conveyance. For instance, Yunex Traffic, an affiliate of Siemens Mobility, a German firm specializing in intelligent transportation system solutions, introduced its new cloud-powered sophisticated traffic management system (ATMS) entitled Yutraffic Studio in December 2023. This platform incorporates prime planning, surveillance, and enhancement tools for dealing with traffic-related issues in a safe, consistent, quick, and efficient manner. The cornerstone of the Yutraffic suite, its design prioritises the addressing of current transportation administration problems while also maintaining adaptability to future traffic needs. The platform can process enormous amounts of public and private data, even data directly from connected vehicles. Besides, when clients adopt Yutraffic Insights intersection optimization analytics alongside Aimsun's prediction and simulation engine, the platform further offers predictive and digital-twin functionalities.
What Are the Main Segments in the Smart Cities Market?
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
Subsegments:
1) By Solutions: Smart Lighting, Smart Transportation Systems, Smart Waste Management, Smart Water Management, Smart Energy Management, Smart Parking Solutions
2) By Services: Consulting Services, System Integration Services, Managed Services, Maintenance And Support Services
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Which Top Companies are Driving Growth in the Smart Cities Market?
Major companies operating in the smart cities market include Microsoft Corporation, AT&T Inc., Huawei Technologies Co Ltd., Hitachi Ltd., Siemens AG, General Electric Company, Siemens Mobility GmbH, accenture* 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, Scheidt & Bachmann GmbH, Vix Technology Ltd., Confidex Ltd., Robert Bosch GmbH, Capgemini SE, Cognizant Technology Solutions Corporation, Dell Technologies Inc., Fujitsu Limited, Infosys Limited, NEC Corporation, Oracle Corporation, SAP SE
Which Regions Will Dominate the Smart Cities Market Through 2029?
North America was the largest region in the smart cities market in 2024. The regions covered in the smart cities market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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