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What Is Driving Global Smart Cities Market Growth in 2025: The Role of Smart Cities Market Growth Propelled By Global Urbanization Trends
Smart Cities
Smart Cities Market Size Growth Forecast: What to Expect by 2025?
The smart cities market capacity has experienced a swift expansion recently. There will be a surge in the market from $792.03 billion in 2024 to $942.74 billion in 2025, growing at a compound annual growth rate (CAGR) of 19.0%. The escalation during the historical period can be linked to rapid urbanization, eco-sustainability worries, mobility and traffic issues, energy efficiency, resource administration, along with government directives and funds.
How Will the Smart Cities Market Size Evolve and Grow by 2029?
The market size of smart cities is predicted to experience a swift expansion in the coming years, growing to an impressive $1938.58 billion in 2029 with a compound annual growth rate (CAGR) of 19.7%. The anticipated growth in this period can be credited to factors such as the integration of 5G networks, attention on health and safety measures, resilience, disaster readiness, and an emphasis on citizen involvement and inclusivity. Key trends expected during this forecast period encompass citizen involvement platforms, use of edge computing for real-time processing, advancement in smart building automation, improvement of public safety and emergency response mechanisms, along with the application of digital twin technology in city modeling.
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What Drivers Are Propelling the Growth of Smart Cities Market Forward?
The escalating rate of urbanization globally is predicted to be a key catalyst in the expansion of the smart cities market in the future. Urbanization is defined by the shift of population from rural environments towards city ones, resulting in a significant increase in populace density in urban locales. A smart city is an urban area that is technologically sophisticated and employs a variety of technologies including electronic devices, voice command functions, and sensor systems to gather data. For example, the United Nations Department of Economic and Social Affairs projects that by the year 2050, around 68% of the globe's population, equivalent to 2.5 billion people, will be residing in urban spaces. Consequently, the surge in urbanization worldwide is compelling the growth of the decorative coatings market.
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Which Emerging Trends Are Transforming the Smart Cities Market in 2025?
Key technological advancements are emerging as a significant trend in the smart cities market. Most big-league firms in this sector are concentrating on cutting-edge technologies to enhance urban transit systems and deliver quick, effective, and just public transportation. For example, Yunex Traffic, a division of Siemens Mobility - a German enterprise specializing in intelligent traffic management solutions - debuted a state-of-the-art cloud-based advanced traffic management system (ATMS), Yutraffic Studio, in December 2023. Established with premium planning, monitoring, and optimization tools, this platform allows for nimble, effective, consistent, and safe traffic management. The Yutraffic package's focal point, it is designed to tackle present-day transport management issues and is flexible enough to adapt to future traffic needs. The platform can absorb copious amounts of both public and private data, including information directly from connected vehicles. An upgrade to Yutraffic Insights intersection optimization analytics and Aimsun's simulation and predictive forecasting engine also grants users access to digital-twin and predictive features.
What Are the Key Segments in the Smart Cities Market?
The smart citiesmarket 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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Who Are the Key Players Shaping the Smart Cities Market's Competitive Landscape?
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
What Geographic Markets Are Powering Growth in the Smart Cities Market?
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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