The global smart cities market size is
expected to reach USD 463.9 billion by 2027, registering a CAGR of 24.7% from
2020 to 2027. Smart cities encapsulate a significant number of different
domains and application areas that are enhanced with technological advancements
and their effective use to provide services to people. Be it a major tourism
hub or a small community striving to become sustainable, smart city solutions
have found their way in diverse areas of an urban lifestyle. The demand for
these solutions is anticipated to be on the rise, owing to a number of factors
such as growing urban population and the need to better manage limited natural
resources for environmental sustainability. Rapid urbanization, aging
infrastructure, and adoption of new technology, coupled with the need for
improved quality of life, are also driving the market growth.
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Smart cities address a diverse set of
problems, such as efficient transportation, smart and enhanced buildings and
homes, optimum energy utilization, and better administrative services. The
increasing adoption of novel technologies that complement the management of
cities in the future is also a major catalyst for the market growth. The market
would also benefit from initiatives taken by national and regional governments,
residents, and local businesses to implement projects and tend toward cities’
problems.
Smart city market encompasses several
sectors such as healthcare, transport, water, assisted living, security, and
energy and their implementation varies from city to city due to the
technological penetration in the region. The high amount of initial financial
investments, need for the consolidation of different departments and sectors,
and lack of a systemic approach may have a negative impact on the industry
growth. Nevertheless, the market is anticipated to grow rapidly in the coming
years, which would be driven by the availability of technology and an
all-inclusive participation of industry stakeholders.
Further
key findings from the study suggest:
• Communication infrastructure and
web-based services are anticipated to play a major role toward global adoption
of this solution. The inevitable consolidation of services, infrastructure,
data, and sensors would significantly help adopt advanced solutions for these
cities. The major hindrance in the adoption and implementation of these
technologies include concerns regarding the privacy and security of data
• Attempts have also been made at
developing consortia to support and standardize the market globally; however,
this is limited to certain regions and application areas due to the lack of a
systemic approach
• The industry is witnessing different
forms of investment scenarios, such as Build Operate Transfer (BOT), Build
Operate Manage (BOM), and Build Operate Own (BOO), which are gaining traction
as the major financial funding measures for these cities. The BOM model for
investment and management is gaining popularity due to ease of operation and
control over the infrastructure that it offers to interested parties
• Key participants in the smart cities
market include ABB Limited; Accenture; Cisco Systems, Inc.; Schneider Electric
SE; Siemens AG; IBM Corporation; General Electric Company; and Microsoft
Corporation; Hitachi, Ltd.; Honeywell International Inc.; Intel Corporation;
Oracle Corporation; Huawei Technologies Co. Ltd.; and Johnson Controls
International plc. The industry is also marked with a growing number of
collaborations between governments and companies to develop and implement pilot
projects.
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Michelle Thoras
201 Spear Street 1100,
Suite 3036, San Francisco,
CA 94105, United States
Tel: 1-415-349-0054
Toll Free: 1-888-928-9744
Mail: sales@radiantinsights.com
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