The global smart cities market market is estimated to be valued at US$ 638.52 Bn in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Smart cities integrate information and communication technology (ICT) with other infrastructure to efficiently manage resources and deliver sustainable services. With sensors, data collection and analytics, smart cities aim to improve transportation systems, energy generation and distribution, healthcare facilities and more.
Market key trends:
One of the key trends driving the smart cities market is the rising adoption of artificial intelligence (AI). AI helps analyze real-time data from traffic cameras, CCTV cameras and environmental sensors to optimize operations. For example, AI powered traffic cameras can detect traffic disruptions and reroute vehicles accordingly. AI algorithms also evaluate patterns in energy consumption and infrastructure usage to recommend cost-saving and sustainability measures. AI integration enables data-driven governance and service delivery in areas like education, healthcare, public safety and more. This is expected to further fuel the demand for smart cities solutions in the coming years.
Segment Analysis
The global smart cities market is segmented into transportation, energy, healthcare, building, and others. Among these, transportation is the largest and dominating segment, accounting for over 30% of the total market share in 2023. The growing adoption of smart transportation systems such as smart ticketing, traffic monitoring, smart parking, and intelligent transport management systems is driving the growth of this segment. The demand for smart and efficient transportation infrastructure from the rising urban population is further propelling the segment growth.
Key Takeaways
The global Smart Cities Market Share is expected to witness high growth, exhibiting a CAGR of 15% over the forecast period, due to increasing urbanization worldwide. The rising need for advanced infrastructure and integrated urban planning from burgeoning urban agglomerations is fueling the demand for smart cities solutions.
Regional analysis - North America dominated the global market in 2023 and is expected to maintain its lead over the forecast period as well. This is attributed to large-scale investments by governments and private organizations in developing smart infrastructure and adopting advanced technologies in this region. Asia Pacific is projected to witness the fastest growth over the next few years due to growing government focus on building smart cities in countries like China and India.
Key players - Key players operating in the smart cities market are Microsoft Corporation, Toshiba Corporation, AT&T, Inc., SAP SE, Cisco Systems, Inc., Philips Lighting, Ericsson, Huawei Technologies Co., Ltd., Panasonic Corporation, General Electric, Oracle Corporation, Hitachi Data Systems Corporation, and IBM. These players are focusing on new product launches and partnerships with technology providers to consolidate their market positions.
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https://www.ukwebwire.com/smart-cities-market-trends-size-and-share-analysis/
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