The growth of the smart cities market is driven by proactive government smart cities initiatives, growing urbanization, and rising need of better-quality life. However, security and privacy concerns of smart cities solutions are expected to hamper the market growth during the forecast period. Moreover, rising adoption of artificial intelligence solutions among smart city projects is anticipated to provide significant growth opportunities during the forecast period.
The report focuses on the growth prospects, restraints, and trends of the U.S. smart cities market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers in the U.S. Smart Cities Market.
The U.S. smart cities market is segmented based on component, deployment mode, and functional area. As per component, the market is segmented into solution, service and connectivity technology. In terms of connectivity, the market is further bifurcated into cellular IoT, wired, Wi-Fi, WPAN, and others. As per deployment model, the market is bifurcated into on-premise and cloud. Based on functional area, it is categorized into smart governance & smart education, smart energy, smart infrastructure, smart mobility, smart healthcare, smart building, and others.
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Implementation of artificial intelligence (AI) in smart city applications such as traffic and parking management, video-surveillance, safe integration of autonomous ride-share vehicles, and so forth can be of great significance. For instance, AI is already being used in CCTV cameras for facial recognition, which can be used to provide further assistance to the citizens. In case of any medical emergencies, these AI-based cameras can help in getting a help from medical professional on the scene. In addition, the facial recognition technology can also help in accessing personal information of a citizen in case of emergency. Similarly, sensors installed at parking lots and traffic signals are now using AI for accumulating useful data to plan the city initiatives among governments efficiently. Increasing number of such AI applications is expected to provide lucrative opportunities for the market growth.
Key drivers that are propelling the growth of the market included in the report. Additionally, challenges and restraining factors that are likely to curb the growth of the market are put forth by the analysts to prepare the manufacturers for future challenges in advance.
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