The rise in smart cities adoption in multiple regions, the emergence of different digital city initiatives, and the surge in the need for efficient management of natural resources in urban environments fuel the global smart cities market growth.
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Allied Market Research published a research report on the smart cities market. The findings of the report state that the global market for smart cities generated $648.36 billion in 2020, and is estimated to reach $6,061.00 billion by 2030, witnessing a CAGR of 25.2% from 2021 to 2030. The report offers valuable information on changing market trends, key segments, key investment pockets, and the competitive landscape for market players, shareholders, investors, and new entrants.
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Pramod Borasi, the Senior Research Analyst at Allied Market Research, stated, “The smart energy segment is expected to experience the fastest growth in the coming years, as the demand for sustainable and greener energy management is expected to rise in the coming years. Moreover, the growth in acceptance of IoT and cloud solutions in urban infrastructure is expected to further fuel the growth of the market.”
The report offers an extensive analysis of drivers, restraints, and opportunities to help market players in determining strategies based on driving forces and tap into new opportunities. The rise in smart city adoption in multiple regions, the emergence of different digital city initiatives, and the surge in the need for efficient management of natural resources in urban environments fuel the global smart cities market growth. However, various security concerns related to smart cities and the lack of sufficient infrastructure hinder market growth to some extent. However, the utilization of artificial intelligence in smart cities and surge of the IoT application in different digital cities are projected to present new opportunities in the industry.
The research provides detailed insights regarding the Covid-19 pandemic along with its impact on the smart cities market across the globe. There has been increasing in digital transformation trends across the world with the outbreak of the Covid-19 pandemic. So, the smart city initiatives increased considerably in some parts of the world. Different countries across the globe are focusing on the development of solutions that surge the efficiency of digital solutions. Governments are expected to surge investments in smart city initiatives in the coming years. Many businesses began the integration of emerging technologies such as artificial intelligence (AI) and the internet of things (IoT).
The report offers an extensive analysis of segments of the global smart cities market based on component, functional area, and region. Based on components, the hardware segment accounted for the largest market share in 2020, contributing to nearly three-fifths of the global smart cities market. However, the services segment is estimated to cite the highest CAGR of 27.1% during the forecast period. On the basis of functional area, the smart infrastructure segment held the highest market share in 2020, accounting for around one-fifth of the market, and will maintain its dominance throughout the forecast period. Contrarily, the smart energy segment is also estimated to witness the fastest CAGR of 28.1% from 2021 to 2030. Based on region, North America accounted for the lion’s share in 2020, generating around two-fifths of the total market share, and will maintain its highest share throughout the forecast period. However, Asia-Pacific is estimated to portray the largest CAGR of 28.7% from 2021 to 2030.
Leading players of the global smart cities market analyzed in the research include AT&T Intellectual Property, Ericsson, Cisco Systems, Inc., Hitachi, Ltd., General Electric, IBM Corporation, Huawei Technologies Co. Ltd., Microsoft Corporation, Intel Corporation, and Schneider Electric.
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