Smart Cities Market to Surpass a CAGR of 25.7% by 2031 | SkyQuest Technology
Westford, USA, July 26, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the smart cities market will attain a value of $5426.3 Billion by 2031, with a CAGR of 25.7% over the forecast period (2024-2031). A smart city is a framework for implementing, creating, and advancing sustainable urban development using information and communication technology (ICT). The implementation of smart building and transportation solutions is responsible for the increase in market revenue. A smart city helps to maximize the use of available space and promotes mixed-land use for unplanned areas by utilizing hardware components such as chips, sensors, and actuators along with software solutions, including user interfaces (UIs), communication networks, and Internet of Things (IoT) devices.
In addition, government initiatives and PPP plans are pushing the use of automation, the Internet of Things (IoT), and smart cities, which is propelling the development of market revenue. Analytics are being used by more and more individuals, and leading providers' ongoing technology advancements are improving user experience and spurring market revenue development.
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Browse in-depth TOC on "Smart Cities Market"
· Pages - 157
· Tables - 66
· Figures – 75
Smart Cities Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $870.61 Billion |
| Estimated Value by 2031 | $5426.3 Billion |
| Growth Rate | Poised to grow at a CAGR of 25.7% |
| Forecast Period | 2024-2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Smart Transportation, Smart Building, Smart Utilities, Smart Citizen Service |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Updated financial information/Product portfolio of players |
| Key Market Opportunities | Application of IoT in Smart Cities |
| Key Market Drivers | Rise in the investment in smart designs, Emergence of Innovative Technologies |
AMI Position in Leading the Market Owing to Increase in Use of Efficient Energy Management System
The advanced metering infrastructure holds most of the market. This growth is expected to be continued due to the development of demand response management, efficient energy management, and reduced energy consumption. Real-time data collection and analysis are made possible by AMI systems, which facilitate bidirectional data exchange between utilities and consumers. Improved customer service, quicker outage detection, and more accurate billing are some benefits of this business. According to our analysis, the AMI sector will increase in value to USD 10 billion by 2025, highlighting the considerable investment made in updating the energy infrastructure.
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Smart Street Lighting Segment Registered as Fastest-growing Segment due to Range of Smart City Applications
Over the forecast period, the smart street lighting segment is expected to grow at a notable compound annual growth rate (CAGR) of 25.8%. Smart lighting can support a wide range of smart city applications, including traffic control, public safety, environmental monitoring, smart parking, extended Wi-Fi, and cellular communications, in addition to improving the city's energy efficiency and lowering energy and maintenance costs. Thanks to the advancement of human-centric lighting that uses both organic and light-emitting diodes, smart lighting has been very popular recently.
North America Emerged Leader due to Expansion of Local Market
In 2023, North America held a larger share than any other region in the global smart city market. The expansion of the local market is attributed to the ongoing digital revolution in several business verticals, such as government, communication, and finance. The region is home to several well-known technology vendors, a robust information and communication technology (ICT) infrastructure, and tight cooperation between municipal and federal governments and ICT providers. These service providers and other local government entities have partially created the municipal connectivity infrastructure, which is expected to facilitate the area's readiness for the development of smart cities. Over the forecast period, these factors supported the expansion of the regional market.
Asia-Pacific Pioneering Smart City Initiatives by Adopting Globalization
Asia-Pacific is expected to grow at a notable CAGR of 29.2% during the forecast period. Many factors, including globalization, the development of digital infrastructure, rising disposable income, and economic developments, have contributed to the region's expansion. The demand of enterprises in the Asia Pacific region to take advantage of cloud-based solutions' advantages, such as cost effectiveness, is driving the development of apps such as smart buildings, smart utilities, smart transportation, and smart governance.
Smart Cities Market Insights
Drivers:
- Need for sustainable structure
- Rise in the investment in smart designs
- Emergence of Innovative Technologies
Restraints:
- High cost of system deployment
- Data privacy and security concern
- Sheer number of financial commitments needed
Leading players in the Smart Cities Market:
The following are the Top Smart Cities Companies
- TCS
- Honeywell
- Oracle
- Nokia
- Samsung
- Hitachi
- Microsoft
- NEC
- ABB
- Ericsson
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Key Questions Covered in the Smart Cities Market Report
- What factors hamper the growth of the market?
- What segments are covered in this report?
- Who are the key players operating in the market?
This report provides the following insights:
Drivers, challenges
- Analysis of key drivers (need for sustainable structure, rise in the investment in smart designs), restraints (High cost of system deployment), opportunities (Application of IoT in Smart Cities), and challenges (data security and privacy) influencing the growth of the Smart Cities market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the smart cities market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the smart cities market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
Related Report:
Internet of Things (IoT) in Smart Cities Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech, and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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