Smart Cities Market Expected to Register at Strong CAGR through 2028
Increasing urbanization and the growing demand for
infrastructure management in emerging nations is
driving the Global Smart Cities Market.
According to TechSci
Research report, “Global Smart Cities Market
- By Region, Competition, Forecast & Opportunities, 2028”. The Global Smart Cities Market is expected
to rise in the forecast period Owing to rapid urbanization and
industrialization, governments are turning to technical and digital solutions
to enhance public safety, environmental monitoring, water treatment,
transportation, and energy generation and consumption, which is fueling the market
growth of the global smart cities market.
The notion of smart cities has advanced
somewhat because of the growing awareness of "shrewd goods," which is
still lacking due to all intermediary advancements. In addition, market growth
has been largely influenced by increased regional government initiatives, centralized
and/or focused state-run services, and committed oversight organizations. In
clever city arrangements, supporting and sustaining models, mechanical
environments, administration game plans, and framework projects all play
significant roles. They will likely stimulate market growth during the forecast
period. North America is expected to dominate the market during the forecast
period and account for the maximum share of all transactions. The
advancement has been aided by the gradually advancing upheaval in a variety of
business sectors, including banking, retail, and communications. North America
has emerged as the dominant region owing to its highly developed ICT framework,
administrative and municipal states' associations with ICT merchants and new
firms, and the existence of significant innovation sellers. These elements are
projected to stimulate clever innovation growth in the area.
Based on smart citizens services, smart
healthcare is one of the leading segments in the Global Smart Cities Market.
IoT in the healthcare sector is expanding significantly as a result of
increased digitization, expanding connectivity, and advancements in
contemporary healthcare ecosystems. By offering solutions such as real-time
staff tracking, mobile health, smart hospitals, smart pills, simultaneous monitoring and
reporting, remote patient monitoring, remote medical assistance, simultaneous monitoring and reporting,
patient care workflow automation, notifications and alert management, and
simultaneous monitoring and reporting, smart healthcare solutions are assisting
organizations in managing various caregiving bottlenecks and bridging the gap
between patients & care providers.
In terms of region, the Global Smart Cities Market is
segmented into North America, South America, the Middle East & Africa,
Asia-Pacific & Europe. North America region is dominating the smart cities
market at a high CAGR during the forecast period. This is a result of the US
leading the area in the adoption of smart city technology. The US and Canada
are at the forefront of the use of smart cities in North America. These nations'
economies are stable and well-established, enabling them to make significant
investments in R&D projects and thereby support the creation of new
technology. The network is active in this area and continuously makes
investments in telecommunications network expansion and improvement as well as
the transition to 5G infrastructure. This
makes use of technologies such as network slicing and cloud edge computing,
enabling the adoption of smart cities for cost-effective strategic urban
management.
Recent Developments:
- On August 5,
2022, Siemens Mobility, a Siemens AG subsidiary, entered a legally binding
agreement to acquire Sqills, a Dutch business that leads the industry in
providing public transport operators throughout the world with cloud-based
inventory management, reservation, and ticketing software. Sqills has created
"S3 Passenger" as an exceptional and scalable platform that enables
train and bus operators to replace their outdated reservation systems with a
cutting-edge, online booking system that boosts passenger transportation usage
and availability. With the addition of this technology, Siemens Mobility's
software portfolio gains a crucial digital solution and its capacity to offer
the goods and services that contribute to a rise in the general use and comfort
of public transportation is strengthened.
- Itron, Inc., a
company that is reshaping how utilities and cities manage water and energy
and announced on May 12th 2021 that it is partnering with Microsoft
Corporation, an American multinational technology company that manufactures
computer software, consumer electronics, personal computers, and many other products.
The goal of the partnership is to provide clients highly scalable cloud-based
meter data management (MDM) services.
- On October 1,
2021, Hitachi, Ltd. and Hitachi Asia (Vietnam) Co., Ltd., Hitachi's local
subsidiary in Vietnam, signed an agreement to associate and promote innovation
in the insurance industry with Bao Viet Insurance, one of the largest non-life
insurance companies in the Socialist Republic of Vietnam. In order to increase
public awareness of health issues and stop the spread and escalation of
illnesses in Vietnam. The cooperation will include digital technologies such as
AI and big data analysis into the company.
Browse over xx market
data Figures spread through xx Pages and an in-depth TOC on the "Smart Cities Market"
Key market players in the Global Smart Cities Market include:
- ABB Limited
- AGT International
- AVEVA Group plc.
- Cisco Systems Inc.
- Honeywell International Inc.
- International Business Machines
Corporation
- Itron Inc.
- Kapsch Group
- Huawei Technologies Co. Ltd.
- Microsoft Corporation
- Oracle Corporation
- Osram GmbH
- SAP SE
- Schneider Electric SE
- Siemens AG
- Telensa
- Verizon
Download Free Sample Report
Customers can also
request for 10% free customization on this report.
“The COVID-19 epidemic is anticipated to present some attractive chances
for the expansion of the global smart cities business throughout the forecast
period. This is because tendencies for digital transformation have been more
prevalent at this time in various regions of the world. Additionally, different
nations throughout the world are more likely to concentrate on strategies that
might help increase productivity during the post-pandemic phase. Governments
are thus expected to make large investments in smart city solutions during the forecast
period, said Mr
Karan Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
“Global Smart Cities Market
By Smart Utilities (Water Management, Waste Management, Energy Management), By
Smart Governance (Smart Lighting, Smart Infrastructure, City Surveillance), By
Smart Transportation (Intelligent Transportation Systems, Parking Management,
Smart Ticketing & Travel Assistance), By Smart Citizens Service (Smart
Healthcare, Smart Education, Smart Public Safety, Smart Street Lighting,
E-Governance), By Region, Competition, Forecast & Opportunities, 2028”, has
evaluated the future growth potential of the Global Smart Cities Market and
provides statistics and information on market structure, size, share, and
future growth. The report is intended to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities present in the Global Smart
Cities Market.
Contact
Mr. Ken Mathews
708 Third Avenue,
Manhattan, NY,
New York – 10017
Tel: +1-646-360-1656
Email: [email protected]
Website: https://www.techsciresearch.com