Product ID: SQMIG45D2058
Global Smart Cities Market Size, Share, Growth Analysis, By Component(Hardware, Software), By Solution(Smart Governance, Smart Building) - Industry Forecast 2024-2031
Report ID:
SQMIG45D2058 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
66 |
Figures:
75
Global Smart Cities Market Insights
Smart Cities Market size was valued at USD 692.61 billion in 2019 and is poised to grow from USD 870.61 billion in 2023 to USD 5426.3 billion by 2031, growing at a CAGR of 25.7% in the forecast period (2024-2031).
The global smart cities market has been experiencing robust growth in recent years. A smart city is a framework that implements, develops, and promotes sustainable urban development using information and communication technology (ICT). Also, it helps with public information transmission, increased operational effectiveness, and improved citizen welfare. A smart city promotes mixed-land use for unplanned areas, which offers a range of facilities in one location and helps in the best use of existing space, using hardware components like chips, sensors, and actuators as well as software solutions like user interfaces (UIs), communication networks, and Internet of Things (IoT) devices.
Rising security demand, as well as positive government initiatives in various countries to create advanced video surveillance, real-time vehicle number plate identification, and facial recognition systems utilized for safety in smart cities, highlighting the significance of monitoring to maintain people's safety, are important factors driving market revenue growth. The need for more sustainable and efficient energy consumption is also highlighted by rising energy demand, which raises energy dissipation and carbon emissions. Concerns about global warming and ozone depletion have led the government to step up efforts to reduce the country's carbon footprint. Also, stringent emissions regulations in both developed and developing nations are expected to support the market's revenue growth.
Additionally, the emergence of smart solutions for buildings and transportation is driving market revenue growth. For instance, a fundamental component of a smart city is a reliable, efficient, and accessible transportation system that enables quick response times and convenient access to locations in case of crises. In addition, mobility options for getting around in smart cities include ridesharing, carsharing, and networked public transit, among others. These options encourage a person to leave their cars at home more frequently, which leads to a more sustainable environment. Smart communities must incorporate charging stations as the number of electric vehicles rises so that owners may readily charge their cars and contribute to the sustainability of the environment as a whole. To raise their standard of living, cities are developing smart solution networks. According to research by the European Commission, the European Union (EU) transportation system implemented 82 initiatives to achieve a green and digital transformation through the European Green Deal, which will reduce vehicular emissions by 90% by 2031 and result in the creation of a smart, competitive, safe, accessible, and reasonably priced transportation system.
US Smart Cities Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Smart Cities Market Report Snapshots
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