Smart cities market comprises integrated IT solutions for various infrastructure and public services within a city, which include smart homes, buildings, transportation, utilities, and other civic amenities that collectively support the behavior of citizens. The growing urban population has increased the need for efficient urban infrastructure and resource utilization. Smart cities initiatives aim to address issues like traffic management, energy conservation, public safety, and water distribution through advanced technologies.
The global Smart Cities Market is estimated to be valued at US$ 735.58 Mn in 2024 and is expected to exhibit a CAGR Of 5.9% over the forecast period 2024 To 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
A key trend driving growth in the smart cities market is the increasing focus of governments worldwide on developing sustainable infrastructure through innovative technologies. Smart cities projects leverage IoT, cloud, and big data analytics to optimize resource usage and enhance livability. For example, smart utility meters and street lighting systems powered by renewables help reduce energy costs and carbon footprint of cities. Intelligent transport systems using sensors and connected vehicles also aim to ease traffic congestion. Governments around the world are formulating supportive policies and initiatives like special economic zones or smart city grants to encourage private sector participation in smart infrastructure development. This is expected to significantly boost investments in the market over the forecast period.
Segment Analysis
The global smart cities market is segmented by component, application, and region. Based on component, the solutions segment dominated the market in 2020 and accounted for the largest revenue share. Smart transportation management solution is witnessing increasing adoption since it helps manages traffic congestion and enhances transport safety. Based on application, the smart transportation segment accounted for the largest share in 2020 as majority of smart cities initiatives are focusing on developing intelligent transportation systems.
Key Takeaways
The Global Smart Cities Market Demand is expected to witness high growth over the forecast period of 2024 to 2031. The global smart cities market is estimated to be valued at US$ 735.58 Mn in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period 2024 to 2031.
Regional analysis :
North America region is expected to continue dominating the global smart cities market during the forecast period. This is attributed to growing focus on modernizing aging infrastructure in countries like United States and Canada. Government agencies in the region are increasingly investing in smart technologies to enhance resource utilization and make cities more sustainable. For instance, many smart city projects in United States are focusing on developing intelligent transportation systems.
Key players :
Key players operating in the smart cities market are Lenny & Larry's LLC, Quest Nutrition, Munk Pack, Justine€TMs Limited, NuGo Nutrition, No Cow LLC, Buff Bake, MuscleTech, Xterra Nutrition, and The Hershey Company. Major players are focusing on developing advanced IoT and cloud based solutions to facilitate management of various city operations. They are also collaborating with technology providers and system integrators to strengthen their smart cities product portfolio. For example, Xterra Nutrition has partnered with Cisco to offer intelligent command and control centers for cities.
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