Smart Cities Market is Expected to Rise in the Forecast Period Owing to Rapid Urbanization

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.

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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.

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

“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.

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“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.

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