Smart City Market Overview:
The Smart City Market is estimated to grow at a 15.5% CAGR from 2020 to 2030, reaching USD 1549.86 billion by 2030.
Energy consumption reduction and worry about the expansion of environmental wastes are important driving forces influencing the adoption of smart city solutions. Increasing overheating and gas depletion challenges have intensified governments’ attempts to control their carbon footprint. The government’s restrictions to reduce emissions by Implementing intelligent infrastructure automation, excellent grids, and dominating systems that significantly reduce power usage and carbon emissions, minimizing losses and optimizing operations are the major market driving factors.
Telecommunications infrastructure and its use in public safety are vital to the success of smart city projects. Every city must guarantee that communication platforms are created and available to realize the concept of smart cities in an open and resource-efficient manner. Every city that wants to be “smart” must have access to modern, basic data connectivity infrastructure. In such cities, fixed networks, mobile networks, and specialized networks for IoT applications, for example, will be critical. Further, COVID-19 has boosted the development of smart cities even more. Smart city infrastructure has helped government agencies stay ahead of the deadly COVID-19 virus’s spread.
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Market Size in 2030
USD 1549.86 Billion
CAGR of 15.5% from 2020 to 2030
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Smart City Market Segmentation:
The Global Smart City Market is classified into Application types:
- Smart Utilities
- Smart Governance
- Smart Health Care
- Smart Transportation
In-depth Market Research Report (103 Pages) on Smart City Market: https://www.marketresearchfuture.com/reports/smart-city-market-2624
Smart City Market Regional analysis:
The Global Smart City Market is divided into four regions: North America, Asia-Pacific, Europe, and the Rest of the World.
North America led the market in 2020, accounting for more than 30% of total sales. The continual digital change in numerous business areas, such as telecommunications, retail, and finance, has contributed to the rise. North America has emerged as the dominating area because of its well-developed ICT infrastructure, federal and municipal government partnerships with ICT vendors and start-ups, and the presence of important technology suppliers. These features are expected to drive smart technology innovation in the region.
Asia-Pacific is predicted to grow at a substantial CAGR of 27.7% during the forecast period, owing to economic advancements, globalization, increasing emphasis on digital infrastructure development, and an increase in disposable income. The government investments are intended to improve several sectors, including transportation, public security, and energy, to construct smart cities in diverse locations. Several smart city applications, such as smart transportation, smart grids and buildings, and smart trash collection, assist Asian cities in managing their expansion more effectively, resiliently, and sustainably.
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- Hitachi Elevator (Thailand), a joint venture firm of Hitachi and Siam Motors Group, announced the debut of a full-scale Smart Building Solution for the first time in Southeast Asia and Thailand in March 2022. Using the Lumada IoT Platform, the firm intends to add value to buildings by providing a physical security system and digital services for the new normal.
- Targa Telematics released Targa Smart Transportation in November 2021, a system that unites all kinds of shared mobility onto a single platform. Mobility providers may leverage the new solution to improve their users’ travel experiences by delivering an intuitive and quick user interface.
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