The latest study on the Smart Cities Market industry includes a detailed analysis of the future trends and demands for the forecast period, 2020 - 2032 . The report is furnished with the latest scenario and growth outlook of the market with regard to the impact of the pandemic.The report considers 2017-2018 as historical years, 2019 as the base year, and 2020- 2032 as the forecast timeline. The report offers strategic recommendations to the key stakeholders and investors to help them ascertain maximum returns on their investments and formulate new strategic business plans.
The global smart cities market size reached USD 457.18 billion in 2021 and is expected to register a revenue CAGR of 13.9% during the forecast period, according to latest analysis by Emergen Research. Market revenue growth is attributed to rising demand for public security, as well as favorable government initiatives in various countries to develop advanced video surveillance, real-time vehicle number plate, and facial recognition solutions used for public safety in smart cities, emphasizing the importance of monitoring to ensure people's safety.
Key participants include
Cisco Systems, Inc., International Business Machines (IBM) Corporation, SAP, Itron Inc., Telefonaktiebolaget LM Ericsson, Schneider Electric, Siemens, Telensa Inc., Accenture, Cubic Corporation, and Kapsch TrafficCom AG.
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Drivers:
Several factors are driving the growth of the smart cities market. One of the primary drivers is the rapid urbanization occurring worldwide. As more people migrate to urban areas, cities face challenges related to congestion, pollution, and resource management. Smart city solutions offer innovative ways to address these challenges by optimizing transportation systems, managing energy consumption, and enhancing public safety. Additionally, government initiatives and investments in smart infrastructure projects are driving market growth. Governments around the world are recognizing the benefits of smart city technologies in improving the quality of life for citizens and attracting investment.
Research Methodology
Emergen Research follows a cohesive methodology to reduce the residual errors to a minimum level by refining the scope, validating through primary insights, and nurturing the in-house database on a regular basis. A dynamic model is formulated to capture the regular fluctuations in the market and thereby, being updated with any shifts in the market dynamics. The parameters and variables involved in the research vary depending on individual markets and most importantly, both demand and supply side information is included in the model to identify the market gap.
Key Objectives of the Global Smart Cities Market Report:
- An all-inclusive analysis and forecast estimation of the market have been included in this report.
- The report offers valuable insights into the major drivers, limitations, opportunities, and challenges faced by the global Smart Cities Market
- and its leading players.
- The report sheds light on the prominent market contenders, as well as their business strategies and long-term expansion plans.
Get access to the full description of the report @ https://www.emergenresearch.com/industry-report/smart-cities-market
Restraints:
Despite the promising growth prospects, the smart cities market faces certain restraints that could hinder its expansion. One of the major challenges is the high initial cost of implementing smart city solutions. Building the necessary infrastructure and deploying advanced technologies require significant investment, which may deter some municipalities, especially those in developing countries, from adopting smart city initiatives. Moreover, concerns regarding data privacy and cybersecurity pose significant challenges. As cities collect vast amounts of data to optimize operations and improve services, ensuring the security and privacy of this data becomes increasingly critical.
Emergen Research has segmented the global smart cities market based on solution type, application, and region:
· Solution Type Outlook (Revenue, USD Billion 2019-2030)
-
- Smart Transportation
- Smart Buildings
- Smart Utilities
- Smart Citizen Services
- Others
· Application Outlook (Revenue, USD Billion 2019-2030)
-
- Security
- Energy Management
- Healthcare
- Industrial Automation
- Buildings
- Transportation
- Others
Regional Overview:
The global Smart Cities Market market has been categorized on the basis of key geographical regions into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. It evaluates the presence of the global Smart Cities Market market in the major regions with regards to market share, market size, revenue contribution, sales network and distribution channel, and other key elements
The report considers the following timeline for market estimation:
- Historical Years: 2017-2018
- Base Year: 2019
- Estimated Year: 2027
- Forecast Years: 2020-2027
Global Smart Cities Market Report – Table of Contents:
- Chapter 1 includes the global Smart Cities Market market introduction, followed by the market scope, product offerings, growth opportunities, market risks, driving forces, and others.
- Chapter 2 broadly categorizes the Smart Cities Market market on the basis of geography, and determines the sales, revenue, and market shares of each region over the estimated period.
- Chapter 3 elaborates on the competitive outlook of the Smart Cities Market market, focusing on the major manufacturers and vendor landscape.
- Chapter 4 exhaustively studies the key manufacturers of the Smart Cities Market industry, along with their anticipated sales and revenue shares.
- Chapters 5 includes market segmentation based on product type, application range, and market players.
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About Emergen Research
Emergen Research is a Market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer Market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
