 |
| smart cities Market |
The global smart cities market market is estimated to be valued at US$ 638.52 Bn in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Smart cities integrate information and communication technology (ICT) with other
infrastructure to efficiently manage resources and deliver sustainable
services. With sensors, data collection and analytics, smart cities aim to
improve transportation systems, energy generation and distribution, healthcare
facilities and more.
Market key trends:
One of the key trends driving the smart cities market is the rising adoption of
artificial intelligence (AI). AI helps analyze real-time data from traffic
cameras, CCTV cameras and environmental sensors to optimize operations. For
example, AI powered traffic cameras can detect traffic disruptions and reroute
vehicles accordingly. AI algorithms also evaluate patterns in energy
consumption and infrastructure usage to recommend cost-saving and
sustainability measures. AI integration enables data-driven governance and
service delivery in areas like education, healthcare, public safety and more.
This is expected to further fuel the demand for smart cities solutions in the
coming years.
Segment Analysis
The global smart cities market is segmented into transportation, energy,
healthcare, building, and others. Among these, transportation is the largest
and dominating segment, accounting for over 30% of the total market share in
2023. The growing adoption of smart transportation systems such as smart ticketing,
traffic monitoring, smart parking, and intelligent transport management systems
is driving the growth of this segment. The demand for smart and efficient
transportation infrastructure from the rising urban population is further
propelling the segment growth.
Key Takeaways
The global Smart
Cities Market Share is expected to witness high growth, exhibiting a CAGR of 15% over the forecast period,
due to increasing urbanization worldwide. The rising need for advanced
infrastructure and integrated urban planning from burgeoning urban
agglomerations is fueling the demand for smart cities solutions.
Regional analysis - North America dominated the global market in 2023 and is
expected to maintain its lead over the forecast period as well. This is
attributed to large-scale investments by governments and private organizations
in developing smart infrastructure and adopting advanced technologies in this
region. Asia Pacific is projected to witness the fastest growth over the next
few years due to growing government focus on building smart cities in countries
like China and India.
Key players - Key players operating in the smart cities market are Microsoft
Corporation, Toshiba Corporation, AT&T, Inc., SAP SE, Cisco Systems, Inc.,
Philips Lighting, Ericsson, Huawei Technologies Co., Ltd., Panasonic
Corporation, General Electric, Oracle Corporation, Hitachi Data Systems
Corporation, and IBM. These players are focusing on new product launches and
partnerships with technology providers to consolidate their market positions.
Read More,
https://www.ukwebwire.com/smart-cities-market-trends-size-and-share-analysis/
0 Comments