CHICAGO, UNITED STATES, October 12, 2022 /EINPresswire.com/ -- The global smart cities market size is expected to grow from US$ 1,25,325.5 million in 2021 to US$ 6,70,424.1 million by 2030 by registering a compound annual growth rate (CAGR) of 20.5% during the forecast period, i.e., 2022-2030.

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A technologically advanced urban setting that incorporates a variety of electronic devices, voice activation techniques, and sensors is known as a smart city. These devices are used to monitor and manage traffic, waste, transportation systems, utilities, power plants, crime detection, water supply networks, etc.

Factors Influencing the Market
Drivers:
The growing demand for communication and public safety infrastructure, along with increasing government initiatives, is expected to fuel the growth of the smart cities market. For instance, the Indian government has a target of developing around 100 smart cities in the country, for which the government has set aside a budget of US$ 15 billion.

Additionally, Thailand-U.S. inked a partnership for the development of smart cities in September 2022. Thailand’s Digital Economy Promotion Agency (DEPA) will obtain technical support from the U.S. Trade and Development Agency (USTDA) through this partnership, aiming at enhancing the information and communications technology (ICT) infrastructure.

Restraints:
The rise in the rate of smart services reveals vital vulnerabilities, which may be opportunistic for cybercriminals and other malicious activities. Therefore, it may limit the demand for smart cities in the coming years.

Opportunities:
Sustainable and effective use of energy is urgently required due to the rising energy dissipation and carbon emissions caused by the increased use of energy sources. As a result, the global market for smart cities is experiencing new growth prospects due to rising environmental concerns and demand for green initiatives.

Segmental Analysis
The IoT segment holds one-third of the market share
On the basis of technology, the IoT segment holds one-third of the market share, accounting for nearly US$ 20,972 million in 2021. The growth of the segment is linked to the fact that IoT provides efficient data, which may aid in controlling traffic, pollution reduction, and the safety of the citizens.

Hardware component maintaining its lead
Based on components, the hardware segment is maintaining its lead with a share of 46.5% in 2021, while the software segment is expected to exhibit the highest CAGR of 16.8% during the study period. Hardware, software, and services make up the component segment of smart cities market. Since there are numerous possibilities for inexpensive IoT hardware, the demand for hardware components is on the rise.

The cloud deployment segment is expected to maintain its lead in the coming years
Based on deployment, cloud deployment is expected to grow at the highest CAGR of 18%. The segment accounts for 67% of the total share in 2021 due to the fact that it provides an efficient digital infrastructure for smart cities. Additionally, the cloud serves as a system for data processing and storage for a variety of smart city applications. Moreover, cloud technology is ideal for a variety of smart city applications, including lighting, traffic control, environment monitoring, and others. It also promotes sustainability and can result in sharply reduced labor, which drives the growth of the market.
Smart citizen services are leading in the market

Based on the Application, the smart citizen services will hold the lion's share of 20.9% and will grow at a CAGR of 21.6% during the study period. The growth of the smart citizen segment is attributable to the growing concerns over public safety and the fact that every government agency has been making strong efforts in maintaining public safety.

Asia Pacific to grow at the highest CAGR in the global smart cities market
North America dominated the market with US$ 3,9,486.5 million in revenue in 2021, owing to emerging technological developments and an increase in government initiatives. Meanwhile, Asia-Pacific is expected to grow at the highest CAGR during the analysis period, owing to the presence of technology-enabled metropolises in the region, like Tokyo, Seoul, Singapore, etc. Additionally, the market for smart cities in APAC is anticipated to increase significantly due to rising efforts in the 5G deployments efforts by government bodies. For instance, Kochi’s leaders are aiming at transforming Kochi into an inclusive vibrant city. The authorities have set aside a budget of US$ 3.25 million for its transformation into a smart city. Moreover, China is leading in the race with constant efforts in the development of smart cities in the country. Nearly 600 million people have migrated from rural to urban areas in China in the last 30 years. Therefore, the growing pollution rate and energy requirement are driving the demand for more sustainable solutions, which reflects the potential of smart cities in the country.

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Competitive Insight
Some of the key industry giants dealing in the smart cities market include Schneider Electric SE, General Electric Company, Cisco Systems Inc., Foxconn Electronics Inc., IBM Corporation, Oracle Corp., Alphabet Inc., Qualcomm Technologies Inc., Accenture Plc, Huawei Technologies, and others.

Segmentation Overview of the Global Smart Cities Market
Following are the different segments of the Global Smart Cities Market: -
By Technology:
Artificial Intelligence (AI)
 Deep Machine Learning
 Artificial Neural Network
 Voice Recognition
 Pattern Recognition
 Natural Language Processing
 Others
Big Data Analytics
Cellular Technology
 5G Technology
 Others
Cloud Technology
Edge Computing
High-Performance Computing
Internet of Things (IoT)
 Satellite Network
 Cellular Network
 Radio Frequency Identification
 Near Field Communication
 Wi-Fi
Quantum Computing
Others

By Component:
Hardware
 Camera
 Sensors/Detectors
 Meters
 Vehicles
 Smart Robots
 Others
Software
 Cloud (IoT) Platform
Public
Private
 Data Management & Analytics
 Cyber Security
 Remote Monitoring
Services
 Consulting
 System Integration and Deployment
 Support and Maintenance
 Managed Services

By Application:
Smart Transportation
 Parking Management
 Ticketing & Travel Management
 Traffic Management
 Passenger Information Management System
 Freight Information System
 Other Smart Transportation Systems
Smart Utilities
 Energy management
 Advanced Metering Infrastructure
 Smart Grid
 Water Management
 Distribution Management
 Other Smart Utilities
Smart Governance
 E-Governance Solutions
 Smart Public Safety
 Law Enforcement
 City Planning
 Other Governance Services
Smart Home & Building
 Building Automation System
 Energy Management Systems
 Parking Management System
 Emergency Management System
 Other Smart Building System
Smart Citizen Service
 Smart Education
 Smart Healthcare
 Emergency Response System
 Video Surveillance System
 Assisted Living Solution
 Other Citizen Services
Smart Mobility
 Electric Vehicle Charging
 Tunnel Management
 Tolling Management
 Other Mobility Solutions
Other Applications

By Deployment:
Cloud
On-premise

By region:
North America
The U.S.
Canada
Mexico

Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe

Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific

Middle East
UAE
Saudi Arabia
Rest of MEA

Africa
Nairobi
Nigeria
South Africa
Rest of Africa

South America
Argentina
Brazil
Rest of South America

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