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The growing urbanization and the electrification of buildings in order to reduce carbon emission are further leading to the development of smart cities market.

HYDERABAD, TELANGANA, INDIA, January 13, 2023 /EINPresswire.com/ -- Global Smart Cities Market size is forecast to reach $318.8 billion by 2025, estimated to grow at a CAGR of 25.29% during 2020-2025. The growing urbanization with the rapid use of technologies such as IoT, AI, 5G technology and so on are enhancing the smart cities market. Moreover, the growing use of electric cars for providing smart mobility, and the use of advanced connectivity for offering smart infrastructure are also driving the smart cities market. The growing investments by developing countries such as India, South Africa and so on for deploying smart technology are boosting the smart cities market. These significant factors are therefore, fueling the growth of smart cities market during the forecast period 2020-2025.

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Key Takeaways

1.In 2019, the Smart Cities market was dominated by North America owing to the rollout of 5G technology in the US for providing smart transportation and the deployment of civic connectivity infrastructure.

2. The growing urbanization and the electrification of buildings in order to reduce carbon emission are further leading to the development of smart cities market.

3. The rapid use of advanced analytical technology such as machine learning, AI, block-chain and so on for providing smart mobility and transportation to the public are enhancing the market growth.

4. The rising use of smart technologies such as IoT, AI and so on has resulted in huge data formation which is leading to rise the issues related to privacy and security. This issue is hindering public safety as it making the data vulnerable to cyber-attacks and easy for hackers to hack the data that is further hampering the market growth.

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Segment Analysis

Application - Segment Analysis: Smart Mobility held the largest market share in the Smart Cities market in 2019. As cities are becoming more populous the need for smart driving is highly increasing. The growing demand for eco-friendly transport and use of vehicles in more conscientious way has enhanced the need for smart mobility. Recently, it was also predicted that the smart mobility market will be approximately $400 million by 2025, owing to the developments such as smart fuel, smart vehicles and smart transportation. Additionally, the growing need to reduce CO2 emission and fuel consumption are driving the smart mobility application, thereby surging the smart cities market.

Geography - Segment Analysis : In 2019, North America dominated the Smart Cities market with a share of more than 49%, followed by Europe and APAC. In North America, the service providers, developers and other local authorities are widely deploying parts of the civic connectivity infrastructure that will lead to permit planning for construction. In order to offer infrastructure enhancement most of the US-based Telco carriers are working to bring 5G technology. Thus, the rollout of 5G technology in the US cities will lead to accelerate the growth of the smart cities market in this region.

Competitive Landscape:

The top 5 players in the Smart Cities industry are -

1. Cisco Systems
2. Microsoft Corporation
3. Oracle Corporation
4. Schneider Electric
5. Huawei Investment & Holding Co. Ltd.

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