- Smart Buildings
- Smart Citizen Services
- Smart Transportation
- Smart Utilities
Smart Cities Market size was valued at 395.76 Billion in 2022 and is estimated to reach 1180.67 Billion by 2029, at a CAGR of 16.9% from 2023 to 2029. The increase in the population and rapid urbanization in several regions has led to the widespread use of smart technology to enhance and improve the quality of the living conditions of the residential. In addition, population growth has led to increasing demand for such as efficient transportation, enhanced residential and commercial buildings, optimum energy utilization, and better administrative services boosting the growth of the smart cities device market. However, high funds & investments, lack of systemic approach, major concern of privacy and security, and need for merging different departments and sectors are the major factors that hinder the growth of the smart cities market.
Fastest Growing Market
In the recent years, Due to increasing in the population and rapid urbanization necessity of the public safety and security, development of smart transportation to avoid the traffic congestion. Implement of artificial intelligence installation of CCTV and facial recognizing devices to get help during any emergency situation. Additionally, AI applications in the traffic and parking management. The demand for public safety requires advanced computerized systems, which can deliver the right information needed for quick and safe response from government officers, fire fighters, and emergency medical professionals.
The asmart cities market size was valued at USD 395.76 billion in 2022
The smart cities market key players are: Cisco Systems (US) IBM (US) Siemens AG (Germany) Schneider Electric (France) Ericsson (Sweden) Vodafone (UK) Itron Inc. (US) Verizon (US) Telensa (England) ABB (Switzerland) Honeywell International Inc. (US) SAP SE (Germany) KAPSCH Group (Austria) Microsoft Corporation (US) Intel Corporation (US) Hitachi Ltd. (Japan) Huawei Technologies Co., Ltd. (China) Cisco Systems Inc. (US) AGT International (Switzerland)
The smart cities market has been classified into North America, Asia Pacific, Europe, Latin America, Middle East and Africa, and the rest of MEA.