The smart cities market was valued at around USD 1136 billion in 2021. Approaching forward, SkyQuest anticipates that the market will cross USD 3253 billion by 2028, exhibiting a CAGR of 16.21% over the forecast period (2022-2028).
Westford, USA, Jan. 18, 2023 (GLOBE NEWSWIRE) — The smart cities market is witnessing exponential growth owing to a rise in government initiatives to manage overpopulation and push urbanization effectively. Furthermore, smart cities provide improved infrastructure for the best possible energy use by deploying smart energy grids and technology. Thus, the market is anticipated to progress substantially due to the growing use of smart grid sensors. In addition, the global development of smart cities and platforms is fueled by the rising usage of the internet of things (IoT) and rising offerings of electric cars to provide smart mobility.
As per the global study by SkyQuest, the world’s population is anticipated to increase by 2.5 billion in the next 25 to 30 years, from 7.5 billion to 10 billion by 2050. Such a population rate will create requirements for efficient resource management on a global stage, which will eventually positively impact the smart cities market.
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Significant Developments in Energy Infrastructure to Foster Rapid Growth for Smart Cities Market
According to SkyQuest’s insight, the smart energy segment captured a significant market share accounting for approximately 32% and is expected to grow steadily with a CAGR of 9.5% during the forecast period. Increased grid reliability and the need to maintain aging energy infrastructure are issues many countries are experiencing, pushing advancements in energy infrastructure. By utilizing smart energy grids and related technologies, smart cities offer improved infrastructure for the best possible energy use. In addition, the leading companies in the smart cities sector are witnessing a rise in opportunities owing to the increase in the use of AI-based CCTV cameras for facial recognition, smart traffic control systems, and sensors for smart parking assistance.
Governance frameworks, infrastructure developments, technological ecosystems, and other variables are also projected to support the expansion of the smart cities market in the coming years. North America led the significant growth for the smart cities market and is projected to continue its dominance to reach a growth rate of 27.2% by 2028 because of the presence of a highly advanced ICT sector and high spending capabilities supporting the overall expansion of the market. On the other side, Asia Pacific is predicted to experience the fastest growth rate due to increasing government initiatives and rising digital transformation trends in the region.
The research report examines the dynamics of the smart cities market, from the innovating stage to the lagging stage. Based on penetration, it concentrates on market status in different regional markets. The market research report also discusses prevailing opportunities in the target market for businesses to assess and create their growth strategy.
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Smart Buildings Segment to Register Massive Revenue Share as a Result of Rapid Urbanization Globally
As buildings contribute to sustainable development, the Singapore government has developed a Green Mark Scheme under the national program, aiming to convert 80% of their building infrastructures to receive green certification by 2030. Buildings are essential components closely related to the continuous development process owing to its vast client base. With a swift rise in industrialization in major regions across the globe, it will positively drive the segment’s growth. In addition, several governments are investing heavily in smart city projects, including greener transportation, upgraded infrastructure, and smart buildings.
The market research includes information on the essential components of the smart cities market, such as production, market share, segments, regions, and key players. In addition, as we’ve already indicated, the market research report includes a thorough analysis of market dynamics, which is then presented with tables, graphs, and pie charts to provide the reader with a better understanding of the data.
Key Developments in Smart Cities Market
L&T Technology Services announced that it would purchase the Smart World & Communication (SWC) division of L&T to expand its solutions in next-generation communications, sustainable spaces, and cyber security to a worldwide market. SWC offers intelligent solutions for end-to-end communications, intelligent traffic management systems, and city surveillance for the government and businesses to meet smart cities’ expectations.
Iveda, a leading company that develops AI and sensor technology, is implementing its smart city technologies in Kaohsiung, Taiwan. These technologies include AI analytics, sensor arrays, and video surveillance to increase connection and enhance services. Iveda will integrate its portfolio of smart city technologies, including the IvedaSPS and IvedaPinpoint, into a centralized platform called Utilus as part of the $1.5 million initiative. This platform has been integrated into the city’s existing infrastructure to ease deployment, notably light poles.
VinFast, an e-automotive OEM established in Vietnam, intends to expand to Europe, and NXP Semiconductors wants to collaborate on VinFast’s upcoming line of automotive applications. VinFast hopes to use NXP’s processors, sensors, and other semiconductors as part of the collaboration. Utilizing NXP’s portfolio of system solutions, both partners will participate in the early development stages of new VinFast automotive projects. Furthermore, to speed up the time to market, NXP will also share its robust partner ecosystem with VinFast.
Chicago has started a smart lighting program with a four-year goal of installing 270,000 LED lights. The city installed 81,000 LED lights during the first year of the initiative. Chicago anticipates annual utility cost savings of about USD 10 million. A monitoring and control mechanism built into the project instantly notifies the city of disruptions. Additionally, it enables staff to improve the efficiency of the lamps.
The smart cities market research report sheds light on the leading players who function as dominant market participants with their complete business profiles. This qualitative and quantitative analysis considers the significant contributions, key differentiators, revenue share, market size, market state, and approaches. In addition, in-depth agreements, partnerships, and multinational organizations that are about to change specific market segments worldwide are also discussed in the research.
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