The global Smart Cities Market size to grow from USD 457.0 billion in 2021 to USD 873.7 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 13.8% during the forecast period. The growing demand for public safety to drive the Smart Cities Market. Smart city solutions gather data from around the city to enable traffic safety, data-driven policing, and optimized emergency response. Public safety not only improves the crime-fighting ability but also provides safer conditions for first responders. Applications such as gunshot detection, smart surveillance, and home security systems can accelerate the law-enforcement response.
“By Focus Area, the Smart Transportation segment to grow at the highest CAGR during the forecast period”
By Focus Area, the Smart Transportation segment is expected to grow at the highest growth rate during the forecast period. The smart transportation approach carries out the integration of software solutions to optimize the usage of assets, from tracks to trains, vehicle to infrastructure, aircraft to the ground, and ship to shore, to meet the ever-growing demands of citizens efficiently and provide safer services. With the rapidly growing urban population, urban planners provide smart transportation solutions and services to offer adequate and safe transport infrastructure in emerging megacities.
“By Smart Utilities Type, the Energy segment to hold the largest market size during the forecast period”
The Energy segment is expected to hold the largest market size. Smart Utilities in Energy refers to the application of network capabilities and computing intelligence to electric grids to efficiently manage and deliver power to end users. Smart grids can know about power failures once the smart meter stops sending meter data, as all the components have IP addresses and are capable of two-way communication.
“By Smart Citizen Services Type, Smart Healthcare segment to grow at the highest CAGR during the forecast period”
The Smart Healthcare segment is projected to grow at the highest CAGR during the forecast period. Smart healthcare involves the use of solutions such as remote patient monitoring, remote medical assistance, simultaneous monitoring and reporting, patient care workflow automation, notifications and alert management, real-time staff tracking, mobile health, smart hospitals, smart pills, and enhanced chronic disease treatment.
The breakup of the profiles of the primary participants is given below:
- By Company: Tier 1 – 30%, Tier 2 – 45%, and Tier 3 – 25%
- By Designation: C-Level Executives – 50%, Directors– 40%, Others*–10%
- By Region: APAC – 35%, Europe – 30%, North America – 25%, and RoW** – 10%
Note: Tier 1 companies have revenues over USD 1 billion; tier 2 companies have revenues ranging from USD 500 million to USD 1 billion; and tier 3 companies have revenues ranging from USD 100 million to USD 500 million
*Others include consultants, subject matter experts, and thought leaders
**RoW includes MEA and Latin America
Source: MarketsandMarkets Analysis ?
The Smart Cities Market is segmented into focus area, smart transportation, smart buildings, smart utilities, smart citizen services, and region. A detailed analysis of the key industry players has been undertaken to provide insights into their business overviews; solutions and services; key strategies; new product launches; partnerships, agreements, and collaborations; business expansions; and competitive landscape associated within the Smart Cities Market.
Reasons To Buy the Report
The report would help the market leaders and new entrants in the following ways:
- It comprehensively segments the Smart Cities Market and provides the closest approximations of the revenue numbers for the overall market and its subsegments across different regions.
- It would help stakeholders understand the pulse of the market and provide information on the key market drivers, restraints, challenges, and opportunities in the market.
- It would help stakeholders understand their competitors better and gain more insights to enhance their positions in the market. The competitive landscape section includes a competitor ecosystem, new product launch, product enhancement, partnerships, mergers, and acquisitions.