NEW
YORK, May 15, 2024 /PRNewswire/ -- The
global smart city market size is estimated to grow by
USD 288.7 bn from 2023-2027,
according to Technavio. The market is estimated to grow at a CAGR
of 24.53% during the forecast period.
For more insights on the forecast market size and
historic data (2017 - 2021) - Download Free sample
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Forecast
period
|
2023-2027
|
Base Year
|
2022
|
Historic
Data
|
2017 - 2021
|
Segment
Covered
|
Application (Smart
infrastructure, Smart energy, Smart mobility, Smart security, and
Others), Component (Hardware, Software, and Services), and
Geography (Europe, North America, APAC, South America, and Middle
East and Africa)
|
Region
Covered
|
Europe, North America,
APAC, South America, and Middle East and Africa
|
Key companies
profiled
|
ABB Ltd., Accenture
Plc, Aeris Communications Inc., Alphabet Inc., Cisco Systems Inc.,
General Electric Co., Hewlett Packard Enterprise Co., Hitachi Ltd.,
Honeywell International Inc., Huawei Technologies Co. Ltd.,
International Business Machines Corp., Itron Inc., LG Electronics
Inc., Microsoft Corp., Oracle Corp., SAP SE, Schneider Electric SE,
Siemens AG, Sierra Wireless Inc., and Signify NV
|
Key Market Trends Fueling Growth
In the rapidly urbanizing Asia
Pacific region, smart city development is gaining momentum,
driven by population growth and infrastructure needs. Emerging
economies like India and
China are planning and launching
pilot projects, focusing on environmental sustainability, resource
management, and public safety through smart city technologies.
These solutions include facial recognition, data-driven policing,
traffic safety systems, and energy savings measures. Urban sources
face tight budgets, requiring cost-effective systems for long-term
cost savings. Major functions like emergency response protocols,
crime-fighting capabilities, and intelligent surveillance are being
addressed through advanced networking, software integration, and
big data analytics. Cities like Amsterdam and Chengdu are leading the way with government
backing and large-scale investments in smart city infrastructure,
including video cameras, gunshot detection sensors, and call
centers for field operations and law enforcement
responses.
Market Challenges
In the smart city market, the substantial expense of modernizing
smart grids poses a significant challenge. This cost includes
investments in distribution systems, transmission line replacement,
power delivery systems, substation digitalization, and digital
controls. Power utilities and independent producers face
substantial initial capital requirements due to the outdated power
infrastructure and the need for renewable energy grid integration.
The near-term cost avoidance by utilities contributes to this
barrier, hindering the adoption of smart grid data management
solutions. Key aspects of smart cities include commute times,
efficiency, transformative potential, cybersecurity, data
stewardship, ownership, interoperability, cross-border portability,
metrics, sustainable urban development, business leaders,
innovative business models, digitalization, connectivity,
healthcare, smart metering data, utilities-related information,
centralized hubs, IT integration, and advanced metering solutions.
Novel technologies such as cloud edge computing, network slicing,
and urban management also play a crucial role.
* * The outdated power infrastructure of these utilities and
their increasing requirement for renewable power grid integration
will escalate their grid renovation budgets in the upcoming
years.
* This reluctance to upgrade power grids for smart grid data
management solutions stems from the near-term cost avoidance by
utilities, acting as a significant barrier to adoption.
* According to the US Department of Energy, US power utility
companies are projected to spend approximately $3.5 billion annually between 2018 and 2030 on
grid modernization projects.
* The unwillingness of power utility providers to modernize their
grids to accommodate smart grid data management solutions is a
major concern, potentially impacting the future growth of the
global smart city market.
Research report provides comprehensive data on
impact of trend, driver and challenges - Buy
Report
Segment Overview
This smart city market report extensively covers market
segmentation by
- Application
- 1.1 Smart infrastructure
- 1.2 Smart energy
- 1.3 Smart mobility
- 1.4 Smart security
- 1.5 Others
- Component
- 2.1 Hardware
- 2.2 Software
- 2.3 Services
- Geography
- 3.1 Europe
- 3.2 North America
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Smart infrastructure- In the realm of smart
infrastructure, environmental sustainability is a primary focus,
particularly in the context of smart city applications. Smart city
technologies, such as resource management and environmental
monitoring, are integral to this endeavor. Facial recognition and
public safety technologies are essential components, ensuring the
well-being of citizens. Urban sources, including traffic safety and
data-driven policing, are optimized through smart city solutions.
These systems enable rapid response times, enabling effective
crime-fighting capabilities for first responders. Integration of
call centers, field operations, and traffic signal management
further enhances efficiency. Energy savings and operational cost
reductions are significant benefits, making these systems
increasingly attractive despite tight budgets. Major functions,
such as emergency response protocols and law enforcement responses,
are streamlined through big data analytics, networking, and
software integration. Cost-effective systems, offering long-term
cost savings, are being adopted in cities like Amsterdam and Chengdu, with government backing. Smart city
infrastructure includes advanced technologies like video cameras
and gunshot detection sensors, providing public safety officials
with real-time information for effective decision-making.
For more information on market segmentation with geographical
analysis including forecast (2023-2027) and historic data (2017 -
2021) - Download a Sample Report
Research Analysis
In the Smart City market, environmental sustainability and
resource management are key priorities. Smart city technologies,
such as facial recognition and environmental monitoring, play a
significant role in enhancing public safety and surveillance. These
solutions enable data-driven policing, rapid emergency response
protocols, and crime-fighting capabilities. However, integration
complexities and cost-effective systems are essential
considerations for large-scale investments in smart city solutions.
Cities like Amsterdam and
Chengdu are leading the way with
government backing and the use of advanced technologies like video
cameras, gunshot detection sensors, and drones. These long-term
investments offer significant cost savings through resource
efficiency and improved urban sources management. AI access and
real-time data analytics are crucial components of smart city
solutions, enabling traffic safety and optimizing urban
infrastructure.
Market Research Overview
In the realm of modern urban development, the Smart City Market
holds significant promise. This market encompasses innovative
technologies and solutions designed to enhance city living, improve
efficiency, and promote sustainability. Key components include
intelligent transportation systems, energy management, and public
safety solutions. Smart City Market offerings facilitate seamless
connectivity, enabling real-time data analysis and proactive
decision-making. Additionally, these solutions foster a more
eco-friendly environment through the optimization of resources and
reduction of carbon emissions. The Smart City Market is poised to
revolutionize urban infrastructure, offering a more livable,
efficient, and sustainable future for city dwellers.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Application
-
- Smart Infrastructure
- Smart Energy
- Smart Mobility
- Smart Security
- Others
- Component
-
- Hardware
- Software
- Services
- Geography
-
- Europe
- North America
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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