YORK, Nov. 24, 2022 /PRNewswire/ -- The smart
cities market is projected to grow from USD
511.6 billion in 2022 to USD 1024.4
billion by 2027, at a CAGR of 14.9% during the forecast
period. Due to increasing urbanization, governments are resorting
to technological and digital solutions to improve public safety,
environmental monitoring, water treatment, transportation, and
energy generation and consumption, driving the smart cities
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â€¢ By smart utilities solution, distribution management to
register higher CAGR during forecast period
The distribution management system in the utilities sector is
governed by efficient Demand Response Management (DRM). DRM enables
the utilities sector to manage and implement Demand Response (DR)
programs through a single integrated system, which can be
interfaced with commercial, industrial, and residential sites.
The growing rollouts of smart grids have increased the application
of advanced metering infrastructure meters, enhanced customer
utilities management systems, automation in the transmission and
distribution system, and integration of renewable energy.Therefore,
the rollout of the smart grid is the primary driver for the
The emergence of automated DR has also contributed to market
growth. Moreover, the cost benefits of Software-as-a-Service (SaaS)
and the cloud-based deployment of DRM provide a wholesome
opportunity for market growth.
By smart building solution, safety and security management to
account for largest market share during forecast period
A city can face various emergency situations, such as natural
disasters, terrorist attacks, and crimes, owing to the uncertainty
of events.A strong emergency management system must be in place to
effectively tackle any emergency and minimize damages.
Security infrastructure management mainly deals with
security-related operations of buildings.Sophisticated computerized
emergency management systems can help authorities/administrators to
respond to emergencies quickly.
The system handles every phase of the emergency response, from
logging the emergency to informing the appropriate personnel about
the size and severity of the incident, so that a quick and
effective response can be ensured.The security and emergency
management solution comprises of access control systems, video
surveillance systems, and safety solutions.
Schneider Electric and ABB are the key global emergency response
management solution vendors.
Among regions, market in Asia
Pacific to register highest CAGR during forecast
The growth of the smart cities market in the Asia Pacific is highly driven by technological
advancements across the region.China is anticipated to be the
leading market for smart city solutions in this region.
The existence of a large population and developing infrastructure
and technology are major factors contributing to the growth of the
smart cities market in the Asia Pacific.The smart city paradigm has
changed considerably, with advanced technologies such as robotics
and big data analytics becoming popular among them.
In recent years, the Asia Pacific
has successfully facilitated cooperation projects under a
low-carbon model and IoT-based smart cities and has gathered
valuable experience in the process, which can be shared among
member economies. The overall focus of the region toward smart city
initiatives offers opportunities for smart city providers to grow
the market correspondingly.
Breakdown of primaries
In-depth interviews were conducted with Chief Executive Officers
(CEOs), innovation and technology directors, system integrators,
and executives from various key organizations operating in the
smart cities market.
â€¢ By Company Type: Tier I: 30%, Tier II: 45%, and Tier III:
â€¢ By Designation: C-Level Executives: 50%, Directors: 40%, and
â€¢ By Region: North America: 25%,
Europe: 30%, Asia Pacific: 35%, RoW: 10%
The report includes the study of key players offering smart city
solutions and services.It profiles major vendors in the smart
The major vendors in the smart cities market include Cisco (US),
IBM (US), Siemens (Germany),
Microsoft (US), Hitachi (Japan),
Schneider Electric (France),
Huawei (China), Intel (US), NEC
(Japan), ABB (Switzerland), Ericsson (Sweden), Oracle (US), Fujitsu (Japan), Honeywell (US), Accenture
(Ireland), Vodafone (UK),
AWS (US), Thales (France), Signify (Netherlands), Kapsch (Austria), Motorola (US), GE (US), Google (US), TCS (India), AT&T (US), Nokia (Finland), Samsung (South Korea), SAP (Germany), TomTom (Netherlands), AppyWay (UK), Ketos (US), Gaia
(India), TaKaDu (Israel), FlamencoTech (India), XENIUS (India), Bright Cities (Brazil), Maydtech (Mexico), Zencity (Israel), and IXDen (Israel).
The market study covers the smart cities market across segments.It
aims at estimating the market size and the growth potential of this
market across different segments, such as by focus area, smart
transportation, smart building, smart utility, smart citizen
service, and region.
It includes an in-depth competitive analysis of the key players in
the market, along with their company profiles, key observations
related to product and business offerings, recent developments, and
key market strategies.
Key Benefits of Buying the Report
The report would provide the market leaders/new entrants in this
market with information on the closest approximations of the
revenue numbers for the overall smart cities market and its
subsegments.It would help stakeholders understand the competitive
landscape and gain more insights better to position their business
and plan suitable go-to-market strategies.
It also helps stakeholders understand the pulse of the market and
provides them with information on key market drivers, restraints,
challenges, and opportunities.
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