The smart cities market was valued at USD 624.81 billion and is expected to reach a value of USD 1712.83 billion at a CAGR of 18.30% over the forecast period. The increase in adoption of green technology will drive the market in the forecast period.
– The technologically advanced cities are using the Internet of Things (IoT) platforms to monitor city infrastructures, managing everything from traffic flows and parking to water and air quality. These cities are using the resulting smart data generated, to tackle longer-term planning decisions focused on environmental sustainability. Thus, with the world’s moving towards urbanization, there is an increasing number of smart city initiatives and projects, in the near future.
– Therefore, with growing urbanization, the need to manage infrastructure and assets is prompting countries across the world to invest in smart city projects. According to the Consumer Technology Association, the worldwide spending on smart city developments is expected to reach USD 34.35 billion, by 2020.
– Leveraging Artificial Intelligence (AI) through the Internet of Things (IoT) continues to unlock opportunities within cities, including autonomous vehicles, adaptive energy systems, and even smart healthcare.
– Security concerns over the deployment of smart devices in cities are one of the primary factors restraining the growth of the smart cities market. Like any other connected technologies, smart city systems also depend on networks for data transmissions and are thus, vulnerable for breaching.
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Scope of the Report
The concept of a smart city encompasses the optimisation of the efficiency of city operations and services and connected citizens. Smart city technology enables city officials to interact directly with both communities and city infrastructure, and monitor what is happening in the city and how the city is evolving.
Key Market Trends
Urbanization to Drive the Smart Cities Market Growth
– According to the United Nations Populations Fund, in 2014, 54% of the world’s population lived in urban areas, which is approximately 3.3 billion people. By 2030, roughly 67% of the total population is expected to live in urban areas.
– Hence, urbanization demands smart technology initiatives driving market growth. With rapid urbanization primarily taking place in developing countries, the growth of cities and economic development are inextricably linked.
– For example, the rise of China’s middle class, a distinctly urban phenomenon has lifted 500 million people out of poverty in less than 30 years and is a testament to the power cities uniquely possess to elevate living standards.
– The explosive population growth and dynamic shift in urban sprawl, coupled with the economic growth of megacities in the emerging economies, would pose a variety of opportunities for companies operating in different sectors.
– The megacities from the emerging economies are expected to become the largest markets for existing premium products and technologies, while their developed counterparts are expected to witness a trend of sustainable measures.
Asia-Pacific is Expected to Witness the Fastest Growth Over the Forecast Period
– The Asia Pacific segment is expected to witness the highest growth rate over the forecast period where China and India are the prominent countries. China has approximately 500 smart city pilot projects, the highest in the world, covering big and small cities.
– In 2013, MOHURD, China (Ministry of Housing and Urban-Rural Development) announced the first list of national pilot Smart Cities. By 2015, the country had a total of 326 smart city projects. There are a total of 731 smart city projects in India, worth INR 46,366 crore, which have been approved. Implementation has been initiated in 49 (6.7%) projects, with only a meagre completion of 24 (3.3%) projects.
– The Smart Cities Mission of the Government of India is based on a sustainable and inclusive development approach. The aim of the mission is to create a model that can be replicated, catalyzing the creation of similar Smart Cities in various other parts of the country.
Smart Cities Market Size: Regional Segment Analysis, forecast and market revenue 2022-2031
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