Mobile Computing Today News from the Mobile World
The global smart city market is expected to grow at a CAGR 14.5% during forecast period of 2021-2029. With the increasing rate of urbanization, globalization and ageing infrastructure, the cities are required to become more enhanced in terms of ICT infrastructure, technological up gradation, and so on. Smart cities technologies have been developed to address a range of issues such as public safety, street lighting, urban mobility, water management, and energy management
The global smart cities market has been segmented on the basis of various management systems under the smart city framework such as Smart Building and Infrastructure, Smart Energy Management, Smart Transportation, and so on. Smart building and infrastructure is the primary base for creating smart cities. The smart building & infrastructure market had the highest market share of 32.5% in 2020. However, the growing population has led the government to place major focus on issues such as increasing energy consumption, growing traffic, and various security issues. Thus, smart energy management and smart transportation management are estimated to be the fastest growing segments, recording a CAGR of 15% during forecast period.
Governments are focusing on promoting sustainability, integrating sustainable development concepts into broader operations, and realizing cost efficiency and short-term and long-term benefits from sustainability initiatives. The increasing consumption of energy resources and the increasing carbon footprint is a major cause of environmental concerns. The governments are looking for a solution that will provide alternative sources of energy so as to fulfill the demand for growing population without damaging the environment. A solution to check the growing environmental issues is the need of the time.
Smart cities acquire all the technological advancements with the concentration on major segments like transport, energy management, water management, waste management, and proper healthcare. Smart infrastructure refers to ICT-enabled infrastructure, which is easy to introduce and replace as compared to legacy infrastructure. Smart city technology market is a collection of software companies, hardware companies, electric companies, and some other specialized companies that collectively provide smart solutions to the cities. Almost 80% of the world’s GDP is generated from urban centers.
Browse full report at https://www.acutemarketreports.com/report/smart-cities-market
North America is a developed economy with more than 80% population living in urban areas. However, the ageing infrastructure is a major challenge before North America. Similarly, in Europe, changing weather conditions demand better infrastructure facilities. Moreover, Europe’s urban structure is not very concentrated: 23 cities are populated by more than one million citizens, 345 cities by more than 100,000, and only 7% of the European Union (EU) population lives in cities of over 5 million. Thus all these issues in North America and European region compel the governments to think for better infrastructure solutions.
Along with IBM & CISCO, General Electric and Schneider Electric play major roles in energy and technology domains. They deal with energy management solutions like, smart traffic system utilities, LED traffic signals, and so on. In present world, the concentration is hugely on energy, transport, and traffic. Siemens is transforming the cities for the better through sustainable technology. It deals with integrated mobility, safety solutions, power distribution, and management, and provides many parallel solutions to all of them. Hitachi, Toshiba, and Panasonic deal with energy management solutions and provide hardware support along with software solutions with their collaborated companied – Accenture & Lving Plan IT. Toshiba deals with city energy management system, Panasonic deals with home energy management system and Hitachi deals with both city as well as home energy management solutions.
Key Market Movements
- The global smart city market is expected to grow at a CAGR 14.5% during forecast period of 2021-2029.
- With the increasing rate of urbanization, globalization and ageing infrastructure, the cities are required to become more enhanced in terms of ICT infrastructure, technological up gradation, and so on.
- The smart building & infrastructure market had the highest market share of 32.5% in 2020.
- The smart building & infrastructure market had the highest market share of 32.5% in 2020.
- North America remains the largest geographic segment generating the highest market revenues
- Along with IBM & CISCO, General Electric and Schneider Electric play major roles in energy and technology domains.
Smart Cities market is segmented into:
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2019-2029 |
| Base Year | 2020 |
| Forecast Period | 2019-2029 |
| Historical Year | 2019 |
| Unit | USD Million |
| Segmentation | By Management Systems (2019-2029; US$ Bn) |
| By Region (2019-2029; US$ Bn) | |
| Covid-19 Impact (2020-2021; US$ Bn) |
*Detailed segments are available on the report page
About Us
Acute Market Reports is a worldwide market research and counseling firm that serves driving organizations, governments, non-legislative associations, and not-for-benefits. We offer our customers some assistance with making enduring enhancements to their execution and understand their most imperative objectives.
Contact
Acute Market Reports
Address: 90 Church St, FL 1 #3514,
New York, NY 10008 United States
Toll Free(US/CANADA): +1-855-455-8662
E-mail: sales@acutemarketreports.com
Website: https://www.acutemarketreports.com