Smart Cities Market Growing at a CAGR of 25.2% from 2021 to 2030 | Top Players – Intel, Microsoft, Schneider Electric
Security concerns associated with smart cities and lack of funding & adequate infrastructure limit the growth of this market.
PORTLAND, PORTLAND, OR, UNITED STATESMART CITIES MARKET, March 13, 2023 /EINPresswire.com/ — Allied Market Research recently published a report, According to the report, the global smart cities market was pegged at $517.62 billion and is expected to reach $2.402 Trillion by 2025, registering a CAGR of 21.28% during the period from 2018 to 2025.
An increase in proactive government smart cities initiatives, a rise in urbanization, and an inclination toward improving quality of life has boosted the growth of the global smart cities market. However, the security and privacy concerns of smart city solutions hamper the market growth. On the contrary, the rise in the adoption of artificial intelligence solutions among smart city projects is expected to create lucrative opportunities in the near future.
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Based on the functional area, the market is segmented into smart infrastructure, smart governance & smart education, smart energy, smart mobility, smart healthcare, smart building, and others. The smart infrastructure segment held the largest share in the market in 2017, contributing about 21% of the total market. However, the smart energy segment is projected to manifest the fastest CAGR of 24.7% during the forecast period.
On the basis of geography, the market is divided into Europe, North America, Asia-Pacific, and Latin America, Middle East and Africa (LAMEA). The North America region dominated the market in terms of revenue in 2017, contributing about two-fifths of the total market. However, the Asia-Pacific region is estimated to portray the fastest CAGR of 24.3% during the forecast period.
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The key players profiled in the smart cities market analysis are AT & T Intellectual Property, Cisco Systems, Inc., Ericsson, General Electric, Hitachi, Ltd, Huawei Technologies Co. Ltd., IBM Corporation, Intel Corporation, Microsoft Corporation, and Schneider Electric. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
The global COVID-19 pandemic caused significant lifestyle changes in many parts of the world, with severe supply chain disruptions and nationwide lockdown policies, which boosted the adoption of digital technologies. People started using their digital devices (computers, mobile phones, and laptops, etc.) for almost every service that previously required them to leave their homes.
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Trends such as shopping for groceries online, remote working, remote education, telehealth services, etc. were highly popularized during the period. Such factors are predicted to aid in the demand for smart cities, as the fear of COVID-19 subsides and the world gets back on its tracks. Furthermore, the need for sustainable infrastructure solutions in the modern urban environment is expected to fuel the growth of the global smart cities industry in the coming years.
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