(MENAFN- Ameliorate Digital Consultancy)
The market for smart cities market is expanding as a result of factors such increasing urbanisation, rising demand for cutting-edge technologies like IoT and 5G, and government measures to upgrade the country's digital infrastructure. As digital technology becomes more widely used, it facilitates, integrates, and powers the development of smart cities.
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Greater Emphasis on Energy Conservation and Infrastructure Development
Advancement of energy infrastructure is one of the key factors for any economic development. Some countries are facing threats in terms of reliability of grids and maintenance of their ageing energy infrastructures. Smart cities offer improved infrastructure for the optimal utilization of energy and enhance the energy efficiency by implementing smart energy grids and technologies. Thus, this increasing employment of smart grids sensors is expected to propel the growth of the smart cities market.
Currently, the smart cities market is witnessing high investment for smart security, smart metering for water & utilities, smart mobility, smart solid waste management, smart street lighting, smart farming, and integrated traffic management systems.
Asia Pacific Excluding Japan to Display Noteworthy Opportunities
Cities in Asia Pacific Excluding Japan are characterized by large population and are witnessing rise in income levels and lifestyle changes. This results in mass migration to cities in APEJ and development of infrastructures and resources. Growing adoption of advanced technologies, powered by digitalization, is projected to surge the growth of the smart cities market.
Furthermore, several countries in APEJ, such as Singapore, China, India, and South Korea, are implementing smart city projects over the last few years. For instance, in 2017, there were approximately 500 cities at various stage of development in China with an estimated market value of US$ 95 Bn. Therefore, this implementation is considered as one of the major factors boosting the growth of the smart cities market.
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Analyst's Viewpoint
A comprehensive view of the smart cities market has led our analysts to conclude that, the smart cities market is witnessing rapid growth and is expected to expand at a CAGR of ~18% during the forecast period.
Currently, North America is the most dominating region as it captures substantial share of ~33% in the global smart cities market. However, Asia Pacific Excluding Japan is expected to show high growth rate by the end of 2029, owing to increasing adoption of digital technologies, rising urban population, and increasing public-private partnerships.
Smart Cities Market: Segmentation
PMR's research study on the global smart cities market offers a detailed market segmentation, wherein key segments have been discussed in detail. The segmentation of the smart cities market has been offered on the basis of component, application, and region. Every segment has been analyzed in detail and data pertaining to the growth of each segment has been included in the study
Component
Hardware
Software
Services
Application
Smart Security
Smart Building
Smart Transportation
Smart Governance
Smart Energy
Smart Healthcare
Smart Water Network System
Smart Education
Region
North America
Latin America
Western Europe
Eastern Europe
Asia Pacific Excluding Japan
Japan
Middle East and Africa
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