Smart City Market is set to grow at a CAGR of 15.5%, estimated to reach USD 1549.86 Billion by 2030
A smart city is a framework for deploying, fostering, and promoting sustainable urban development that makes use of information and communication technology (ICT). Additionally, it aids in public information dissemination, increases operational effectiveness, and raises the standard of citizen welfare. A smart city promotes mixed-land use for unplanned areas, which offers a variety of facilities at one location and helps in the best utilisation of the available space. It does this by relying on both software solutions and hardware elements, such as chips, sensors, and actuators, as well as communication networks, the Internet of Things (IoT), and user interfaces (UIs). These systems collect data that is processed to keep an eye on power plants, the water supply, spot criminal activity, control waste, and provide numerous other municipal services.
A smart city is an urban area where various electrical devices and sensors are used to gather data. To improve the efficiency of municipal operations and services, the notion of a “smart city” combines information and communication technology with a variety of physical devices connected to Internet of Things networks.
The growing need for smart living, which has become popular, is largely to blame for the concept of smart cities obtaining significant commercial importance. Smart living refers to developments that affect people’s lives and give them access to new modes of living.
The creation of “smart cities” promotes the use of cutting-edge technologies like the Internet of Things (IoT), Artificial Intelligence (AI), big data, cloud storage, and data analytics to gather and analyse data and use critical information for managing resources and services.
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Key Smart City Market Driver
The expansion of the global market for smart cities is primarily being driven by an increase in IT consolidation and modernisation. Organizations benefit from IT consolidations by increasing operational effectiveness and achieving economies of scale. C-suite executives are being compelled to adopt cutting-edge IT service delivery models like shared and managed IT services as a result of the ongoing consolidation of IT infrastructures within enterprises, such as data centres and networking systems.The main forces behind the adoption of IT services and the deployment of smart city projects for better connectivity and sustainability are the ongoing advancement of technology and the requirement for IT modernization in many industry verticals, including the manufacturing, BFSI, telecom, and healthcare sectors. The increasing use of social media and mobile devices, as well as businesses’ emphasis on updating their
Growth Factors
Global demand for sustainable infrastructure is being driven by the world’s population’s rapid growth as well as that of its urban population. The creation of smart cities is a strategy being used by the governments of numerous nations to address concerns about the fast urbanisation of a growing population. The main areas that are effectively managed in smart cities are utility management, safety, and mobility. The global market for smart cities is expanding as a result of the rapid adoption of cutting-edge technologies including artificial intelligence, nanotechnology, big data analytics, cloud computing, internet of things, cognitive computing, and open data.
Global Smart City Market: By Types
Smart Security
Smart Infrastructure
Smart Energy
Smart Education
Smart Building
Smart Healthcare
Other
Global Smart City Market: By Applications
Communications Industry
Transportation Industry
Express Industry
Government
Education
Other
Global Smart City Market: Top Key Players
ABB
AT&T
Europe Mobile
Cisco
Hitachi
Honeywell
Huawei
IBM
NTT Communications
Cisco
Hitachi
Verizon Communications
Vodafone
Accenture
Alcatel-Lucent
Ericsson
HP
Microsoft
Schneider Electric
Telefonica
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