DUBLIN--(BUSINESS WIRE)--The "Global Smart Cities Market by Smart Transportation (Type, Solutions & Services), Smart Buildings (Type, Solutions & Services), Smart Utilities (Public Safety, Smart Healthcare, Education, Street Lighting & e-Governance), Smart Citizen Services and Region - Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global smart cities market size is expected to grow from USD 410.8 billion in 2020 to USD 820.7 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 14.8% during the forecast period.
Smart cities are differentiated in terms of their governance, technological advances, economic benefits, and social and environmental standards. Globally, there are over 1,000 cities with population exceeding 500,000. APAC accounts for over 55% of these cities/urban agglomerations, followed by North America and Europe.
This opens up the market for industry players to grow their business in new and emerging smart cities. Refereed by city municipal corporations, infrastructure investments for these emerging cities could be in the range of USD 20-40 trillion, cumulatively, over the next 10 years.
Overall, the global Capital Projects and Infrastructure (CP&I) spending has shown signs of regaining strength after the global financial crunch, and it is expected to catapult exponentially over the next decade, opening up an enormous potential of over USD 9 trillion annually by 2025.
The increasing government initiatives, and rising adoption of connected and smart technologies are major factors expected to drive the growth of the smart cities market.
There is an upsurge in the adoption rate of advanced technologies across businesses. The development in 5G and NB-IoT technologies is expected to drive the growth of the smart cities market. With advancements, smart governments and other sectors would become highly intelligent and self-governing. For smart transportation, the 5G and NB-IoT technologies-based solutions would collect data from multiple sources and share it with a centralized control center by leveraging the benefits of cloud. Such advanced technologies are not only used to enrich the lives of citizens, but also in other areas such as security, privacy, and environmental sustainability.
Among focus areas, the smart citizen services segment is expected to account for the highest market share during the forecast period.
Smart citizen services comprise smart education, smart healthcare, smart public safety, smart street lighting, and e-Governance. These services improve the overall efficiency and quality of life of individuals in a city. Smart education helps students learn effectively by removing or minimizing time and distance constraints. Smart healthcare provides better healthcare solutions to citizens. Smart public safety and smart street lighting enhance the daily life experience of the citizens. This chapter provides a detailed overview of various smart citizen services solutions available in the market.
Among smart transportation, the roadway segment is expected to dominate the market during the forecast period.
It is often referred in context with the use of information and communications technology in road transport, including infrastructure and traffic management, as well as, in interfaces with the other modes of transport. Despite the rapid technological advancements in the automobile sector and the mobile devices sector, as well as, the emerging concept of connected vehicles, there have been no significant changes in the existing asphalt roads.
With the growing number of urban demographics and increasing traffic congestions, it has become essential to innovate and improve the driving experience, particularly with respect to increasing road safety and reducing the cost overheads, which runs to billions of dollars, due to heavy traffic. Considering this, the US government and other major economies across Europe, as well as, certain parts of APAC have initiated or planned robust traffic management projects to ease traffic congestion, which is expected to be implemented in the next 5 to 10 years.
Among regions, Asia-Pacific (APAC) is expected to grow at the highest CAGR during the forecast period.
APAC is expected to hold the highest CAGR among all regions, owing to the increasing adoption rate of IoT and rising demand for intelligent and smart solutions, while North America is expected to be the major contributor to the smart cities market. The increasing citizen empowerment and engagement is the major growth factor expected to drive the growth of the smart cities market.
The key vendors profiled in the report are as follows:
- Cisco Systems (US)
- IBM (US)
- Siemens AG (Germany)
- Microsoft (US)
- Hitachi (Japan)
- Schneider Electric (France)
- Huawei (China)
- Intel (US)
- NEC (Japan)
- GE (US)
- Fujitsu (Japan)
- Oracle (US)
- SAP SE (Germany)
- Ericsson (Sweden)
- ABB (Switzerland)
- Honeywell (US)
- Google (US)
- AWS (US)
- AT&T (US)
- Nokia (Finland)
- Vodafone (UK)
- Itron (US)
- Verizon (US)
- Accenture (Ireland)
- TCS (India)
- Alibaba (China)
For more information about this report visit https://www.researchandmarkets.com/r/cbrioq