The rapid urbanization and other major driving factors is expected to favor the rise in the global smart cities market
Reports and Insights has published a new report titled, “Smart Cities Market: Opportunity Analysis and Future Assessment 2020-2028”
Global Smart Cities Market, By Functional Area (Smart Infrastructure (Smart Transportation, Smart Water Management, Smart Stadium, Smart Public Safety and Security, Smart Lighting, Others), Smart governance and smart education (Smart Education), Smart energy (Smart Grid, Power Electronics, Smart Energy Storage), Smart mobility (Smart Ticketing, Smart Parking, Others), Smart healthcare (Connected Healthcare, Telemedicine, Others), Smart buildings (Facility Management Systems, Buildings Safety and security, Others), Others) and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The global smart cities market in 2020 is estimated for more than US$ xx Bn and expected to reach a value of US$ xx Bn by 2028 with a significant CAGR of xx%.
A smart city employs information and communication technology (ICT) to enhance operational efficiency, allocate and distribute information with the public and offer a superior quality of citizen welfare and government service. The major purpose of a smart city is to advance and maximize city operations and encourage economic growth whilst also upgrading the quality of life for citizens by employing data analysis and smart technologies.
The importance and value lies in how the smart technology is consumed instead of plainly how much technology is accessible. A city’s smartness is ascertained employing a bunch of characteristics, comprising: an infrastructure built around technology, environmental efforts and initiatives, effective and supremely operational public transportation, progressive and confident city plans and people capable of living and working within the city, utilizing its resources.
The triumph of a smart city depends on the kinship between the private and public sectors as most of the work to establish and sustain a data-driven environment lies outside the local authorities and government remit. For instance, smart surveillance cameras are likely to require technology and input from various companies.
Apart from the technology employed by a smart city, there is also the requirement for data analysts to examine and evaluate the information offered by the smart city systems in order that any difficulties can be addressed and enhancements found.
The soaring urbanization with the swift usage of technologies such as AI, IoT, 5G technology and so forth are majorly driving the growth of the global smart cities market. In addition to that, the rising use of electric cars for offering smart mobility, and the employment of advanced connectivity for providing smart infrastructure are also projected to offer major breakthroughs to the growth of the global smart cities market over the future years.
Having said that, the privacy and security concerns of smart cities solutions are likely to slow down the market growth of smart cities over the forecast period.