Smart Cities Market Size to Reach $1.03 Trillion by 2028 | CAGR: 14.4%: Exclusive Report by Polaris Market Research

NEW YORK, Nov. 10, 2021 /PRNewswire/ -- The global smart cities market size is expected to reach USD 1.03 trillion by 2028 according to a new study conducted by Polaris Market Research. the market is anticipated to register a CAGR: 14.4% From 2021-2028. The global market is witnessing promising growth as a result of proactive government smart city programs, increasing urbanization, and growing demand for higher-quality living. Furthermore, increased usage of technologies such as fog, cloud, and edge computing, AI (Artificial Intelligence), and big data analytics is posing new market growth prospects. The increasing direction of regulatory bodies for reducing air pollution and traffic congestion, as well as the advancement of the parking management system, is anticipated to foster the development of the market in the near future.

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Key Highlights of Smart Cities Market

• Based on application, smart transportation emerged as the promising application segment and generated a higher revenue share. Growing traffic congestion issues as a result of rapid urbanization coupled with necessity to modernize public transportation infrastructure are propelling market expansion in both developing and developed countries around the world.
• In terms of smart governance, the city surveillance segment accounted for a majority of the market share. Growing public safety and security concerns are encouraging the usage of video management systems and IP cameras around the world, propelling the city surveillance market forward.
• By smart utilities, the energy management segment led the major growth for the global smart cities market. Analysis of energy consumption data, identification of energy-saving potential, and tracking the progress and continuous grid improvements are all key features given by the majority of energy management solutions.
• As part of continuing 5G trials, Vodafone Idea (VIL) and Larsen & Toubro's Smart World & Communication division have teamed for a pilot project to evaluate 5G-based smart city solutions. Using L&T's Smart City platform, the firms will collaborate to develop and evaluate 5G use cases based on IoT and Video AI technologies.

COVID-19 Pandemic Impact

Smart city technology is widely adopted by governments around the world to combat the COVID-19 outbreak, as it can be used to track the virus's spread and execute medical solutions. To monitor COVID-19 patients, several smart cities have used smart city platforms that include diverse technologies like GPS systems, heat mapping, and aerial surveillance.

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Regional Developments

North America emerged as the dominant regional market for smart cities in terms of revenue, owing to widespread adoption of smart cities solutions, high ICT investment among government organizations, and high demand for linked solutions across the region. On the other side, Asia-Pacific is predicted to garner the fastest growth rate throughout the projected period, on account of factors such as rising IT investment supported by government initiatives in emerging economies such as China, India, Singapore, and South Korea.

Competitive Outlook

The number of collaborations between governments and companies to create and implement pilot projects is increasing in the industry. Leading players are also working together to create and deploy customized smart city solutions in areas such as city surveillance, smart transportation, energy management, and smart utilities. Market participants such as AGT Group GmbH, ABB Limited, AVEVA Group plc, Ericsson, Cisco Systems, Inc., General Electric, Huawei Technologies Co., Ltd., Honeywell International Inc., International Business Machines Corporation, KAPSCH Group, Itron Inc., Microsoft, Oracle Corporation., Siemens AG, SAP SE, Siemens AG, Schneider Electric SE, Verizon, Telensa, and Vodafone Group plc.

Target Audience

• Supply Side: IT Solution Providers
• Demand Side: Public & Private Sector
• Regulatory Side: Government Development Bodies

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Polaris Market research has segmented the smart cities market report on the basis of application, smart governance, smart utilities, smart transportation, and region:

Smart Cities, Application Outlook (Revenue – USD Billion, 2016 – 2028)

• Governance
• Building
• Environmental Solution
• Utilities
• Transportation
• Healthcare

 Smart Cities, Smart Governance Outlook (Revenue – USD Billion, 2016 – 2028)

• City Surveillance
• CCS
• E-governance
• Lighting
• Infrastructure

 Smart Cities, Smart Utilities Outlook (Revenue – USD Billion, 2016 – 2028)

• Energy Management
• Water Management
• Waste Management

 Smart Cities, Smart Transportation Outlook (Revenue – USD Billion, 2016 – 2028)

• Intelligent Transportation System
• Parking Management
• Ticketing & Travel Assistance

 Smart Cities, Regional Outlook (Revenue – USD Billion, 2016 – 2028)

• North America
• U.S.
• Canada
• Europe
• France
• Germany
• UK
• Italy
• Netherlands
• Spain
• Austria
• Asia Pacific
• China
• India
• Japan
• Malaysia
• South Korea
• Indonesia
• Latin America
• Mexico
• Brazil
• Argentina
• Middle East & Africa
• UAE
• Saudi Arabia
• Israel
• South Africa

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About Polaris Market Research

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SOURCE Polaris Market Research