Smart Cities Market worth $1024.4 billion by 2027 - Exclusive Report by MarketsandMarkets™

CHICAGO, Nov. 14, 2022 /PRNewswire/ -- The Smart Cities Market is expected to grow from USD 511.6 billion in 2022 to USD 1024.4 billion by 2027, at a CAGR of 14.9% during the forecast period, according to a new report by MarketsandMarkets™. The Smart Cities Market is growing due to the rising need for public safety and advanced communication infrastructure, growing adoption of connected and smart technologies, rising energy optimization requirements, and intensifying citizen engagement.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=542

By smart transportation solution, passenger information management is expected to register the fastest growth rate during the forecast period.

The passenger information system is an important link between passengers and transit service providers and keeps travelers updated quickly and precisely. It focuses on the current location of the bus, estimated arrival time and departure time, and vacant seats and keeps the passenger updated. It is an electronic operating tool that provides its passengers with, at any given time, visual and acoustic information to passengers on a route, both automatically and programmed manually.

By smart building, commercial type is estimated to account for largest market share in 2022

The HVAC, smart lighting, and monitoring are some of the important factors affecting the comfort and productivity of employees in commercial settings. HVAC control systems provide precise temperature control and improve the air quality in commercial buildings. The automation of building temperature, security, and maintenance increases the overall efficiency of commercial buildings. The energy performance of commercial buildings is a major challenge for the commercial sector as these buildings consume higher energy and generate more waste in the form of carbon and other solid wastes. Therefore, appropriate and tailor-made solutions are needed for optimized energy performance to reduce building energy consumption without compromising comfort or security.

Request Sample Pages @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=542

Asia Pacific is likely to emerge as fastest-growing market during forecast period

Asia Pacific is projected to be the fastest-growing market for smart city solutions due to the adoption of new technologies, rising investments in digital transformation, and growing GDP in the Asia Pacific countries. Developed economies, such as China, Japan, and South Korea, which are the most technologically advanced, are the highest contributors to the smart city market in the region. The region also constitutes major economies, such as Singapore, Australia, and India. As the world's most dynamic region for urbanization, the Asia Pacific is home to a majority of developing Asia Pacific members experiencing rapid urbanization. Major vendors such as ZTE, Huawei, and NEC Corporation have already invested huge amounts in telecom infrastructure, and this spending is expected to increase. Due to the large number of 5G deployments and initiatives taken by major Asian mobile operators to resolve the problem of high bandwidth requirements, the Smart Cities Market in the Asia Pacific is expected to have enormous growth in the coming years.

Market Players

The major vendors covered in the Smart Cities Market include Cisco (US), IBM (US), Siemens (Germany), Microsoft (US), Hitachi (Japan), Schneider Electric (France), Huawei (China), Intel (US), NEC (Japan), ABB (Switzerland), Ericsson (Sweden), Oracle (US), Fujitsu (Japan), Honeywell (US), Accenture (Ireland), Vodafone (UK), AWS (US), Thales (France), Signify (Netherlands), Kapsch (Austria), Motorola (US), GE (US), Google (US), TCS (India), AT&T (US), Nokia (Finland), Samsung (South Korea), SAP (Germany), TomTom (Netherlands), AppyWay (UK), Ketos (US), Gaia (India), TaKaDu (Israel), FlamencoTech (India), XENIUS (India), Bright Cities (Brazil), Maydtech (Mexico), Zencity (Israel), and IXDen (Israel).

Browse Adjacent Markets: Digitalization and Internet of Things (IoT) Market Research Reports & Consulting

Related Reports:

IoT Market - Global Forecast to 2026

IoT in Manufacturing Market - Global Forecast to 2026

IoT Security Market - Global Forecast to 2026

Customer Experience Management Market - Global Forecast to 2026

Smart Warehousing Market - Global Forecast to 2026

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/smart-cities-market.asp
Visit Our Website: https://www.marketsandmarkets.com/
Content Source: https://www.marketsandmarkets.com/PressReleases/smart-cities.asp

Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg

SOURCE MarketsandMarkets