Rising urbanization, growing demand for public safety and government initiatives towards the development of digital infrastructure are factors driving the global smart cities market growth

The global Smart Cities Market is expected to grow at a CAGR of 12.1% from 2020-2030, according to a new research report by Next Move Strategy Consulting.

The main purpose of smart city is to enhance the life of the city residents and drive economic growth by increasing operational efficiency of the city operations and improving the quality of government services. It deploys thousands of advanced devices such as video surveillance systems, gunshot detection systems, license plate recognition systems and body cameras to ensure safety of the citizen. Also, development of IoT devices, and advancement in the field of Artificial Intelligence (AI) is fuelling the market growth. However, lack of robust telecom and networking infrastructure in developing countries is hampering the growth of the smart cities market.

Based on functional area, the market is categorized into smart infrastructure, smart governance & smart education, smart energy, smart mobility, smart healthcare, smart buildings and others. Smart infrastructure is further sub-segmented into smart transportation, smart water management, smart stadium, smart public safety and security, smart lightning, and others. Smart energy is further sub-segmented into smart grid, power electronics, smart energy storage. Smart mobility is further sub-segmented into smart ticketing, smart parking and others. Smart healthcare is further sub-segmented into connected healthcare, telemedicine and others. Smart building is further sub-segmented into facility management systems, building safety and security, and others. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising of North America, Europe, Asia-Pacific, and RoW.

According to the report, North America holds the lion share of the global smart cities market. This is attributed to factors such as high demand for connected solutions, low energy consumption and implementation of internet of things (IoT). However, Asia Pacific is expected to witness the highest growth rate during the forecast period due to growth in IT spending supported by various government initiatives in emerging economies such as China, Singapore, and South Korea.

Browse key industry insight from the report, Global Smart Cities Market by Functional Area (Smart Governance& Smart Education, Smart Healthcare, Smart Infrastructure, Smart Mobility, Smart Energy, Smart Building and Others)– Global Opportunity Analysis and Industry Forecast 2020-2030

According to the report, some of the key drivers of smart cities market are AT&T Inc., Cisco Systems Inc., Ericsson, General Electric, Hitachi Ltd, Huawei Technologies Co., IBM Corporation, Intel corporation, Microsoft Corporation, and Schneider Electric SE.

Key Insights from the Global Smart Cities Market Report:

• Current emerging trends and opportunities are extensively analysed in smart cities market report.
• The forecast of the smart cities market comes along with additional information associated with opportunities, restrains and key drivers in the market.

The report smart cities market- segmented by functional area and geography.

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