Smart Cities Market – Allied Market Research
Security concerns associated with smart cities and lack of funding & adequate infrastructure limit the growth of this market.
PORTLAND, PORTLAND, OR, UNITED STATES, June 22, 2023/EINPresswire.com/ — According to the report, the global intelligent cities market was estimated at $648.36 billion in 2020, and is anticipated to hit $6,061.00 billion by 2030, registering a CAGR of 25.2% from 2021 to 2030.
The increase in the adoption of smart cities in multiple regions, the emergence of several digital city initiatives, and rise in the need for better natural resource management in urban environments drive the growth of the global smart cities market.
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On the other hand, numerous security concerns associated with smart cities and lack of funding & adequate infrastructure restrain the growth to some extent. However, the incorporation of artificial intelligence in smart cities and the rise in the IoT market & its application in digital cities are expected to create lucrative opportunities in the industry.
Covid-19 Scenario:
• Trends such as shopping for groceries online, remote working, remote education, telehealth services, etc. have now become highly popularized, which in turn has boosted the smart cities market positively during the pandemic.
• This trend is most likely to continue post-pandemic as well.
By component, the hardware segment contributed to the major share in 2020, holding nearly three-fifths of the global smart cities market. Growth in demand for hardware components in smart cities drive the growth of the segment. The services segment, however, would cite the fastest CAGR of 27.1% during the forecast period. Widespread implementation services availed by smart cities fuel the segment growth.
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By functional area, the smart infrastructure segment accounted for the major share in 2020, holding around one-fifth of the global smart cities industry, due to increasing demand for intelligent infrastructure post the outbreak of global pandemic. The smart energy segment, on the other hand, is also expected to grow at the fastest CAGR of 28.1% from 2021 to 2030. This is attributed to rise in demand for clean and green energy.
By region, the market across North America had the lion’s share in 2020, generating around two-fifths of the global smart cities market, due to various government initiatives to promote smart cities in the province. The Asia-Pacific region, simultaneously, is projected to portray the fastest CAGR of 28.7% by 2030, due to growing economic transformation in the region.
The key players profiled in the smart cities market analysis are AT & T Intellectual Property, Cisco Systems, Inc., Ericsson, General Electric, Hitachi, Ltd, Huawei Technologies Co. Ltd., IBM Corporation, Intel Corporation, Microsoft Corporation, and Schneider Electric. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
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Key Benefits For Stakeholders:
• The study provides an in-depth analysis of the global smart cities market forecast along with current & future trends to explain the imminent investment pockets.
• Information about key drivers, restraints, & opportunities and their impact analysis on global smart cities market trend is provided in the report.
• Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
• The quantitative analysis of the market from 2021 to 2030 is provided to determine the market potential.
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