The smart cities market is projected to grow from USD 549.1 billion in 2023 to USD 1,114.4 billion by 2028 at a CAGR of 15.2% during the forecast period. Shifts in demographics, such as an aging population and changing consumer behaviors, drive demand for smart solutions in healthcare, transportation, and housing.
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The adoption of smart cities has witnessed a remarkable surge in recent years, driven by advancements in technology, growing urbanization, and increasing recognition of the benefits of smart solutions. Governments, businesses, and citizens increasingly embrace smart city initiatives to address urban challenges, enhance quality of life, and promote sustainability. This surge in adoption reflects a global trend towards more connected, efficient, and resilient urban environments.
By smart building, commercial type is estimated to account for the largest market share in the smart cities market during the forecast period.
Within commercial settings, factors such as HVAC systems, smart lighting, and monitoring play crucial roles in enhancing employee comfort and productivity. HVAC control systems, for instance, offer precise temperature regulation and contribute to improved indoor air quality, fostering a conducive work environment. Moreover, the automation of building functions, including temperature control, security systems, and maintenance procedures, significantly boost operational efficiency within commercial properties. However, energy performance remains a pressing concern for the commercial sector, given these buildings’ substantial energy consumption and waste generation. Addressing this challenge requires customized solutions tailored to optimize energy efficiency without compromising comfort or security standards. Implementing appropriate measures to reduce energy consumption and minimize waste generation, such as through advanced building management systems and sustainable design practices, is essential for promoting sustainable development within the commercial real estate sector.
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Unique Features in the Smart Cities Market
Smart cities use Internet of Things (IoT) technology to link different gadgets, sensors, and infrastructure components. This allows data to be collected, analysed, and city services like public safety, energy and waste management, and transportation to be optimised.
Smart cities analyse massive volumes of data gathered from IoT devices and other sources using modern data analytics and predictive modelling techniques. This allows for better resource allocation, proactive problem solving, and decision-making.
In order to maximise resource utilisation, boost efficiency, and improve sustainability, smart cities concentrate on integrating diverse urban infrastructure components, such as transportation systems, utilities, buildings, public spaces, and communication networks.
Through digital platforms, mobile apps, and interactive technology, smart cities prioritise citizen engagement and involvement. This allows citizens to offer input, access services, take part in decision-making processes, and support community activities.
In order to ensure readiness and efficient reaction in emergency circumstances, smart cities concentrate on enhancing resilience to natural disasters and other catastrophes through early warning systems, disaster response planning, and robust infrastructure design.
Major Highlights of the Smart Cities Market
Rapid urbanisation trends around the world are driving the industry, which has raised demand for smart city solutions to deal with issues including resource management, traffic, pollution, and infrastructure optimisation.
In order to gather data from diverse urban systems and infrastructure and enable real-time monitoring, analysis, and optimisation of municipal services and operations, smart cities make use of IoT and sensor technology.
Smart cities place a high priority on data-driven decision-making processes. They do this by using artificial intelligence and sophisticated analytics to mine the massive volumes of data collected for actionable insights that improve service delivery and allocate resources more wisely.
In order to increase mobility, lessen traffic, and improve transportation efficiency, smart cities implement cutting-edge mobility and transportation solutions including autonomous vehicles, intelligent traffic management systems, bike-sharing programmes, public transit optimisation, and electric vehicle infrastructure.
Smart cities place a high priority on citizen participation and engagement. They do this by utilising community projects, digital platforms, and mobile apps to empower citizens, solicit input, and include them in the decision-making process and co-creation of smart city solutions.
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Top Companies in the Smart Cities Market
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), Itron (US), and IXDen (Israel). These players have adopted various growth strategies to expand their smart cities market presence, such as partnerships, business expansions, agreements, collaborations, and new product launches.
Hitachi offers IT solutions to healthcare, power, and defense industries. Hitachi offers various smart city-based products and solutions under its subsidiary, Hitachi Vantara. Hitachi Smart Spaces and Video Intelligence platforms combine IoT, AI, and analytics to improve the experience, safety, and efficiency. Its other smart city offerings include information control, smart grid, energy management, community energy management, intelligent water, and smart mobility solutions. Hitachi offers Transportation Management (TM) that allows the automation of transportation operations across all core business processes while providing a real-time view of freight orders, route and load building, shipment execution, shipment costing, and freight settlement processes in an integrated landscape. Hitachi’s smart building solutions consist of escalators, operations management systems, elevators, and air conditioning systems connected through an IoT platform. Its transportation mobility solutions include Intelligent Transportation Systems (ITS), electric cars, escalators, traffic hub stations, and EV infrastructure. Lumada for IoT and Operations Intelligence offers a 360-degree understanding of operations using holistic insights from video, IoT, and business data. It delivers insights for data-driven decisions using video from the physical world—from traffic and parking to customer behavior and preferences to manufacturing quality assurance.
IBM is a globally renowned provider of cutting-edge hardware, software, and services, offering innovative solutions across a broad spectrum of industries, from mainframe computing to nanotechnology. Specializing in cloud computing, mobile technology, cognitive computing, cybersecurity, and research, IBM is at the forefront of technological advancement. With a focus on enhancing urban environments, IBM delivers a suite of smart city solutions aimed at optimizing resource management and improving citizen well-being. These include the IBM Intelligent Utility Network, facilitating efficient energy management, and the IBM Intelligent Water platform, enabling intelligent water resource management. Additionally, IBM provides solutions such as IBM Enterprise Asset Management for energy and water utilities, the IBM Water Management Center, and offerings for customer operations transformation, smart metering, energy optimization, and intelligent transportation systems. By leveraging data analytics and IoT technologies, IBM empowers cities to collect and analyze data, enabling actionable insights for sustainable urban development and enhanced quality of life.
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