Smart Cities Market size was valued at USD 692.61 Billion in 2022 and is poised to grow from USD 870.61 Billion in 2023 to USD 5426.3 Billion by 2031, growing at a CAGR of 25.7% in the forecast period (2024-2031).
In recent times, people have become more energy conscious which is increasing demand for environment with efficient energy utilizing, resulting in the rising popularity of smart cities. The smart city market has witnessed huge growth currently due to many reasons. One of the primary factors positively influencing the growth of the smart cities market is the rapid development of technologies. Advancement in fields like Internet of Things, artificial intelligence, and cloud computing have successfully allowed smart solutions that can proficiently manage urban infrastructure. These technologies help the cities to collect real-time data, evaluate it, and make better informed decisions. It can massively improve the quality of the services provided and enhance resource distribution. Another crucial factor contributing to the development of the smart cities market is the growing urbanization globally. Today more people are migrating to urban areas due to which there is a rising necessity for efficient urban planning and management. Smart city solutions have the potential to address issues related to traffic congestion, population density, energy consumption, and waste management. Taking care of such challenges make the cities more liveable and sustainable.
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Increasing Adoption of IoT Sensors to Analyze Real-Time Data for Urban Planning Expands Market Growth
The IoT sensors and devices are becoming more popular in the smart cities. This is because they allow to collect and analyze data in real-time, helping people to makes better and informed decisions. Smart cities also put more emphasis on sustainable solutions like green infrastructure and renewable energy sources. This can successfully minimize the carbon footprint and encourage environmental sustainability. An efficient smart city arises from a good partnership between the government, private sector, and the citizens. This can lead to innovative solutions and a combined approach towards urban planning. Advanced technologies like AR and VR technologies are being utilized to offer immersive experience to citizens and visitors. These innovations are also used for urban planning and design. Smart cities have also started exploring the use of autonomous vehicles for public transportation and delivery services. These vehicles have significantly enhanced safety, decreased traffic congestion, and offered better mobility for citizens along with reducing carbon footprint.
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Rapid Increase in Urban Population Leading to Smart City Infrastructure with Efficient Technologies
Implementing sustainable features have become one of the crucial features of smart cities. With the rapid increase in industrialization and urbanizations it has become important to keep track of environmental indication regularly. Today, smart city platforms are playing a vital role in efficiently managing the cities and is expected to drive the market’s development. With rapid urbanization and population density the cities are also growing. This is increasing the demand for efficient infrastructure, services, and resource management to meet the rising population. Smart city technologies have the potential to answer these difficulties by offering efficient services through smart sensors, networking, and automation. As per United Nations, by 2050 there will be almost 212 million urban residents in India it will be 404 million, China 292 million, and Nigeria 29 million.
- Honeywell has developed a new platform in January 2024. It will help in supervising some of the tasks related to building management. It is known as Advance Control for Buildings.
- Msheireb Properties signed an MoU with Microsoft Corporation in December 2023. The objective was to develop a Smart Experience for visitors, retailers, residents, and commercial clients in the Msheireb Downtown Doha.
- NEC Corporation India began a Smart City project in August 2023, for the Tirupati Smart City Corporation Limited in Tirupati City.
- In June 2023, Eve Systems was acquired by ABB. The objective is to meet the demand for smart, safe, and sustainable retrofitting of buildings.
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Immense Growth for Businesses with Smart Infrastructure Development Drives Smart Cities Market Growth
In the development of smart cities businesses can experience immense growth opportunities in various areas like smart infrastructure development and services to support initiatives related to smart cities. The development of innovative technologies particularly to accomplish these goals also presents enough prospects for businesses. Organizations can develop smart energy management systems, intelligent transportation systems, and waste management solutions to efficiently control the smart cities. Moreover, they can also provide consulting services to cities that are developing by implement smart city strategies and offering data analytics tools so that they can make better use of data, resulting in the growth of smart cities.
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