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| Global Smart Cities Market Size |
Smart cities integrate information and communication technology (ICT) and internet
of things (IoT) solutions to manage urban infrastructure assets like
transportation networks, water distribution systems, waste management, public
safety and other community services. With rising population and increasing
necessity for efficient mobility, security, healthcare and education
facilities, city administrators are increasingly relying on connected
infrastructure to deliver these essential services remotely and improve quality
of life.
The global
Smart Cities Market is estimated to be valued at US$ 638.52 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period
2023-2030, as highlighted in a new report published by Coherent Market
Insights.
Market key trends:
The growing adoption of connected infrastructure is one of the key trends
driving the smart cities market. Deployment of sensors, networking technologies
including 5G connectivity, and smart meters allows cost effective and efficient
monitoring of city infrastructure and utilities in real-time. This helps urban
local bodies to improve resource planning, reduce traffic congestion, optimize
energy consumption and provide remote access to healthcare and education
facilities. The investment towards deploying smart infrastructure has increased
significantly over the past few years as city administrators realize the
potential economic and social benefits of connectivity solutions. This is
expected to further accelerate the demand for smart cities technologies during
the forecast period.
Segment Analysis
The global smart cities market is dominated by the smart transportation
segment. Smart transportation encompasses the integration of intelligence and
technology with public transportation infrastructure to ensure smooth traffic
flow and commuting. Implementation of smart traffic signals, intelligent
transport systems (ITS), and smart parking helps reduce congestion and save
fuel. Growing urbanization and emphasis on reducing carbon footprint are key
factors driving investments in smart transportation.
Key Takeaways
Global
Smart Cities Market Size is expected to witness high growth over the
forecast period of 2023 to 2030. Rapid urbanization around the world has led to
increased investments in digitization of infrastructure and cities. According
to estimates, 68% of the global population is expected to live in urban areas
by 2050. This urban surge is prompting governments worldwide to focus on
developing smart and sustainable cities to deal with issues of resource
management, mobility, security, and quality of life.
Regional analysis: Asia Pacific dominated the global market in 2024 and is
projected to maintain its leading position during the forecast period as well.
Countries such as China, India, and Japan are witnessing significant smart city
developments focused on modernizing transportation, energy, and waste
management infrastructure through innovative digital solutions. For example,
more than 23 smart city projects worth over $30 billion are currently underway
in India as part of the Smart Cities Mission.
Key players: Key players operating in the smart cities market are Lenny &
Larry's LLC, Quest Nutrition, Munk Pack, Justine's Limited, NuGo Nutrition, No
Cow LLC, Buff Bake, MuscleTech, and Xterra Nutrition. These companies are
focusing on providing integrated smart solutions across various domains
including transportation, energy, buildings, and utilities to capitalize on the
rising demand from urban local bodies and real estate developers. For instance,
Lenny & Larry's LLC provides comprehensive smart street lighting and
traffic management systems for enhanced road safety and traffic optimization.
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