Smart Cities Market Significant Futuristic Trends And Opportunities 2024

Smart cities refer to cities built on smart and intelligent solutions and new technologies. The goal of smart cities is achieved by adoption of smart parameters such as smart energy, smart building, smart transportation, smart healthcare, smart governance, smart education, and involvement of smart citizens. Further, the smart cities market is gaining significant growth globally due to huge investments by public and private players, including the government of various countries across the globe. Smart cities solutions can further be classified as combination of hardware and software components.

The market for smart cities is also gaining interest due to advancement in automation technology and adoption of internet of things across various industries, globally. Further, increasing adoption of advance technologies helps in enhancing the country’s infrastructure components, including urban mobility, public security and safety, efficient energy management, and waste management.


Market Dynamics
The global smart cities market is expected to grow at a CAGR above 20% during the forecast period, to reach $2,578,063.5 million by 2023. A significant growth in demand for smart cities is anticipated due to growth in automation technologies such as internet of things (IoT), and adoption of cloud based technologies. In addition, development of cost effective and easily available automation solutions, substantial operational cost savings, and public data management are further fueling growth in smart cities market, globally.

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Growth Drivers
Global smart cities market is driven by factors such as increase in demand for smart governance, surge in demand for smart utility such as smart meters, decreasing cost and availability of automation technology and services and growing adoption of IoT enabled devices and related technology by public & private smart city developers, globally. Further, the increasing adoption of IoT augments in developing the monitoring systems across remote and less developed areas.

Competitive Landscape
The intensity of rivalry in the global smart cities market is comparatively moderate. Most of the major vendors prevailing in the global smart cities market are actively focused on enhancing their offerings to meet the ongoing demand for smart cities solutions. This includes advance software developments, new hardware integrations, and advancement in automation technology areas.
Some of the key players operating in the smart cities market are Cisco Systems Inc., Microsoft Corporation, IBM Corporation, Oracle Corporation, Google, Inc., General Electronics (GE), and ABB Group.

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