The global Smart city Market size is expected to reach USD 1,933 billion by 2030, according to Market Research Future’s latest report. The report offers a new perspective on the industry due to an influx of infrastructural investments and initiatives by governments to modernize their infrastructure. The COVID-19 pandemic and its effects on the industry can lead to changes in predictions for the forecast period (2022-2030).
Competitive Analysis
Schneider Electric SE (France), AT&T Inc. (US), Oracle Corporation (US), Hitachi Corporation (Japan), Siemens AG (Germany), Ericsson (Sweden), Siemens AG (Germany), Honeywell Corporation (the US), IBM Corporation (US), Huawei Technologies Co Ltd. (China), Microsoft Corporation (US), and Cisco Systems Inc. (US) are key players in the global smart city market. Development of new components and collaborations are to be witnessed in the market.
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Industry News
Siemens and SITA have collaborated to develop scalable technologies for the Kansas City International Airport.
Market Scope
The global smart city market is estimated to experience a lucrative windfall owing to initiatives by governments to modernize infrastructure and public services. Penetration of high-speed internet and rise of smart living can induce market demand. Smart cities can rehabilitate slums and retrofit pivotal systems and technologies in these areas. Investments in infrastructure, rise of funding rounds by venture capital firms, and technology systems can revolutionize the market positively.
The large growing population is expected to be a growth driver of the smart city market. This is due to a report by the 2019 UN Department of Economic and Social Affairs claiming the urban population to rise to 68.4% from 55.7% in 2050. Recent advances in analytics of governance, healthcare, energy, and transport can spur the demand for smart cities. The need for intelligent sensors to communicate with various driverless cars and other technologies can lead to conservation of energy and create resilient cities.
But concerns over data sharing among IoT devices can hamper market growth.
COVID-19 Impact
The COVID-19 pandemic has highlighted the problems in urban cities and requirement of actionable data for making strategic and informed decisions. New frameworks designed by city planners to ensure timely arrival of goods and efforts to ensure production in factories can drive the market demand. Setup of a smart supply chain by investing in industrial automation processes and reducing dependence on manpower can be used by city planners.
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Segmentation
Hardware Component to Take Large Market Share
The hardware component expected to register 30.65% CAGR over the forecast period. This is driven by demand for new materials to run greenhouses, utilities, and elimination of traffic jams.
Smart Transport to Showcase 30.34% CAGR
The smart transportation segment is expected to generate profits for the smart city market owing to rapid urbanization and modernization of public services. Problems of traffic congestion and adoption of ridesharing services, driverless cars, and on-demand mobility can drive the segment growth. Consumer awareness and government initiatives can bolster the segment demand.
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Regional Analysis
North America to Lead in Global Smart City Market
North America is expected to rule the global market owing to digital transformations witnessed in sectors of retail, banking, and telecom. Collaboration between state and local governments combined with key technology vendors can bode well for the market. Adoption of IoT and AI as well as environmental concerns can favor the global market growth in the region.