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The global Smart Cities Market is predicted to reach USD 1380.21 billion with a CAGR of 12.1% till 2030. There has been an increasing need for better management of natural resources in order to ensure environmental sustainability. This, along with rising urbanization and numerous government initiatives for the improvement of digital infrastructure are factors driving the growth of smart cities market.
Overview
Smart City ensures reliable water and electricity supply, effective waste management and efficient city operations such as traffic management and parking management with the help of advanced passenger information system. These advantages of smart city are also contributing towards the growth of smart cities market during the forecast period.
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However, lack of robust telecom and networking infrastructure in developing countries, and absence of standardized regulatory frameworks are factors hampering the growth of the smart cities market to an extent. On the other hand, advancement in the field of Artificial Intelligence (AI) is expected to provide substantial growth opportunity for the smart cities market in the coming years.
North America holds the lion share of the global smart cities market. This is attributed to the factors such as high demand for connected solutions, low energy consumption and implementation of internet of things (IoT).
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However, Asia Pacific is expected to witness the highest growth rate during the forecast period due to growth in IT spending supported by various government initiatives in emerging economies such as China, Singapore, and South Korea. Also, rising demand for intelligent solutions for energy and infrastructure management are factors propelling the smart cities market growth in this region.
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Next Move Strategy Consulting is an independent and trusted third-platform market intelligence provider committed to delivering high-quality market research reports. We assist multinational companies in gaining a competitive edge and expanding their industry presence by capturing a larger market share. Our research methodology combines primary research, secondary research, data mining, and data analytics to deliver reliable insights.
Over a decade, we have served over 1,000 global customers, including 90% of Fortune 500 companies. Our analysts constantly monitor high-growth markets and uncover hidden opportunities in various sectors. We offer top-quality syndicate and custom research reports across ten different industry verticals, catering to your unique business needs. Our industry-standard delivery solutions, from pre-consultation to after-sales services, ensure an exceptional client experience and support informed strategic decision-making.
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