The global smart cities market size is expected to reach USD 1.03 trillion by 2028 according to a new study by Polaris Market Research. The report “Smart Cities Market Share, Size, Trends, Industry Analysis Report, By Application, By Smart Governance, By Smart Utilities, By Smart Transportation, By Regions; Segment Forecast, 2021 – 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Some prominent factors, such as the increasing number of government initiatives for intelligent city development and the rising number of R&D activities, accelerate the intelligent cities market growth. Besides, growing concerns regarding the environment, management of waste, traffic, and congestion, and the increasing adoption of intelligent surveillance systems are also attributed to the global market growth across the globe.
Based on utilities, the energy management segment holds the largest revenue share. The growing number of R&D activities for the launch of design analytics solutions and developed energy management systems and integration of advancing technologies like blockchain.
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Increasing demand for green initiatives due to the growing environmental concern acts as a catalyzing factor for industry growth. Developed or urbanized regions are recorded as the primary consumer of global energy and are anticipated to release around 80% of greenhouse gas into the environment.
Moreover, rising worries about the depletion of the ozone layer and global warming lead to controlling these consequences of the environment by imposing stringent regulations. For example, the US Environmental Protection Agency (EPA) supplied the Clean Power Plan to control the carbon emissions created by the power plants.
Market participants such as AGT Group GmbH, ABB Limited, AVEVA Group plc, Ericsson, Cisco Systems, Inc., General Electric, Huawei Technologies Co., Ltd., Honeywell International Inc., International Business Machines Corporation, KAPSCH Group, Itron Inc., Microsoft, Oracle Corporation., Siemens AG, SAP SE, Siemens AG, Schneider Electric SE, Verizon, Telensa, and Vodafone Group plc.
In April 2021, Vodafone Idea introduced a new integrated IoT solution to the company’s growth from the intelligent cities and digital India mission. The company designed and developed solutions for organizations by including numerous elements of the IoT value chain such as chipsets and devices with an insight to deal with intelligent cities market challenging factors and assists enterprises by reducing operational costs and increasing efficiencies.
Polaris Market research has segmented the smart cities market report on the basis of application, smart governance, smart utilities, smart transportation, and region:
Smart Cities, Application Outlook (Revenue – USD Billion, 2016 – 2028)
- Environmental Solution
Smart Cities, Smart Governance Outlook (Revenue – USD Billion, 2016 – 2028)
- City Surveillance
Smart Cities, Smart Utilities Outlook (Revenue – USD Billion, 2016 – 2028)
- Energy Management
- Water Management
- Waste Management
Smart Cities, Smart Transportation Outlook (Revenue – USD Billion, 2016 – 2028)
- Intelligent Transportation System
- Parking Management
- Ticketing & Travel Assistance
Smart Cities, Regional Outlook (Revenue – USD Billion, 2016 – 2028)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa