The global smart cities market size is expected to reach USD 676.01 billion by 2028, registering a CAGR of 29.3% over the forecast period, according to a study conducted by Grand View Research, Inc. The demand for smart cities is anticipated to increase primarily due to factors such as rising urban population, growing necessity to efficiently manage limited natural resources, and environmental sustainability. Smart cities include a large number of domains and application areas augmented with technological advancements and their efficient use to provide services to citizens of a city. The aging infrastructure, rapid urbanization, and adoption of the latest technology, coupled with the demand for improved quality of life, are driving the market growth.
The growing number of inhabitants and the rapid rate of urbanization has subjected the existing infrastructure to high stress. There is a growing necessity for efficient and sustainable infrastructure management. As such, city governments and municipalities are tackling these problems through smart city initiatives across mobility, utility management, and safety domains. Furthermore, the increase in traffic congestion and greenhouse gas emissions is driving the adoption of smart mobility and efficient energy management applications. This is driving the demand for smart cities globally.
The market for smart cities covers various sectors such as transport, water, healthcare, assisted living, energy, and security. Smart city implementation differs from city to city primarily due to the disparity in technological penetration, awareness, and investments. The high volume of initial financial investments needed to establish different sectors and departments for efficient smart city implementation and the lack of a systemic process for the same may hinder the market growth. However, the market is expected to grow significantly over the forecast period owing to the increasing availability of technology, renewed interest in smart cities via initiatives and investments, and all-inclusive involvement of industry stakeholders in the same.
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Smart Cities Market Report Highlights
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Smart Cities Market Segmentation
Grand View Research has segmented the global smart cities market based on application, governance model, and region:
Smart Cities Application Outlook (Revenue, USD Million, 2016 – 2028)
Smart Cities Smart Governance Outlook (Revenue, USD Million, 2016 – 2028)
Smart Cities Smart Utilities Outlook (Revenue, USD Million, 2016 – 2028)
Smart Cities Smart Transportation Outlook (Revenue, USD Million, 2016 – 2028)
Smart Cities Governance Model Outlook (Revenue, USD Million, 2016 – 2028)
Smart Cities Regional Outlook (Revenue, USD Million, 2016 – 2028)
List of Key Players in the Smart Cities Market
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