Smart cities incorporate information and communication technologies to efficiently manage urban assets. These include solutions like smart mobility, security, infrastructure, utilities, and data communication networks that improve quality of life. Adoption of IoT devices and sensors connected to centralized systems allow cities to monitor resource usage, traffic conditions, and public services in real-time.
The global Smart Cities Market is estimated to be valued at US$ 638.52 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Digitization of services and ecosystem driven by data is a key trend propelling the smart cities market growth. City authorities are increasingly leveraging technologies like cloud, big data analytics and AI to gain valuable insights from the vast cache of data generated. This helps identify inefficiencies, predict trends and ensure well-coordinated disaster management. Data-driven approaches facilitate optimized resource allocation and infrastructure planning. Advanced digital frameworks also improve citizen engagement through personalized e-governance solutions and transparency in civic operations.
Strength: Smart Cities provide enhanced connectivity and improve living standards. Real-time data availability helps authorities take quick decisions.
Weakness: High initial investment and complexity in implementation and management of smart solutions. Data privacy and security concerns.
Opportunity: Growing urbanization and support from governments worldwide for smart infrastructure projects. Advancing technologies like IoT and AI present new opportunities.
Threats: Technology disruptions can render existing smart solutions obsolete. Lack of standards and interoperability between solutions of different vendors.
Global Smart Cities Market Size is expected to witness high growth. The market size is projected to reach US$ 638.52 Billion by 2024, registering a CAGR of 5.9% during the forecast period.
Asia Pacific region dominates the global smart cities market currently. Countries like China and India are extensively investing in smart infrastructure projects. Rapid urbanization and large populations make smart initiatives crucial in this region. Governments aim to leverage smart solutions to manage traffic, utilities and public services efficiently in densely populated areas.
Key players operating in the smart cities market are Lenny & Larry’s LLC, Quest Nutrition, Munk Pack, Justine€TMs Limited, NuGo Nutrition, No Cow LLC, Buff Bake, MuscleTech, Xterra Nutrition, and The Hershey Company. These companies are investing in advanced technologies and forming strategic collaborations to strengthen their market position. They also focus on customizing smart solutions for specific needs of city authorities.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it