Smart Cities Market Overview:
The goal of this Smart Cities market study is to offer a thorough market segmentation based on connection type, end-use, and geographic location in addition to a thorough market overview. Significant market trends and forecasts are included in the report along with information on the market shares of the top Smart Cities providers.
The increased interconnection of various technologies, such as smartphones, RFID-enabled gadgets, smart cards, body cameras, and GPS systems, is propelling the smart cities market forward. There is a growing demand for advanced databases and information-organization software as government organizations are increasingly required to analyze data stored in government systems as well as data from outside government. As governments around the world struggle to manage road traffic, crime, and public events, social media and information from mobile applications and cell phones are becoming increasingly important. As data volumes grow, software must become more sophisticated, complicated, and adaptable to a broader range of hardware platforms and systems.
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Smart Cities Market Scope:
The development of smart cities depends on smart energy solutions. The cost savings from smart meters could reach USD 157 billion by 2035 as utilities monitor, predict, and prepare for the erratic nature of current trends in energy production and consumption. In China, India, Japan, and South Korea, 572.3 million smart power meters will be installed between 2021 and 2025. Energy networks could be equipped with sensors that collect enormous amounts of data that utility companies have previously used in conjunction with smart city technologies. This data can reveal details about a grid's condition as well as the patterns of different homes' energy use. Planners, decision-makers, and designers of a Smart City can benefit from big data analytics on the information gathered by smart grids in the following ways:
Based on Smart Transportation, Intelligent Transportation System (ITS) Dominated the Smart Cities Industry
Over 45% of the market in 2021 was occupied by the Intelligent Transportation System (ITS) segment. Modern traffic management systems are being implemented in large part due to the increasing number of vehicles on the road as well as the desire to reduce traffic congestion. With the aid of these technologies, traffic congestion and pollution are reduced, travel times are slashed, and emergency response times are increased for accidents and other urgent situations.
Additionally, governments in numerous nations are putting intelligent transportation systems into place to increase traffic safety, the efficiency of the transportation system, and to lessen the impact of transportation on the environment.
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Smart Cities Industry Key Players:
- AVEVA Group plc.
- Cisco Systems, Inc.
- Ericsson
- General Electric
- Honeywell International Inc.
- International Business Machines Corporation
- Itron Inc.
- KAPSCH Group
- Huawei Technologies Co., Ltd.
- Microsoft Corporation
- Oracle Corporation
- Osram Gmbh
- SAP SE
- Schneider Electric SE
- Siemens AG
- Telensa
Smart Cities Market Regional Analysis:
The study also offers a thorough PESTLE analysis for each of the five regions—North America, Europe, Asia Pacific, the Middle East and Africa, and South America—after taking into account the political, economic, social, and technical factors affecting the Smart Cities market in each of these areas.
COVID-19 Impact Analysis on Smart Cities Market:
The Smart Cities Market Research Report provides a sector overview based on important factors like sales volume, revenue, and sales forecasting, as well as key drivers. The market is anticipated to expand significantly over the anticipated time frame (2021-2029). This study also covers the most recent COVID-19 market ramifications. The global spread of the outbreak has had a significant impact on people's lives. As a result, industries have been compelled to adopt novel behaviours, patterns, and strategies. Both the present and the future market expectations are attempted to be captured in the case study.
Key Questions answered in the Smart Cities Industry Report are:
- Which product segment had the largest share in the Smart Cities Industry in 2020?
- How is the competitive landscape of the Smart Cities industry?
- Which are the key factors aiding the Smart Cities industry growth?
- Which region holds the maximum share in the Smart Cities industry?
- What will be the CAGR of the Smart Cities industry during the forecast period (2021-2027)?
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