Smart Cities Market Opportunities, Business Forecast To 2029
The global smart cities market size was valued at USD 395.76 billion in 2022 and is poised to grow at a significant CAGR of 16.9% during the forecast period 2023-29. It also includes market size and projection estimations for each of the five major regions from 2023 to 2029. The research report includes historical data, trending features, and market growth estimates for the future. Furthermore, the study includes a global and regional estimation and further split by nations and categories within each region. The research also includes factors and barriers to the smart cities market growth, as well as their impact on the market's future growth. The report gives a comprehensive overview of both primary and secondary data.
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The global smart cities market
segmentation:
1. By Focus Area: Smart Buildings, Smart Citizen Services, Smart Transportation
and Smart Utilities.
2. By Smart Transportation: Connected Vehicles, Freight Information System,
Passenger Information Management System, Smart Ticketing, Traffic Management
System and Others (transport data management, ride-sharing and integrated
mobility solutions.
3. By Smart Buildings Solution: Building Energy Optimization, Emergency
Management System and Parking Management System.
4. By Smart Utilities Solution: Advanced Metering Infrastructure, Distribution
Management System and Substation Automation
The primary factors of the smart cities
market drivers are growth in the need for public safety and security. The smart
cities market report helps to provide the best results for business
enhancement and business growth. It further helps to obtain the reactions of
consumers to a novel product or service. It becomes possible for business
players to take action for changing perceptions. It uncovers and identifies potential
issues of the customers. It becomes easy to obtain the reactions of the
customers to a novel product or service. It also enlightens further
advancement, so it suits its intended market.
The smart cities market research report
gives a comprehensive outlook across the region with special emphasis on key
regions such as North America, Europe, Asia Pacific, Latin America, and the Middle
East and Africa. North America was the largest region in the smart cities
market report, accounting for the highest share in 2021. It was followed by
Asia Pacific, and then the other regions.
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The important profiles and strategies adopted by smart cities market key
players are Cisco Systems (US) IBM (US) Siemens AG (Germany)
Schneider Electric (France) Ericsson (Sweden) Vodafone (UK) Itron Inc. (US)
Verizon (US) Telensa (England) ABB (Switzerland) Honeywell International Inc.
(US) SAP SE (Germany) KAPSCH Group (Austria) Microsoft Corporation (US) Intel
Corporation (US) Hitachi Ltd. (Japan) Huawei Technologies Co., Ltd. (China)
Cisco Systems Inc. (US) AGT International (Switzerland), covered here to help
them in strengthening their place in the market.
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