Smart Cities Global Market Report 2022: Big Data Drives Smart Cities Movement and Data Analytics Enhances Smart City Services

DUBLIN, Nov. 4, 2022 /PRNewswire/ -- The "Smart Cities - Global Market Trajectory & Analytics" report has been added to  ResearchAndMarkets.com's offering.

Global Smart Cities Market to Reach $2.8 Trillion by 2027

Amid the COVID-19 crisis, the global market for Smart Cities estimated at US$680.7 Billion in the year 2020, is projected to reach a revised size of US$2.8 Trillion by 2027, growing at a CAGR of 22.1% over the period 2020-2027. Hardware, one of the segments analyzed in the report, is projected to record a 19.6% CAGR and reach US$1.3 Trillion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Software segment is readjusted to a revised 23.5% CAGR for the next 7-year period.

The U.S. Market is Estimated at $206.5 Billion, While China is Forecast to Grow at 25.6% CAGR

The Smart Cities market in the U.S. is estimated at US$206.5 Billion in the year 2020. China, the world's second largest economy, is forecast to reach a projected market size of US$402.5 Billion by the year 2027 trailing a CAGR of 25.6% over the period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 17.5% and 20.5% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 24.5% CAGR.

Select Competitors (Total 187 Featured)

• ABB Ltd.
• Accenture Plc
• AppyWay
• AVEVA Group plc.
• Cisco Systems, Inc.
• Engie
• General Electric
• Hitachi, Ltd.
• Honeywell International, Inc.
• Huawei Technologies Co., Ltd
• IBM Corporation
• Intel Corporation
• Itron, Inc.
• Johnson Controls International plc
• Kapsch TrafficCom AG
• Libelium Comunicaciones Distribuidas S.L
• Microsoft Corporation
• Nokia Corporation
• Oracle Corporation
• Osram Gmbh
• Panasonic Corporation of North America
• SAP SE
• Schneider Electric SA
• Siemens AG
• Signify Netherlands B.V.
• Tata Consultancy Services - Telefonaktiebolaget LM Ericsson
• Telensa Limited
• Thales Group
• TomTom N.V.
• Urbiotica
• Verizon Communications, Inc.
• Vodafone Group plc
• Worldsensing SL

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

• Advanced Technologies Create Perfect Ground for Transformation of Smart Cities
• Transformational Role of 5G Technology and Wi-Fi 6/6E in Development of Smart Cities
• 5G Brings in Higher Scalability
• Digital Twins to Provide Meaningful Insights in Smart City Projects
• Cyber-Physical Systems & Robotic Process Automatization to Hold Broader Uptake
• Blockchain Technology to Gain Prominence in Resource Sharing and Smart Logistics
• Investment in Smart City Technology Startups a Prudent Decision amid Pandemic
• Focus on Building Crisis Resilient Smart Cities to Drive Demand for Better Internet Infrastructure
• Growing Environmental Footprint of Cities Shifts Focus Onto Smart Cities
• Funding Support: Vital for Smart Cities Initiatives
• Shift Towards Open Governance Model Fuels Interest in Smart Cities
• V2X Communication Seeks Role in Smart City Infrastructure
• C-V2X: The Upcoming Future-Ready V2X Standard
• IoT Lies at the Heart of the Connected Self-Aware Environment Epitomized by Smart Cities
• IoT Implementations in Smart Homes & Buildings
• Rising Significance of Smart City as a Service
• Unified Smart City Platforms Allow Big Data to Become a Reality
• Transformative Role of AI Technologies in Smart Cities Optimizes Urban Services
• Combining IoT and AI Unlocks Opportunities
• Big Data Drives Smart Cities Movement and Data Analytics Enhances Smart City Services
• Intriguing Benefits of Edge Computing Encompasses all Aspects of Smart Cities
• E-Government: Imperative for Transforming Cities into Smart Cities
• Provision of Smart Municipal & Utility Services Gains Momentum
• Smart Grids Vital for Smart Energy Distribution
• Focus on Smart Energy Management Opens Up Opportunities for Smart Meters
• Adoption of Smart Water Meters Spirals in Cities Worldwide
• Laying Strong Foundation for the Digital Transformation of Gas Infrastructure, Smart Gas Solutions Seek to Revolutionize Gas Utility Operations
• IoT-based Smart Metering to Create Smarter and Connected Cities
• Demand Responsive Energy Management: Indispensable for a Low Carbon Smart City Footprint
• Security in Smart Cities Receives Undivided Focus
• Video Surveillance Plays an Important Role in Public Safety in Smart Cities
• Advanced Analytics for Surveillance Systems
• Smart Buildings & Homes Receive Fair Share of Development Focus
• Intelligent Buildings Vital for Constructing a Smart City
• Focus on Net Zero Energy Buildings (NZEB) Awakens Interest in Smart Building Technologies
• With Connectivity Being the Most Critical Element of Smart Buildings, In-Building Wireless (IBW) Emerges Into the Spotlight
• Consumer Spending on Smart Home Technologies Gathers Steam
• Smart Building Analytics Rises in Prominence
• Smart & Connected Lighting Systems Make Cities Smarter, Safer & Help Governments Turn Infrastructure Liabilities into Assets

4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS

IV. COMPETITION

For more information about this report visit https://www.researchandmarkets.com/r/i5kuv0

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SOURCE Research and Markets