Smart Cities Market Growth Strategies, Regional and Recent Trend Analysis 2028
The Smart Cities Market witnessed significant growth in 2020 and is expected to maintain a steady revenue Compound Annual Growth Rate (CAGR) over the forecast period. The market is being driven by factors such as the increasing demand for public safety, rapid urbanization, and supportive government initiatives to develop advanced video surveillance, DNA phenotyping, real-time license plate and facial recognition solutions, and other monitoring technologies to ensure people’s safety in smart cities.
A smart city refers to an urban area that collects and analyzes usage data to efficiently manage assets, resources, and services using emerging technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), big data, cloud storage technology, and data analytics. Smart transportation solutions are also gaining traction, considering factors such as rising urban demographics and environmental concerns to enhance existing and future transportation infrastructure projects.
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Key Players Operating in Global Smart Cities Market
- Cisco Systems
- Siemens AG
- Schneider Electric
- Itron Inc.
The establishment and usage of telecommunications infrastructure for public safety are crucial for the successful implementation of smart city projects. It is essential for every city to ensure the availability and accessibility of communication platforms to achieve the concept of smart cities in an efficient and open manner. To become a smart city, having access to contemporary and fundamental data connection infrastructure is a necessity.
The market growth for smart cities is expected to be propelled by an increasing focus on developing fixed, mobile, and dedicated networks for IoT applications. This development will facilitate the creation of a robust communication network, which is a fundamental requirement for smart city implementation.
Detailed Segmentation In Our Report:
For the purpose of this report, the global smart cities market is segmented on the basis of product type, application, and region:
- Energy Management
- Industrial Automation
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