Smart Cities Market size to grow from $457.0 billion in 2021 to $873.7 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 13.8%.
Northbrook, IL — (SBWIRE) — 01/05/2022 — According to a new market research report “Smart Cities Market by Focus Area, Smart Transportation, Smart Buildings, Smart Utilities, Smart Citizen Services (Public Safety, Smart Healthcare, Smart Education, Smart Street Lighting, and E-Governance), and Region – Global Forecast to 2026″ published by MarketsandMarkets™, the Smart Cities Market size to grow from USD 457.0 billion in 2021 to USD 873.7 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 13.8% during the forecast period. The Smart Cities Market is fuelled by the need for efficient management and utilization of resources. Smart cities are designed for optimum usage of space and resources along with an efficient and optimum distribution of benefits. It also improves connectivity at various levels among citizens, as well as between the administration and population through smart transportation solutions.
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By Smart Building Solutions, the Safety and Security Management segment to hold the largest market size during the forecast period
The Safety and Security Management segment of the Smart Cities Market is projected to hold the largest market size in 2021. The Safety and Security Management solution is further divided into Access Control System, Video Surveillance System, and Safety System. Safety and Security management systems mainly deal with security-related operations of buildings that help authorities or administrators to respond to emergency situations quickly. The system handles every phase of the emergency response, from logging the emergency situation to informing the appropriate personnel about the size and severity of the incident, so that quick and effective response can be ensured.
By Smart Transportation Solutions, the Passenger Information segment to grow at the highest CAGR during the forecast period
Under the Smart Transportation Solutions, the Passenger Information sub-segment is expected to grow at the highest CAGR during the forecast period. Passenger Information Systems provide real-time information on transit services, such as current location, estimated arrival and departure time, and the causes for disruption. Along with system reliability, safety, and general appearance, the ability of operators to provide accurate and current information on arrival and departure times offers passenger satisfaction.
By region, North America to account for the largest market size during the forecast period
North America holds a strong position in the global Smart Cities Market, due to the presence of most of the top Smart city solution vendors such as Cisco, IBM, Microsoft, Oracle, and Intel. Network operators in this region constantly invest in expanding and upgrading their telecom networks and transition toward 5G infrastructure, leveraging technologies such as cloud edge computing and network slicing, thereby actuating the adoption of smart cities at a low cost and for strategic urban management. Rapid digitalization across industry verticals, the increasing adoption of smart connected devices, such as IoT, and the rising technological advancements have fueled the growth of the smart cities market in this region.
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Major vendors in the Smart Cities Market include Siemens (Germany), Cisco (US), Hitachi (Japan), IBM (US), Microsoft (US), Schneider Electric (France), Huawei (China), Intel (US), NEC (Japan), and ABB (Switzerland).
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