Smart Cities Market to Generate Heightened Revenue Prospects for Manufacturers i

Posted by VISHAL PAHURKAR on January 4th, 2021

The United Nations data suggests that the proportion of people living in cities across the world will rise from approximately 50% in 2018 to 75% in 2050. This rise in urban population impacts overall infrastructure and resources as governments are trying to cope up with the influx of new inhabitants and improve their living standards. They are thus looking forward to development of smart cities, with key focus on digital transformation of urban ecosystem to meet environmental, financial, and social outcomes. In line with this, the global smart cities market was valued at ~US$ 900 Bn in 2018, and is projected to expand at a whopping 18% CAGR during the forecast period (2019-2029).

However, lack of infrastructure development in various countries of the Middle East & Africa and Latin America, coupled with high price point associated with replacement of existing infrastructure with smart infrastructure, will remain thee key factors limiting the growth of smart cities market.

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Key Takeaways - Smart Cities Market Study

• Providers of smart cities solution are eyeing expansions in Asia Pacific due to increasing adoption of digital technology and rising demand for smart solutions.
• Governments are focusing on integrating cloud, mobile, and Big Data technologies in new smart cities to streamline projects and generate new revenue streams.
• Continuous implementation of devices and technologies, such as sensors, cameras, robots, IoT, and artificial intelligence (AI), is resulting in a connected environment.
• Smart security application in smart cities is projected to increase at a CAGR of ~22% during the forecast period.

As the smart cities market is continuously becoming more competitive and diverse, continuous developments of the digital ecosystem in and around cities will create potential opportunities for businesses and governments to deploy new services and solutions. Moreover, public private partnerships and collaborations aiming at delivering infrastructure and services specific to smart cities will shape the market growth through specialized skills and high capital investments.

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