Understanding the Evolving Dynamics of Smart Cities Market Size Reach to USD 6,061.00 Billion by 2030

According to the report published by Allied Market Research, Understanding the Evolving Dynamics of Smart Cities Market Size Reach to USD 6,061.00 Billion by 2030. The report also highlights the different aspects of the landscape including its growth drivers, market restraints, and investment opportunities in the industry, enabling companies to formulate their plans accordingly.  

Highlights: 

• The launch of several smart city initiatives by governments across the globe is anticipated to help the market grow in the forecast period. 
• The emergence of innovative technologies such as AI and IoT is expected to bring in new opportunities for the industry’s growth. 
• The Asia-Pacific region is predicted to have the highest CAGR owing to the rising pace of urbanization in the developing countries of this province.  

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Recent developments and upcoming trends in the industry 

In the past few years, several new trends have been witnessed in the smart cities landscape owing to the increasing shift toward environmental sustainability. Along with this, certain technological advancements have also played a major role in transforming this market. Some of these trends are discussed below: 

• Smart mobility 

The increasing focus on sustainable transportation and the rise of electric mobility have contributed to the advent of smart mobility which refers to the use of multiple modes of transport such as car-sharing, autonomous public transport systems, micro mobility, etc. Major metropolitan cities across the globe are focusing on developing smart mobility infrastructure to improve the efficiency of public transport and reduce congestion and traffic in urban areas.  

• Public security and safety 

An important component of smart city initiatives launched by developed and developing countries is ensuring the safety and security of the general public. Urban local governments are increasingly investing in security and surveillance solutions such as smart streetlights, predictive policing, CCTV cameras, etc. On the other hand, private businesses have launched state-of-the-art security systems that use advanced technologies like artificial intelligence and machine learning to improve their operational efficiency. Also, local authorities are deploying sophisticated drones to provide aerial assistance and support ground-level operations during emergencies.  

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Leading factors influencing the growth of the industry 

Launch of smart city initiatives: In the past few decades, especially in the post-globalization era, many developed and developing countries have launched smart city initiatives that focus on infrastructure development in their respective metropolitan cities. Some of these governments have also roped-in on private companies to improve the standards of urban governance in these cities. These initiatives and partnerships are predicted to help the smart cities market flourish in the forecast period. 

Increasing adoption of innovative technologies: Just like most other sectors, innovations like Artificial Intelligence, machine learning, the Internet of Things, and big data are expected to improve the revenue share of the smart cities industry also. These technologies are being used primarily for two purposes- to enhance the living standards of people living in urban areas and to reduce the carbon emissions caused by urbanization and industrialization. These technologies have been fairly successful in achieving these objectives and are expected to open new avenues of growth in the landscape in the years to come.  

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Segmental and regional analysis of the market 

The AMR report, apart from providing insights into the growth drivers and investment opportunities, also offers a detailed analysis of the industry on the lines of component and functional area. Based on components, the hardware segment accounted for the highest market share in 2020 and is projected to dominate the industry in the near future. The growth in demand for various hardware components like sensors for deploying various smart systems in urban areas is estimated to aid the segment to register growth by 2030. 

On the other hand, by functional area, the smart infrastructure segment is predicted to be the most lucrative in the 2021-2030 period. The rising focus on smart infrastructure solutions to ensure efficient management of available resources and improve the living standards of the public is anticipated to create favorable conditions of growth for the market. 

Along with this, through its regional analysis, the report also covers the socioeconomic, demographic, and cultural factors impacting the growth of the industry in different regions. The study highlights that the Asia-Pacific smart cities market is estimated to have a stunning CAGR of 28.7% from 2021 to 2030. The rapid pace of urbanization and industrialization in various developing countries of the region such as India, China, South Korea, and Japan is anticipated to bring in new opportunities for growth in the landscape in this province.  

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