AI in Smart Cities Market Report- Expansive Coverage on the Profit Sources

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global AI in Smart Cities Market- (By Application: Smart Mobility, Energy Management, Healthcare, Public Safety and Security, Waste Management, Environmental Monitoring, Water Management, Others), By Deployment Mode, By Component, By End User, By Region, Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the Global AI in Smart Cities Market is valued at US$ 36.9 Bn in 2023, and it is expected to reach US$ 138.8 Bn by 2031, with a CAGR of 18.1% during the forecast period of 2024-2031.

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AI in smart cities refers to the integration of advanced artificial intelligence technologies to enhance urban living by improving efficiency, sustainability, and overall quality of life. The market growth is primarily driven by the increasing adoption of AI in key smart city applications such as transportation management, energy optimization, and public safety enhancement. Additionally, growing investments from both public and private sectors in AI infrastructure and innovation are contributing to market expansion.

AI plays a crucial role in optimizing sustainable energy consumption, improving public safety through intelligent surveillance and emergency response systems, and implementing smart transportation solutions to reduce traffic congestion. Furthermore, AI enables efficient water distribution, predictive infrastructure maintenance, and advanced waste management, leading to smarter and more resilient cities.

List of Prominent Players in the AI in Smart Cities Market:

• IBM Corporation
• Microsoft Corporation
• Google LLC
• Intel Corporation
• Cisco Systems, Inc.
• Siemens AG
• Huawei Technologies Co., Ltd.
• NVIDIA Corporation
• Hitachi Vantara
• NEC Corporation

Market Dynamics:

Drivers:

The demand for artificial intelligence in smart city development is increasing globally, driven by the need to address inefficient urban management and declining living standards. AI enables automation and real-time data analysis, allowing cities to optimize resource utilization, reduce traffic congestion, and enhance public safety. As urban populations grow, the adoption of AI facilitates smarter decision-making in managing infrastructure and city services. 

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Challenges:

The high implementation costs and the complexity of integrating AI systems into existing municipal infrastructures are major challenges restraining market growth. Budget constraints and the significant investment required often make cities hesitant to adopt such advanced technologies. Data security and privacy concerns also present serious issues, as AI systems rely heavily on the collection and analysis of vast amounts of personal and operational data. 

Regional Trends:

North America dominates the AI in smart cities market, supported by substantial government investments in smart city initiatives and the growing need for efficient urban solutions to address challenges such as traffic congestion and resource management. The region is expected to experience robust growth in the coming years due to continuous advancements in technology and infrastructure. Meanwhile, Europe holds a significant market share, driven by strong commitments to innovation, sustainability, and government support for smart urban development. The region’s focus on reducing carbon emissions and enhancing the quality of urban life further promotes the adoption of AI-driven smart city technologies.

Recent Developments:

·       In July 2024, Oracle opened a second cloud region in Saudi Arabia, Riyadh. This is part of a $1.5 billion plan by Oracle to increase the country’s cloud capacity in line with Saudi Vision 2030. Saudi businesses can use Oracle Cloud Infrastructure’s fast speed, built-in security, powerful data, distributed cloud, and disaster recovery features to speed up AI creation and make their businesses more resilient.

·       In January 2024, IBM and the Department of Science and Technology, Government of Gujarat, signed an MoU to create and promote an AI Cluster using IBM Watson. The goal is to promote new ideas and collaboration among these institutions. This partnership will provide financial institutions with digital assistant solutions, an AI sandbox, help with proof of concept creation, and AI literacy initiatives.

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Segmentation of AI in the Smart Cities Market-

AI in the Smart Cities Market- By Component

·       Hardware

·       Software

·       Services (Consulting, Maintenance, Training)

AI in the Smart Cities Market- By Application

·       Smart Mobility

·       Energy Management

·       Healthcare

·       Public Safety and Security

·       Waste Management

·       Environmental Monitoring

·       Water Management

·       Others

AI in the Smart Cities Market- By Deployment Mode

·       Cloud-based

·       On-premises

AI in the Smart Cities Market- By End-User

·       Government

·       Utilities

·       Transportation Companies

·       Healthcare Providers

·       Real Estate Developers

·       Others

AI in the Smart Cities Market- By Region

North America-

·       The US

·       Canada

·       Mexico

Europe-

·       Germany

·       The UK

·       France

·       Italy

·       Spain

·       Rest of Europe

Asia-Pacific-

·       China

·       Japan

·       India

·       South Korea

·       South East Asia

·       Rest of Asia Pacific

Latin America-

·       Brazil

·       Argentina

·       Rest of Latin America

 Middle East & Africa-

·       GCC Countries

·       South Africa

·       Rest of the Middle East and Africa

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