Smart Cities Global Market Report 2022

·3 min read

Major players in the smart cities market are Siemens, Cisco, Hitachi, IBM Corporation, Microsoft, Schneider Electric, Huawei, Intel, ABB, Ericsson, Itron, Oracle, Accenture, Vodafone, Signify, Kapsch, AT&T, Google, TCS, AppyParking, Nokia, Samsung, SAP SE, TomTom N.

New York, June 29, 2022 (GLOBE NEWSWIRE) -- announces the release of the report "Smart Cities Global Market Report 2022" -
V., Fujitsu, and Honeywell.

The global smart cities market is expected to grow from $474.95 billion in 2021 to $566.92 billion in 2022 at a compound annual growth rate (CAGR) of 19.4%. The smart cities market is expected to grow to $1295.89 billion in 2026 at a CAGR of 23.0%.

The smart cities market consists of sales of smart cities solutions and services by entities (organizations, sole traders, and partnerships) that employ technology to provide services and solve municipal issues. A smart city employs information and communication technology (ICT) to boost operational performance, share data with the people, and enhance government service and citizen comfort.

The main types of components in smart cities are solutions and services.The solution refers to smart solutions such as smart parking, smart utilities, smart metering, smart healthcare solutions, smart buildings, and smart governance solutions.

These solutions are used for accelerating the growth of citizens. The different types include Residential, commercial, and industrial and involve several applications such as smart governance, smart building, smart utilities, smart transportation, smart healthcare, and others.

North America was the largest region in the smart cities market in 2021. The regions covered in the smart cities market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The rising urbanization all over the globe is expected to drive the growth of the smart cities market going forward.Urbanization refers to the population movement from rural to an urban setting and increasing human population densities in urban areas.

A smart city is a technologically advanced urban area that gathers information using various electronic technologies, voice activation methods, and sensors. For instance, according to the United Nations Department of Economic and Social Affairs, 68% of the world’s population is 2.5 billion people are projected to live in urban areas by 2050. Therefore, rising urbanization all over the globe is driving the growth of the decorative coatings market.

Technological advancements have emerged as a key trend gaining popularity in the smart cities market.Major companies operating in the smart cities sector are focused on innovative technologies to modernize urban transit infrastructure and deliver fast, efficient, and equitable public transportation.

For instance, in January 2020, Hayden AI, a US-based artificial intelligence technology company launched the first autonomous traffic management platform with vision-based perception devices.These gadgets are installed in city vehicles such as street sweepers, buses, and garbage trucks.

Precision localization technology is included in each vehicle-mounted perception device, allowing it to recognize and map items such as parking meters, traffic lights, fire hydrants, street signs, lane lines, and trees.

In July 2021, Signify, a Netherlands-based lighting company acquired Telensa for an undisclosed amount.Through this acquisition, Signify will be able to serve a wider range of clients, which will make smart city infrastructure more affordable to cities that use the unlicensed radio spectrum.

Telensa is a UK-based company that provides smart city solutions.

The countries covered in the smart cities market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

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