DUBLIN — The “Global Smart Cities Market by Focus Area, Smart Transportation, Smart Buildings, Smart Utilities, Smart Citizen Services (Public Safety, Smart Healthcare, Smart Education, Smart Street Lighting, e-Governance), and Region – Forecast to 2027” report has been added to ResearchAndMarkets.com’s offering.
The smart cities market is projected to grow from USD 511.6 billion in 2022 to USD 1024.4 billion by 2027, at a CAGR of 14.9% during the forecast period. Due to increasing urbanization, governments are resorting to technological and digital solutions to improve public safety, environmental monitoring, water treatment, transportation, and energy generation and consumption, driving the smart cities market.
By smart utilities solution, distribution management registers higher CAGR during the forecast period
The distribution management system in the utility sector is governed by efficient Demand Response Management (DRM). DRM enables the utility sector to manage and implement Demand Response (DR) programs through a single integrated system, which can be interfaced with commercial, industrial, and residential sites.
The growing rollouts of smart grids have increased the application of advanced metering infrastructure meters, enhanced customer utilities management systems, automation in the transmission and distribution system, and integration of renewable energy. Therefore, the rollout of the smart grid is the primary driver for the utility industry. The emergence of automated DR has also contributed to market growth. Moreover, the cost benefits of Software-as-a-Service (SaaS) and the cloud-based deployment of DRM provide a wholesome opportunity for market growth.
Smart building solutions, safety and security management to account for the largest market share during the forecast period. A city can face various emergency situations, such as natural disasters, terrorist attacks, and crimes, owing to the uncertainty of events. A strong emergency management system must be in place to effectively tackle any emergency and minimize damages. Security infrastructure management mainly deals with security-related operations of buildings. Sophisticated computerized emergency management systems can help authorities/administrators to respond to emergencies quickly. The system handles every phase of the emergency response, from logging the emergency to informing the appropriate personnel about the size and severity of the incident, so that a quick and effective response can be ensured. The security and emergency management solution comprises access control systems, video surveillance systems, and safety solutions. Schneider Electric and ABB are the key global emergency response management solution vendors.
Among regions, the market in Asia Pacific registered the highest CAGR during the forecast period
The growth of the smart cities market in the Asia Pacific is highly driven by technological advancements across the region. China is anticipated to be the leading market for smart city solutions in this region. The existence of a large population and developing infrastructure and technology are major factors contributing to the growth of the smart cities market in the Asia Pacific. The smart city paradigm has changed considerably, with advanced technologies such as robotics and big data analytics becoming popular among them. In recent years, the Asia Pacific has successfully facilitated cooperation projects under a low-carbon model and IoT-based smart cities and has gathered valuable experience in the process, which can be shared among member economies. The overall focus of the region toward smart city initiatives offers opportunities for smart city providers to grow the market correspondingly.
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