June 23, 2024

Rising Demand For Smart Technological Solutions Is Expected To Flourish Smart Cities Market

Smart cities make use of a variety of information and communication technologies to enhance the quality and performance of urban services such as transportation systems, energy supply networks, and public safety. These solutions enable city officials to interact directly with both community and city infrastructure and can respond to changing requirements. Some key products in the smart cities market include sensors for monitoring air/water pollution, traffic congestion, law and order, and infrastructure monitoring. With the rising emphasis on sustainability, smart cities provide opportunities to optimize resource utilization leading to reduced carbon footprint.

The global Smart Cities Market is estimated to be valued at Us$ 735.58 Mn in 2024 and is expected to exhibit a CAGR Of 5.9% over the forecast period of 2024 To 2031, as highlighted in a new report published by Coherent Market Insights.

The global market has gained momentum in recent years, driven by the growing demand for intelligent transportation systems, public safety solutions, energy management, and building automation from large cities across the globe.

Market Dynamics:

Rising Demand for Smart Technological Solutions and Need for Sustainable Urban Development are the key drivers expected to boost the smart cities market over the forecast period. Rapid urbanization has increased the strain on urban infrastructure and civic amenities, driving the need for optimal resource optimization. Smart city technologies help achieve sustainability goals through remote infrastructure monitoring, efficient waste management, and smart energy and water networks. Population growth especially in developing regions has outpaced the expansion of physical infrastructure. Digital and IoT based solutions deployed across sectors such as transportation, utilities, public safety provide opportunities to enhance livability and ease overcrowding issues. Moreover, the integration of big data analytics with smart city operating systems allows for predictive monitoring and evidence-based policymaking.

Segment Analysis

The global smart cities market is dominated by the transportation and infrastructure segment, accounting for over 35% of the market share. This segment is witnessing high growth due to increasing demand for modern transportation infrastructure like smart roads, railways and air traffic management systems. These systems help to monitor traffic flows and provide real-time route optimisations to citizens.

Pest Analysis

Political: Supportive government policies around the world for promoting smart infrastructure and investment in digital technologies is driving the market growth. Many countries have launched initiatives to enhance connectivity and build sustainable cities.

Economic: Rising GDP and disposable income levels in developing nations is increasing the affordability of smart city solutions. Various energy efficient measures are helping cities reduce infrastructure costs in long run.

Social: Growing urbanization and demand for enhanced living standards is a key factor propelling this market. Citizen-centric services around healthcare, education and entertainment are gaining prominence.

Technological: Advent of IoT, AI and 5G networks is allowing cities to become more connected. Real-time data analytics tools are helping municipalities take preventive measures and address issues faster. Advancements in cloud computing is facilitating seamless data management.

Key Takeaways

The Global Smart Cities Market Demand is expected to witness high growth over the forecast period till 2031. The global smart cities market is estimated to be valued at US$ 735.58 Mn in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period of 2024 to 2031.

Regional analysis

The Asia Pacific region is expected to remain the fastest growing region during the forecast period. This is attributed to government initiatives like India’s smart city mission and China’s Internet Plus program that aims at developing 100 smart cities in these countries. Rapid economic development and increasing disposable incomes are further augmenting the deployment of smart technologies.

Key players

Key players operating in the smart cities market are Lenny & Larry’s LLC, Quest Nutrition, Munk Pack, Justineā‚¬TMs Limited, NuGo Nutrition, No Cow LLC, Buff Bake, MuscleTech, Xterra Nutrition, and The Hershey Company. Lenny and Larry’s LLC specializes in protein snacks and leads the market. Quest Nutrition offers low carb protein bars with varied flavors.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it