Dublin, Dec. 20, 2021 (GLOBE NEWSWIRE) -- 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 2026" report has been added to ResearchAndMarkets.com's offering.
The Global Smart Cities Market is anticipated to grow from USD 457 billion in 2021 to USD 873.7 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 13.8%
The growing demand for public safety to drive the Smart Cities Market. Smart city solutions gather data from around the city to enable traffic safety, data-driven policing, and optimized emergency response.
Public safety not only improves the crime-fighting ability but also provides safer conditions for first responders. Applications such as gunshot detection, smart surveillance, and home security systems can accelerate the law-enforcement response.
By Focus Area, the Smart Transportation segment to grow at the highest CAGR during the forecast period
By Focus Area, the Smart Transportation segment is expected to grow at the highest growth rate during the forecast period. The smart transportation approach carries out the integration of software solutions to optimize the usage of assets, from tracks to trains, vehicle to infrastructure, aircraft to the ground, and ship to shore, to meet the ever-growing demands of citizens efficiently and provide safer services.
With the rapidly growing urban population, urban planners provide smart transportation solutions and services to offer adequate and safe transport infrastructure in emerging megacities.
By Smart Utilities Type, the Energy segment to hold the largest market size during the forecast period
The Energy segment is expected to hold the largest market size. Smart Utilities in Energy refers to the application of network capabilities and computing intelligence to electric grids to efficiently manage and deliver power to end users. Smart grids can know about power failures once the smart meter stops sending meter data, as all the components have IP addresses and are capable of two-way communication.
By Smart Citizen Services Type, Smart Healthcare segment to grow at the highest CAGR during the forecast period
The Smart Healthcare segment is projected to grow at the highest CAGR during the forecast period. Smart healthcare involves the use of solutions such as remote patient monitoring, remote medical assistance, simultaneous monitoring and reporting, patient care workflow automation, notifications and alert management, real-time staff tracking, mobile health, smart hospitals, smart pills, and enhanced chronic disease treatment.
Growing Adoption of Advanced Technologies to Drive the Growth of the Market
Smart Citizen Services to Hold the Largest Market Share in 2021
Smart Citizen Services and the US to Account for the Largest Shares in 2021
Smart Citizen Services and China to Account for the Largest Market Shares in 2021
Asia-Pacific to be the Best Market for Investments During the Forecast Period
China to Account for Fast Growth During the Forecast Period
Case Study Analysis
Case Study 1: ABB Helped Fastned to Expand Its EV Fast Charge Network Across Europe
Case Study 2: Honeywell Enabled Efficient Flight Routing for Newark Liberty International Airport
Case Study 3: Bane Nor Selected Thales to Provide Next-Generation Nationwide Traffic Management System
Case Study 4: Curtin University Adopted Hitachi IoT Solution to Implement a Smart Campus
Case Study 5: Huawei Helped Qinghai-Tibet Railway to Improve Surveillance Efficiency
Growing Urbanization to Drive the Adoption of Smart City Solutions
Need for Efficient Management and Utilization of Resources
Demand for Fast and Efficient Transport and Commuting
Public Safety Concerns to Accelerate Smart City Adoption
Increasing Demand for a Healthy Environment with Efficient Energy Consumption
Privacy and Security Concerns Over IoT
High Cost of Implementation
Advancements in Technologies such as AI, Cloud, IoT, and Analytics
Rise of 5G to Accelerate the Adoption of Smart City Solutions
Using Drones for the Enforcement of Compliance During the Pandemic
Absence of Appropriate Infrastructure in Developing and Underdeveloped Economies
Lack of Knowledge Among People About Smart Cities
Disruption in Logistics and Supply Chain
Value Chain Analysis
Artificial Intelligence and Machine Learning
Internet of Things
Big Data Analytics
The following key vendors are profiled in the report:
Schneider Electric (France)
Samsung (South Korea)
For more information about this report visit https://www.researchandmarkets.com/r/ry5wtl
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