In a recent published report, Kenneth Research has updated the market report for Smart Cities Market for 2024 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2024- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2024, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2024. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2024. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2024. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2024 till March 2024 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Smart Cities Market products.
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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2024. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2024.
Smart cities are gaining market traction as there is a compulsive search for land to accommodate more than 7 billion people on the planet. The continued growth in the population, ill-planned cities, overcrowding in developing cities, and lavish lifestyle are resulting in enormous wastage of the natural resources. The loss of natural resources will eventually result in high cost of living, a rise in the level of pollution, and an increase in the crime rates. Thus, the governments in many countries have come up with a concept of smart cities, which will be enabled by the intelligent information and communication technology.
Infoholic Research forecasts the smart cities market in India to grow at a CAGR of 18.5% during the forecast period. The market is segmented into city types and applications.
As stated in the report, India is one of the fastest and largest growing markets for smart cities due to the initiatives and the use of technology. The Tier 2 metro cities will have the highest growth rate due to the declaration of government initiatives and private investments from the software providers. Moreover, the Government of India has already planned and mentioned the first 20 smart cities.
The market is evolving mainly due to the increasing adoption of Internet and mobile phones and the growing demand for energy-efficient sources to safeguard the Earth’s limited resources. These situations have offered tremendous opportunities for the smart cities players across the world to invest hugely in the market and achieve their business goals.
The report covers the present scenario and the growth prospects of the smart cities market in India during the forecast period 2017-2023.
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Moreover, to calculate the market size, the report considers the revenue generated from the sales of the following solutions:
o Smart Governance
o Smart Education
o Smart Security
o Smart Energy
o Smart Infrastructure
o Smart Mobility
o Smart Healthcare
o Smart Building
The market is analyzed by
o Applications – Smart Governance, Smart Education, Smart Security, Smart Energy, Smart Infrastructure, Smart Mobility, Smart Healthcare, Smart Building
o City Types – Tier 1, Tier 2, and others
• The report covers drivers, restraints, and opportunities (DRO) affecting the market growth during the forecast period (2017–2023)
• It contains an analysis of vendor profiles, which include financial health, business units, geographical revenue, business focus, SWOT, business strategy, and views
• In the vendor profile section, for the companies that are privately held, financial information and revenue of segments will be limited
• The report covers political, economic, social, and technological (PEST) factors affecting the market growth during the forecast perio
Key Players:
Cisco Systems, Google Inc., General Electric, Panasonic, Honeywell International Inc., Microsoft Corp., IBM Corp., ABB Ltd., SAP SE, and Apple.
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