The latest publication titled Smart Cities - Thematic Research by GlobalData Plc has estimated that the smart cities market will grow at a CAGR of 12% during 2019-2025. In this report, our analysts have primarily shed light on how the pandemic has made it crucial for cities to be resilient in the face of public health and environmental threats very clear. Cities will need to become smart with respect to both existing and new technologies, such as the Internet of Things (IoT) and artificial intelligence (AI).
Cities have started exhibiting creativity related to virtual and augmented reality. For instance, both New York and Paris have introduced a mobile app that helps tourists navigate public transport stations. Furthermore, cities are finding a variety of uses for blockchain. New York and Los Angeles are both developing blockchain-enabled microgrids to improve the energy resilience of local communities, driving the smart cities market growth.
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Top Smart Cities Market Players
The thematic research report by GlobalData has classified all the major market players based on their proprietorship into public and private companies. The top market participants are launching innovative products and top-notch solutions to beat the stiff competition and maintain their dominant positions in the market.
Top Public Smart Cities Market Players:
- Johnson Controls
- Schneider Electric
Top Private Smart Cities Market Players:
- Via Transportation
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Smart Cities Market Key Dynamics
- The metaverse will play a significant role in the promotion of smart cities. The pandemic has shown that the most resilient cities enable their citizens to work, learn, and socialize remotely. Accordingly, in November 2021, Seoul announced plans to use a metaverse platform to provide this flexibility to its citizens. Similarly, Shanghai has also announced plans to encourage the use of the metaverse in public services, socializing, and offices as part of a five-year plan.
- Furthermore, digital twins have become crucial for a smart city's ability to support its citizens' wellbeing, become more resilient, and adapt to climate change. Moreover, most cities are adopting multiple digital twins for different use cases, which are likely to play an increasingly important role in creating more resilient cities.
- 5G will also play a significant role in smart cities. Smart cities rely on IoT networks that connect millions of everyday objects. These need strong, dense mobile connectivity something 5G can offer, in turn, driving the market growth.
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The report identifies some of the cities that have taken a leadership role in the drive to become smart. It also highlights some of the key elements of their strategies.
- Hong Kong
- New York
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Smart Cities Market Scope
This report provides an overview of the smart cities theme.
- It identifies the key trends impacting the growth of the theme over the next 12 to 24 months, split into three categories: technology trends, macroeconomic trends, and regulatory trends.
- It includes comprehensive industry analysis, including forecasts for global smart cities spending to 2025.
- It contains details of M&A deals driven by the smart cities theme, and a timeline highlighting milestones in the development of smart cities.
- The detailed value chain illustrates how smart cities fit into the IoT technology stack. The report covers three layers of the smart cities value chain: the platform layer, the app layer, and the services layer.
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Smart Cities Theme Related Reports:
Smart Cities Theme Video
To get a better overview of the thematic study on Smart Cities by GlobalData Plc, Have a look at this Video: https://www.youtube.com/watch?v=-E39jsthJGw
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