Smart Cities Market Worth $545.7 Billion by 2025, Growing at a CAGR of 22.9% from 2019- Global Market Opportunity Analysis and Industry Forecasts by Meticulous Research®
Source: Global Newswire Published: June 10, 2020
London, June 10, 2020 (GLOBE NEWSWIRE) -- The smart cities market is expected to grow at a CAGR of 22.9% from 2019 to reach $545.7 billion by 2027. Various factors such as government initiatives for overpopulation and urbanization management, growing requirement of resource management for sustainable development, emergence of AI, IoT and their market application are expected to boost the market for Smart City across the globe. However, significant initial investment requirement, and rising cases of data theft obstruct the growth of this market to some extent. Also, reluctance shown by citizens to adopt new technologies, and rising cases of data abuse by large corporations are the major challenging factors observed in this market.
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Managing the ever-increasing urban population is one of the most pressing issues for governments around the world. Today, over 4 billion people or more than 50% of the global population lives in cities. According to UN World urbanization prospects 2018, by 2030, there will be 43 megacities in the world with developing regions like Middle East, Asia, & Africa leading the table. Cities like New Delhi, Tokyo, Shanghai, Dhaka, Cairo, Beijing, and Mumbai will be the most populous cities of the world, each with a population of more than 25 million.
With a growing urban population, government and private sector organizations across the world are working tirelessly towards innovative solutions for systematic and sustainable growth of the cities. City authorities are seeking solutions to elevate the standard of living by providing healthy environment, and ensuring better management of valuable resources like energy, water etc. Smart communication technologies like ICT, IoT, AI, and Big Data are being applied to reduce crime rate, facilitate seamless transportation, and healthcare management. These technologies can provide real-time data on the situation and alert the concerned authorities accordingly. Smart Cities is one such initiative undertaken by governments of developing as well as developed countries around the world to extensively use IoT, AI and ICT concepts for creating self-sustaining and self-healing cities around the world.