Latest News- Smart City Market: Smart infrastructure is expected to lead the Application segment during 2025-2029

The Smart City Market is being driven by Increase in IT consolidation and modernization

The Smart City Market is expected to grow at a CAGR of 21.5% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 332.5 billion. In developed economies of North America and Europe, the implementation of smart city technologies has been underway for over a decade, resulting in numerous projects. The Asia-Pacific region, characterized by rapid urban growth and mass migration, is the fastest-growing market for smart city technologies. Emerging economies, such as India and China, are in the planning phase, launching pilot projects, including the Indian government's initiative to develop 100 smart cities. This urban infrastructure development is crucial to accommodate the increasing urban population, particularly in emerging Asian countries. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Smart infrastructure
  • Smart energy
  • Smart mobility
  • Smart security
  • Others
• Component
  • Hardware
  • Software
  • Services
• Geography
  • Europe
    • Germany
    • UK
    • France
    • Spain
  • North America
    • Canada
    • US
  • APAC
    • China
    • India
    • Japan
  • South America
    • Brazil
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increase in IT consolidation and modernization
• Enhanced global broadband connectivity
• Growing investment in smart cities

However, the market also witnesses some limitations, which are as follows:

• High cost of upgrading smart grids
• Data privacy and security concerns
• Technological adaptability

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Market Scope in Smart City Market Research Report

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Research Analysis Overview

In the realm of Smart Cities, environmental sustainability is a key focus, integrating resource management and environmental monitoring through advanced technologies. These include facial recognition, public safety solutions, and surveillance systems. Cities like Amsterdam and Chengdu invest heavily, with government backing, in cost-effective systems for traffic safety, data-driven policing, and emergency response protocols. Urban sources pose challenges, but smart city solutions offer long-term cost savings, utilizing existing infrastructure and large-scale investments. Technologies such as video cameras, gunshot detection sensors, AI access, and drones enhance crime-fighting capabilities, ensuring rapid response times and improved public safety. However, integration complexities remain, requiring careful consideration for effective implementation.

Market Research Overview

The Smart City Market, a segment of the global Technology Hardware, Storage, and Peripherals Market, is experiencing significant growth due to the integration of advanced technologies for environmental sustainability and resource management. Key technologies include environmental monitoring systems, smart city solutions for traffic safety, and data-driven policing with facial recognition and surveillance. Urban sources generate vast amounts of data, necessitating the adoption of smart city technologies for effective public safety and emergency response protocols. These capabilities enhance crime-fighting capabilities for first responders and improve overall urban living conditions. Technavio projects that the increasing volume, velocity, veracity, and variety (4Vs) of data will be a major growth driver for the Technology Hardware, Storage, and Peripherals Market, including the Smart City Market.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/