The Global Smart Cities Market is expected to increase at a Compound Annual Growth Rate (CAGR) of 13.8 percent from USD 457 billion in 2021 to USD 873.7 billion in 2026.

The demand for efficient resource management and resource utilization is driving the trend of the Smart Cities Market. Smart cities are planned to make the best use of space and resources while also distributing advantages as efficiently as possible. Through smart mobility solutions, it also enhances connectivity at many levels among residents as well as between the administration and the population.

The growing demand for public safety will drive the Smart Cities Market. Smart city systems collect data throughout the city to promote traffic safety, data-driven policing, and enhance emergency response.

What Does the Forecast Period Results Convey

Advanced technologies such as AI, ML, big data, and blockchain are being used to develop smart cities. Smart cities around the world are progressively adopting these technologies due to their rising penetration across multiple sectors.

Focus Area

The Smart Transportation segment is anticipated to increase at the highest growth rate among the Focus Areas over the forecast period. The smart transportation method entails the integration of software solutions to maximize the use of assets to address the ever-increasing demands effectively and offer secure services.  With the continually rising urban population, urban planners deliver smart transportation solutions and services to ensure that emerging megacities have appropriate and effective transportation infrastructure.

Smart Utility Type

The Energy segment is predicted to account for the largest share of the market. The adoption of network capabilities and computing intelligence to electric grids to efficiently manage and supply power to end users is referred to as Smart Utilities in Energy. Since all of the elements have IP addresses and are capable of two-way communication, smart grids can detect power failures after the smart meter stops delivering meter data.

Smart Citizen Services Type:

During the forecast period, the Smart Healthcare segment is expected to grow at the fastest rate with respect to CAGR. Below listed are some of the utilization of smart healthcare solutions:

• Remote patient monitoring
• Simultaneous monitoring and reporting
• Remote medical assistance
• Mobile health
• Patient care workflow automation
• Notifications and alert management
• Real-time staff tracking
• Smart hospitals
• Smart pills
• Real-time staff tracking and
• Enhanced chronic disease treatment

Rapid digitalization across industrial verticals, rising technical breakthroughs, and the increasing usage of smart connected devices have all propelled the evolution of the Smart Cities Market globally.