Global Smart Cities Market was Worth US$ 334.2 Billion in 2018, and is Expected to Grow to US$ 1,359.8 Billion by 2027, with a CAGR of 16.3% between 2017 and 2027

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Smart Cities
Smart Cities

A smart city is a city or region that collects data using various types of electronic Internet of Things (IoT) devices and then uses the insights to effectively manage resources, assets, and services. This information is gathered from devices, citizens, and assets, then processed and analyzed to manage and monitor traffic and transportation systems, water supply networks, power plants, crime detection, waste management, schools, hospitals, libraries, and other community services.

In 2019, the global Smart Cities Market was valued at US$ 1069.4 billion. Smart security refers to proactive measures taken to prevent crime, terrorism, and civil unrest. Smart security solutions monitor city and law enforcement activities in public spaces 24 hours a day, seven days a week, by analyzing patterns and tracking incidents and suspects, allowing for a faster response. Smart transportation: In this case, intelligent transport system (ITS) technology is used to transfer data between systems in order to improve safety, productivity, and environmentally friendly transportation.

The Global Smart Cities Market is expected to grow due to widespread urbanisation during the forecast period. Rapid urbanisation has clogged landscapes and exacerbated issues such as high energy consumption, climate change, water scarcity, and other socio-economic issues. According to the United Nations (UN), 54 percent of the global population lived in cities in 2015, and this number is expected to rise to 66 percent by 2050. This rapid urbanisation is expected to deplete existing resources. According to Coherent Market Insights' analysis, China's annual rate of change in urbanisation was 3.0 percent from 2010 to 2015, while India's was 2.38 percent. 

As a result, both developed and developing economies are focusing on smart city projects to implement new technologies that ensure optimal resource utilisation. Over the forecast period, proactive government initiatives are expected to propel the global Smart Cities Market forward. Governments in various countries are taking proactive steps to develop smart cities in their respective countries. E-government portals were created to centralise all information about the government's policies, regulations, and services on a single platform, making government services more accessible to citizens.

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