Smart Cities Market Research Report 2022 - 2027: 5G, AI, and IoT in support of Smart Cities Market Represents Highest ROI Potential - ResearchAndMarkets.com
Source: Business Wire
DUBLIN--(BUSINESS WIRE)--The "Smart Cities Market by Strategy, Technology, and Outlook for Solutions, Applications and Services 2022 - 2027" report has been added to ResearchAndMarkets.com's offering.
“Smart Cities Market by Strategy, Technology, and Outlook for Solutions, Applications and Services 2022 - 2027”
Select Report Findings:
Overall value of global smart cities market to exceed $2.7 trillion by 2027
The artificial intelligence market in smart cities to reach $298 billion by 2027
North America is the largest region with a 33.4% of the total smart cities market
The infrastructure segment is the largest technology area with 68.2% of the total market
5G narrow-band, mid-band and millimeter wave in smart cities to reach $121.5 billion by 2027
This report evaluates the smart cities market including leading vendors and strategies (such as a single vs. multi-vendor centric approach), infrastructure, solutions, applications, and services. The report analyzes market factors driving solution adoption, technology readiness and fitness for use, and other considerations.
The report assesses the aforementioned factors to derive penetration and revenue to forecast market value for the period of 2022 to 2027. The report also analyses the role of technology accelerating digital transformation including AI, edge processing, 5G deployment and usage, and advanced data analytics.
Smart cities represent a combination of solutions deployed in an urban environment to transform the administration and support of living and working environments to meet these challenges. Accordingly, Information and Communications Technologies (ICT) are transforming at a rapid rate, driven by urbanization, the industrialization of emerging economies, and the specific needs of various smart city initiatives. Smart city development is emerging as a focal point for growth drivers in several key ICT areas including AI, IoT, connected devices, broadband wireless, edge computing, and big data analytics.
Technological innovation is one of the driving factors for the development of cities. These innovations are also an important support for those searching for new ways to manage resources and deliver services. A lot of smart city technologies are being developed to manage specific issues in energy distribution, energy management, transportation management, and public safety.
New generations of sensor networks, big data analytics, and IoT applications are being deployed in public and privately managed physical spaces to meet these requirements, though many challenges remain.