The Europe Smart Cities to be Worth $489.3 Billion by 2030—Exclusive Report by Meticulous Research®
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According to a new market research report
titled, ‘‘Europe
Smart Cities Market by
Solutions (Smart Citizen Services, Smart Utilities, Smart Transportation),
Component (Software, Hardware, Services), Technology (IoT, AI, Cloud
Computing, Machine Learning), and Geography—Forecast to 2030.,’ the Europe smart cities market is
projected to reach $489.3 billion
by 2030, at a CAGR of 15.5% during
the forecast period.
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A smart city is an urban area
that uses emerging technologies such as the Internet of Things (IoT), AI, big
data, cloud, and data analytics to collect and analyze data on infrastructure
utilization and use the insights gained to manage assets, resources, and
services more efficiently. The smart cities market is witnessing consistent
growth due to government initiatives for urbanization management and the
growing need to manage resources efficiently for sustainable development.
Several advanced technologies are being incorporated into urban infrastructure
to enhance the utilization of city resources and improve residents’ quality of
life. These factors have encouraged governments across Europe to launch smart
city initiatives.
The growth of this
market is driven by the increasing demand for sustainable urban
infrastructure, the increasing deployment of advanced technologies such as
IoT, AI, and big data analytics, and the growing need for resource management
and sustainable development. However, the significant initial investment
requirements restrain the growth of this market.
Furthermore, the integration of artificial intelligence and increasing use and
widening applications of IoT technology are expected to create market growth
opportunities. However, the risk of data abuse by large corporations is a
major challenge for the players operating in this market. The latest trends in
the Europe smart cities market are the increasing use of 5G technology to
boost internet connectivity and the proliferation of connected vehicles and
autonomous drones.
The
Europe smart cities market is segmented by solution (smart citizen
services [smart public safety, smart governance, smart street lighting, smart
education, and smart healthcare], smart environment [climate monitoring, smart
waste management, air quality monitoring, and noise mapping & monitoring],
smart buildings [smart building market, by solution and smart building market,
by type], smart transportation [smart transportation market, by
solution and smart transportation market, by application], smart utilities
[smart energy management, smart water management, and smart distribution
management], and other smart solutions), component (hardware [endpoint
devices, processing devices, network devices, and other devices], software
[IoT device software, gateway software, cloud software, computing device
software, and other software], and services [consulting services, system
integration & deployment services, infrastructure monitoring &
management services, network services, and other services]), and technology
(IoT, artificial intelligence, cloud computing, machine learning,
machine-to-machine communications, and other technologies). The study also
evaluates industry competitors and analyzes the market at the region/country
level.
Based
on solution, in
2023, the smart citizen services segment is expected to account for the
largest share of the Europe smart cities market. The large market share of this segment is
attributed to the increasing adoption of
digital technologies to create a more efficient, sustainable, and livable
urban environment for residents and the growing adoption of digital platforms
such as social media, mobile apps, and online forums to engage citizens.
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However, the smart utilities segment is
projected to register the highest CAGR during the forecast period due to the
growing need to improve operational efficiencies and gain insights into
utility usage patterns, the increased utilization of digital technologies such
as advanced analytics and the Internet of Things (IoT) to develop new business
and operating models, and the increasing need to optimize asset performance.
Based
on component, in 2023, the services segment
is expected to account for the largest share of the Europe smart cities market.
The large market share of this segment is attributed to the
growing adoption of smart city services to enhance public safety by monitoring
CCTV/video/surveillance solutions and the increasing implementation of
services to enhance the challenges of mobility, city services, and public
safety and promote sustainability.
However, the solutions
segment is projected to register the highest CAGR during the forecast period.
The growing use of IoT device software enables city planners to track,
monitor, and manage physical devices to control real-time analytics and the
increasing need for software for collecting, storing, analyzing, and
visualizing city data.
Based
on technology, in 2023, the IoT segment is
expected to account for the largest share of the Europe smart cities market.
The large market share of this segment is attributed to
the increasing implementation of connected devices such as smart meters, the
increasing use of IoT devices by the government to control traffic flow, air
quality, noise levels, energy consumption, and waste management, and the
growing use of machine-to-machine (M2M) communications.
However, the cloud computing
segment is projected to register the highest CAGR during the forecast period
due to the growing demand for data storage, processing, and analysis in urban
areas and the increasing adoption of cloud computing platforms to manage
traffic management systems, public safety systems, and energy management
systems.
Based
on country/region, in 2023, Germany is expected
to account for the largest share of the Europe smart cities market.
The large market share of Germany is attributed to the
increasing investment in a range of smart city initiatives to improve urban
living and sustainability, the growing adoption and implementation of smart
city technologies across the country, and the rising initiatives for reducing
carbon emissions & improving the quality of life.
However, Italy is projected
to register the highest CAGR during the forecast period due to the growing
adoption of new technologies, such as the Internet of Things (IoT), AI, and
blockchain, the rising government initiatives for promoting smart city initiatives
through various policies and funding programs, the growing investment in smart
city solutions to improve efficiency, sustainability, and quality of life in
cities, and the increasing need for smart parking, waste management, and air
quality monitoring.
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The key players
operating in the Europe
smart cities market include Cisco Systems,
Inc. (U.S.), Huawei Investment & Holding Co., Ltd. (China), IBM
Corporation (U.S.), Siemens AG (Germany), Cognizant Technology Solutions
Corporation (U.S.), Capgemini (France), Schneider Electric SE (France), Intel
Corporation (U.S.), Qualcomm Technologies, Inc. (U.S.), Fujitsu Ltd. (Japan),
Robert Bosch GmbH (Germany), Atos SE (France), Hon Hai Precision Industry Co.
Ltd. (Taiwan), LTIMindtree Limited (India), and General Electric Company
(U.S.).
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