Report Code: A06842 | Pages: 176 | ||
Tables: NA | Charts: NA |
|
The U.S. Smart Cities Market size was valued at $193.48 billion in 2019 and is projected to reach $798.56 billion by 2027, growing at a CAGR of 20.3% from 2020 to 2027. A smart city is a well-connected city that deploys various information and communication technologies to share information among public and improve the quality of government services as well as citizen welfare. This technology has been widely adopted in recent years to improve public safety which can range from monitoring areas of high crime rates to improving emergency preparedness with sensors and many more.
The growth of the smart cities market is driven by proactive government smart cities initiatives, growing urbanization, and rising need of better-quality life. However, security and privacy concerns of smart cities solutions are expected to hamper the market growth during the forecast period. Moreover, rising adoption of artificial intelligence solutions among smart city projects is anticipated to provide significant growth opportunities during the forecast period.
The report focuses on the growth prospects, restraints, and trends of the U.S. Smart Cities Market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers in the U.S. Smart Cities Market.
The U.S. smart cities market is segmented based on component, deployment mode, and functional area. As per component, the market is segmented into solution, service and connectivity technology. In terms of connectivity, the market is further bifurcated into cellular IoT, wired, Wi-Fi, WPAN, and others. As per deployment model, the market is bifurcated into on-premise and cloud. Based on functional area, it is categorized into smart governance & smart education, smart energy, smart infrastructure, smart mobility, smart healthcare, smart building, and others.
Implementation of artificial intelligence (AI) in smart city applications such as traffic and parking management, video-surveillance, safe integration of autonomous ride-share vehicles, and so forth can be of great significance. For instance, AI is already being used in CCTV cameras for facial recognition, which can be used to provide further assistance to the citizens. In case of any medical emergencies, these AI-based cameras can help in getting a help from medical professional on the scene. In addition, the facial recognition technology can also help in accessing personal information of a citizen in case of emergency. Similarly, sensors installed at parking lots and traffic signals are now using AI for accumulating useful data to plan the city initiatives among governments efficiently. Increasing number of such AI applications is expected to provide lucrative opportunities for the market growth.
Key benefits for stakeholders
Key market segments
By Component
By Deployment Model
By Industry Vertical
U.S. Smart Cities Market Report Highlights
Aspects | Details |
---|---|
By Component |
|
By Deployment Model |
|
By Industry Vertical |
|
By Region |
|
Start reading instantly.
This Report and over 71,323+ more Reports, Available with Avenue Library. T&C*.
Enterprise
License/PDF
Library
Membership
*Taxes/Fees, if applicable will be added during checkout. All prices in USD
To ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of the scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save time for readers
Get insights on topics that are crucial for your business. Stay abreast of your interest areas.
Get Industry Data AlertsTo ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of the scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save the time of readers