According to a new market research report titled, “Smart Cities Market by Application (Smart Utilities, Smart Transportation, Water Management, Waste Management, Smart Healthcare, Smart Lighting, Smart Education), Component (Hardware, Software, and Services), and Geography- Global Forecast to 2027”, published by Meticulous Research®, the smart cities market is expected to grow at a CAGR of 22.9% from 2019 to 2027 to reach $545.7 billion by 2027.
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A smart city is an intellectually connected city that uses various emerging technologies such as IoT, AI, and data analytics to collect and analyze utilization data and use insights gained to manage assets, resources, and services efficiently. Over the years, smart city technologies have become a common part of the urban population. It involves innovative solutions to make life more efficient, controllable, economical, productive, integrated, and sustainable. Thus, smart cities are expanding mainly due to the rising need for smart living.
The growing government initiatives for urbanization management, the emergence of artificial intelligence, and the growing need for resource management for sustainable development are the key factors driving the growth of the smart cities market. However, significant initial investment requirements and the COVID-19-induced global economic downturn are expected to pose serious challenges to the smart cities market's growth.
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