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.
Segment review
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.
Top impacting factors
Emergence of artificial intelligence in smart cities
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
- The study provides an in-depth analysis of the U.S. Smart Cities Market share along with the current & future trends to elucidate the imminent investment pockets.
- Information about key drivers, restrains, and opportunities and their impact analysis on the market size is provided in the report.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
- An extensive analysis of the key segments of the industry helps to understand the U.S. Smart Cities Market trends.
- The quantitative analysis of the U.S. Smart Cities Market from 2020 to 2027 is provided to determine the market potential.
Key market segments
By Component
- Solution
- Service
- Connectivity Technology
By Deployment Model
- On-Premise
- Cloud
By Industry Vertical
- Smart Governance & Smart Education
- Smart Energy
- Smart Infrastructure
- Smart Mobility
- Smart Healthcare
- Smart Building
- Others
U.S. Smart Cities Market Report Highlights
| Aspects | Details |
 By Component |
|
 By Deployment Model |
|
 By Industry Vertical |
|
 By Region |
|
