Artificial Intelligence
Global Smart Cities Market Growth Thriving: Projected to Grow at a CAGR of 13.8% by 2027 | BlueWeave
Delhi, NCR, Dec. 20, 2021 (GLOBE NEWSWIRE) — The global smart cities market is thriving due to several factors such as the increasing adoption of advanced technologies, increasing public-private partnerships, the rise of virtual power plants, growing sales of electric & fuel cell vehicles, and so on….
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global smart cities market was worth USD 404.2 billion in 2020. According to the study, the market is estimated to grow at a CAGR of 13.8%, earning revenue of around USD 992.0 billion by the end of 2027. The concept of smart cities is gaining popularity due to rapid urbanization and favorable government initiatives worldwide. Additionally, the growing demand for improved energy infrastructure, digitiation, and strong IT connectivity also favors the growth of the global smart cities market.
Growing adoption of advanced technologies driving the global smart cities market
Smart cities are being built using advanced technologies such as artificial intelligence, machine learning, big data, and blockchain. Due to the increasing penetration of these technologies across various sectors, smart cities around the world are adopting them increasingly. Furthermore, the increasing investment in sustainable and green technologies has further contributed to the adoption of these technologies by smart cities around the world. Additionally, the growing sales of fuel cell and electric vehicles have also created a growing demand for the development of advanced charging infrastructure in cities around the world.
Increasing energy demand has also sparked the adoption of virtual power plants, which operate on AI, machine learning, and the Internet of Things to ensure high security and efficiency. According to estimates released by the International Energy Agency, renewable energy sources are expected to reach new record levels by the end of 2021, with over 219 GW expected to be operational in power generation, representing a 10% increase over the 2020 estimates. With virtual power plants, the entire process is managed remotely and carbon emissions are reduced.
Furthermore, advanced technologies facilitate enhanced security, efficient resource management, and timely intervention during emergencies, thus driving the growth of the global smart cities market over the forecast period.
High implementation cost is expected to hamper the growth of the global smart cities market
Cost is one of the determining factors for the growth of a market, and high implementation costs can impede that growth. The implementation of smart technologies requires high investment. Smart cities require infrastructure for the implementation of advanced technologies such as smart parking systems, smart homes, virtual power plants, smart offices, and smart factories. Building the infrastructure of these technologies tends to be quite expensive.
For example Saudi Arabia announced an investment of USD 500 billion in the creation and development of Neom, an upcoming city. Such high investment requirements could hamper the growth of the global smart cities market during the forecast period.
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Global Smart Cities Market – By Smart Transportation
Based on smart transportations, the global smart cities market is segmented into smart ticketing, traffic management, passenger information, connected logistics, and other solutions, services, and types. Among these, the traffic management segment accounts for the largest market share owing to the growing number of road accidents around the world. The traffic management segment also helps with the parking of cars, which often leads to traffic congestion in large cities. An IBM study in 2018 revealed that about 30% of traffic in a city is caused by drivers looking for a parking spot. With the number of vehicles constantly increasing, traffic jams on roads are a growing concern, creating a need for more efficient traffic management.
Global Smart Cities Market – Regional Insights
The report by BlueWeave Consulting analyzes the global smart cities market for five regions: North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Among these regions, Europe dominated the market in 2020 and held the largest market share owing to the presence of several smart cities in the region and the growing adoption of advanced technologies, such as IoT, machine learning, and AI. For instance, the city of Genk in Belgium is using Nokia’s Scene Analytics technology to tackle noise pollution levels on a commercial street. The investment from the government in smart cities has also supported the dominant share of the region in the global smart cities market.
Impact of COVID-19 on Global Smart Cities Market
The effect of COVID-19 and the subsequent lockdown was felt across all the industries and the global smart city market was no different. The lockdown affected the supply chain in all steps as companies were forced to close their offices and other activities. The lockdown also affected the investment in smart cities as it created a cash-flow issue for the companies. The focus of the entire world turned to control the raging pandemic and amidst all this, the global smart city market was affected negatively.
The market seemed to recover towards the end of the year with vaccination drives starting and markets & trades resuming; however, the severe second wave of the pandemic halted the recovery of the market. Currently, the ongoing semiconductor shortage and energy crisis coupled with the emergence of Omicron-variant of the coronavirus has affected the recovery of the market and the global smart city market may take some time before being back to the pre-pandemic levels.
Global Smart Cities Market – Competitive Landscape
The leading players in the global smart cities market are IBM Corporation, The ADT Corporation, Cisco Systems Inc, AT&T Inc, SAP SE, Intel Corporation, Oracle Corporation, Schneider Electric SE, General Electric, Xerox Corporation, Automation Anywhere Inc., Koninklijke Philips NV, Nokia Corporation, Hitachi Ltd, Honeywell International Inc., Huawei Technologies Co. Ltd, Ericsson Inc., ABB Ltd, Microsoft, and other prominent players.
Players in the market compete with each-others in terms of products launches, integration of new technology, mergers & acquisitions, and collaboration with other players and organizations. Furthermore, companies operating in the smart cities market are looking to commercialize the technology as soon as possible to capture more market share.
Recent Development
In December 2021, Dassault Systèmes and NTT Communications announced that they have signed a memorandum of understanding (MoU) to offer a scalable smart city platform. The smart city platform will be used to address urban challenges in Japan. The companies will be using virtual twin technology and big data to explore solutions for smart cities in Japan.
In December 2021, Indosat Ooredoo launched its 5G services in the East Kalimantan port city of Balikpapan, Indonesia, to provide infrastructure for the development and smart cities. The CEO of the company also said that the launch of 5G services in the province would also support the proposed site of new capital city, around 70km from Balikpapan, in North Penajam Paser.
Scope of the Report
| Attributes | Details |
| Years Considered | Historical data – 2017-2020
Base Year – 2020 Forecast – 2021 – 2027 |
| Facts Covered | Revenue in USD Billion |
| Market Coverage | U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia |
| Product Service/Segmentation | By Smart Transportation, By Smart Buildings, By Smart Utilities, By Smart Citizen Services, By Region |
| Key Players | IBM Corporation, The ADT Corporation, Cisco Systems Inc, AT&T Inc, SAP SE, Intel Corporation, Oracle Corporation, Schneider Electric SE, General Electric, Xerox Corporation, Automation Anywhere Inc., Koninklijke Philips NV, Nokia Corporation, Hitachi Ltd, Honeywell International Inc., Huawei Technologies Co. Ltd, Ericsson Inc., ABB Ltd, Microsoft, and other prominent players. |
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global smart cities market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global smart cities market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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BEIJING, April 26, 2024 /PRNewswire/ — A news report from China Daily:
Greater efforts are needed to strengthen international cooperation in science and technology, explore ways of jointly solving important global issues through technological innovation, and develop new quality productive forces, said officials, experts and company executives on Thursday in Beijing.
Addressing the opening ceremony of the 2024 Zhongguancun Forum, Vice-Premier Ding Xuexiang said China is willing to work with the international community to practice the concept of open, fair, just and nondiscriminatory international sci-tech cooperation, and to jointly build a global sci-tech community.
The country will explore a new model regarding mutually beneficial global cooperation in sci-tech innovation, and will break down barriers restricting the flow of knowledge, technology, talent and other innovative factors, to jointly create an open innovation ecosystem.
Yin Li, secretary of the Communist Party of China Beijing Municipal Committee, said the capital will ramp up efforts to improve its innovation capacities, accelerate the building of world-leading science and technology parks, increase investment in basic research and make breakthroughs in core technologies in key fields.
Data from the Ministry of Science and Technology showed that China’s research and development investment exceeded 3.3 trillion yuan ($455.4 billion) in 2023, up 8.1 percent year-on-year, and the spending on fundamental research reached 221.2 billion yuan, an increase of 9.3 percent over the previous year.
China’s strength in scientific and technological innovation has taken a major leap in recent years. Marco Aleman, assistant director-general of the World Intellectual Property Organization, said China is a powerhouse of innovation that contributes to global growth and sustainable development.
According to WIPO, the country stands as a global innovation leader, ranking 12th in the Global Innovation Index 2023, and it owned 24 of the top 100 science and technology clusters globally by the end of last year, ranking first in the world for the first time.
Quarraisha Abdool Karim, president of the World Academy of Sciences, said ensuring a sustainable future through partnership and cooperation creates an opportunity for all participants to explore new pathways toward achieving the United Nations’ Sustainable Development Goals.
Lei Jun, founder and CEO of Chinese tech company Xiaomi Corp, said the company will continue to step up investment in R&D and strive for breakthroughs in core technologies.
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Artificial Intelligence
Web O.No: Metaverse and Web 3.0 stunted by internet chaos, warn 87% of business leaders
Forrit report uncovers the internet is at breaking point, thanks to open source vulnerabilities, siloed web management systems, and poor website governance.
LONDON, April 26, 2024 /PRNewswire/ — A new study launched by Forrit, the next-generation, global content management system (CMS) provider, reveals that 89% of senior marketers and tech leaders are optimistic that Web 3.0 and the metaverse have the potential to revolutionise the way we interact with the web. However, the report, titled Web O.No: your business’ bleak online future and how to avoid it uncovered that 87% believe the current state of the internet will stunt these innovations – and none of the respondents have websites that are currently equipped for this transformative new internet era.
As we near the 31st anniversary of the World Wide Web’s entry into the public domain, UK business decision-makers unanimously agreed that “the Internet today is a mess,” citing security flaws, vulnerabilities with open source web management systems, ungoverned websites, and multiple layers of legacy CMS systems.
Despite the report focusing on heavily regulated industries, financial services, utilities, and the legal sector, over half of the respondents (57%) revealed they have website security flaws. They also admitted customers would lose trust if they were exposed. Security vulnerabilities were most prevalent among those who run their websites on open source solutions, rising to 79% in this group. Expert respondents underscored the specific risk of open source plug-ins. Created by multiple third-party developers, they leave websites open to malicious compromise.
Beyond cyber-attacks, the report highlights the heightened risk of outages, dysfunctional interfaces, and hazardous content hidden within neglected pages of reputable websites. The latter is a risk for those operating multiple website management (CMS) systems – a common practice among the participants. Shockingly 44% admitted they don’t have control of the website content as a direct result of this practice.
With the internet spiralling out of control, Forrit labels this chaotic online future Web O.No.
Peter Proud, CEO and Founder, Forrit, explains the role of composable CMS platforms in putting the brakes on this doomsday scenario, “Forget Web 3.0, we’re heading towards Web O.No – a grim reality of an internet unfit for purpose unless we act now. It’s time to stop layering on outdated, vulnerable web management systems, which exacerbate the problem. Embracing a next-generation composable web management platform would introduce a new era of security, flexibility, and scalability for the internet, empowering businesses to embrace the future.”
The respondents reinforced this sentiment, with 89% asserting that composable architecture would empower their organisation to future-proof their digital infrastructure. This includes granting them the flexibility to adopt AI into the website—a capability that is inhibited by their current web management system, according to 72% of respondents.
Gary Roberts, CRO, Forrit, underscores this significance: “Your website management platform (CMS) should be an enabler of digital innovation, not a barrier. Embracing composable web architecture removes the current barriers, providing a clear pathway to the future – whether that’s the metaverse, Web 3.0, or any other pioneering tech advancement as yet undiscovered.”
Click here to download Forrit’s report – Web O.No: your business’ bleak online future and how to avoid it.
About ForritUK-based, global content management system provider, Forrit, has been helping large businesses in highly-regulated industries keep their web estate secure, simple-to-scale and easy-to-manage, for the last 10 years.
Our mission? To allow IT and marketing to manage their digital estate in perfect harmony. Through Forrit’s intuitive UI, low code CMS and content management configuration platform (Service Delivery Hub), the CMO and CTO can take joint control of their web estate.
An Azure-native solution, through which businesses can leverage any and all Azure Cloud Services, including AI-powered translation and automated migration, Forrit CMS is future proof and can be scaled or de-scaled as needed.
Sound technical? Not at all. Forrit’s platform requires no prior Azure knowledge or technical expertise to get everything needed from it. The plus to this, the strain is taken off the IT team, and the marketing team can create unrivalled digital experiences and manage content with ease.
With enterprise-grade security to top it off, Forrit’s cloud-native CMS helps businesses simplify their workflows, streamline their marketing efforts and scale at speed, securely.
About the researchCensuswide conducted the research with 505 UK IT and marketing decision-makers between 01.03.24 and 12.03.24. Censuswide abides by and employs members of the Market Research Society, which is based on the ESOMAR principles, and is a member of The British Polling Council.
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Artificial Intelligence
Identity Governance & Administration Market Projected to Reach $24.42 billion by 2030 – Exclusive Report by 360iResearch
PUNE, India, April 25, 2024 /PRNewswire/ — The report titled “Identity Governance & Administration Market by Component (Services, Solution), Modules (Access Certification & Compliance Control, Access Management, Identity Lifecycle Management), Organization Size, Deployment, Vertical – Global Forecast 2024-2030” is now available on 360iResearch.com’s offering, presents an analysis indicating that the market projected to grow from a size of $8.46 billion in 2023 to reach $24.42 billion by 2030, at a CAGR of 16.34% over the forecast period.
“Navigating Global Identity Governance With Key Strategies for Digital Security and Compliance”
Identity governance and administration (IGA) has emerged as a critical policy-driven approach aimed at fortifying digital identities within organizations, ensuring that proper access is provided to the right individuals for valid reasons. Across the globe, the demand for IGA solutions is on the rise, driven by the need to tackle sophisticated cyber threats, comply with stringent data protection laws, and adapt to the digitization wave sweeping through industries. Challenges include integrating these solutions with pre-existing IT frameworks, primarily in organizations reliant on legacy systems. The North American market, led by the United States and Canada, is at the forefront of this expansion, embracing technological advancements and stringent regulatory standards. Meanwhile, the Europe, Middle East, and Africa (EMEA) region is navigating its unique landscape, with the EU focusing heavily on compliance through GDPR and the Middle East and Africa gradually recognizing the value of digital security. The Asia-Pacific region is witnessing a significant uptrend in IGA solutions adoption, spurred by digital transformation initiatives and cybersecurity awareness, with China and India playing pivotal roles. This global perspective highlights the universal importance of IGA in today’s digital era, highlighting the critical balance between innovation, security, and regulatory compliance in safeguarding digital identities.
Download Sample Report @ https://www.360iresearch.com/library/intelligence/identity-governance-administration
“Navigating the New Normal With The Crucial Role of Identity Governance in Securing Hybrid Work Environments”
As businesses globally embrace the fusion of remote and traditional office work, the need for secure, hybrid workspaces becomes paramount. The shift toward flexible working models, accelerated by the COVID-19 pandemic, highlights the importance of cybersecurity and accessibility in ensuring operational continuity and a better work-life balance. Identity governance & administration (IGA) systems emerge as essential tools within this evolving work landscape. They enable organizations to manage digital identities and access rights effectively, safeguarding sensitive data against unauthorized access across diverse working environments. By ensuring that only credentialed employees can access critical information, regardless of their physical location, IGA solutions stand at the forefront of maintaining cybersecurity compliance and operational integrity. This development signifies a growing demand for robust identity governance frameworks, ensuring businesses remain resilient and secure in remote work and beyond.
“Elevating Security and Efficiency in Organizations through Specialized Identity Governance & Administration Services”
Managed and professional services provide organizations with the specialized expertise necessary for optimizing the performance and security of identity governance & administration (IGA) systems, eliminating the need for such in-depth knowledge internally. Businesses benefit from advanced skills that enhance system functionality and safeguard sensitive data by outsourcing specific IGA tasks. From the initial stages of integration and implementation, ensuring seamless incorporation with existing infrastructures, to ongoing support and maintenance for consistent system reliability and up-to-dateness, these services form the foundation of effective IGA strategies. Furthermore, training and consulting play a pivotal role, equipping companies with the understanding and capability to utilize their IGA systems to the fullest. IGA solution is a critical technological tool designed to streamline the management of user access rights across organizations, bolstering security, operational efficiency, and compliance with regulatory standards. This comprehensive approach to IGA facilitates a more secure, efficient, and compliant organizational environment, empowering businesses to focus on core objectives and ensure their data remains protected.
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“International Business Machines Corporation at the Forefront of Identity Governance & Administration Market with a Strong 7.09% Market Share”
The key players in the Identity Governance & Administration Market include Broadcom, Inc., SAP SE, Oracle Corporation, Microsoft Corporation, International Business Machines Corporation, and others. These prominent players focus on strategies such as expansions, acquisitions, joint ventures, and developing new products to strengthen their market positions.
“Introducing ThinkMi: Revolutionizing Market Intelligence with AI-Powered Insights for the Identity Governance & Administration Market”
We proudly unveil ThinkMi, a cutting-edge AI product designed to transform how businesses interact with the Identity Governance & Administration Market. ThinkMi stands out as your premier market intelligence partner, delivering unparalleled insights with the power of artificial intelligence. Whether deciphering market trends or offering actionable intelligence, ThinkMi is engineered to provide precise, relevant answers to your most critical business questions. This revolutionary tool is more than just an information source; it’s a strategic asset that empowers your decision-making with up-to-the-minute data, ensuring you stay ahead in the fiercely competitive Identity Governance & Administration Market. Embrace the future of market analysis with ThinkMi, where informed decisions lead to remarkable growth.
Ask Question to ThinkMi @ https://app.360iresearch.com/library/intelligence/identity-governance-administration
“Dive into the Identity Governance & Administration Market Landscape: Explore 197 Pages of Insights, 654 Tables, and 26 Figures”
PrefaceResearch MethodologyExecutive SummaryMarket OverviewMarket InsightsIdentity Governance & Administration Market, by ComponentIdentity Governance & Administration Market, by ModulesIdentity Governance & Administration Market, by Organization SizeIdentity Governance & Administration Market, by DeploymentIdentity Governance & Administration Market, by VerticalAmericas Identity Governance & Administration MarketAsia-Pacific Identity Governance & Administration MarketEurope, Middle East & Africa Identity Governance & Administration MarketCompetitive LandscapeCompetitive PortfolioInquire Before Buying @ https://www.360iresearch.com/library/intelligence/identity-governance-administration
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Privileged Identity Management Market – Global Forecast 2024-2030Identity & Access Management Professional Services Market – Global Forecast 2024-2030Digital Identity Solutions Market – Global Forecast 2024-2030About 360iResearch
Founded in 2017, 360iResearch is a market research and business consulting company headquartered in India, with clients and focus markets spanning the globe.
We are a dynamic, nimble company that believes in carving ambitious, purposeful goals and achieving them with the backing of our greatest asset — our people.
Quick on our feet, we have our ear to the ground when it comes to market intelligence and volatility. Our market intelligence is diligent, real-time and tailored to your needs, and arms you with all the insight that empowers strategic decision-making.
Our clientele encompasses about 80% of the Fortune Global 500, and leading consulting and research companies and academic institutions that rely on our expertise in compiling data in niche markets. Our meta-insights are intelligent, impactful and infinite, and translate into actionable data that support your quest for enhanced profitability, tapping into niche markets, and exploring new revenue opportunities.
Contact 360iResearchMr. Ketan Rohom360iResearch Private Limited,Office No. 519, Nyati Empress,Opposite Phoenix Market City,Vimannagar, Pune, Maharashtra,India – 411014.Email: [email protected]: +1-530-264-8485India: +91-922-607-7550
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