(EMAILWIRE.COM, October 02, 2024 ) According to the latest research by InsightAce Analytic, the Global AI in Smart Cities Market is valued at US$ 36.9 Bn in 2023, and it is expected to reach US$ 138.8 Bn by 2031, with a CAGR of 18.1% during the forecast period of 2024-2031.
AI in smart cities means incorporating AI technologies to make city life more efficient, sustainable, and enjoyable. The market is propelled by the rising use of artificial intelligence in smart city applications like transportation, energy, and public safety. Another factor fueling market expansion is the increasing funding for artificial intelligence from both the public and business sectors. The use of AI in government smart cities also improves the experience and engagement of the community. However, worries about data protection, high implementation costs, and complicated rules limitations restrict market growth. Furthermore, the market is expected to be propelled by optimizing sustainable energy usage, improving public safety with state-of-the-art surveillance and emergency response systems, and implementing smart transportation systems to lessen traffic congestion. Moreover, smarter, more resilient cities with improved quality of life can be achieved through AI in smart cities to enhance water distribution efficiency, better waste management, and enable predictive infrastructure maintenance, which is growing the market demand in the coming years.
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List of Prominent Players in the AI in Smart Cities Market:
IBM Corporation
Microsoft Corporation
Google LLC
Intel Corporation
Cisco Systems, Inc.
Siemens AG
Huawei Technologies Co., Ltd.
NVIDIA Corporation
Hitachi Vantara
NEC Corporation
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Market Dynamics:
Drivers:
Demand for artificial intelligence in smart city markets is rising worldwide due to increasing concerns about inefficient city management and declining living standards. Through the automation and real-time data analysis made possible by AI technology, cities can maximize the usage of their resources, alleviate traffic congestion, and enhance public safety. Additionally, smarter decision-making is being driven by the deployment of artificial intelligence as cities confront issues in managing infrastructure and services due to growing urban populations. Artificial intelligence also helps with sustainable development by using energy better and managing trash more efficiently to satisfy the aspirations of tech-savvy citizens for smarter living; governments and municipalities are investing in artificial intelligence in smart city solutions to create more responsive and resilient urban settings.
Challenges:
The high expense of implementation and the difficulty of integrating AI systems into preexisting municipal infrastructure are two of the main obstacles facing artificial intelligence in the smart cities industry. Cities are hesitant to implement this cutting-edge technology due to budgetary limitations and the high investment required. Because AI systems depend on gathering and analyzing massive volumes of personal data, data security and privacy issues also pose serious problems. Furthermore, even more problematic is the fact that there are no universally accepted rules and policies regarding the application of AI in city settings. Additionally, market growth can be impeded by opposition to change and a need for qualified individuals to oversee AI technologies, which will challenge market growth in the coming years.
Regional Trends:
The North American AI in smart cities market is anticipated to register a major market share in revenue. It is projected to grow at a high CAGR in the near future because of the growing need for effective urban solutions to problems like traffic jams and resource management, as well as the substantial financial investments made by governments in smart city projects. Besides, Europe had a substantial market share as a result of substantial investments in smart infrastructure, a dedication to innovation, and robust government backing for sustainable urban development. Another factor pushing artificial intelligence use in smart cities is the regions will to lower carbon emissions while simultaneously raising urban living standards.
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Recent Developments:
In July 2024, Oracle opened a second cloud region in Saudi Arabia, Riyadh. This is part of a $1.5 billion plan by Oracle to increase the countrys cloud capacity in line with Saudi Vision 2030. Saudi businesses can use Oracle Cloud Infrastructures fast speed, built-in security, powerful data, distributed cloud, and disaster recovery features to speed up AI creation and make their businesses more resilient.
In January 2024, IBM and the Department of Science and Technology, Government of Gujarat, signed an MoU to create and promote an AI Cluster using IBM Watson. The goal is to promote new ideas and collaboration among these institutions. This partnership will provide financial institutions with digital assistant solutions, an AI sandbox, help with proof of concept creation, and AI literacy initiatives.
Segmentation of AI in the Smart Cities Market-
AI in the Smart Cities Market- By Component
Hardware
Software
Services (Consulting, Maintenance, Training)
AI in the Smart Cities Market- By Application
Smart Mobility
Energy Management
Healthcare
Public Safety and Security
Waste Management
Environmental Monitoring
Water Management
Others
AI in the Smart Cities Market- By Deployment Mode
Cloud-based
On-premises
AI in the Smart Cities Market- By End-User
Government
Utilities
Transportation Companies
Healthcare Providers
Real Estate Developers
Others
AI in the Smart Cities Market- By Region
North America-
The US
Canada
Mexico
Europe-
Germany
The UK
France
Italy
Spain
Rest of Europe
Asia-Pacific-
China
Japan
India
South Korea
South East Asia
Rest of Asia Pacific
Latin America-
Brazil
Argentina
Rest of Latin America
Middle East & Africa-
GCC Countries
South Africa
Rest of the Middle East and Africa
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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
