The Smart Cities Market Study 2019-2024 by Research and Markets analyses the role of technology in accelerating digital transformation.

Dublin, December 16, 2019 – The "Smart Cities Market by Strategy, Technology, and Outlook for Solutions, Applications and Services 2019 - 2024" report has been added to ResearchAndMarkets.com's offering.

This report evaluates the smart cities market including leading vendors and strategies (such as a single vs. multi-vendor centric approach), infrastructure, solutions, applications, and services. The report analyses market factors driving solution adoption, technology readiness and fitness for use, and other considerations. The report assesses the aforementioned factors to derive penetration and revenue to forecast market value for the period of 2019-2024. The report also analyses the role of technology accelerating digital transformation including AI, edge processing, 5G deployment and usage, and advanced data analytics.

AI, IoT, and 5G (AIoT5G) will be the most influential technologies for smart cities. Smart transportation will be the top smart cities market application area through 2024. Significant transportation solution areas include Freight, Traffic, Parking, and Passenger Management.

Currently, over 50% of the world's population lives in an urban area and this is projected to grow to 68% by 2050. Global metropolitan areas are facing unprecedented challenges as the pace of urbanisation is increasing at a pace that is testing the ability of city planners to meet the current and anticipated needs of its citizens. In addition, the enhanced mobility of modern society has created extreme competition between cities to attract skilled residents, corporations, and related jobs.

Technological innovation is one of the driving factors for the development of cities. These innovations are also an important support for those searching for new ways to manage resources and deliver services. A lot of smart city technologies are being developed to manage specific issues in energy distribution, energy management, transportation management, and public safety. New generations of sensor networks, big data analytics, and IoT applications are being deployed in public and privately managed physical spaces to meet these requirements, though many challenges remain.