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Smart City Market size is set to grow by USD 345.8 billion from 2024-2028, Increase in IT consolidation and modernization boost the market, Technavio

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NEW YORK, July 15, 2024 /PRNewswire/ — The global smart city market size is estimated to grow by USD 345.8 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  24.81%  during the forecast period. Increase in IT consolidation and modernization is driving market growth, with a trend towards proliferation of smart city projects in emerging economies. However, high cost of upgrading smart grids  poses a challenge. Key market players include ABB Ltd., Accenture Plc, Aeris Communications Inc., Alphabet Inc., Cisco Systems Inc., General Electric Co., Hewlett Packard Enterprise Co., Hitachi Ltd., Honeywell International Inc., Huawei Technologies Co. Ltd., International Business Machines Corp., Itron Inc., LG Electronics Inc., Microsoft Corp., Oracle Corp., SAP SE, Schneider Electric SE, Siemens AG, Semtech Corp., and Signify NV.

Get a detailed analysis on regions, market segments, customer landscape, and companies- View the snapshot of this report

Smart City Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 24.81%

Market growth 2024-2028

USD 345.8 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

19.53

Regional analysis

Europe, North America, APAC, South America, and Middle East and Africa

Performing market contribution

APAC at 32%

Key countries

US, UK, Germany, Spain, and Japan

Key companies profiled

ABB Ltd., Accenture Plc, Aeris Communications Inc., Alphabet Inc., Cisco Systems Inc., General Electric Co., Hewlett Packard Enterprise Co., Hitachi Ltd., Honeywell International Inc., Huawei Technologies Co. Ltd., International Business Machines Corp., Itron Inc., LG Electronics Inc., Microsoft Corp., Oracle Corp., SAP SE, Schneider Electric SE, Siemens AG, Semtech Corp., and Signify NV

Market Driver

Developed economies in North America and Europe have been leading the way in smart city development for over a decade, implementing numerous projects. The Asia-Pacific region is currently the fastest-growing market for smart city technologies, driven by urban population growth and infrastructure development in emerging countries. India and China are among the key players in this region, with the Indian government announcing smart city projects in 100 cities and China building 500. ASEAN’s Smart Cities Network is also working on sustainable urban development in 26 cities by 2025. The rapid urbanization in countries like India necessitates the roll-out of smart city projects, enabling faster responses from end-users such as government agencies, healthcare, and transportation providers. The generation of vast amounts of data from smart devices in these cities requires analysis to enhance business quality and innovate for a better future with faster connectivity. Consequently, the growth of smart cities in emerging economies is expected to significantly impact the market during the forecast period. 

Smart City Market is witnessing significant growth due to the integration of advanced technologies for environmental sustainability and resource management. Key trends include the use of smart city technologies for environmental monitoring, traffic safety, and public safety. Solutions like facial recognition, data-driven policing, and gunshot detection sensors are enhancing crime-fighting capabilities. Energy savings and long-term cost savings are major functions of smart city solutions, addressing tight budgets. Cities like Amsterdam and Chengdu are leading the way with large-scale investments and government backing. Integration of video cameras, gunshot detection sensors, and public safety officials with rapid response times is crucial. Software integration, networking, and big data analytics are essential for cost-effective systems, but integration complexities remain a challenge. Existing infrastructure and urban sources are being leveraged to reduce operational and maintenance costs. Traffic signal management, emergency response protocols, and law enforcement responses are being optimized through intelligent surveillance and home security systems. 

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Market Challenges

The global smart city market may experience hindrances in growth due to the substantial costs associated with upgrading power grids for compatibility with smart grid data management solutions. These costs encompass additional investments in distribution systems, transmission line replacements, power delivery systems, substation digitalization, and digital controls. Power utilities and independent power producers face substantial initial capital investments as a result. The aging power infrastructure of these utilities, coupled with the growing need for renewable power grid integration, will escalate their grid renovation budgets in the upcoming years. This reluctance to upgrade power grids, due to high costs, poses a significant barrier to the adoption of smart grid data management solutions. According to the US Department of Energy, US-based power utility companies are projected to spend approximately USD3.5 billion annually between 2018 and 2030 on grid modernization projects.In the digital era, Smart Cities present transformative potential for addressing challenges such as commute times and smart grid efficiency. Business leaders recognize the market’s transformative potential, driving innovative business models in areas like digitalization, connectivity, and sustainable urban development. However, cybersecurity and data stewardship are crucial concerns, with ownership, interoperability, cross-border portability, and metrics key to success. The Smart City Market encompasses various sectors, including healthcare. Smart Healthcare Solutions offer improvements in patient care delivery through advanced metering solutions, telecommunications infrastructure, and novel technologies. Utilities-related information, such as smart metering data, is crucial for centralized hubs, requiring IT integration and a unified repository for billing processes and revenue assurance. Network operators and care providers must ensure data security and privacy while analyzing losses, planning capacity, and engaging consumers. In the Smart Healthcare Market, caregivers, patients, and healthcare organizations benefit from advanced solutions, improving the modern healthcare landscape. Novel technologies, like cloud edge computing and network slicing, are essential for urban management, enhancing the overall Smart City experience. The Smart City Market’s success relies on the collaboration of various stakeholders, including businesses, governments, and communities, to create a sustainable future.

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Segment Overview 

This smart city market report extensively covers market segmentation by  

Application 1.1 Smart infrastructure1.2 Smart energy1.3 Smart mobility1.4 Smart security1.5 OthersComponent 2.1 Hardware2.2 Software2.3 ServicesGeography 3.1 Europe3.2 North America3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 Smart infrastructure-  The Smart City Market refers to the growing industry of developing and implementing technology-driven solutions for urban areas. This market encompasses various sectors such as energy management, transportation, public safety, and waste management. Companies provide innovative products and services to enhance city infrastructure, improve efficiency, and provide better quality of life for residents. Smart City solutions include sensors, IoT devices, and data analytics to optimize resource usage and address urban challenges. This market is expected to expand significantly due to increasing urbanization and government investments.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017-2021) – Download a Sample Report

Learn and explore more about Technavio’s in-depth research reports

The global Smart City Information and Communication Technologies (ICT) Infrastructure market is experiencing rapid growth, driven by urbanization and the need for efficient city management. The Smart City Platform market is expanding as cities adopt integrated solutions for data collection, analysis, and management to enhance urban living. Similarly, the Smart City Communication market is booming, focusing on reliable connectivity and advanced communication systems to support smart city operations. Key players are investing in innovative technologies to meet the rising demand for smarter, sustainable urban environments.

Research Analysis

Smart City Market: Transforming Urban Spaces with Environmental Sustainability and Technological Innovation Smart City Market is revolutionizing urban living by integrating advanced technologies to enhance resource management, environmental monitoring, and public safety. Environmental sustainability is at the core of these solutions, which utilize smart city technologies to optimize energy usage, reduce waste, and minimize carbon footprints. Resource management systems monitor and analyze urban sources in real-time, ensuring efficient use of resources. Environmental monitoring solutions employ sensors, facial recognition, and video cameras to assess air quality, noise levels, and crowd management. Public safety is prioritized with data-driven policing, traffic safety systems, gunshot detection sensors, and drones for rapid response. Cost-effective systems offer long-term savings and seamless integration with existing infrastructure. Cities like Amsterdam and Chengdu are leading the way with large-scale investments and government backing. However, integration complexities must be addressed to ensure access to AI capabilities, real-time data analysis, and quick emergency response protocols. Ultimately, these smart city solutions prioritize citizens’ safety and well-being while minimizing urban challenges.

Market Research Overview

In the digital era, Smart City Market is revolutionizing urban living by integrating environmental sustainability with advanced technologies. Resource management and environmental monitoring are major functions, with solutions including facial recognition for public safety and surveillance. Smart city technologies are transforming traffic safety through data-driven policing, emergency response protocols, and crime-fighting capabilities. First responders and call centers utilize real-time data for efficient field operations. Traffic signal management and emergency vehicle prioritization optimize urban sources, reducing crime rates and energy savings. Big data analytics, networking, and software integration facilitate cost-effective systems, balancing long-term cost savings with tight budgets. Existing infrastructure in cities like Amsterdam and Chengdu is being enhanced through government backing, incorporating gunshot detection sensors, video cameras, drones, and AI access. Smart city initiatives prioritize cybersecurity and data stewardship, ensuring interoperability and cross-border portability. Innovative business models and digitalization are modernizing sectors like healthcare, with smart healthcare solutions streamlining patient care delivery and caregiving.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ApplicationSmart InfrastructureSmart EnergySmart MobilitySmart SecurityOthersComponentHardwareSoftwareServicesGeographyEuropeNorth AmericaAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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Marvion Inc. Subsidiary Signs Agreement with Engineering Firm for Construction of New State-of-the-Art Warehouse Facility

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HONG KONG, Nov. 14, 2024 /PRNewswire/ — Marvion Inc. (OTC: MVNC) is pleased to announce that its subsidiary United Warehouse Management Limited has officially signed a quotation agreement with Star Warehouse Engineering Limited for the construction of a new, state-of-the-art warehouse facility. The new warehouse will be strategically located to support the company’s growing logistics and storage operations, underscoring MVNC’s commitment to scaling up its infrastructure to meet the increasing market demand.

The new warehouse will feature two floors, each spanning 18,000 square feet, for a total floor area of 36,000 square feet. This expansion is set to enhance MVNC’s storage capabilities, streamline supply chain efficiency, and optimize logistics operations to better serve its expanding customer base.

Strategic Infrastructure Investment to Drive Long-Term Growth

This significant investment marks a crucial step in MVNC’s long-term strategic plan to solidify its position as a leader in the logistics and storage services sector. The new warehouse will not only bolster the company’s existing storage capacity but also enable the integration of advanced logistics and storage technologies. The facility will be equipped with modern automated systems with artificial intelligence engine to support high-volume inventory management and faster turnaround times, further strengthening MVNC’s competitive advantage in the region.

Commenting on this milestone, Mr. Chan Sze Yu, CEO of Marvion Inc., said:
“This new warehouse is a testament to our commitment to expanding our infrastructure to meet the ever-growing demand in the logistics industry. By investing in this state-of-the-art facility, we are positioning Marvion to better serve our clients and seize emerging opportunities in the market. This project will not only enhance our operational efficiency but also increase our capacity to support strategic partners like FedEx, SF Express, and other key clients.”

Supporting Sustainable Growth in the Asia-Pacific Region

Aligned with MVNC’s sustainability goals, the new facility will incorporate environmentally friendly design elements, such as energy-efficient lighting systems and optimized insulation to reduce energy consumption. These initiatives underscore MVNC’s dedication to promoting sustainable business practices while driving growth.

The construction is scheduled to begin in Q4 2024, with completion expected by the end Q2 2025. The new facility is projected to generate significant operational synergies, contributing to the company’s continued revenue growth and profitability.

About Marvion Inc.

Marvion Inc. (OTC: MVNC) is a leading logistics and warehousing solutions provider based in Hong Kong. The company specializes in offering one-stop transport and storage services to business clients, leveraging advanced digital technologies and efficient inventory management systems.

Company Website: www.unitedksk.com

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American Liver Foundation Hosts the 33rd Annual Irwin M. Arias Symposium

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Virtual and in-person event, Bridging Basic Science and Liver Disease, brings together hundreds of leading biomedical scientists and physicians from across the globe 

FAIRFIELD, N.J., Nov. 14, 2024 /PRNewswire/ — American Liver Foundation is excited to host its 33rd annual Irwin M. Arias Symposium, Bridging Basic Science and Liver Disease, on Wednesday, November 20th from 9AM to 5PM ET. Hundreds of leading biomedical scientists and physicians around the world will come together for this prestigious hybrid, in-person and virtual, one-day event. Each presentation highlights remarkable scientific advances in basic biology and engineering while also providing cutting edge research for a better understanding of liver diseases and the best treatment options available today.

Bridging Basic Science & Liver Disease brings together leading biomedical scientists and physicians from across globe

This informative symposium features 10 unique plenary talks from renowned researchers such as Presidential Medal of Freedom recipient and physician-geneticist Francis S. Collins, MD, PhD, who led the Human Genome Project and discovered the genes causing several genetic diseases. He also served under three Presidents as the Director of the U.S. National Institutes of Health (NIH), the largest supporter of biomedical research in the world. He is currently leading a bold effort to eradicate Hepatitis C throughout the United States. Anne Carpenter, PhD, is the Senior Director of the Imaging Platform and an Institute Scientist at the Broad Institute of MIT and Harvard. She was included on the Top 100 list of AI leaders for her team’s open-source CellProfiler software that is used by thousands of biologists worldwide and their Cell Painting assay that has been adopted throughout the pharma industry to accelerate drug discoveries. There will also be a collection of three-minute ‘MicroTalks’ delivered by trainee scientists.

“This unique one-day annual symposium is a must-attend event for scientists interested in exploring innovative, groundbreaking research conducted in labs and the therapeutic treatments eventually delivered in clinics across the country,” said Lorraine Stiehl, CEO, American Liver Foundation. “Over the past 33 years, research presented at this event has led to many advances in the diagnosis and treatment of virtually all liver diseases in children and adults. Dr. Irwin M. Arias, recognized throughout the world, has devoted his life’s work to advancing liver disease research, treatments and cures and we’re so grateful for his expertise. Liver patients everywhere have benefited from his preeminent work.”

Symposium co-chairs include Sangeeta Bhatia, MD, PhD, John J. and Dorothy Wilson Professor, Electrical Engineering and Computer Science and Institute of Medical Engineering and Science Department at MIT, and Wolfram Goessling, MD, PhD, Chief of Gastroenterology at Massachusetts General Hospital, Director of the Harvard-MIT Health Sciences & Technology at Harvard Medical School and a Professor of Medicine at Harvard Medical School. The overall programming has been designed to honor Dr. Arias’ founding commitment to ‘bridging’ the gap between the academic, industrial, and clinical research communities – even across disciplines.

“The burden of chronic liver diseases affects over 100 million people in the United States alone and is rapidly becoming a public health crisis,” said Dr. Goessling, Chief of Gastroenterology at Massachusetts General Hospital. “Unfortunately, we currently lack effective tools for prevention, diagnosis and treatment for many liver conditions, so it’s vitally important to connect basic science research with the ongoing needs prevalent in many clinics and the Arias Symposium provides this opportunity.”

“Significant gaps remain in the understanding of many liver diseases and the fundamental systems involved in normal and pathological liver function,” said Dr. Bhatia, John J. and Dorothy Wilson Professor at MIT’s Institute of Medical Engineering and Science Department. “This scientific conference bridges basic science and liver disease while also nurturing successful careers in basic and translational liver research. The Arias Symposium allows us all to come together to share our research, encourage new trainees to learn more about liver disease and offers everyone one-day to learn what’s new and engaging in the world of liver research and science.”

The symposium is open to researchers at every stage of their careers, and they are encouraged to share perspectives from their academic, industrial, and clinical research settings. In-person attendees will benefit from a poster session and networking opportunities with plenary speakers and other attendees. Breakfast, lunch, and a networking reception will also be provided to in-person attendees. Registration is free for all trainees (postdocs, fellows, grads, students, undergrads, etc.). Registration is $50 for in-person attendees other than trainees. Virtual attendance is free but does require registration. Register here for this informative event.

This one-day virtual program will include topics such as:  

It’s Time to Eliminate Hepatitis C in the U.S. Francis Collins, MD, PhD – National Institutes of Health (VIRTUAL)Post-Transplant Alloimmune Hepatitis – What do we know and What’s New Udeme Ekong, MD, MPH, FAASLD – Georgetown University Detecting Liver Phenotypes and Toxicity Using Cell Image Data Anne Carpenter, PhD – Broad Institute of MIT and HarvardSpatial Clonal Tracing in Solid Tissues Fernando Camargo, PhD – Massachusetts Institute of TechnologyHolistic Multi-Scale Molecular Imaging of Human Organs Kwanghun Chung, PhD – Boston Children’s HospitalCell Identity Conversion – Liver Regeneration and Cell Therapy Lijian Hui, PhD – Shanghai Institutes for Biological SciencesDeveloping Cirrhosis Therapies: The Three Grand Challenges Quin Wills, MD, PhD – Ochre BioPediatric Liver Tumors: Clinical Context and Opportunities for Collaboration Allison O’Neill, MD – Dana-Farber Cancer InstituteUnderstanding How the Organism Monitors Liver Sufficiency to Properly Time RegenerationKristin Knouse, MD, PhD – Massachusetts Institute of TechnologyCellular and Molecular Drivers of Liver Cancer Response to ImmunotherapyMiriam Merad, MD, PhD – Mount Sinai School of Medicine

For the full agenda, list of speakers, and registration, please visit alfevents.org/ariassymposium.  

In addition to the Arias Symposium, American Liver Foundation offers a research awards program in three categories, Liver Scholar Award, Postdoctoral Research Fellowship Award, and Pilot Research Awards that recently funded eight highly innovative projects into these rare diseases – PSC, AIH and BA. Since 1979, ALF’s research awards program has provided more than $28 million in research funding. Over 850 qualified scientists and physicians have pursued research careers in liver biology, disease and treatment because they received these grants early in their careers. Learn more at liverfoundation.org/research.

About the American Liver Foundation
American Liver Foundation (ALF) is a national community of patients, caregivers and medical professionals dedicated to helping people improve their liver health. Providing guidance and life-saving resources, we are a beacon for the 100 million Americans affected by liver disease. We advocate for patients and families, fund medical research and educate the public about liver wellness and disease prevention. We bring people together through our educational programs and events and create a network of support that lasts a lifetime. ALF is the largest organization focused on all liver diseases and the trusted voice for patients and families living with liver disease. For more information visit www.liverfoundation.org or call: 1 800 GO LIVER (800-465-4837).

Media Contacts:                   
Julie Kimbrough
JKimbrough@liverfoundation.org              
Direct dial: 646-737-9409   
Karla Thomas     
Direct dial: 773.575.9477        

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SOURCE American Liver Foundation

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Avantor® Opens New Bridgewater Innovation Center Focused on Solving Life Science’s Biggest Challenges

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RADNOR, Pa., Nov. 14, 2024 /PRNewswire/ — Avantor, Inc. (NYSE: AVTR), a leading global provider of mission-critical products and services to customers in the life sciences and advanced technology industries, today announced the opening of its new flagship Bridgewater Innovation Center. The state-of-the-art research and development facility, located in Bridgewater, NJ, is part of Avantor’s network of 13 research and innovation centers across the globe.

Avantor’s new Bridgewater Innovation Center spans 60,000 square feet, doubling its previous laboratory and pilot plant capacity. Purpose-designed for collaborative work, the center houses spaces for upstream and downstream process development, dedicated analytical testing labs, and a viral vector laboratory. An expanded pilot plant supports scale-up simulations, enabling rapid customization across the entire bioprocessing workflow.

“Our new Bridgewater Innovation Center is twice the size of our previous facility and adds capacity, talent and capabilities to support the growing demands for monoclonal antibodies, cell and gene therapy and mRNA workflows,” said Michael Stubblefield, President and CEO of Avantor. “Working side-by-side with customers in our network of innovation centers across the globe enables us to power science at every step to deliver life-changing therapies faster, and more cost effectively.”

The Bridgewater Innovation Center allows Avantor to optimize and accelerate biomanufacturing processes at scale; resulting in faster problem solving, streamlined knowledge exchange, and strategic co-innovation. Staffed with Ph.D. scientists, bioengineers, biologists, and process engineers, this center enhances both capacity and expertise to support customers’ needs. The facility also supports Avantor’s sustainability goals, reinforcing the Company’s commitment to environmental responsibility.

For more information about the Bridgewater Innovation Center, visit: https://www.avantorsciences.com/us/en/about/innovation-in-biopharma/avantor-bridgewater-innovation-center

About Avantor
Avantor® is a leading life science tools company and global provider of mission-critical products and services to the life sciences and advanced technology industries. We work side-by-side with customers at every step of the scientific journey to enable breakthroughs in medicine, healthcare, and technology. Our portfolio is used in virtually every stage of the most important research, development and production activities at more than 300,000 customer locations in 180 countries. For more information, visit avantorsciences.com and find us on LinkedInX (Twitter) and Facebook.

Global Media Contact
Eric Van Zanten
Head of External Communications
Avantor
610-529-6219
Eric.VanZanten@avantorsciences.com

Investor Relations Contact
Christina Jones
Vice President, Investor Relations
Avantor
805-617-5297
Christina.Jones@avantorsciences.com

 

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