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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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SOURCE Technavio

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SecurityGen and NEC Team Up to Strengthen Cybersecurity Operations for Indonesian Telcos

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Harnessing future-ready solutions and expertise to safeguard Telecom networks against emerging threats

JAKARTA, Indonesia, Sept. 24, 2024 /PRNewswire/ — In a significant development for telecom cybersecurity, SecurityGen, an award-winning global leader in telecom cybersecurity, and PT NEC Indonesia, a leader in IT, network and AI technologies and a multi-vendor system integrator, have announced a partnership to strengthen telecom network defences across Indonesia. This alliance brings together SecurityGen’s cutting-edge security solutions and NEC’s extensive expertise in telecom infrastructure in a bid to combat a spectrum of increasingly advanced cyber threats.

The partnership aims to enhance the performance, reliability, and security of telecom networks throughout the region with SecurityGen providing future-ready threat-informed defence platform, comprising its Breach Attack platform and Monitoring system, and NEC offering crucial professional services to support and optimize these advanced security solutions. SecurityGen will also ensure rapid, effective deployments through comprehensive training and onboarding. By focusing on future-proofed solutions and fostering local talent, this partnership supports NEC’s vision of bolstering its security-as-a-service offering and solidifying its position as a trusted partner for Indonesian telcos.

This collaboration becomes even more vital given the speed with which telecom networks are evolving – making them increasingly complex and vulnerable. Unfortunately, traditional security measures are not effective enough anymore. By integrating advanced, AI-powered threat intelligence with automated security systems, this partnership aims to provide telco SOCs with unprecedented visibility into signalling traffic and robust validation against real-world attacks. This proactive approach, with in-built remediation, will not only mitigate breach risks but also equip security teams with the essential tools and expertise to counteract sophisticated cyber threats and maintain business resilience.

Amit Nath, Co-Founder & CEO of SecurityGen, said, “Our partnership with NEC is a crucial step towards fortifying Indonesia’s telecom sector with the expertise and tools essential for securing modern networks and operations. Together, we’re committed to building local competencies and implementing advanced, research-driven strategies to ensure the long-term security and resilience of the telecom infrastructure.”

Joji Yamamoto, President Director of NEC Indonesia said, “”In Indonesia, we have seen rapidly increasing growth of cloud services, and connected devices and subscribers for IoT use cases. NEC Indonesia welcomes the partnership with SecurityGen to join forces in advancing network security in Indonesia to protect information assets through the introduction and operation of measures against cyber-attacks.”

***

About SecurityGen
Founded in 2022, SecurityGen is a global leader in telecom security. We provide a solid security foundation to drive secure telecom digital transformations and ensure safe and robust network operations. Our extensive product and service portfolio offers complete protection against existing and advanced telecom security threats. www.secgen.com

About PT. NEC Indonesia

NEC first established its Jakarta Representative Office in 1968. Through the years, PT. NEC Indonesia recognized the importance of instituting telecommunications infrastructure for the country and has introduced several NEC technologies and solutions. This has resulted in PT. NEC Indonesia achieving the market leader position of being a total solutions provider for the Indonesian telecommunications industry.

Today, with its headquarters in Jakarta, PT. NEC Indonesia continues to play a significant role in providing total telecommunications and IT business solutions to its customers in the government and enterprise businesses. For more information, please visit http://id.nec.com/ 

 

 

 

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SOURCE PT. NEC Indonesia

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Patricia Calderon, Global Head of Water of CDP: How to drive water action across supply chains

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JAKARTA, Indonesia, Sept. 24, 2024 /PRNewswire/ — This is an article from Patricia Calderon, Global Head of Water of CDP:

Supply chains are the knots that tie our global economy together and allow it to operate as it does.

In recent years those knots have become more complex and fragile.

Major trade routes can be held up by conflict, politics, or simply a container ship running aground. The world is deeply dependent on pinch points functioning with high volumes of traffic and little to no barriers. Below that level exist smaller, more intricate threads which have built up over time, across borders and through river basins.

The fragility now baked into the system is, in part, a result of our changing climate and the unsustainable nature of supply chains. Building resilience within supply chains to adapt to frequent extreme weather events is now crucial. Lessening their environmental impact is part of the same equation.

Deep dive

New research from CDP, the global non-profit leading the world’s environmental disclosure system for companies, cities, states, and regions, has examined the problem using data directly from companies.

We looked at 3,163 large companies with an annual revenue of more than EUR/ US$250 million. These companies disclosed to CDP’s annual water security questionnaire. A total of 1,542 companies – 50% – responded that they are engaging their supply chain on water risks. This includes inserting water requirements into supplier contracts, collecting water data, raising awareness of water issues, or collaborating on innovation.

Further analysis provides a unique insight into how some of the world’s largest brands are grappling with water issues. 1 in 5 companies are facing supply chain risks which could have a substantive financial or strategic impact on their business. These risks were estimated to total US$77 billion. And according to 79 businesses, a total of US$7 billion was deemed to be at immediate risk due to urgent water scarcity, food, regulatory and reputational issues.

Stem the tide

The data is clearly telling us our water supplies are becoming ever more fragile and the financial toll is mounting up. It’s down to large companies with the biggest water impacts to take immediate action, working with their suppliers to stem the tide of water risk.

Our research points to some of the tools currently being used by responsible companies – financial incentives, stricter contracts, and closer engagement are key. A group of forward-thinking businesses are already working on the problem. 443 businesses – 14% – offer their senior leaders, including the board, incentives to improve water management across the supply chain. A smaller group provide direct financial incentives to their chief procurement or purchasing officers.

Buyers and suppliers need to collaborate to ensure sustainability is a business norm. Recognizing it as a key differentiator among suppliers will be essential going forward. If we fail to address these issues the mounting financial impact of water risks will become all too apparent.

Going beyond

The report makes a strong case for companies to take immediate action on water issues in their supply chain and offers six key steps for companies. Each one of these indicators follows from the next: assess supply chain risks and impacts; set global targets; incentivize executives to act; include water in supplier requirements; engage with suppliers; and incentivize and support suppliers.

Ensuring supply chains can build resilience, reduce water risks, and keep our economies going is within reach. But to do so quickly and comprehensively we need to go beyond voluntary measures. The bar should be raised much higher in order to close the gap between where we are now and need to be.

Stronger regulation for mandatory disclosure and transparent reporting mechanisms are imperative to drive progress. This requires a combined approach with government policy, industry standards, and stakeholder engagement all playing a role.

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SOURCE CDP

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J-Stories launches special page to report on largest Japan-Taiwan summit bringing together startups and investors in the region

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This year’s event in Tokyo expanded to its largest scale yet amid growing interest in Taiwan’s dominant semiconductor and AI sectors

Japan’s solutions-focused news service J-Stories is an official media partner of the 2024 Japan-Taiwan Innovations Summit. Here’s J-Stories’ special page where summit-related stories are featured in partnership with Startup Island TAIWAN, Taiwan’s national startup brand. J-Stories is run by Tokyo-based media agency Pacific Bridge Media & Consulting.

TOKYO, Sept. 23, 2024 /PRNewswire/ — The 2024 Japan-Taiwan Innovation Summit, the largest startup event to date featuring Japanese and Taiwanese aspiring to expand overseas, was held this month (Sept.17-18) in central Tokyo. Over 1,000 participants from various sectors – including politics, academia, large business and media – engaged with approximately 70 innovative startups over the two days.

The annual summit, which started two years ago, expanded further from previous years, incorporating cutting-edge industries, including AI, biomedical science, cybersecurity, digital services, fintech, defense and aerospace.

The two-day event was co-hosted by Taiwan’s National Development Council (NDC), a government body of Taiwan, and the Tokyo Metropolitan Government. Tokyo-based media agency Pacific Bridge Media & Consulting also supported the event as the official media partner, featuring various reports and videos about the event on a special online page, bridging the gap between Taiwan’s top entrepreneurs and the startup community in Japan.

Discussed among the main topics were Taiwan’s booming semiconductor supply chain and its uninhibited growth potential within the next decade. Taiwan’s leading chipmaker, TSMC, was launched as a startup more than three decades ago with the support of the Taiwanese government. Now, the international company is building factories in southern Japan, giving those in Tokyo high hopes for Taiwan’s investments in bumping up semiconductor production capabilities and building more factories in Japan.

At this year’s summit, it was not only Taiwanese entrepreneurs who took the floor, but also Japanese startups. The summit featured a significant number of Japanese participants from financial institutions, venture capitalists, and trading companies. This increased Japanese involvement is expected to strengthen the JapanTaiwan network and contribute to the development of a thriving international ecosystem.

To start Day 1, Taiwan’s NDC Minister Liu Chin-Ching (Paul Liu), the Taiwanese delegation leader for this summit, took the stage. Minister Liu stated: “We are implementing the ‘Bridge Plan’ to expand innovation internationally. While we have been advancing innovation domestically in Taiwan, our future goal is to pursue international collaboration, with Japan being our first partner.” He emphasized the significance of Japan and Taiwan’s collaborative efforts. 

A video message from Tokyo Gov. Yuriko Koike was shown following Liu’s speech. She emphasized, “Taiwan and Japan have built a strong cooperative relationship. Let’s join forces between Tokyo and Taiwan to launch significant innovation.”

Among the speakers was Kei Furukawa, an Investment Partner at UTokyo IPC, who gave a lecture titled “Innovation and Startup Development Systems at the University of Tokyo VC,” discussing the advancement of innovation and entrepreneurship through collaboration between government and universities in Japan.

Additionally, there were presentations from Japanese and Taiwanese startups and innovation companies, speeches by notable guests, and more. The summit concluded with an invitation-only opening ceremony for the Taiwan Startup Tokyo office and a gala dinner with investors.

Visit J-Stories’ special page here:
https://jstories.media/jp/specials/jtis

Event Overview:

Name: 2024 Japan-Taiwan Innovation SummitDate: September 17 (Tuesday) – 18 (Wednesday), 2024, 10:00 AM – 5:00 PMVenue: Tokyo Innovation Base (TiB) 2nd Floor (3-8-3 Marunouchi, Chiyoda-ku, Tokyo, in front of Yurakucho Station)Format: On-site participationLanguages: Chinese, Japanese, and English (with simultaneous interpretation)Organizer: Startup Island TAIWAN

For more information on the Japan-Taiwan Innovation Summit 2024, please click here:

https://togethergobig.jp/en-summit

About J-Stories:

J-Stories is an online news platform that communicates innovative ideas, products, and technologies from Japan that address global issues to audiences and investors worldwide in Japanese, English, and Chinese. As the media partner for the “2024 Japan-Taiwan Innovation Summit,” J-Stories will be publishing articles about the summit before and after the event. J-Stories is run by Tokyo-based multilingual media agency Pacific Bridge Media & Consulting.

To receive the latest articles from J-Stories, please subscribe to our newsletter by emailing: jstories@pacificbridge.jp

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SOURCE PACIFIC BRIDGE MEDIA AND CONSULTING

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