By Business India Editorial

A new study forecasts the Global Smart Cities Market to grow from $457 billion in 2021 to $873.7 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 13.8 per cent, reports Research and Markets.

The growing demand for public safety will drive the Smart Cities Market. Smart city solutions gather data from around the city to enable traffic safety, data-driven policing, and optimised emergency response. Public safety not only improves the crime-fighting ability but also provides safer conditions for first responders. Applications such as gunshot detection, smart surveillance, and home security systems can accelerate the law-enforcement response.

The Smart Transportation segment is expected to grow at the highest growth rate during the forecast period. The smart transportation approach carries out the integration of software solutions to optimise the usage of assets, from tracks to trains, vehicle to infrastructure, aircraft to the ground, and ship to shore, to meet the ever-growing demands of citizens efficiently and provide safer services.

With the rapidly growing urban population, urban planners provide smart transportation solutions and services to offer adequate and safe transport infrastructure in emerging megacities.

The Energy segment is expected to hold the largest market size. Smart Utilities in Energy refers to the application of network capabilities and computing intelligence to electric grids to efficiently manage and deliver power to end-users. Smart grids can know about power failures once the smart meter stops sending meter data, as all the components have IP addresses and are capable of two-way communication.

The Smart Healthcare segment is projected to grow at the highest CAGR during the forecast period. Smart healthcare involves the use of solutions such as remote patient monitoring, remote medical assistance, simultaneous monitoring and reporting, patient care workflow automation, notifications and alert management, real-time staff tracking, mobile health, smart hospitals, smart pills, and enhanced chronic disease treatment.