By components, the hardware segment generated the maximum revenue share in Portugal Smart Cities Market – 6Wresearch
The Hardware segment held the highest share in the Portugal smart cities market due to the significant demand for physical infrastructure like sensors, meters, and communication devices essential for smart city implementation.
According to 6Wresearch, Portugal Smart Cities Market size is anticipated to grow at a CAGR of 10.8% during 2024-2030F. The Portugal Smart Cities market is experiencing rapid growth, driven by the expanding ICT sector, evidenced by the country's significant investment of US$12.6 billion in 2023, with a notable allocation of US$5.6 billion specifically towards the IT market, and Projected to reach US$14.2 billion by 2026. This growth is further fueled by initiatives such as the European Union Climate-neutral Mission, aiming to deliver 100 climate-neutral and smart cities by 2030 in cities like Guimarães, Porto, and Lisbon. Notably, Government initiatives, like the National Smart City Strategy, under the Digital Transition Action Plan, are aimed at promoting the development of smart cities that offer people-centred, inclusive, sustainable, and interoperable services nationwide, which would drive the demand for smart cities in Portugal.
According to Vasudha, Research Analyst, 6Wresearch, the Smart mobility has the highest revenue share in the Portugal smart cities market due to the increasing demand for efficient transportation systems, smart parking solutions, and smart ticketing systems in urban areas. Portugal's strategic focus on optimizing transportation through the European Union Climate-neutral Mission, which aims to achieve the carbon neutrality by 2050 aligns seamlessly with the worldwide shift towards intelligent mobility solutions. Notable initiatives include the deployment of 2,339 rapid, super-rapid, and ultra-rapid charging stations across Spain and Portugal, bolstered by a US$13.9 million subsidy from the Innovation and Networks Executive Agency (INEA).
Portugal Smart Cities Market (2024-2030) report provides an in-depth analysis with 8 figures and 5 tables, covered in 75 pages. The report comprehensively covers the market by component and application. The report provides a detailed as well as unbiased analysis of the ongoing drivers, opportunities/high growth areas, and trends of the sector which are projected to support the stakeholders to align as well as devise their market strategies as per the latest and future market dynamics.
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