SAN FRANCISCO, Nov. 2, 2021 /PRNewswire/ -- The global urban planning software and services market size is anticipated to reach USD 192.35 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.2% from 2021 to 2028. Urban planning is one of the most crucial aspects of any country's development plans as it involves the development and efficient use of land, public welfare, and ensures the safety of the environment.
Key Insights & Findings:
In terms of component, the software segment accounted for the largest revenue share in 2020 and is expected to retain its dominance over the forecast period. This can be attributed to the increasing investment in technology by governments for urban development. The service segment is anticipated to expand at the highest CAGR of 5.1% over the forecast period
In terms of deployment, the cloud-based segment accounted for the largest revenue share in 2020 and is expected to retain its dominance over the forecast period. Additionally, this segment is likely to register the highest CAGR of 4.5% over the forecast period. The growth of this segment can be attributed to factors such as quick configurability, cost efficiency, and flexibility
Based on end-user, the government segment accounted for the largest revenue share in 2020 and is expected to retain its dominance over the forecast period. This can be attributed to growing investment by various governments in smart city technologies and urban development. For instance, in June 2020 the Singapore Government Technology Agency announced that it spent approximately USD 3.5 billion on information technology in 2020, which is 30% more compared to 2019. The real estate and infrastructure companies segment is anticipated to expand at the highest CAGR of 4.9% over the forecast period
Europe captured the second highest market in 2020 and is expected to retain its position over the forecast period. This can be attributed to the growing preference for eco-friendly city infrastructures. Additionally, a rise in the number of infrastructure development activities is also driving the market growth in this region. The Asia Pacific region dominated the market in 2020, and it is anticipated to expand at the highest CAGR of over 6.1% over the forecast period
Urban planning is a heterogeneous and complicated process that comprises utility systems, distribution chains, communication networks, infrastructure, and several other elements and processes. Urban planners are adopting urban planning software and services to handle such intricate processes and conceptualize urban designs and plan layouts.
The Covid-19 pandemic severely impacted business operations and processes across several industries. As governments majorly diverted their focus from other development activities to the healthcare segment, the urban planning software and service market was negatively impacted. However, the urban planning software and services industry is expected to recover post-pandemic owing to the need for better urban planning to mitigate future risks of uncertain natural events.
The market has also benefitted from growing investments by various governments in smart cities projects, which, in turn, are driving increased investments in urban planning software and services. For instance, currently, over 26 smart cities projects are in progress across Association of Southeast Asian Nations (ASEAN) countries.
Grand View Research has segmented the urban planning software and services market based on component, deployment, end-user, and region:
Urban Planning Software and Services Component Outlook (Revenue, USD Billion, 2016 - 2028)
Urban Planning Software and Services Deployment Outlook (Revenue, USD Billion, 2016 - 2028)
Urban Planning Software and Services End-user Outlook (Revenue, USD Billion, 2016 - 2028)
Real Estate and Infrastructure Companies
Urban Planning Software and Services Regional Outlook (Revenue, USD Billion, 2016 - 2028)
Rest of Europe
Rest of Asia Pacific
Rest of Latin America
Middle East & Africa
List of Key Players in the Urban Planning Software And Services Market
Boston Consulting Group
Holistic City Limited
SAVANNAH SIMULATIONS AG
Check out more studies related to construction design and planning software, conducted by Grand View Research:
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.