Urban Planning Software & Services Market to Reach ~US$ 211.4 Bn by 2027, Initiatives in Smart City Developments Push Applications - A New Report by Transparency Market Research - Seite 2

Urban Planning Software & Services Market: Key Driving Factors

Rapid pace of urbanization in several parts of the world, most notably in China, and sheer pace of digitalization in smart city initiatives in developed economies have been a growing concern for urban planners. Governments are increasing focused on meeting the wide variety of complex needs in city infrastructure by deploying GIS tools and technologies. Several macroeconomic trends and several technology trends fuel growth in the urban planning software and services market. A few of them are worth the attention of investors and policy makers:

• Currently, 1.3 million people are moving to cities every week. As a result, the populations living in cities will swell to 65% of the world's population by 2040-end; hence, smart city infrastructures are necessary for the worldwide economic development.
• According to the most recent projection by the UN, two-thirds of the world's population will inhabit urban settlements by 2050—nearly 7 billion people.

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Key Impediments for Urban Planning Software & Services Market Players

The prospects in the urban planning software and services market are expected to be incredible, as envisaged by the analysts at TMR. However, there are several bottlenecks in the utilization of software and services, especially GIS, in urban planning. They shed light on a few of them:

• Inadequate capacity of planning institutions and conventional business models in various countries hinder a complete utilization of GIS and other analytical tools in urban planning
• Technology transfer for digital transformation is a veritable challenge, mainly due to their complexity and lack of organizational resources with economies.

Mulling these hindrances, urban planners have called for adopting centralized decision and policy-making models to address the challenges.

Urban Planning Software & Services Market: Region-wise Analysis

The rapid pace smart city with which smart city initiatives are being implemented in developing economies have helped urban planners developing regions to meet complex mobility and infrastructure needs. Markets at the forefront of these trends are Asia Pacific, Africa, South America, and the Middle East. These regions are expected to expand remarkably over the assessment period.