Global smart cities market

Global Smart Cities Market Size, Share, Growth Analysis, By Application(Smart governance, smart building), By Smart Governance(Smart lighting, smart infrastructure), By Smart Utilities(Waste management, energy management), By Smart Transportation(Intelligent transportation system, parking management and smart ticketing & travel assistance) - Industry Forecast 2023-2030


Report ID: SQMIG45D2058 | Region: Global | Published Date: February, 2023 | Pages: 157 | Tables: 120 | Figures: 77

Global Smart Cities Market Insights

Global Smart Cities Market size was valued at USD 445.26 billion in 2021 and is poised to grow from USD 511.6 billion in 2022 to USD 1554.15 billion by 2030, growing at a CAGR of 14.9% in the forecast period (2023-2030).

A smart city is a framework that implements, develops, and promotes sustainable urban development using information and communication technology (ICT). Also, it helps with public information transmission, increased operational effectiveness, and improved citizen welfare. A smart city promotes mixed-land use for unplanned areas, which offers a range of facilities in one location and helps in the best use of existing space, using hardware components like chips, sensors, and actuators as well as software solutions like user interfaces (UIs), communication networks, and Internet of Things (IoT) devices. Rising security demand, as well as positive government initiatives in various countries to create advanced video surveillance, real-time vehicle number plate identification, and facial recognition systems utilized for safety in smart cities, highlighting the significance of monitoring to maintain people's safety, are important factors driving market revenue growth. The need for more sustainable and efficient energy consumption is also highlighted by rising energy demand, which raises energy dissipation and carbon emissions. Concerns about global warming and ozone depletion have led the government to step up efforts to reduce the country's carbon footprint. Also, stringent emissions regulations in both developed and developing nations are expected to support the market's revenue growth.

Additionally, the emergence of smart solutions for buildings and transportation is driving market revenue growth. For instance, a fundamental component of a smart city is a reliable, efficient, and accessible transportation system that enables quick response times and convenient access to locations in case of crises. In addition, mobility options for getting around in smart cities include ridesharing, carsharing, and networked public transit, among others. These options encourage a person to leave their cars at home more frequently, which leads to a more sustainable environment. Smart communities must incorporate charging stations as the number of electric vehicles rises so that owners may readily charge their cars and contribute to the sustainability of the environment as a whole. To raise their standard of living, cities are developing smart solution networks. According to research by the European Commission, the European Union (EU) transportation system implemented 82 initiatives to achieve a green and digital transformation through the European Green Deal, which will reduce vehicular emissions by 90% by 2050 and result in the creation of a smart, competitive, safe, accessible, and reasonably priced transportation system.

In addition, government programs and PPP plans for the use of smart cities, the Internet of Things (IoT), and automation are boosting market revenue growth. Rising analytics penetration, as well as ongoing technical advancements by leading providers, are improving the user experience and boosting market revenue development. Due to technical advancements in transportation and a rise in demand for the creation of linked cards, these cities are becoming a reality. Governments all over the world are also working to upgrade railways by emphasizing the development of smart cities as urbanization rises. The demand for smart railroads is rising in response to the increased demand for metropolitan metros and ultrafast trains for long-distance travel. The growth of the logistics industry for the timely delivery of products is being driven by soaring shipments and a huge increase in construction projects.

Privacy and security are major factors in smart city programs. Since the ecosystem for smart cities mostly relies on central access points and parking lots for a variety of data, it is seriously vulnerable. To avoid issues from spreading to the rest of the smart network, stakeholders, including security experts and smart city architects, must handle privacy and security concerns in smart cities holistically. Additionally, the initial cost of implementing smart solutions is quite costly, and the lack of clearly defined policies is preventing their adoption, which is hampering market revenue growth.

Market snapshot

Global Market Size

USD 445.26 billion

Largest Segment

Smart utilities

Fastest Growth

Smart utilities

Growth Rate

14.9% CAGR

Global Smart Cities Market 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
Global Smart Cities Market Size By Application 2021-2028 ($ Bn)
Global Smart Cities Market Size By Application 2021-2028 (%)

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Global Smart Cities Market Segmental Analysis

Global smart cities market is segmented on the basis of application, smart governance, smart utilities, smart transportation and region. By application, the market is segmented into smart governance, smart building, environmental solution, smart utilities, smart transportation and smart healthcare. By smart governance, market is segmented into smart lighting, smart infrastructure, c.c.s., e-governance, and city surveillance. By smart utilities, market is segmented into waste management, energy management, and water management. By smart transportation, market is segmented into intelligent transportation system, parking management and smart ticketing & travel assistance. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Analysis by Application

In 2021, the smart utility segment led the market and held a share of more than 28%. The smart utility segment, which includes many domains including water treatment, integrated data management, energy distribution, and civil distribution infrastructure management, among others, is a crucial component of the municipal infrastructure. Adoption of smart utilities is significantly influenced by the development of smart grids as well. Integration of cloud technology and enhanced data analytics is also anticipated to fuel market expansion. Companies and governments are developing and putting into action initiatives to increase the share of renewable sources to total energy production in response to the fast rising demand for energy.

The environmental solution segment is expected to grow at a considerable CAGR during the forecast period. The growth of the market is attributed to increasing government measures to reduce pollution, maximize the use of renewable energy sources, and create a sustainable corporate ecosystem. To strengthen their brand identities and boost their market revenues, industry players concentrate on enhancing their range of environmental solutions.

Analysis by Smart Governance

In 2022, the smart infrastructure sector dominated the market, accounting for more than 28% of the market. The need for smart infrastructure solutions in a variety of industries, including BFSI, healthcare, retail, manufacturing, and F&B, is expected to increase as a result of various governments shifting their focus toward digitization of their corporate operations. Most governments, including those in the United Kingdom, Australia, India, Canada, the United Arab Emirates, and the United States, are making investments in smart infrastructure solutions for economic digitization. For example, in December 2021, the Australian government invested USD 135.9 million as part of its aim to transform the economy into a digital economy by 2030. The government will also establish the BFSI infrastructure's regulatory framework in order to support, monitor, and manage the development of payment systems and crypto-ecosystems.

The smart lighting segment is expected to grow at a significant CAGR during the forecast period. Smart lighting can support a variety of smart city applications, including traffic management, public safety, environmental monitoring, and smart parking, extended Wi-Fi, and cellular communications, among others, while also improving the city's energy efficiency and lowering energy and maintenance costs. The development of human-centric lighting using light-emitting diodes and organic light-emitting diodes has given smart lighting a lot of traction recently.

Global Smart Cities Market Size By Application 2021 (%)

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Global Smart Cities Market Regional Insights

In 2022, North America accounted for more than 30% of the global market for smart cities. The ongoing digital revolution in a number of sector verticals, including government, telecom, and finance, among others, can be credited with the expansion of the regional market. The area has a strong information and communication technology (ICT) infrastructure, federal and municipal governments work closely with ICT providers, and there are several well-known technology vendors there. These service providers and other local government bodies have broadly implemented certain elements of the civic connectivity infrastructure, which will facilitate the planning of the development of smart cities in the region. During the forecast period, these factors will support the expansion of the regional market.

Asia Pacific is expected to grow at a significant CAGR over the forecast period. The increase in disposable income, the emergence of digital infrastructure, globalization, and economic advancements are all factors that have contributed to the region's growth. Organizations in the Asia Pacific region are eager to take use of the advantages of cloud-based solutions, such as cost effectiveness, which is encouraging the development of applications like smart building, smart utilities, smart transportation, and smart governance.

Global Smart Cities Market Size By Geography, 2021-2028
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Global Smart Cities Market Dynamics

Drivers

Increasing investment in smart city designs

  • The increased investment in smart city designs is one of the positive elements fueling growth of the market. Because everything will be integrated into these smart cities and some regions would profit from the use of smart cities for garbage collection, certain plans are setting the standard in emerging countries where governments are investing billions of dollars in smart city designs. The cost of internet of things (IoT) sensors is another important element driving the expansion of the market. Sensors will be implemented in data visualization programs and screening support since they will help with the comfortable collection of trash. 

Increasing hyper-connectivity and the emergence of innovative technologies

  • Hyper-connectivity is attractive because it enables for active engagement between people and devices. As the Internet of Things continues to develop, billions of devices will be able to connect and communicate with one another, which will help the market expand. Governments have also recognized the importance of disruptive technology as a component of smart cities. As governments implement these technologies to handle urban concerns such as increased electricity usage, safety, productivity, environmentally friendly transportation, water distribution and management, and crime and terrorist protection/security, it helps in the formulation of plans.

Restraints

High cost of system deployment

  • Economical systems with limited resources are unable to implement smart city solutions due to the high cost of establishing these systems. It takes a lot of design, coding, testing, and documentation to integrate important functions like big data analytics. Governments are discouraged from making additional large-scale expenditures due to the cost of upgrading current infrastructure. Even though energy efficiency and operating costs can be improved with smarter infrastructure, the upfront costs are a significant barrier.

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Global Smart Cities Market Competitive Landscape

Global smart cities market is very competitive and fragmented. To capture a significant portion of the market, major industry players are concentrating on product advancements, new product launches, and geographic expansions. However, as more start-ups and new ventures are launched, the rivalry is progressively getting more intense. Due to the fact that many of the vendors work together on projects to supply certain solutions, mergers, and acquisitions play a significant role in the competitive environment of the smart city. Furthermore, prominent competitors have been known to engage heavily in R&D operations in order to innovate the product/service while adhering to delivery timelines.

Top Player’s Company Profiles

  • Cisco Systems, Inc.
  • IBM Corporation
  • Siemens AG
  • Microsoft Corporation
  • Oracle Corporation
  • Schneider Electric SE
  • Hitachi, Ltd.
  • Huawei Technologies Co., Ltd.
  • Honeywell International Inc.
  • ABB Ltd.
  • General Electric Company
  • Panasonic Corporation
  • Ericsson
  • Accenture plc
  • Intel Corporation
  • SAP SE
  • Fujitsu Limited
  • NEC Corporation
  • Siemens Mobility GmbH
  • Wipro Limited

Recent Developments

  • In October 2021, Siemens Mobility, a Siemens subsidiary, acquired Squills major Software as a Service (SaaS) provider for inventory management, reservation, and ticketing software. This expanded Siemens' portfolio of innovative, smart, and comprehensive transportation solutions.
  • In May 2021, Itron and Microsoft collaborated to provide customers with highly scalable cloud-based MDM services.
  • In October 2021, Hitachi partnered with Bao Viet Insurance to create innovation in the insurance industry via the use of Al and medical big data. By estimating the likelihood of contracting a disease, Bao Viet Insurance would employ Hitachi's technology to promote health.
  • In October 2021, ABB Limited announced an investment in BrainBox A.I., a Montreal-based start-up, with the goal of integrating BrainBox A.I.'s self-adaptive and predictive artificial intelligence with its existing Ability portfolio for smart buildings.
  • In December 2021, G.E. announced collaboration with U.K. Power Networks to start a smart substantiation project aimed at enhancing the distribution network's use to promote the production of renewable energy across the U.K.

Global Smart Cities Key Market Trends

  • The key trend in the global smart city market is the spread of smart city projects in emerging economies. The development of smart cities has been a focus of developed nations in North America and Europe for the past ten years, and numerous initiatives have already been carried out. In terms of smart city technologies, APAC is the region that is expanding the fastest. An increase in the number of people living in cities across Asia is being propelled by rapid urban growth, which is in turn spurring the construction of urban infrastructure, particularly in Asia's developing nations. Emerging economies like China and India are launching numerous pilot projects while still in the planning stage. Cambodia, Phnom Penh, Battambang, and Siem Reap have been selected to join the Association of Southeast Asian Nations (ASEAN) Smart Cities Network, which aims to foster smart, sustainable urban development in 26 cities in the region by 2025. The rapid rate of urbanization in nations like India is a significant driver behind the implementation of smart city projects, as smart city infrastructure enables end-users (like governmental organizations, healthcare providers, and transportation service providers) to respond more rapidly to issues that urban settlements face.
  • Emerging technologies like Al, ML, cloud, data analytics, loT, and cyber security have advanced rapidly in recent years. Better connectivity has been made possible by the increased adoption of these technologies in the setting of smart cities. Resulting in an ecosystem for smart cities that has been completely remodeled. The system may gather data from numerous sources with the aid of loT devices and then share it with a centralized control center by utilizing the cloud. Such advanced technologies are used not only to improve residents' lives, but also in areas such as security, privacy, and environmental sustainability. For instance, a Mexican city uses AT&T Control Center, a platform for the Internet of Things, to manage connected devices effectively and in real-time.

Global Smart Cities Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.

According to our global smart cities market analysis, rising analytics penetration, as well as ongoing technical advancements by leading providers, is improving the user experience and boosting market revenue development. Due to technical advancements in transportation and a rise in demand for the creation of linked cards, these cities are becoming a reality. Additionally, the emergence of smart solutions for buildings and transportation is driving market revenue growth. Rising analytics penetration, as well as ongoing technical advancements by leading providers, are improving the user experience and boosting market revenue development. In 2021, the smart utility segment led the market and held a share of more than 28%. In 2021, the smart infrastructure sector dominated the market, accounting for more than 28% of the market. In 2021, North America accounted for more than 30% of the global market. Asia Pacific is expected to grow at a significant CAGR over the forecast period. The key trend in the global smart city market is the spread of smart city projects in emerging economies.

Report Metric Details
Market size value in 2021 USD 445.26 billion
Market size value in 2030 USD 511.6 billion
Growth Rate 14.9%
Base year 2021
Forecast period 2023-2030
Forecast Unit (Value) USD Billion
Segments covered
  • Application
    • Smart governance, smart building, environmental solution, smart utilities, smart transportation and smart healthcare
  • Smart Governance
    • Smart lighting, smart infrastructure, c.c.s., e-governance, and city surveillance
  • Smart Utilities
    • Waste management, energy management, and water management
  • Smart Transportation
    • Intelligent transportation system, parking management and smart ticketing & travel assistance
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Cisco Systems, Inc.
  • IBM Corporation
  • Siemens AG
  • Microsoft Corporation
  • Oracle Corporation
  • Schneider Electric SE
  • Hitachi, Ltd.
  • Huawei Technologies Co., Ltd.
  • Honeywell International Inc.
  • ABB Ltd.
  • General Electric Company
  • Panasonic Corporation
  • Ericsson
  • Accenture plc
  • Intel Corporation
  • SAP SE
  • Fujitsu Limited
  • NEC Corporation
  • Siemens Mobility GmbH
  • Wipro Limited
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Smart Cities Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Smart Cities Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Global Smart Cities Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Smart Cities Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Smart Cities Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global Smart Cities Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQ's

Global Smart Cities Market size was valued at USD 445.26 billion in 2021 and is poised to grow from USD 511.6 billion in 2022 to USD 1554.15 billion by 2030, growing at a CAGR of 14.9% in the forecast period (2023-2030).

Global smart cities market is very competitive and fragmented. To capture a significant portion of the market, major industry players are concentrating on product advancements, new product launches, and geographic expansions. However, as more start-ups and new ventures are launched, the rivalry is progressively getting more intense. Due to the fact that many of the vendors work together on projects to supply certain solutions, mergers, and acquisitions play a significant role in the competitive environment of the smart city. Furthermore, prominent competitors have been known to engage heavily in R&D operations in order to innovate the product/service while adhering to delivery timelines. 'Cisco Systems, Inc.', 'IBM Corporation', 'Siemens AG', 'Microsoft Corporation', 'Oracle Corporation', 'Schneider Electric SE', 'Hitachi, Ltd.', 'Huawei Technologies Co., Ltd.', 'Honeywell International Inc.', 'ABB Ltd.', 'General Electric Company', 'Panasonic Corporation', 'Ericsson', 'Accenture plc', 'Intel Corporation', 'SAP SE', 'Fujitsu Limited', 'NEC Corporation', 'Siemens Mobility GmbH', 'Wipro Limited'

The increased investment in smart city designs is one of the positive elements fueling growth of the market. Because everything will be integrated into these smart cities and some regions would profit from the use of smart cities for garbage collection, certain plans are setting the standard in emerging countries where governments are investing billions of dollars in smart city designs. The cost of internet of things (IoT) sensors is another important element driving the expansion of the market. Sensors will be implemented in data visualization programs and screening support since they will help with the comfortable collection of trash. 

The key trend in the global smart city market is the spread of smart city projects in emerging economies. The development of smart cities has been a focus of developed nations in North America and Europe for the past ten years, and numerous initiatives have already been carried out. In terms of smart city technologies, APAC is the region that is expanding the fastest. An increase in the number of people living in cities across Asia is being propelled by rapid urban growth, which is in turn spurring the construction of urban infrastructure, particularly in Asia's developing nations. Emerging economies like China and India are launching numerous pilot projects while still in the planning stage. Cambodia, Phnom Penh, Battambang, and Siem Reap have been selected to join the Association of Southeast Asian Nations (ASEAN) Smart Cities Network, which aims to foster smart, sustainable urban development in 26 cities in the region by 2025. The rapid rate of urbanization in nations like India is a significant driver behind the implementation of smart city projects, as smart city infrastructure enables end-users (like governmental organizations, healthcare providers, and transportation service providers) to respond more rapidly to issues that urban settlements face.

In 2022, North America accounted for more than 30% of the global market for smart cities. The ongoing digital revolution in a number of sector verticals, including government, telecom, and finance, among others, can be credited with the expansion of the regional market. The area has a strong information and communication technology (ICT) infrastructure, federal and municipal governments work closely with ICT providers, and there are several well-known technology vendors there. These service providers and other local government bodies have broadly implemented certain elements of the civic connectivity infrastructure, which will facilitate the planning of the development of smart cities in the region. During the forecast period, these factors will support the expansion of the regional market.

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