Smart Cities Market Size, Share, Growth Analysis, By Component(Hardware, Software), By Solution(Smart Governance, Smart Building) - Industry Forecast 2024-2031

Report ID: SQMIG45D2058 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 66 | Figures: 75

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Smart Cities Market size was valued at USD 692.61 billion in 2019 and is poised to grow from USD 870.61 billion in 2023 to USD 5426.3 billion by 2031, growing at a CAGR of 25.7% in the forecast period (2024-2031). 

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', 'Intel Corporation', 'Siemens (Germany) ', 'Microsoft (US) ', 'Hitachi (Japan) ', 'Schneider Electric (France) ', 'Huawei (China) ', 'NEC (Japan) ', 'ABB (Switzerland) ', 'Ericsson (Sweden) ', 'Oracle (US) ', 'Fujitsu (Japan) ', 'Honeywell (US) ', 'Accenture (Ireland) ', 'Motorola (US) ', 'Google (US), ', 'TCS (India) ', 'Nokia (Finland)', 'Samsung (South Korea)'

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 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. 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 those urban settlements face.

In 2023, North America accounted for more than 30% of the market for smart cities. The ongoing digital revolution in several sector verticals, including government, telecom, and finance, among others, can be credited with expanding 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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Global smart cities market

Product ID: SQMIG45D2058