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The global smart cities market size was US$ 511.1 billion in 2021. The global smart cities market is forecast to grow to US$ 1841.9 billion by 2030 by registering a compound annual growth rate (CAGR) of 11.1% during the forecast period from 2022 to 2030.
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A well-connected city, also referred to as a “Smart City,” is integrated with a variety of ICTs to promote public welfare initiatives and share information among the people. This method has been gaining traction for many years and is considered the best to ensure public safety as users get hold of services like monitoring high crime rates, sensor-based emergency planning, etc. It incorporates novel ways to increase productivity, economy, control, integration, and sustainability.
Factors Influencing the Market
The need for the safety of public infrastructure is gaining its peak. Thus, smart city projects are expected to increase in the coming years to ensure the required safety for the public. Apart from that, a smart city also allows the easy accessibility to communication platforms, which is one of the prominent benefits driving the growth of the market.
The rising urban population will accelerate the growth of smart cities as governments are introducing plans to provide a home to a large population. In highly populated countries like India and China, governments are making several efforts to give a home to the people. Apart from that, growing greenhouse gas emissions and raising awareness about its harmful effects will amplify the growth of the smart cities market during the study period. For instance, the government of India unveiled its Smart Cities Mission with the aim to drive economic growth and enhance the quality of living. The government of Nagaland and other countries are also making investments in an effort to bring out the best possible results. Thus, such efforts are projected to fuel the growth of the smart cities market during the study period.
On the contrary, safety concerns may limit the growth of the smart cities market during the study period.
COVID-19 Impact Analysis
The focus on infrastructure development significantly shifted as healthcare became the primary priority for governments. Moreover, the sudden economic slowdown in various countries highly affected the smart city market.
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Regional Analysis
The Asia-Pacific smart cities market recorded substantial growth due to the growing demand for smart solutions for power management, transport, network maintenance, etc. Apart from that, the mounting deployment of smart solutions and the need to reduce carbon emission is expected to bring lucrative growth opportunities for the market during the study period. The region also holds the highest population, which significantly upscales the demand for a home for people. As a result, it will be opportunistic for the smart cities market during the analysis period.
Competitors in the Market
• Cisco Systems (US)
• Ericsson (Sweden)
• ABB (Switzerland)
• AGT International (Switzerland)
• KAPSCH Group (Austria)
• IBM (US)
• Vodafone (UK)
• Honeywell International Inc. (US)
• Telensa (England)
• Schneider Electric (France)
• Siemens AG (Germany)
• Other Prominent Players
Market Segmentation
The global smart cities market segmentation focuses on Service Building, Smart Utilities, and regions.
By Service building Type
• Type
• Solutions
• Services deployment and integration
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By Smart utilities
• Public Safety
• Smart Healthcare
• Smart Education
• Smart Street Lighting
• e-Governance
By Regional Outlook
● North America
o The U.S.
o Canada
o Mexico
● Europe
Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
● Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
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● Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
● South America
o Brazil
o Argentina
o Rest of South America
Table of Content
Chapter 1: Global Smart Cities Industry Overview
Chapter 3: Market Dynamics
Chapter 4: Top Company Profiles
Chapter 5: Global Smart Cities market Competition, by Players
Chapter 6: Global Market Size by Regions
Chapter 7: Global Market Segment by Application
Chapter 8: Global Smart Cities Industry Segment by Type
Chapter 9: Market Chain, Sourcing Strategy, and Downstream Buyers
Chapter 10: Strategies and key policies by Distributors/Suppliers/Traders
Chapter 11: Key Marketing Strategy Analysis, by Market Vendors
Chapter 12: Market Effect Factors Analysis
Chapter 13: Global Smart Cities market Size Forecast (2023-2032).
Continue….
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of Smart Cities market revenues on a global, regional, and country level, projecting trends until 2032. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the Smart Cities market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the Smart Cities market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate Smart Cities business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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