Smart Cities Market Size, Share, Growth Analysis, By Smart transportation(Smart Ticketing and Connected Logistics), By Smart Utilities(Offering and Services), By Smart Citizen Service(Smart Healthcare and Smart Street Lighting), By Region - Industry Forecast 2025-2032


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

Smart Cities Market Insights

Smart Cities Market size was valued at USD 0 Billion in 2023 and is poised to grow from USD 0 Billion in 2024 to USD 0 Billion by 2032, growing at a CAGR of 0 during the forecast period (2025-2032).

In 2023, North America held a larger share than any other region in the global smart cities market. The expansion of the local market can be attributed to the ongoing digital revolution taking place in many business verticals, such as government, communication, and finance. The region is home to several well-known technology vendors, a robust information and communication technology (ICT) infrastructure, and tight cooperation between municipal and federal governments and ICT providers. These service providers and other local government entities have partially created the municipal connectivity infrastructure, which will facilitate the area's readiness for the development of smart cities. Over the forecast period, these factors will support the expansion of the regional market. 

Southeast Asia-Pacific is expected to grow at a notable CAGR of 29.2% during the forecast period. Many factors, including globalization, the development of digital infrastructure, rising disposable income, and economic developments, have contributed to the region's expansion. The demand of enterprises in the Asia Pacific region to take advantage of cloud-based solutions' advantages, like cost effectiveness, is driving the development of apps such as smart buildings, smart utilities, smart transportation, and smart governance. 

Market snapshot - 2025-2032

Global Market Size

USD 692.61 billion

Largest Segment

Services

Fastest Growth

Software

Growth Rate

25.7% CAGR

Global Smart Cities Market ($ Bn)
Country Share for North America Region (%)

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Smart Cities Market Segmental Analysis

The global smart cities market is segmented into smart transportation, smart utilities, smart citizen service, and region. By smart transportation, the market is classified into smart ticketing and connected logistics. Depending on smart utilities, it is categorized into offering and services. According to smart citizen service, the market is bifurcated into smart healthcare and smart street lighting. Regionally, it is analyzed across North America, Asia-Pacific, Latin America, Europe, and Middle East & Africa. 

Analysis By Smart Utilities 

The advanced metering infrastructure segment has the largest share. Growth is accelerated by the development of demand response management, efficient energy management, and reduced energy consumption. Real-time data collection and analysis are made possible by AMI systems, which facilitate bidirectional data exchange between utilities and consumers. Improved customer service, quicker outage detection, and more accurate billing are some benefits of this business.  

The segment that will grow at the fastest rate is infrastructure monitoring and management. This growth can be ascribed to the demand for reliable and secure critical infrastructure systems. These solutions, providing real-time data analysis and 24/7 monitoring, support proactive maintenance and, hence, early detection of potential issues. For instance, smart sensors and Internet of Things (IoT) devices are used to monitor the condition of power lines, water pipes, and bridges to lower the predictability of breaks and the corresponding expensive repairs. 

Analysis By Smart Citizen Service 

The smart healthcare segment had the highest compound annual growth rate (CAGR) for smart city services over the forecast period in 2023. This growth is being driven by the need for innovative healthcare solutions that improve patient outcomes and raise the efficacy of healthcare delivery. AI-driven diagnostics, telemedicine, and the integration of IoT devices are some of the innovations that are revolutionizing healthcare in smart cities. These technologies not only enable personalized treatment plans, remote patient monitoring, and real-time health data analysis, but they also significantly improve healthcare quality and accessibility.  

Over the forecast period, the smart street lighting market is expected to grow at a notable compound annual growth rate (CAGR) of 25.8%. Smart lighting can support a wide range of smart city applications, including traffic control, public safety, environmental monitoring, smart parking, extended Wi-Fi, and cellular communications, in addition to improving the city's energy efficiency and lowering energy and maintenance costs. Due to the advancement of human-centric lighting that uses both organic and light-emitting diodes, smart lighting has been very popular recently.  

Global Smart Cities Market By Smart Citizen Service

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Smart Cities Market Regional Insights

In 2023, North America held a larger share than any other region in the global smart cities market. The expansion of the local market can be attributed to the ongoing digital revolution taking place in many business verticals, such as government, communication, and finance. The region is home to several well-known technology vendors, a robust information and communication technology (ICT) infrastructure, and tight cooperation between municipal and federal governments and ICT providers. These service providers and other local government entities have partially created the municipal connectivity infrastructure, which will facilitate the area's readiness for the development of smart cities. Over the forecast period, these factors will support the expansion of the regional market. 

Southeast Asia-Pacific is expected to grow at a notable CAGR of 29.2% during the forecast period. Many factors, including globalization, the development of digital infrastructure, rising disposable income, and economic developments, have contributed to the region's expansion. The demand of enterprises in the Asia Pacific region to take advantage of cloud-based solutions' advantages, like cost effectiveness, is driving the development of apps such as smart buildings, smart utilities, smart transportation, and smart governance.  

Global Smart Cities Market By Geography
  • Largest
  • Fastest

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Smart Cities Market Dynamics

Drivers 

Investing More Money into Smart City Design 

  • The growing investment in smart city designs is one of the factors propelling the smart cities market's expansion. Since everything would be incorporated into these smart cities and some regions would profit from adopting smart cities for rubbish collection, certain plans are setting the trend 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 smart city industry. 

Increasing Hyperconnectivity and the Creation of New Technologies 

  • Hyper-connectivity is attractive as it allows one to actively engage people and technologies. The ability of billions of devices to connect and communicate with one another thanks to the development of the Internet of Things will propel growth in the market for smart cities. Governments have also recognized the importance of disruptive technology as a part of smart cities.  

Restraints 

High Cost of System Deployment 

  • Smart city solutions are out of reach for economies with little resources due to the high cost of developing a system of this nature. The development and integration of smart city infrastructure can be very expensive, with estimates for mid-sized towns topping $100 million. Although smarter infrastructure might improve operating costs and energy efficiency, the initial cost is a significant barrier. 

Privacy and Data Security Concerns 

  • Concerns over data security and privacy are a major barrier to the smart city industry. Smart city initiatives primarily rely on the collection and analysis of enormous volumes of data from numerous sources, including IoT devices, sensors, and citizen interactions, ensuring the security and privacy of data is essential. This may have contributed to the proliferation of cyberattacks. High-profile data breaches have been restraining adoption and investment by the public.  

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Smart Cities Market Competitive Landscape

The smart cities market is already very competitive and fragmented globally. Major industry players capture the greatest share of the market by mostly focusing on product development to develop differentiation. But as more startups and new companies open shops, the level of competition is gradually increasing. Mergers and acquisitions play a significant role in the highly competitive smart city market since multiple vendors work together on projects to supply solutions.  

Top Player’s Company Profiles 

Recent Developments 

  • In December 2023, Msheireb Properties, a property developer based in the State of Qatar, and Microsoft Corporation, a software development company, signed a Memorandum of Understanding for the development of a "Smart Experience" project for visitors, retail customers, residents, and business clients at MP's development known as Msheireb Downtown Doha. Utilizing the new ways to enhance the quality of life for members of the MDD community, Smart Experience is taking urban living in a different way of engagement with urban residents and their surroundings. 
  • In November 2023, the Smart City Expo World Congress, an international congress on cities and smart urban solutions organized by Fira de Barcelona. It is an event that aims at improving livability, efficiency, and sustainability in today's modern cities by showcasing some of the innovative urban initiatives and solutions. 
  • In August 2023, the Corporation Limited of Tirupati Smart City witnessed the introduction of the new Smart City initiative by IT services provider NEC Corporation India. As part of this project, NEC Corporation India would establish a City Operations Center (COC) in Tirupati and implement ICT solutions all around the city.  

Smart Cities Key Market Trends

Revolutionary Impact of Emerging Technologies on Smart Cities 

  • Many developing technologies have grown rapidly in the previous few years, such as Al, ML, cloud, data analytics, loT, and cyber security. Their increased use in smart city-related situations and improved connectivity have resulted in a fundamental change in the ecology for smart cities. The system may leverage cloud computing to share data with a centralized control center after gathering data from several sources with the aid of loT devices. These advanced technologies improve locals' quality of life while also being applied in areas such as privacy, security, and environmental sustainability.  

Smart Cities Market SkyQuest Analysis

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

As per SkyQuest analysis, the use of smart building and transportation solutions is responsible for the rise in market revenue. North America led the world in terms of market share for smart cities relative to all other areas. The local market is growing due to continuous digital transformation taking place in several corporate verticals, such as banking, government, and communication. Major industry players are focusing on product development, new product launches, and foreign expansions to gain a large portion of the market. 

Report Metric Details
Market size value in 2023 USD 0 Billion
Market size value in 2032 USD 0 Billion
Growth Rate 0 during the forecast period (2025-2032).

%
Base year 2024
Forecast period 2025-2032
Forecast Unit (Value) USD Billion
Segments covered
  • Smart transportation
    • Smart Ticketing and Connected Logistics
  • Smart Utilities
    • Offering and Services
  • Smart Citizen Service
    • Smart Healthcare and Smart Street Lighting
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
Customization scope

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  • Region

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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 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 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 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 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 Smart Cities Market:

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

Regional Analysis: Further analysis of the 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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FAQs

Smart Cities Market size was valued at USD 0 Billion in 2023 and is poised to grow from USD 0 Billion in 2024 to USD 0 Billion by 2032, growing at a CAGR of 0 during the forecast period (2025-2032).

The smart cities market is already very competitive and fragmented globally. Major industry players capture the greatest share of the market by mostly focusing on product development to develop differentiation. But as more startups and new companies open shops, the level of competition is gradually increasing. Mergers and acquisitions play a significant role in the highly competitive smart city market since multiple vendors work together on projects to supply solutions.   'IBM Corporation ', 'Siemens ', 'Microsoft ', 'Huawei ', 'ABB ', 'Honeywell ', 'NEC ', 'Oracle ', 'Accenture ', 'Google ', 'Nokia ', 'Samsung ', 'Motorola ', 'Hitachi ', 'TCS '

The growing investment in smart city designs is one of the factors propelling the smart cities market's expansion. Since everything would be incorporated into these smart cities and some regions would profit from adopting smart cities for rubbish collection, certain plans are setting the trend 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 smart city industry. 

Many developing technologies have grown rapidly in the previous few years, such as Al, ML, cloud, data analytics, loT, and cyber security. Their increased use in smart city-related situations and improved connectivity have resulted in a fundamental change in the ecology for smart cities. The system may leverage cloud computing to share data with a centralized control center after gathering data from several sources with the aid of loT devices. These advanced technologies improve locals' quality of life while also being applied in areas such as privacy, security, and environmental sustainability.  

In 2023, North America held a larger share than any other region in the global smart cities market. The expansion of the local market can be attributed to the ongoing digital revolution taking place in many business verticals, such as government, communication, and finance. The region is home to several well-known technology vendors, a robust information and communication technology (ICT) infrastructure, and tight cooperation between municipal and federal governments and ICT providers. These service providers and other local government entities have partially created the municipal connectivity infrastructure, which will facilitate the area's readiness for the development of smart cities. Over the forecast period, these factors will support the expansion of the regional market. 

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Smart Cities Market

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