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

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.