What is the global market size of Smart Cities Market?

Global Smart Cities Market size was valued at USD 692.61 billion in 2022 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).

Who are the key vendors in the Global Smart Cities Market?

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', '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)'

What is the key market trend for Global Smart Cities Market?

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. 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.

Which region accounted for the largest share in Global Smart Cities Market?

In 2023, North America accounted for more than 30% of the global 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.

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

Q: What is the key driver of Global Smart Cities Market?

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.

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

Smart Cities Market News

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.

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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 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

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What is the global market size of Smart Cities Market?

Who are the key vendors in the Smart Cities Market?

What is the key driver of Smart Cities Market?

What is the key market trend for Smart Cities Market?

Which region accounted for the largest share in Smart Cities Market?

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