The global Smart Cities market in 2019 was approximately USD 83.10 Billion. The market is expected to grow at a CAGR of 20% and is anticipated to reach around USD 297.7 Billion by 2026.
The Smart Cities market is witnessing a significant growth owing the high demand for public safety, rising government initiatives & PPP models, increasing use of connected and smart technologies in smart cities initiatives,optimizing energy utilization, and citizen empowerment & engagement. The rising awareness about smart everything is the reason behind the concept of smart cities. The smart cities concept is likely to help the public gain access to all the intermediary technologies. The smart cities market is basically driven by the support provided by city governments, central/federal governments, and other governing authorities.
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The increasing adoption of advanced technologies & innovations for increasing the standard of living is the reason primarily boosting the growth of the Smart Cities market. Additionally, the growing population &urbanization and rising demand for sustainable infrastructure further help propel the market. Furthermore, the government across the world is trying to adopt mobility, utility management, and safety through smart cities initiatives. On the other hand, the increasing greenhouse gas emissions and traffic congestion are surging the demand for adoption of intelligent mobility and efficient energy management applications, thereby bolstering the global Smart Cities market. The advancements taking place in the healthcare, transport, energy, governance, and intelligence sector is likely to provide lucrative opportunities to the smart cities market in the coming years. Moreover, the growing use of Public-Private Partnership (PPP) models, cognitive computing, Internet of Things, cloud computing, and open data is predicted to drive the execution of smart cities concept.
Market Segment Dominance:
- Smart utility category is expected to dominate the global Smart Cities market during the forecast period
The deployment of numerous technologies in the various cities to easy billing and distribution of electricity, water, and fuel (LPG) among the residents for effective monitoring will further encourage the concept of smart cities. Apart from this, the high demand for energy grids and smart meters has escalated the requirement for energy utilization control and the development of more sustainable communities.
- Smart transportation category exhibits significant growth during the forecast period
The smart transportation category is anticipated to grow at a faster rate owing to the increasing government and private funding in the transportation sector. Moreover, the rising consumption & generation of renewable energy coupled with the newer infrastructures or technologies across the globe further drive the growth of this category.
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- Europe is expected to dominate the global Smart Cities market
Europe is expected to hold the majority of the market share of the global Smart Cities market during the forecast period owing to the increasing European Union’s initiatives and development projects commenced by local governing bodies in the region. The increasing funding and financial models, developed infrastructure and technology, and governance structures are factors anticipated to fuel the European Smart Cities market growth.
Some of the key players of the global Smart City market include ABB Limited; Accenture; Schneider Electric SE; Siemens AG; Huawei Technologies Co. Ltd.; Cisco Systems, Inc.; IBM Corporation; Oracle Corporation; Microsoft Corporation, Honeywell International Inc.; Hitachi, Ltd.; and Intel Corporation.
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This report segments the global Smart Cities market as follows:
Global Smart Cities Market: Application Segmentation Analysis
- Smart Governance
- City Surveillance
- Command & Control Solution
- Smart Lighting
- Smart Infrastructure
- Smart Building
- Environmental Solution
- Smart Utilities
- Energy Management
- Water Management
- Waste Management
- Smart Transportation
- Intelligent Transportation System
- Parking Management
- Smart Ticketing & Travel Assistance
- Smart Healthcare
Global Smart Cities Market: Regional Segmentation Analysis
- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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