Smart Cities Market Forecasts to 2030 - Global Analysis By Technology (Artificial Intelligence, Cloud Computing, IOT (Internet of Things) and Other Technologies), Smart Transportation (Smart Ticketing, Connected Logistics, Parking Management, Passenger Information Management and Other Smart Transportations), Smart Building (Building Infrastructure Management, Safety and Security Management, Network Management, Integrated Workspace Management System, Residential Building, Commercial Building and Industrial Building), Smart Utilities, Smart Citizen Services and By Geography
According to Stratistics MRC, the Global Smart Cities Market is accounted for $813.11 billion in 2023 and is expected to reach $3624.08 billion by 2030 growing at a CAGR of 23.8% during the forecast period. A smart city is a cutting-edge idea for metropolitan areas that makes use of modern technology and data analysis to improve citizen quality of life, increase sustainability, and streamline urban services and decision-making. In most cases, this entails utilizing digital solutions to manage a city's resources and infrastructure more effectively, cut waste and costs, enhance communication between residents and city authorities, and deliver better public services. Smart cities seek to raise living standards and give residents a higher quality of life by integrating technology into a variety of urban services. By lowering carbon emissions and protecting natural resources, smart city projects seek to create a livable and environmentally friendly urban environment.
According to the United Nations Department of Economic and Social Affairs, the urban population in 2019 was 55.7%, which is projected to reach to 68.4% by 2050.
The government's investments in the creation of smart cities are being boosted by a number of factors, including increasing urbanization, a growing need for infrastructure management, and asset management. The internet of things technology has been widely adopted in smart cities to manage traffic flows, monitor city infrastructure, and check the quality of the air and water. This is due to advancements in technology. During the forecast period, it is anticipated that the market for smart cities will grow at a faster rate due to the increasing need to ensure public safety, resource efficiency, rising demand for energy efficiency, and healthy environments.
Lack the necessary infrastructure in underdeveloped economies
The legacy telecom infrastructure still in use in developing and underdeveloped countries is unable to provide low latency and high-capacity connectivity. A bad experience may result from slow internet. Due to the need for high-speed and low-latency internet for smart city ecosystem solutions, a slow connection will result in a lower level of service. The implementation of smart city solutions is very challenging due to the lack of high-speed internet. These nations' governments lack the funding to establish and guarantee the efficient operation of smart city solutions, which require expensive infrastructure.
Rising adoption of AI and IoT
The global development of smart cities and platforms is fueled by the increased adoption of the internet and the internet of things. To increase energy efficiency, local governments in other areas are spending money on intelligent and adaptable streetlights. The trend of growing IoT and connected devices is anticipated to continue over the forecast period as a result of smart city initiatives. The adoption of IoT-connected devices such as smart meters, smart homes, smart lighting, and smart transportation is expected to drive the development of platforms for smart cities.
Given that the entire city is networked, the use of security cameras and smart systems is excessively risky. Hackers can access your home network through the connected systems and look into your personal information. A further obstacle to maintaining anonymity is that smart systems are connected to numerous locations. Such issues limit the adoption of smart cities over the forecast period.
Due to the COVID-19 outbreak, numerous governments and local authorities have enacted strict lockdowns that have caused a shortage of workers and hampered their ability to meet the requirements of initiatives and planning for smart cities. However, many businesses have tried integrating cutting-edge technologies like AI and IoT in order to address the issues caused by the pandemic. In the upcoming years, it is anticipated that the adoption of e-health and e-government services, as well as trends like remote working and online education, will contribute to the adoption of digital cities.
The energy management segment is expected to be the largest during the forecast period
Over the anticipated period, the market was dominated by the energy management segment. The adoption of virtual power plants, which rely on AI, machine learning, and IoT to provide security and efficiency in response to the rising demand for energy, has been sparked by this trend. The main market players are concentrating on building a solid R&D infrastructure to support the advancement and overview of advanced energy management systems and designing analytics solutions to incorporate cutting-edge technologies like blockchain. These factors are helping the segment drive the market's expansion.
The smart lighting segment is expected to have the highest CAGR during the forecast period
Over the course of the forecast period, the smart lighting segment is anticipated to experience highest CAGR growth. Smart lighting can support a variety of smart city applications, including traffic management, public safety, environmental monitoring, smart parking, extended Wi-Fi, and cellular communications, among others, while also improving the city's energy efficiency and lowering energy and maintenance costs. Moreover, the development of human-centric lighting using light-emitting diodes and organic light-emitting diodes has given smart lighting a lot of traction recently.
Region with largest share:
Smart city technologies are widely used in this region, especially in the US. With the US and Canada at the forefront, North America is the region that has the most smart cities. Because of their enduring and established economies, these nations are able to make significant investments in R&D projects, which helps advance the creation of new technologies. This makes use of cutting-edge technologies like cloud edge computing and network slicing to encourage the adoption of smart cities for strategic urban management at a low cost. During the projection period, these factors will support the growth of the market.
Region with highest CAGR:
During the projected timeline, Asia Pacific is anticipated to witness lucrative growth. The rise in disposable income, the emergence of digital infrastructure, globalization, and economic advancements are all factors that have contributed to the region's growth. Asia Pacific businesses are eager to take advantage of the cost-effectiveness and other advantages of cloud-based solutions, which is encouraging for the development of applications like smart building, smart utilities, smart transportation, and smart governance.
Key players in the market
Some of the key players profiled in the Smart Cities Market include ABB Limited, AGT International, AT&T Intellectual Property, AVEVA Group plc., Cisco Systems, Inc., Ericsson, General Electric Co., Hitachi, Ltd, Honeywell International Inc., Huawei Technologies Co., Ltd., IBM Corporation, Intel Corporation, International Business Machines Corporation, Itron Inc., KAPSCH Group, Koninklijke Philips NV, Microsoft Corporation, Oracle Corporation, Osram Gmbh, SAP SE, Schneider Electric SE, Siemens AG and Telensa.
In November 2022, Emerson Electric Co. announced the completion of the previously announced USD 3-billion sale of its InSinkErator business to Whirlpool Corporation. It manufactures food waste disposers and instant hot water dispensers for home and commercial use. Whirlpool Corporation, a home appliance industry leader, is well-positioned to capitalize on InSinkErator's substantial legacy and performance to achieve long-term growth and success.
In July 2022, Ericsson Inc. acquired Vonage, and Vonage became a wholly-owned subsidiary of Ericsson. With this acquisition with Vonage on board, Ericsson would create a market for simple global network Application Program Interfaces ("APIs"), driving the next wave of digitalization. Ericsson would benefit from bringing Vonage Unified Communications as a Service (UCaaS) and Contact Center as a Service (CCaaS) solutions to its existing customers in the near term.
• Artificial Intelligence
• Cloud Computing
• IOT (Internet of Things)
• Machine Learning
• Machine-to-Machine Communication
• Other Technologies
Smart Transportations Covered:
• Smart Ticketing
• Connected Logistics
• Parking Management
• Passenger Information Management
• Traffic Management
• Traffic Surveillance
• Other Smart Transportations
Smart Buildings Covered:
• Building Infrastructure Management
• Safety and Security Management
• Network Management
• Integrated Workspace Management System
• Residential Building
• Commercial Building
• Industrial Building
Smart Utilities Covered:
• Energy Management
• Water Management
• Waste Management
• Advanced Metering Infrastructure
• Distribution Management System
• Substation Automation
• Other Smart Utilities
Smart Citizen Services Covered:
• Smart Environment
• Smart Healthcare
• City Surveillance
• Smart Education
• Smart Public Safety
• Smart Street Lighting
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026 and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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All the customers of this report will be entitled to receive one of the following free customization options:
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o Comprehensive profiling of additional market players (up to 3)
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o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
3 Market Trend Analysis
3.6 Technology Analysis
3.7 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Smart Cities Market, By Technology
5.2 Artificial Intelligence
5.3 Cloud Computing
5.4 IOT (Internet of Things)
5.5 Machine Learning
5.6 Machine-to-Machine Communication
5.7 Other Technologies
6 Global Smart Cities Market, By Smart Transportation
6.2 Smart Ticketing
6.3 Connected Logistics
6.4 Parking Management
6.5 Passenger Information Management
6.6 Traffic Management
6.7 Traffic Surveillance
6.8 Other Smart Transportations
7 Global Smart Cities Market, By Smart Building
7.2 Building Infrastructure Management
7.2.1 Parking Management System
7.2.2 Elevator and Escalators Management System
7.3 Safety and Security Management
7.3.1 Access Control System
7.3.2 Video Surveilliance System
7.3.3 Safety System
7.4 Network Management
7.5 Integrated Workspace Management System
7.6 Residential Building
7.7 Commercial Building
7.8 Industrial Building
8 Global Smart Cities Market, By Smart Utilities
8.2 Energy Management
8.2.1 HVAC System
8.2.2 Lighting System
8.3 Water Management
8.4 Waste Management
8.5 Advanced Metering Infrastructure
8.5.1 Meter Data Analytics
8.5.2 Meter Data Management
8.5.3 Smart Meter
8.5.4 Other Advanced Metering Infrastructures
8.6 Distribution Management System
8.7 Substation Automation
8.8 Other Smart Utilities
9 Global Smart Cities Market, By Smart Citizen Services
9.2 Smart Environment
9.2.1 Air Quality Monitoring
9.2.2 Climate Monitoring
9.2.3 Noise Mapping & Monitoring
9.3 Smart Healthcare
9.3.1 Connected Healthcare Solutions
9.4 City Surveillance
9.5 Smart Education
9.6 Smart Public Safety
9.7 Smart Lighting
10 Global Smart Cities Market, By Geography
10.2 North America
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa
11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.5 Other Key Strategies
12 Company Profiling
12.1 ABB Limited
12.2 AGT International
12.3 AT&T Intellectual Property
12.4 AVEVA Group plc.
12.5 Cisco Systems, Inc.
12.7 General Electric Co.
12.8 Hitachi, Ltd
12.9 Honeywell International Inc.
12.10 Huawei Technologies Co., Ltd.
12.11 IBM Corporation
12.12 Intel Corporation
12.13 International Business Machines Corporation
12.14 Itron Inc.
12.15 KAPSCH Group
12.16 Koninklijke Philips NV
12.17 Microsoft Corporation
12.18 Oracle Corporation
12.19 Osram Gmbh
12.2 SAP SE
12.21 Schneider Electric SE
12.22 Siemens AG
List of Tables
1 Global Smart Cities Market Outlook, By Region (2021-2030) ($MN)
2 Global Smart Cities Market Outlook, By Technology (2021-2030) ($MN)
3 Global Smart Cities Market Outlook, By Artificial Intelligence (2021-2030) ($MN)
4 Global Smart Cities Market Outlook, By Cloud Computing (2021-2030) ($MN)
5 Global Smart Cities Market Outlook, By IOT (Internet of Things) (2021-2030) ($MN)
6 Global Smart Cities Market Outlook, By Machine Learning (2021-2030) ($MN)
7 Global Smart Cities Market Outlook, By Machine-to-Machine Communication (2021-2030) ($MN)
8 Global Smart Cities Market Outlook, By Other Technologies (2021-2030) ($MN)
9 Global Smart Cities Market Outlook, By Smart Transportation (2021-2030) ($MN)
10 Global Smart Cities Market Outlook, By Smart Ticketing (2021-2030) ($MN)
10 Global Smart Cities Market Outlook, By Connected Logistics (2021-2030) ($MN)
10 Global Smart Cities Market Outlook, By Parking Management (2021-2030) ($MN)
13 Global Smart Cities Market Outlook, By Passenger Information Management (2021-2030) ($MN)
14 Global Smart Cities Market Outlook, By Traffic Management (2021-2030) ($MN)
15 Global Smart Cities Market Outlook, By Traffic Surveillance (2021-2030) ($MN)
16 Global Smart Cities Market Outlook, By Other Smart Transportations (2021-2030) ($MN)
17 Global Smart Cities Market Outlook, By Smart Building (2021-2030) ($MN)
18 Global Smart Cities Market Outlook, By Building Infrastructure Management (2021-2030) ($MN)
19 Global Smart Cities Market Outlook, By Parking Management System (2021-2030) ($MN)
20 Global Smart Cities Market Outlook, By Elevator and Escalators Management System (2021-2030) ($MN)
21 Global Smart Cities Market Outlook, By Safety and Security Management (2021-2030) ($MN)
22 Global Smart Cities Market Outlook, By Access Control System (2021-2030) ($MN)
23 Global Smart Cities Market Outlook, By Video Surveilliance System (2021-2030) ($MN)
24 Global Smart Cities Market Outlook, By Safety System (2021-2030) ($MN)
25 Global Smart Cities Market Outlook, By Network Management (2021-2030) ($MN)
26 Global Smart Cities Market Outlook, By Integrated Workspace Management System (2021-2030) ($MN)
27 Global Smart Cities Market Outlook, By Residential Building (2021-2030) ($MN)
28 Global Smart Cities Market Outlook, By Commercial Building (2021-2030) ($MN)
29 Global Smart Cities Market Outlook, By Industrial Building (2021-2030) ($MN)
30 Global Smart Cities Market Outlook, By Smart Utilities (2021-2030) ($MN)
31 Global Smart Cities Market Outlook, By Energy Management (2021-2030) ($MN)
32 Global Smart Cities Market Outlook, By HVAC System (2021-2030) ($MN)
33 Global Smart Cities Market Outlook, By Lighting System (2021-2030) ($MN)
34 Global Smart Cities Market Outlook, By Water Management (2021-2030) ($MN)
35 Global Smart Cities Market Outlook, By Waste Management (2021-2030) ($MN)
36 Global Smart Cities Market Outlook, By Advanced Metering Infrastructure (2021-2030) ($MN)
37 Global Smart Cities Market Outlook, By Meter Data Analytics (2021-2030) ($MN)
38 Global Smart Cities Market Outlook, By Meter Data Management (2021-2030) ($MN)
39 Global Smart Cities Market Outlook, By Smart Meter (2021-2030) ($MN)
40 Global Smart Cities Market Outlook, By Other Advanced Metering Infrastructures (2021-2030) ($MN)
41 Global Smart Cities Market Outlook, By Distribution Management System (2021-2030) ($MN)
42 Global Smart Cities Market Outlook, By Substation Automation (2021-2030) ($MN)
43 Global Smart Cities Market Outlook, By Other Smart Utilities (2021-2030) ($MN)
44 Global Smart Cities Market Outlook, By Smart Citizen Services (2021-2030) ($MN)
45 Global Smart Cities Market Outlook, By Smart Environment (2021-2030) ($MN)
46 Global Smart Cities Market Outlook, By Air Quality Monitoring (2021-2030) ($MN)
47 Global Smart Cities Market Outlook, By Climate Monitoring (2021-2030) ($MN)
48 Global Smart Cities Market Outlook, By Noise Mapping & Monitoring (2021-2030) ($MN)
49 Global Smart Cities Market Outlook, By Smart Healthcare (2021-2030) ($MN)
50 Global Smart Cities Market Outlook, By Connected Healthcare Solutions (2021-2030) ($MN)
51 Global Smart Cities Market Outlook, By Telemedicine (2021-2030) ($MN)
52 Global Smart Cities Market Outlook, By City Surveillance (2021-2030) ($MN)
53 Global Smart Cities Market Outlook, By Smart Education (2021-2030) ($MN)
54 Global Smart Cities Market Outlook, By Smart Public Safety (2021-2030) ($MN)
55 Global Smart Cities Market Outlook, By Smart Lighting (2021-2030) ($MN)
56 Global Smart Cities Market Outlook, By E-governance (2021-2030) ($MN)
Note: Tables for North America, Europe, Asia Pacific, South America and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
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