Smart Cities Market

Global Smart Cities Market Size (2024 to 2032)

The global smart cities market is predicted to reach USD 630.97 billion in 2024 and USD 1,949.03 billion by 2032, growing at a CAGR of 15.14% during the forecast period.

MARKET DRIVERS

The government's increasing investment in smart cities and initiatives taken by governments drive the overall demand for smart cities.

In the global smart cities market, various factors play an essential role in growth and development. Also, rising urbanization boosting the technology market in smart cities, which helps the consumer in daily life, is one of the important driving factors for the changing preference of the consumer towards smart city plans. The rising involvement in the sector of corporates and public-private partnerships is the new market-driving opportunity for smart city projects. Also, the manufacturing of electric vehicles has started for smart cities to reduce air and noise pollution, promoting market growth. In the Asia Pacific region, the technology base components are implemented in smart cities, which are pivotal in the growth of the Asia Pacific smart city market. In Latin America, the changing preferences of people towards the smart city and demand for technology give new opportunities for their smart city projects, which are growing. Also, people use Information and communication technology day by day, so the use of internet services drives the new trend in the industry. Hardware and software have increased the market growth with the help of computer-based services in the global smart city market. Besides, the use of Artificial Intelligence in the Smart City market drives the major adoption in the sectors of education, healthcare, transportation, and so on.

MARKET RESTRAINTS

The increasing demand for smart cities is making a few changes in the traditional methods of human beings.

The technology used for improving lifestyle is creating distance between rural areas and urban areas. Continually searching for and acquiring land is the major restraint factor.  The growth of Population and well-planned cities in every country create difficulty in providing smart city facilities for everyone. Also, increasing pollution and overcrowding increased because of urbanization and industrialization due to smart cities. Smart City provides a lavish lifestyle, but due to this reason, natural resources are going to exist, and they come in danger. Some government rules are in favor of nature, but they do not give permission for smart cities. A smart city lifestyle is highly cost-effective, so middle-class and lower-class consumers will not adopt the facilities of a smart city. Also, the increasing demand for internet service is creating cybercrime, and it is the most harmful and restraining aspect.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Smart Cities Market Analysis By Focus Area

Air transportation is the major element of a smart city and has a major share. APAC and MEA are the regions that will grow in smart city transportation in the future. Smart utilities are categorized as advanced metering infrastructure, distribution, and management systems. In the utilities sector, the distribution management system drives demand response management, therefore having a notable market share.

Global Smart Cities Market Analysis By Transportation

In Primetime of smart city management, the focus was on traffic management and passenger information, but now the focus is on the connected vehicle segments.

Global Smart Cities Market Analysis By Smart Building and Solution

Smart cities will face most of the factors in the future, so the management of this section is really important. Emergency services are the most important part of a smart city.

REGIONAL ANALYSIS

After the European countries, Asia Pacific is the leading smart city market after the European countries. In this region, almost 80 countries have completed the intelligent city infrastructure. With favorable government initiatives, different countries are making some development under smart city projects. For instance, India invested 107.95 crore rupees in smart city projects. China invested 500 crores, and Dubai planned a 100% paperless government.

KEY PLAYERS IN THE GLOBAL SMART CITIES MARKET

 In the global Smart City energy market, Schneider Electric is a leading company, and IBM Corporation is a leading company for all components

• IBM Corporation (U.S.)
• Ericsson (Sweden)
• Cisco Systems Inc.(U.S.)
• Oracle Corporation (U.S.)
• Microsoft Corporation (U.S.)
• Huawei Technologies Co Ltd. (China)
• AT&T Inc. (U.S)
• Schneider Electric SE (France)
• Siemens AG (Germany)
• Hitachi Corporation (U.S.) and others.

DETAILED SEGMENTATION OF THE GLOBAL SMART CITIES MARKET INCLUDED IN THIS REPORT

This research report on the global smart cities market has been segmented and sub-segmented based on the focus area, transportation, smart building and solution, and region. 

By Focus Area

• Transportation
• Building
• Utilities

By Transportation

• Smart Ticketing
• Traffic Management
• Passenger Information Management System
• Freight Information System
• Connected Vehicles

By Smart Building and Solution

• Building Energy Optimization
• Emergency Management System
• Parking Management Systems

By Region

• North America
• Europe
• APAC
• LATAM
• Middle East and Africa