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The smart city market is forecasted to grow by USD 345.8 billion during 2023-2028, accelerating at a CAGR of 24.81% during the forecast period. The report on the smart city market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.
The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. The market is driven by increase in it consolidation and modernization, enhanced global broadband connectivity, and growing investment in smart cities.
The smart city market is segmented as below:
By Application
- Smart infrastructure
- Smart energy
- Smart mobility
- Smart security
- Others
By Component
- Hardware
- Software
- Services
By Geography
- Europe
- North America
- APAC
- South America
- Middle East and Africa
This study identifies the proliferation of smart city projects in emerging economies as one of the prime reasons driving the smart city market growth during the next few years. Also, rising adoption of smart healthcare and growing inclination toward integrating augmented reality (AR), virtual reality (VR), and artificial intelligence (AI) in smart classrooms will lead to sizable demand in the market.
The report on the smart city market covers the following areas:
- Smart city market sizing
- Smart city market forecast
- Smart city market industry analysis
The robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading smart city market vendors that include ABB Ltd., Accenture Plc, Aeris Communications Inc., Alphabet Inc., Cisco Systems Inc., General Electric Co., Hewlett Packard Enterprise Co., Hitachi Ltd., Honeywell International Inc., Huawei Technologies Co. Ltd., International Business Machines Corp., Itron Inc., LG Electronics Inc., Microsoft Corp., Oracle Corp., SAP SE, Schneider Electric SE, Siemens AG, Semtech Corp., and Signify NV. Also, the smart city market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage all forthcoming growth opportunities.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.
The report presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers. The data presented is comprehensive, reliable, and a result of extensive research - both primary and secondary. The market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast the accurate market growth.
Table of Contents
Executive Summary
The following companies are recognized as the key players in the global smart city market: ABB Ltd., Accenture Plc, Aeris Communications Inc., Alphabet Inc., Cisco Systems Inc., General Electric Co., Hewlett Packard Enterprise Co., Hitachi Ltd., Honeywell International Inc., Huawei Technologies Co. Ltd., International Business Machines Corp., Itron Inc., LG Electronics Inc., Microsoft Corp., Oracle Corp., SAP SE, Schneider Electric SE, Siemens AG, Semtech Corp., and Signify NV.Commenting on the report, an analyst from the research team said: "The latest trend gaining momentum in the market is proliferation of smart city projects in emerging economies."
According to the report, one of the major drivers for this market is the increase in it consolidation and modernization.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- ABB Ltd.
- Accenture Plc
- Aeris Communications Inc.
- Alphabet Inc.
- Cisco Systems Inc.
- General Electric Co.
- Hewlett Packard Enterprise Co.
- Hitachi Ltd.
- Honeywell International Inc.
- Huawei Technologies Co. Ltd.
- International Business Machines Corp.
- Itron Inc.
- LG Electronics Inc.
- Microsoft Corp.
- Oracle Corp.
- SAP SE
- Schneider Electric SE
- Siemens AG
- Semtech Corp.
- Signify NV
