The smart cities market size has grown exponentially in recent years. It will grow from $667.51 billion in 2023 to $808.46 billion in 2024 at a compound annual growth rate (CAGR) of 21.1%. The expansion in the historical period can be ascribed to swift urbanization, concerns about environmental sustainability, issues related to traffic congestion and mobility, considerations for energy efficiency and resource management, and government initiatives and funding.
The smart cities market size is expected to see rapid growth in the next few years. It will grow to $1652.36 billion in 2028 at a compound annual growth rate (CAGR) of 19.6%. The expansion in the projected timeframe can be linked to the integration of 5G networks, an emphasis on health and safety, resilience, and disaster preparedness, as well as citizen engagement and inclusivity. Key trends anticipated in the forecast period encompass citizen engagement platforms, the adoption of edge computing for real-time processing, smart building automation, public safety and emergency response systems, and the use of digital twin technology for city modeling.
The global growth of smart cities is anticipated due to the rising urbanization trend. Urbanization involves the movement of the population from rural to urban areas, leading to increased human population densities in urban settings. A smart city utilizes electronic technologies, voice activation methods, and sensors to gather information and enhance urban area management and citizens' quality of life. According to the United Nations Department of Economic and Social Affairs, it is projected that 68% of the world's population, approximately 2.5 billion people, will live in urban areas by 2050. Hence, the escalating urbanization worldwide is a key driver for the growth of the decorative coatings market.
The expected growth of the smart cities market is propelled by the increasing traffic congestion globally. Traffic congestion occurs when road capacity is surpassed, resulting in slower speeds and longer trip times. Smart cities address this issue by implementing technologies such as smart parking systems, promoting public transportation, and enhancing road safety. According to gov.UK, motor vehicle traffic on British roadways rose by 8.8% between 2021 and 2022, reaching 323.8 billion vehicle miles. The escalating traffic congestion is driving the growth of the smart cities market.
Technological advancements are driving trends in the smart cities market, with major companies emphasizing innovative technologies to modernize urban transit infrastructure. Yunex Traffic, part of Siemens Mobility, launched Yutraffic Studio in December 2023. This cloud-based advanced traffic management system offers planning, monitoring, and optimization tools to handle traffic challenges swiftly and efficiently. It can handle current transportation management issues and adapt to future changes in traffic demands, utilizing massive volumes of data from various sources, including linked cars.
Major companies are forming partnerships to develop new products and strengthen their market positions. Collaborations and partnerships foster innovation, leverage complementary expertise, and accelerate the development and commercialization of advanced solutions. In May 2021, Itron Inc., a US-based technology company, partnered with Microsoft Corporation to offer cloud-based meter data management (MDM) services. This collaboration aims to create solutions addressing challenges such as carbon reporting, energy transition, and distribution automation for utility companies and smart cities.
In July 2021, Signify, a Netherlands-based lighting company, acquired Telensa for an undisclosed sum. This acquisition positions Signify to serve a broader clientele, making smart city infrastructure more accessible to cities utilizing the unlicensed radio spectrum. Telensa, based in the UK, specializes in providing smart city solutions.
Major companies operating in the smart cities market report are Microsoft Corporation, AT&T Inc., Huawei Technologies Co. Ltd., Hitachi Ltd., Siemens AG, General Electric Company, Siemens Mobility GmbH, Accenture PLC, Intel Corporation, International Business Machines Corporation, Cisco Systems Inc., Schneider Electric SE, Honeywell International Inc., ABB Ltd., Nokia Corporation, Telefonaktiebolaget LM Ericsson, Koninklijke Philips N.V., Infineon Technologies AG, Emerson Electric Co., NXP Semiconductors N.V., Atsuke, Xerox Holdings Corporation, Giesecke+Devrient GmbH, Cubic Corporation, HID Global Corporation, CPI Card Group Inc., Scheidt & Bachmann GmbH, Vix Technology Ltd., Verimatrix Inc., Confidex Ltd., Robert Bosch GmbH, Capgemini SE, Cognizant Technology Solutions Corporation, Dell Technologies Inc., Fujitsu Limited, HP Inc., Infosys Limited, NEC Corporation, Oracle Corporation, SAP SE.
North America was the largest region in the smart cities market in 2023. The regions covered in the smart cities market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the smart cities market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The primary components in smart cities consist of solutions and services. Solutions refer to smart implementations such as smart parking, utilities, metering, healthcare, buildings, and governance. These solutions play a role in accelerating citizen growth across residential, commercial, and industrial sectors. Various types include residential, commercial, and industrial, with applications spanning smart governance, building, utilities, transportation, healthcare, and more.
The smart cities market research report is one of a series of new reports that provides smart cities market statistics, including smart cities industry global market size, regional shares, competitors with a smart cities market share, detailed smart cities market segments, market trends and opportunities, and any further data you may need to thrive in the smart cities industry. This smart cities market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The smart cities market includes revenues earned by entities by providing solutions and services that automate the processes of energy management, street light monitoring, temperature monitoring, parking management, water resource management, smart metering solutions, and unified command & control platform to improve and optimize the operational efficiency of any city and making critical infrastructure elements such as energy, lighting, water work in a smart manner. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
The smart cities market size is expected to see rapid growth in the next few years. It will grow to $1652.36 billion in 2028 at a compound annual growth rate (CAGR) of 19.6%. The expansion in the projected timeframe can be linked to the integration of 5G networks, an emphasis on health and safety, resilience, and disaster preparedness, as well as citizen engagement and inclusivity. Key trends anticipated in the forecast period encompass citizen engagement platforms, the adoption of edge computing for real-time processing, smart building automation, public safety and emergency response systems, and the use of digital twin technology for city modeling.
The global growth of smart cities is anticipated due to the rising urbanization trend. Urbanization involves the movement of the population from rural to urban areas, leading to increased human population densities in urban settings. A smart city utilizes electronic technologies, voice activation methods, and sensors to gather information and enhance urban area management and citizens' quality of life. According to the United Nations Department of Economic and Social Affairs, it is projected that 68% of the world's population, approximately 2.5 billion people, will live in urban areas by 2050. Hence, the escalating urbanization worldwide is a key driver for the growth of the decorative coatings market.
The expected growth of the smart cities market is propelled by the increasing traffic congestion globally. Traffic congestion occurs when road capacity is surpassed, resulting in slower speeds and longer trip times. Smart cities address this issue by implementing technologies such as smart parking systems, promoting public transportation, and enhancing road safety. According to gov.UK, motor vehicle traffic on British roadways rose by 8.8% between 2021 and 2022, reaching 323.8 billion vehicle miles. The escalating traffic congestion is driving the growth of the smart cities market.
Technological advancements are driving trends in the smart cities market, with major companies emphasizing innovative technologies to modernize urban transit infrastructure. Yunex Traffic, part of Siemens Mobility, launched Yutraffic Studio in December 2023. This cloud-based advanced traffic management system offers planning, monitoring, and optimization tools to handle traffic challenges swiftly and efficiently. It can handle current transportation management issues and adapt to future changes in traffic demands, utilizing massive volumes of data from various sources, including linked cars.
Major companies are forming partnerships to develop new products and strengthen their market positions. Collaborations and partnerships foster innovation, leverage complementary expertise, and accelerate the development and commercialization of advanced solutions. In May 2021, Itron Inc., a US-based technology company, partnered with Microsoft Corporation to offer cloud-based meter data management (MDM) services. This collaboration aims to create solutions addressing challenges such as carbon reporting, energy transition, and distribution automation for utility companies and smart cities.
In July 2021, Signify, a Netherlands-based lighting company, acquired Telensa for an undisclosed sum. This acquisition positions Signify to serve a broader clientele, making smart city infrastructure more accessible to cities utilizing the unlicensed radio spectrum. Telensa, based in the UK, specializes in providing smart city solutions.
Major companies operating in the smart cities market report are Microsoft Corporation, AT&T Inc., Huawei Technologies Co. Ltd., Hitachi Ltd., Siemens AG, General Electric Company, Siemens Mobility GmbH, Accenture PLC, Intel Corporation, International Business Machines Corporation, Cisco Systems Inc., Schneider Electric SE, Honeywell International Inc., ABB Ltd., Nokia Corporation, Telefonaktiebolaget LM Ericsson, Koninklijke Philips N.V., Infineon Technologies AG, Emerson Electric Co., NXP Semiconductors N.V., Atsuke, Xerox Holdings Corporation, Giesecke+Devrient GmbH, Cubic Corporation, HID Global Corporation, CPI Card Group Inc., Scheidt & Bachmann GmbH, Vix Technology Ltd., Verimatrix Inc., Confidex Ltd., Robert Bosch GmbH, Capgemini SE, Cognizant Technology Solutions Corporation, Dell Technologies Inc., Fujitsu Limited, HP Inc., Infosys Limited, NEC Corporation, Oracle Corporation, SAP SE.
North America was the largest region in the smart cities market in 2023. The regions covered in the smart cities market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the smart cities market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The primary components in smart cities consist of solutions and services. Solutions refer to smart implementations such as smart parking, utilities, metering, healthcare, buildings, and governance. These solutions play a role in accelerating citizen growth across residential, commercial, and industrial sectors. Various types include residential, commercial, and industrial, with applications spanning smart governance, building, utilities, transportation, healthcare, and more.
The smart cities market research report is one of a series of new reports that provides smart cities market statistics, including smart cities industry global market size, regional shares, competitors with a smart cities market share, detailed smart cities market segments, market trends and opportunities, and any further data you may need to thrive in the smart cities industry. This smart cities market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The smart cities market includes revenues earned by entities by providing solutions and services that automate the processes of energy management, street light monitoring, temperature monitoring, parking management, water resource management, smart metering solutions, and unified command & control platform to improve and optimize the operational efficiency of any city and making critical infrastructure elements such as energy, lighting, water work in a smart manner. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Smart Cities Market Characteristics3. Smart Cities Market Trends and Strategies32. Global Smart Cities Market Competitive Benchmarking33. Global Smart Cities Market Competitive Dashboard34. Key Mergers and Acquisitions in the Smart Cities Market
4. Smart Cities Market - Macro Economic Scenario
5. Global Smart Cities Market Size and Growth
6. Smart Cities Market Segmentation
7. Smart Cities Market Regional and Country Analysis
8. Asia-Pacific Smart Cities Market
9. China Smart Cities Market
10. India Smart Cities Market
11. Japan Smart Cities Market
12. Australia Smart Cities Market
13. Indonesia Smart Cities Market
14. South Korea Smart Cities Market
15. Western Europe Smart Cities Market
16. UK Smart Cities Market
17. Germany Smart Cities Market
18. France Smart Cities Market
19. Italy Smart Cities Market
20. Spain Smart Cities Market
21. Eastern Europe Smart Cities Market
22. Russia Smart Cities Market
23. North America Smart Cities Market
24. USA Smart Cities Market
25. Canada Smart Cities Market
26. South America Smart Cities Market
27. Brazil Smart Cities Market
28. Middle East Smart Cities Market
29. Africa Smart Cities Market
30. Smart Cities Market Competitive Landscape and Company Profiles
31. Smart Cities Market Other Major and Innovative Companies
35. Smart Cities Market Future Outlook and Potential Analysis
36. Appendix
Executive Summary
Smart Cities Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on smart cities market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
- Understand how the market has been affected by the coronavirus and how it is responding as the impact of the virus abates.
- Assess the Russia-Ukraine war’s impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis.
- Report will be updated with the latest data and delivered to you with an Excel data sheet for easy data extraction and analysis.
- All data from the report will also be delivered in an excel dashboard format.
Where is the largest and fastest growing market for smart cities? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Report Scope
Markets Covered:1) By Component: Solutions; Services
2) By Type: Roadways; Railways; Airways
3) By Application: Smart Governance; Smart Building; Smart Utilities; Smart Transportation; Smart Healthcare; Other Applications
Key Companies Mentioned: Microsoft Corporation; AT&T Inc.; Huawei Technologies Co. Ltd.; Hitachi Ltd.; Siemens AG
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes
Delivery Format: PDF, Word and Excel Data Dashboard
Companies Mentioned
- Microsoft Corporation
- AT&T Inc.
- Huawei Technologies Co. Ltd.
- Hitachi Ltd.
- Siemens AG
- General Electric Company
- Siemens Mobility GmbH
- Accenture plc
- Intel Corporation
- International Business Machines Corporation
- Cisco Systems Inc.
- Schneider Electric SE
- Honeywell International Inc.
- ABB Ltd.
- Nokia Corporation
- Telefonaktiebolaget LM Ericsson
- Koninklijke Philips N.V.
- Infineon Technologies AG
- Emerson Electric Co.
- NXP Semiconductors N.V.
- Atsuke
- Xerox Holdings Corporation
- Giesecke+Devrient GmbH
- Cubic Corporation
- HID Global Corporation
- CPI Card Group Inc.
- Scheidt & Bachmann GmbH
- Vix Technology Ltd.
- Verimatrix Inc.
- Confidex Ltd.
- Robert Bosch GmbH
- Capgemini SE
- Cognizant Technology Solutions Corporation
- Dell Technologies Inc.
- Fujitsu Limited
- HP Inc.
- Infosys Limited
- NEC Corporation
- Oracle Corporation
- SAP SE
Methodology
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