Spain Smart Cities Market 2024-2030: Market Forecast By Components, Applications and Competitive Landscape

Spain Smart Cities Market has experienced significant growth due to robust developments in the ICT sector. The European Regional Development Fund (ERDF) allocated over US$14.8 billion for digital investments between 2014 and 2020, prioritizing the digitalization of businesses, expansion of e-services, enhancement of digital literacy, and the establishment of broadband networks in remote areas. These investments aimed to foster the digital transformation and advancement of smart cities by enhancing connectivity, digital skills, and access to digital services for both enterprises and individuals. This growth is further propelled by factors such as rising urbanization and governmental initiatives like the Spanish Smart Cities Network (RECI) and the National Smart Cities Plan. RECI, comprising over 140 municipal councils, serves as a catalyst for economic, social, and business development through innovation investment and knowledge exchange among cities.

According to the report, Spain Smart Cities Market size is anticipated to grow at a CAGR of 11.1% during 2024-2030F. In 2021-2027, cohesion policy funds will allocate US$17.7 billion to facilitate the green transition and US$5.4 billion for the digital transformation, forming part of Spain's total allocation of US$55.9 billion, which highlights the increasing demand for smart mobility and environmental solutions in Spain's leading smart cities such as Madrid, Barcelona, Valencia, and Seville, as well as potential cities like Malaga and Zaragoza. Additionally, Spain's transportation and logistics sector is expanding significantly, with 279+ logistics parks covering a total surface area exceeding 83.7 million sq.m, positioned at the intersection of two crucial multimodal European corridors, the Atlantic and Mediterranean Corridors and serves as a vital trade hub within the EU and globally.

Furthermore, Spain's automotive industry is investing in innovation and green vehicles, supported by initiatives such as the European Investment Bank's US$42.5 million loan to Cabify for fleet decarbonization under the Future Mobility initiative. The company aims to transition all trips on its platform to zero-emission vehicles by 2025 and raise $110 million. Moreover, Smart Point, a Spanish scale-up, has secured investments to improve last-mile logistics and delivery through smart locker solutions, contributing to more efficient and eco-friendly delivery processes, and driving the demand in the smart cities market.

Market Segmentation by Components

During the forecast period, hardware is expected to register substantial growth in the Spain Smart Cities Market as hardware such as smart sensors, IoT devices and others are essential for enabling various smart city initiatives such as development of smart hospitals, municipalities and smart traffic management.

Market Segmentation by Applications

The Smart digital infrastructure has the highest revenue share in Spain smart cities industry due to the increasing focus on enhancing urban services and environments through digitalization. Moreover, Spain's dedication to harnessing advanced technologies for societal gain is exemplified by initiatives like the National Artificial Intelligence Strategy and the Data Office. Furthermore, collaborative initiatives such as the Spanish Gaia-X Hub advocate for an inclusive and human-centered approach to digital transformation, further bolstering the significance of smart digital infrastructure.

Key Attractiveness of the Report

• 10 Years Market Numbers
• Historical Data Starting from 2020 to 2023
• Base Year: 2023
• Forecast Data until 2030
• Key Performance Indicators Impacting the Market
• Major Upcoming Developments and Projects

Key Highlights of the Report

• Spain Smart Cities Market Overview
• Spain Smart Cities Market Outlook
• Spain Smart Cities Market Forecast
• Spain Smart Cities Market Pestel Analysis
• Historical Data and Forecast of Spain Smart Cities Market Revenues, for the Period 2020-2030F
• Market Drivers and Restraints
• Historical Market Data and Forecast of Revenues, By Components, for the Period 2020-2030F
• Historical Market Data and Forecast of Revenues, By Applications, for the Period 2020-2030F
• Smart Cities Outlook
• Key Performance Indicators
• Market Opportunity Assessment
• Competitive Benchmarking
• Company Profiles
• Key Strategic Recommendations
• Market Scope and Segmentation

The report provides a detailed analysis of the following market segments:

By Components

• Hardware
• Software
• Services

By Application

• Smart Governance
• Smart Digital Infrastructure
• Smart Mobility
• Smart Environment
• Smart Living
• Smart People
• Smart Economy