Smart Cities Market Analysis by Smart Utilities (Water Management, Waste Management, Energy Management), By Smart Governance (CCS, E-governance, City Surveillance, Smart Infrastructure, Smart Lighting), By Application (Smart Building, Smart Governance, Smart Utilities, Smart Transportation, Environmental Solution, Smart Healthcare, Smart Mobility Management, Smart Public Safety) and by Region: Global Forecast, 2024 - 2034.
- PUBLISHED ON
- 2023-06-12
- NO OF PAGES
- 288
- CATEGORY
- Information Communication & Technology
Market Overview
The Smart Cities market is predicted to
develop at a compound annual growth rate (CAGR) of 20.3% from 2024 to 2034,
when it is projected to reach USD 11.37 Trillion, based on an average growth pattern.
The market is estimated to reach a value of USD 1.79 Trillion in 2024.
SOURCE: We Market Research
Smart Cities use
technology and data to improve urban life by increasing efficiency and
sustainability. They employ IoT sensors to monitor and manage services such as
traffic, garbage, and energy, and data analytics to improve operations and
decision-making. Connectivity is critical in providing high-speed internet for
smart devices. Sustainability is encouraged by environmentally friendly
behaviours and renewable energy. Citizens are engaged through digital
platforms, and safety is enhanced by advanced monitoring and emergency systems.
Smart Cities seek to produce a more efficient, sustainable, and livable urban
environment.
The global Smart Cities market is being pushed by technical advances in IoT, AI, and big data, which enable better infrastructure and services. Urbanisation raises the demand for effective municipal management and sustainable solutions. Government initiatives and investments in smart technology contribute to market growth. The quest for sustainability stimulates the use of energy-efficient systems and renewable energy. Improved connectivity via high-speed internet and 5G networks enables smart city technology. Furthermore, rising citizen expectations for higher quality of life, convenience, and safety are driving the use of smart solutions.
Market Scope
|
Report Attributes |
Description |
|
Market Size in 2024 |
USD 1.79 Trillion |
|
Market Forecast in 2034 |
USD 11.37 Trillion |
|
CAGR % 2024-2034 |
20.3% |
|
Base Year |
2023 |
|
Historic Data |
2016-2022 |
|
Forecast Period |
2024-2034 |
|
Report USP
|
Production, Consumption, company share, company
heatmap, company production capacity, growth factors and more |
|
Segments Covered |
By Smart Utilities, By Smart Governance, By Application and By
Region |
|
Regional Scope |
North America, Europe, APAC, South America and
Middle East and Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic
Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia;
Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa;
Nigeria |
Smart Cities Industry: Dynamics & Restrains
Market opportunity:
We Market
Research: Smart Cities Dashboard
Our marketing platform offers a comprehensive dashboard that provides clients with valuable insights into market trends over the years. Included below is a sample image of our dashboard, and specific PDF logins will be furnished to grant access to this insightful tool.
Smart Cities Segmentation
Market- By Smart Utilities Analysis
By Smart Utilities, the Smart Cities Market is Categories into Water Management, Waste Management, Energy Management. The Energy Management segment accounts for the largest share of around 53% in 2024.
In the Global Smart Cities Market, energy
management is driven by the need for efficiency and sustainability. Innovations
in smart grids and renewable energy integration enhance resource optimization,
reduce costs, and support environmental goals, addressing urban energy demands
effectively.
The
following segments are part of an in-depth analysis of the global Smart Cities
market:
|
Market Segments |
|
|
By Service |
·
Professional Services ·
Implementation &
Integration |
|
By Deployment |
·
Hosted ·
On-premise |
|
By Enterprise Size |
·
Large Enterprise ·
Small & Medium Enterprise |
|
By End-use |
·
BFSI ·
Government ·
Healthcare ·
IT & Telecom ·
Manufacturing ·
Retail |
Smart Cities Industry: Regional Analysis
North America Market Forecast
North America dominate the Smart Cities Market with the highest revenue generating market with share of more than 47%. North America, particularly the U.S., is a leading market for smart cities due to high investment in technology, advanced infrastructure, and strong government initiatives. Cities like New York, San Francisco, and Toronto are actively implementing smart solutions in areas such as transportation, energy, and public safety.
Europe Market Statistics
Europe's Smart
Cities market is the second largest market. In Europe countries like the United
Kingdom, Germany, France, and the Netherlands are significant players in the
smart cities market. European cities are investing heavily in sustainable
development, smart mobility, and energy-efficient solutions.
Asia Pacific Market Forecasts
Asia Pacific is
expected to be the fastest-growing regional segment of the Smart Cities market
during the forecast period. In the Asia Pacific region, China is a major player
in the smart cities market, with extensive investments in smart infrastructure
and technology. India’s smart cities initiative is part of a broader plan to
enhance urban infrastructure. Key cities include Bangalore, Delhi, and Mumbai,
where smart solutions are being deployed to address urban challenges. Rapid
urbanization, government initiatives, and large populations create significant
market potential.
The Smart Cities Market is dominated by a few large
companies, such as
·
IBM
·
Siemens
·
NEC
·
ABB
·
AGT International
·
Schneider Electric
·
Cisco
·
Hitachi
·
Microsoft
·
Huawei
·
Intel
· Others
1.
Global
Smart Cities Market Introduction and Market Overview
1.1. Objectives of the Study
1.2. Global Smart Cities Market Scope
and Market Estimation
1.2.1.Global Smart Cities Overall
Market Size, Revenue (US$ Mn), Market CAGR (%), Market forecast (2023 - 2034)
1.2.2.Global Smart Cities Market
Revenue Share (%) and Growth Rate (Y-o-Y) from 2019 - 2034
1.3. Market Segmentation
1.3.1.Smart Utilities of Global Smart
Cities Market
1.3.2.Smart Governance of Global Smart
Cities Market
1.3.3.Application of Global Smart
Cities Market
1.3.4.Region of Global Smart Cities
Market
2.
Executive Summary
2.1. Market Dynamics
2.1.1.Drivers
2.1.2.Limitations
2.1.3.Opportunities
2.1.4.Impact Analysis of Drivers and
Restraints
2.2. Pricing Trends Analysis &
Average Selling Prices (ASPs)
2.3. Key Mergers & Acquisitions,
Expansions, JVs, Funding / VCs, etc.
2.4. Porter’s Five Forces Analysis
2.4.1.Bargaining Power of Suppliers
2.4.2.Bargaining Power of Buyers
2.4.3.Threat of Substitutes
2.4.4.Threat of New Entrants
2.4.5.Competitive Rivalry
2.5. Market Investment Opportunity
Analysis (Top Investment Pockets), By Segments & By Region
3.
Global Smart Cities Market Estimates & Historical Trend Analysis (2019 -
2023)
4.
Global Smart Cities Market Estimates & Forecast Trend Analysis, by
Smart Utilities
4.1. Global Smart Cities Market
Revenue (US$ Mn) Estimates and Forecasts, by Smart Utilities, 2019 to 2034
4.1.1.Water Management
4.1.2.Waste Management
4.1.3.Energy Management
5.
Global Smart Cities Market Estimates & Forecast Trend Analysis, by
Smart Governance
5.1. Global Smart Cities Market
Revenue (US$ Mn) Estimates and Forecasts, by Smart Governance, 2019 to 2034
5.1.1.CCS
5.1.2.E-governance
5.1.3.City Surveillance
5.1.4.Smart Infrastructure
5.1.5.Smart Lighting
6.
Global Smart Cities Market Estimates & Forecast Trend Analysis, by
Application
6.1. Global Smart Cities Market
Revenue (US$ Mn) Estimates and Forecasts, by Application,
2019 to 2034
6.1.1.Smart Building
6.1.2.Smart Governance
6.1.3.Smart Utilities
6.1.4.Smart Transportation
6.1.5.Environmental Solution
6.1.6.Smart Healthcare
6.1.7.Smart Mobility Management
6.1.8.Smart Public Safety
7.
Global Smart Cities Market Estimates & Forecast Trend Analysis,
by Region
7.1. Global Smart Cities Market
Revenue (US$ Mn) Estimates and Forecasts, by Region, 2019 to 2034
7.1.1.North America
7.1.2.Europe
7.1.3.Asia Pacific
7.1.4.Middle East & Africa
7.1.5.South America
8.
North
America Smart Cities Market: Estimates & Forecast Trend Analysis
8.1.
North
America Smart Cities Market Assessments & Key Findings
8.1.1.North America Smart Cities
Market Introduction
8.1.2.North America Smart Cities
Market Size Estimates and Forecast (US$ Million) (2019 – 2034)
8.1.2.1. By Smart Utilities
8.1.2.2. By Smart Governance
8.1.2.3. By Application
8.1.2.4. By Country
8.1.2.4.1. The U.S.
8.1.2.4.2. Canada
8.1.2.4.3. Mexico
9.
Europe
Smart Cities Market: Estimates & Forecast Trend Analysis
9.1. Europe Smart Cities Market
Assessments & Key Findings
9.1.1.Europe Smart Cities Market
Introduction
9.1.2.Europe Smart Cities Market Size
Estimates and Forecast (US$ Million) (2019 – 2034)
9.1.2.1. By Smart Utilities
9.1.2.2. By Smart Governance
9.1.2.3. By Application
9.1.2.4.
By
Country
9.1.2.4.1. Germany
9.1.2.4.2. U.K.
9.1.2.4.3. France
9.1.2.4.4. Italy
9.1.2.4.5. Spain
9.1.2.4.6. Russia
9.1.2.4.7. Rest of Europe
10. Asia Pacific Smart
Cities Market: Estimates & Forecast
Trend Analysis
10.1. Asia Pacific Market Assessments
& Key Findings
10.1.1. Asia Pacific Smart Cities Market
Introduction
10.1.2. Asia Pacific Smart Cities Market
Size Estimates and Forecast (US$ Million) (2019 – 2034)
10.1.2.1. By Smart Utilities
10.1.2.2. By Smart Governance
10.1.2.3. By Application
10.1.2.4. By Country
10.1.2.4.1. China
10.1.2.4.2. Japan
10.1.2.4.3. India
10.1.2.4.4. Australia
10.1.2.4.5. South Korea
10.1.2.4.6. ASEAN
10.1.2.4.7. Rest of Asia Pacific
11. Middle East & Africa Smart
Cities Market: Estimates & Forecast
Trend Analysis
11.1. Middle East & Africa Market
Assessments & Key Findings
11.1.1. Middle
East & Africa Smart
Cities Market Introduction
11.1.2. Middle
East & Africa Smart
Cities Market Size Estimates and Forecast (US$ Million) (2019 – 2034)
11.1.2.1. By Smart Utilities
11.1.2.2. By Smart Governance
11.1.2.3. By Application
11.1.2.4. By Country
11.1.2.4.1. U.A.E.
11.1.2.4.2. Saudi Arabia
11.1.2.4.3. Egypt
11.1.2.4.4. South Africa
11.1.2.4.5. Rest of Middle East & Africa
12. South America
Smart Cities Market: Estimates &
Forecast Trend Analysis
12.1. South America Market Assessments
& Key Findings
12.1.1. South America Smart Cities
Market Introduction
12.1.2. South America Smart Cities
Market Size Estimates and Forecast (US$ Million) (2019 – 2034)
12.1.2.1. By Smart Utilities
12.1.2.2. By Smart Governance
12.1.2.3. By Application
12.1.2.4. By Country
12.1.2.4.1. Brazil
12.1.2.4.2. Argentina
12.1.2.4.3. Colombia
12.1.2.4.4. Rest of South America
13. Competition Landscape
13.1. Global Smart Cities Market
Competition Matrix & Benchmarking, by Leading Players / Innovators /
Emerging Players / New Entrants
13.2. Global Smart Cities Market
Competition White Space Analysis, By End-user
13.3. Global Smart Cities Market
Competition Heat Map Analysis, By End-user
13.4. Global Smart Cities Market
Concentration & Company Market Shares (%) Analysis, 2022
14. Company Profiles
14.1.
IBM
14.1.1. Company Overview & Key Stats
14.1.2. Financial Performance & KPIs
14.1.3. Product Portfolio
14.1.4. Business Strategy & Recent Developments
* Similar details would be provided
for all the players mentioned below
14.2. Siemens
14.3. NEC
14.4. ABB
14.5. AGT
International
14.6. Schneider
Electric
14.7. Cisco
14.8. Hitachi
14.9. Microsoft
14.10. Huawei
14.11. Intel
14.12. Others
15. Research
Methodology
15.1. External Transportations /
Databases
15.2. Internal Proprietary Database
15.3. Primary Research
15.4. Secondary Research
15.5. Assumptions
15.6. Limitations
15.7. Report FAQs
Quality Assurance Process
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Market Research Process
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To mitigate risks that can impact project success, we deploy the follow project delivery best practices:
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- Assign a senior SR executive as QA Executive
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- Monitor realized value post-project
Case Study- Automotive Sector
One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
Solution
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
Market Estimates and Forecast
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Case Study- ICT Sector
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
Frequently Asked Questions
What is the market size of Smart Cities Market in 2024?
Smart Cities Market was valued at USD 1.79 Trillion in 2024.
What is the growth rate for the Smart Cities Market?
Smart Cities Market size will increase at approximate CAGR of 20.3% during the forecasted period.
Which are the top companies operating within the market?
Major companies operating within the Smart Cities Market Are IBM, Siemens, NEC, ABB, AGT International, Schneider Electric, Cisco, Hitachi, Microsoft, Huawei, Intel and Others.
Which region dominates the Smart Cities Market?
North America dominates the market with an active share of 47%.
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