Smart City Market Overview
Global Smart City Market Size was valued at USD 1,642.7 billion in 2022. The Smart City Market industry is projected to grow from USD 1,956.7 billion in 2023 to USD 8,890.3 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 18.3% during the forecast period (2023 - 2032). The rise in the adoption of smart living is highly progressing in today's generation. The smart cities concept has become popular due to the increased awareness of smart stuff by which people lead convenient lives. Moreover, the Smart City Market is highly driven by increased investments by the governments, central and federal governments, and dedicated governing organizations. Other factors like financing and funding models, infrastructure investments, technological ecosystems, and governance arrangements are playing prominent roles in the deployment of smart cities, which will fuel up the market's growth during the forecast period.
Smart City Market Key Players
Eminent players profiled in the global smart city market report include Honeywell Corporation (the US), Huawei Technologies Co Ltd. (China), Siemens AG (Germany), Cisco Systems Inc. (US), Schneider Electric SE (France), IBM Corporation (US), Siemens AG (Germany), AT&T Inc. (US), Ericsson (Sweden), Oracle Corporation (US), Hitachi Corporation (Japan) and Microsoft Corporation (US).
Smart City Market Segmentation
The Smart City Market is segmented based on application, transport, and residential. The application part of the market is further classified into smart meters, smart lighting, and smart waste management. The transport segment comprises smart parking, smart ticket, smart transportation, while the residential segment is categorized as smart building, healthcare, education, and government.
The smart transportation segment is dominating the market in recent years due to huge sales compared to other segments. The growing demand for ITS to provide real-time traffic information to drivers and passengers is fueling up the market. Through the implementation of smart transportation, officials easily respond to emergencies more quickly, which improves traffic efficiency. The deployment of these systems improves traffic management efficiency, decreases travel time, and encourages people to use public transportation.
Smart transportation includes an intelligent transport system, smart ticketing, travel assistance, and parking management.
COVID-19 Impact Analysis
The COVID-19 pandemic has brought into focus the need for a robust infrastructure to deal with uncertainties. Priority on hospitals and the effect on global economic growth due to the pandemic can drive the demand for smart cities. Digitalization of processes and services and inclination towards smart governance by complying with latest laws and regulations swiftly can bode well for the market.
Smart City Industry News
In February 2020, Cisco and Connexin partnered with Quantela to accelerate the development of smart cities in the United Kingdom. Sheffield's highway network has implemented the latest IoT-based smart city technologies in the UK region.
Smart City Market Regional Analysis
According to geographical updates, the Smart City Market shows its widespread growth in major regions such as North America, Asia Pacific, Middle East and Africa, Europe, and South America.
North America is the dominating market region, accounting for the highest percentage of sales compared to other regions. The region is progressing highly due to well-developed ICT infrastructure and federal and municipal governments' partnership with ICT vendors.
The Asia Pacific is progressing at the fastest rate due to the higher attention on the development of digital infrastructure in this region, fueling its regional growth.
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