Fort Collins, Colorado, Oct. 05, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research published a report titled, "Smart Cities Market Size, Growth, Share, Statistics Report, By Application (Smart Governance, Smart Building, Environmental Solution, Smart Utilities, Smart Transportation, Smart Healthcare), By Region and Segment Forecasts, 2023-2032."
According to DataHorizzon Research, the smart cities market size was valued at USD 605.6 Billion in 2022 and is expected to arrive at a market size of USD 1,339.6 Billion by 2032 with a CAGR of 8.4%.
The report comprehensively analyzes the global market scenarios with key takeaways. The report also highlights the present and future trends in the industry, followed by actionable market insights. Cities are increasing as people search for better lives, requiring improved infrastructure, transportation, energy, and resources. Smart city solutions can help manage this growth by optimizing resource allocation, improving efficiency, and enhancing urban services. The pandemic has highlighted the importance of public healthcare and the role of smart city initiatives in supporting global economies.
Urban areas can become "smart" by using technology to enhance economic growth, resource management, and quality of life for residents. This can include support for local businesses, environmental initiatives, transportation, healthcare, daily life, and governance. The trend towards smart cities is driven by urbanization and a desire for improved quality of life. The ultimate goal is to use technology to empower local development and achieve intelligent, positive outcomes.
The rise of intelligent cities can be attributed to the rapid progress of cutting-edge technologies such as the Internet of Things, artificial intelligence, big data analytics, cloud computing, and connectivity. These advanced tools facilitate the accumulation of information, its detailed analysis, and efficient decision-making, streamlining resource allocation, enhancing infrastructure management, and optimizing urban service delivery.
Smart cities can potentially improve urban life, and governments worldwide are noticing. Many countries are launching initiatives and policies to promote smart city development, such as funding programs, regulatory frameworks, tax incentives, and partnerships with the private sector. Governments encourage stakeholder collaboration and deploy smart city technologies to create an enabling environment.
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Report Snapshot
| Report Title | Smart Cities Market |
| Market Size in 2022 | USD 605.6 Billion |
| Market Size by 2032 | USD 1,339.6 Billion |
| CAGR from 2023 to 2032 | 8.4% |
| Largest Market | North America |
| Forecast Period | 2023 to 2032 |
| Historic Period | 2021 |
| Base Year | 2022 |
| Report Scope & Coverage | Market Size, Market Estimations, Competitor Analysis, Trends and Growth Factors |
| By Application | Smart Governance, Smart Building, Environmental Solution, Smart Utilities, Smart Transportation, Smart Healthcare |
| Region | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. |
| Countries Covered | U.S., Canada, U.K., Germany, France, China, Japan, India, South Korea, Brazil, Mexico, UAE, Saudi Arabia, South Africa, among others |
| Major Market Players | ABB Limited, AGT International, AVEVA Group plc., Cisco Systems, Inc., Ericsson, General Electric, Honeywell International Inc., International Business Machines Corporation, Itron Inc., KAPSCH Group, Huawei Technologies Co., Ltd., Microsoft Corporation, Oracle Corporation, Osram Gmbh, SAP SE, Schneider Electric SE, Siemens AG, Telensa, Verizon, Vodafone Group plc |
Segmentation Overview:
The smart cities market has been segmented into application and region.
The smart cities market has six sub-divisions in the application segment: smart governance, smart building, environmental solutions, utilities, transportation, and healthcare. Smart utilities are expected to have the largest market share as they are essential to the smart city infrastructure. This includes water treatment, energy distribution, consolidated data management, and civil distribution infrastructure management. The growth of smart utilities is also due to the increasing demand for smart grids for advanced energy solutions.
North America leads the way in smart city development. The US has seen significant New York, San Francisco, and Chicago initiatives supported by infrastructure, technology, and government policies. Intelligent transportation, energy management, and digital governance are key focus areas. With a thriving ecosystem of technology providers and start-ups, the region is a hub for innovation and investment.
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Industry Trends and Insights:
- A Siemens consortium will provide state-of-the-art electrification technologies for Mumbai Metro Line 2B for 20 stations and one depot.
- Vodafone and AST SpaceMobile completed a 5G voice call from Hawaii to Spain using a Samsung smartphone and BlueWalker 3 satellite.
Smart Cities Market Report Highlights:
- The smart cities market size is expected to reach USD 1339.6 Billion at a CAGR of 8.4% by 2032. Smart city solutions can optimize resource allocation, improve efficiency, and enhance urban services. Rapid technological progress such as IoT, AI, and big data analytics drives smart city trends. Governments worldwide are promoting smart city development through funding programs and partnerships with the private sector.
- Smart cities have six application segments: governance, buildings, environment, utilities, transportation, and healthcare. Utilities, including water treatment, energy distribution, and civil management, are the largest market share due to increasing demand for smart energy solutions.
- Some of the prominent players in the global smart cities market report include ABB Limited, AGT International, AVEVA Group plc., Cisco Systems, Inc., Ericsson, General Electric, Honeywell International Inc., International Business Machines Corporation, Itron Inc., KAPSCH Group, Huawei Technologies Co., Ltd., Microsoft Corporation, Oracle Corporation, Osram Gmbh, SAP SE, Schneider Electric SE, Siemens AG, Telensa, Verizon, and Vodafone Group plc.
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Smart Cities Market Segmentation:
- By Application: Smart Governance, Smart Building, Environmental Solution, Smart Utilities, Smart Transportation, Smart Healthcare
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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