Smart Cities Market Size Poised to Reach $1024.4 BN by 2027, Growing at a CAGR of 14.9%: Report by MarketsandMarkets™

As per the report by MarketsandMarkets, the global Smart Cities Market size is projected to reach USD 1024.4 Billion in 2027, at a CAGR of 14.9% during the forecast period, 2022-2027

Chicago, April 24, 2023 (GLOBE NEWSWIRE) -- The Smart Cities Market to grow from USD 511.6 billion in 2022 to USD 1024.4 billion by 2027, at a CAGR of 14.9 % during the forecast period, according to a new report by MarketsandMarkets™. The market is gaining traction due to the rising popularity of smart devices & technologies among people. Also growing environmental concerns across the world, and the need for smarter resources can be considered among the major drivers for the market.

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214 - Tables
57 - Figures
316 - Pages

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Scope of the Report

Report Metrics Details
Smart Cities Market size value in 2022 USD 511.6 Billion
Market size value for 2027 USD 1024.4 Billion
Market Growth Rate 14.9% CAGR
Largest Market North America
Smart Cities Market Growth Drivers
  • AI and ML to accelerate the development of smart cities
  • Growing urbanization to drive adoption of smart city solutions
  • Need for efficient management and utilization of resources
Smart Cities Market Size Opportunities
  • Advancements in AI, cloud, IoT, and analytics technologies
  • Rise of 5G
  • Use of drones to enforce compliance during pandemics
Market size available for years 2016-2027
Base year considered in this report 2021
Forecast period of this report 2022-2027
Forecast units Value (USD Billion)
Segments covered By focus area, smart transportation, smart building, smart utility, smart citizen service, and region
Regions covered North America, Europe, Asia Pacific, Middle East, and Africa, and Latin America
Companies covered Cisco (US), IBM (US), Siemens (Germany), Microsoft (US), Hitachi (Japan), Schneider Electric (France), Huawei (China), Intel (US), and many more.

The scope of this report covers the Smart Cities Market by focus area, smart transportation, smart building, smart utility, smart citizen service, and region.

By smart building solution, energy management is projected to register the highest CAGR during the forecast period. Keeping operational expenses low is a continuous challenge for the owners and managers of multi-story buildings, schools, or complexes.

Energy management solutions typically comprise two major components: Energy Information System (EIS) and Building Energy Management System (BEMS). EIS shows energy-usage information for processes within a facility, while BEMS manages controls that govern the processes. These systems also enable building operators to adjust certain HVAC settings, such as temperature, pressure, schedule, and lighting schedule from a centralized location.

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By smart transportation service, deployment and integration service is estimated to hold a larger market share in 2022. The deployment and integration services segment involved in the smart transportation industry perform designing, engineering, and customized product development as per the needs of users. It begins with collecting customer requirements and deploying, integrating, testing, and rolling out the solutions. The deployment and integration of service providers help end users integrate smart infrastructure solutions with their existing infrastructure.

By region, North America is estimated to account for the largest market share in 2022, and this trend is projected to continue until 2027. The US and Canada are the leading markets in this region. The market has been steadily showing positive trends in the region, as several companies and industries are adopting smart city services and solutions at various levels as a part of their business strategy to sustain their position in the market. Moreover, the startup culture in North America is growing more rapidly in comparison to other regions. Rapid digitalization across industry verticals and the increasing adoption of smart connected devices, such as IoT, and the rising technological advancements have fueled the growth of the Smart Cities Market in this region.

Market Players

The major vendors covered in the Smart Cities Market include Cisco (US), IBM (US), Siemens (Germany), Microsoft (US), Hitachi (Japan), Schneider Electric (France), Huawei (China), Intel (US), NEC (Japan), ABB (Switzerland), Ericsson (Sweden), Oracle (US), Fujitsu (Japan), Honeywell (US), Accenture (Ireland), Vodafone (UK), AWS (US), Thales (France), Signify (Netherlands), Kapsch (Austria), Motorola (US), GE (US), Google (US), TCS (India), AT&T (US), Nokia (Finland), Samsung (South Korea), SAP (Germany), TomTom (Netherlands), AppyWay (UK), Ketos (US), Gaia (India), TaKaDu (Israel), FlamencoTech (India), XENIUS (India), Bright Cities (Brazil), Maydtech (Mexico), Zencity (Israel), and IXDen (Israel).

Frequently Asked Questions (FAQ)

What is a smart city?

A smart city refers to a city that efficiently deploys its Information and Communications Technology (ICT) infrastructure to improve the quality of life, along with augmented efficiency in urban operations and services, ensuring that the needs of present and future generations for economic, social, and environmental aspects are met.

Which are the key drivers supporting the growth of the smart cities market?

The key drivers supporting the growth of the smart cities market include growing urbanization to drive the adoption of smart city solutions, the need for efficient management and utilization of resources, demand for fast and efficient transport and commuting, public safety concerns to accelerate smart city adoption, increasing demand for a healthy environment with efficient energy consumption.

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