Vancouver, Sept. 14, 2023 (GLOBE NEWSWIRE) -- The global smart cities market size reached USD 457.18 billion in 2021 and is expected to register a revenue CAGR of 13.9% during the forecast period, according to latest analysis by Emergen Research. Market revenue growth is attributed to rising demand for public security, as well as favorable government initiatives in various countries to develop advanced video surveillance, real-time vehicle number plate, and facial recognition solutions used for public safety in smart cities, emphasizing the importance of monitoring to ensure people's safety.
Increasing energy usage results in higher energy dissipation and carbon emissions, highlighting the need for more sustainable and efficient energy consumption. Concerns about global warming and ozone depletion have prompted increased government attempts to reduce the country’s carbon footprint. Furthermore, tougher emission-control rules in both developed and emerging countries are expected to support revenue growth of the market.
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Furthermore, growing government initiatives and Public-Private Partnership (PPP) models for smart transportation, Internet of Things (IoT) usage, and automation are driving market revenue growth. Rising analytics penetration and ongoing technological advancements by leading players are improving consumer experience and driving market revenue growth. Smart transportation is becoming a reality owing to technological innovations in transportation, an increase in demand for autonomous cars, and development of linked cards. In addition, as urbanization increases, governments across the globe are attempting to modernize railways by focusing on the creation of smart cities.
The growing desire for city metros and ultrafast trains for long-distance transport is driving the demand for smart railroads. Significant development in construction projects is driving the logistics sector for timely transit of freight commodities. As a result, technologically advanced cargo trains are in high demand for goods transportation and logistics, which is expected to drive market revenue growth. However, the initial cost of deploying smart solutions is considerably high, and the absence of defined policies is impeding their acceptance, hence restraining market revenue growth.
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Scope of Research
| Report Details | Outcome |
| Market size in 2021 | USD 457.18 Billion |
| CAGR (2022–2030) | 13.9% |
| Revenue forecast to 2030 | USD 1,427.84 Billion |
| Base year for estimation | 2021 |
| Historical data | 2019–2020 |
| Forecast period | 2022–2030 |
| Quantitative units | Revenue in USD Billion and CAGR in % from 2022 to 2030 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Solution type, application, and region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country scope | The U.S., Canada, Mexico, Germany, France, the U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, the U.A.E., South Africa, Turkey, and Rest of MEA |
| Key companies profiled | Cisco Systems, Inc., International Business Machines (IBM) Corporation, SAP, Itron Inc., Telefonaktiebolaget LM Ericsson, Schneider Electric, Siemens, Telensa Inc., Accenture, Cubic Corporation, and Kapsch TrafficCom AG. |
| Customization scope | 10 hours of free customization and expert consultation |
Major Companies and Competitive Landscape
The global smart cities market is fairly fragmented, with a number of large and medium-sized players accounting for a majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective products. Some major companies included in the global smart cities market report are:
- Cisco Systems, Inc.
- International Business Machines (IBM) Corporation
- SAP
- Itron Inc.
- Telefonaktiebolaget LM Ericsson
- Schneider Electric
- Siemens
- Telensa Inc.
- Accenture
- Cubic Corporation
- Kapsch TrafficCom AG
Strategic Development
- On 09 December 2021, Alstom and Hitachi Rail signed an agreement with High Speed Two (HS2) to design, build, and maintain the next generation of very high-speed trains for HS2 Phase 1. The fleet will be 100% electric and with a lower train mass per passenger, aerodynamic design, regenerative power, and the latest energy-efficient traction technology.
- On 24 February 2020, Cisco and Connexin partnered with Quantela to accelerate the creation of smart cities in the U.K. Sheffield's that incorporates the most cutting-edge IoT-based smart city technologies. The CityOS platform combines Cisco Kinetic's with Quantela's Atlantis to provide the foundation for this solution.
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Some Key Highlights in the Report
- On 29 March 2021, Zscaler Inc. and CrowdStrike Holdings Inc. launched an end-to-end security protection application. The zero-trust security from devices is expected to provide organizations with dynamic data and identity-centric security protection through new integrations.
- The smart buildings segment is expected to register the fastest revenue CAGR during the forecast period. This is owing to expanding energy costs and increasing environmental problems, such as carbon emissions and waste, which are compelling builders to invest in smart building technology that delivers improved security and cost savings wherever possible. Furthermore, smart buildings combine cloud technology, sensors, and IoT connection to allow users to monitor and control lighting, air conditioning, security, and other housing functions remotely hence, smart buildings are more environmentally friendly and energy-efficient thereby driving revenue growth of the segment.
- The healthcare segment is expected to register the fastest revenue CAGR during the forecast period. The growing requirement for observing smart healthcare device users suffering from chronic illnesses and obtaining improved patient outcomes drives the provider's appeal and use hence driving revenue growth of the healthcare segment. The Internet of Things has made significant progress in enhancing public safety and health owing to its capacity to increase the efficiency and accuracy of present systems. For instance, IoT applications, such as GPS mapping technology and wearable technology, are quickly evolving; coupled with the adoption of new opportunities and applications. All of these are driving revenue growth in the segment.
- Market in Asia Pacific is expected to register the fastest revenue CAGR during the forecast period. This can be attributed to the fact that smart city adoption in this region is currently low, but it has a high potential for market development during the forecast period. A vast population, fast economic development, and technological breakthroughs in resource management and sustainable development are expected to contribute to market revenue growth in this area. Countries such as China, India, Japan, and South Korea are expected to give potential chances for market participants to improve their positions owing to favorable government policies that encourage infrastructure development. In Hong Kong, for example, the contactless card system makes utilizing public transit easier and more convenient. The bus information system in Seoul provides passengers with real-time arrival and departure information, increasing customer satisfaction.
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Emergen Research has segmented the global smart cities market based on solution type, application, and region:
- Solution Type Outlook (Revenue, USD Billion 2019-2030)
- Smart Transportation
- Smart Buildings
- Smart Utilities
- Smart Citizen Services
- Others
- Application Outlook (Revenue, USD Billion 2019-2030)
- Security
- Energy Management
- Healthcare
- Industrial Automation
- Buildings
- Transportation
- Others
- Regional Outlook (Revenue, USD Billion; 2019–2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
- North America
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