Pune, Oct. 14, 2024 (GLOBE NEWSWIRE) -- Smart Cities Market Size Analysis:
“The SNS Insider report indicates that the Smart Cities Market was valued at USD 606.3 billion in 2023 and is expected to grow to USD 3052.7 billion by 2032, achieving a compound annual growth rate (CAGR) of 19.69% during the forecast period from 2024 to 2032.”
The smart cities market is witnessing significant growth, primarily thanks to a variety of factors meeting the increased demand for efficient and sustainable urban living solutions. With urban populations growing, cities experience infrastructure, transportation, and energy-related challenges. As such, the implementation of smart city solutions is becoming an increasingly prominent development on the agenda of numerous governments. For instance, According to the United Nations, as of 2023, approximately 56.2% of the global population lives in urban areas. This percentage is expected to increase to 68.4% by 2050, adding about 2.5 billion people to urban areas. Current smart city market expansion is fueled by technological breakthroughs, better understanding of sustainable practices, and the firmer emphasis on improved urban quality of life. Technologies supporting smart city development involve the use of the Internet of Things devices, artificial intelligence, and big data analytics. With their help, officials and city planners can collect and analyze data in real time, making more informed decisions for enhancing traffic management, energy consumption, waste disposal, and public safety.
Sustainability priorities of cities involve greener technologies. In this respect, the implementation of renewable energy opportunities, efficient water use solutions, and eco-friendly transportation alternatives has become a determining factor in smart city projects. There is a growing investment from both governmental and private sectors into these technologies, which further promotes the market growth. At the same time, the increased demand for reliable and efficient power distribution systems, especially in the context of the rapid development of urban areas, also contributes to market growth. Innovations in switchgear and renewable energy solutions lead to better operational efficiency and increased investments. Additionally, the global expansion of smart city technologies, supported by effective government policies that promote energy consumption efficiency while ensuring stable power grids, is crucial for the growth of the smart city market.
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Major Players Analysis Listed in this Report are:
- IBM - (Intelligent Operations Center, Smart Grid)
- Cisco Systems - (Smart+Connected Communities, IoT Control Center)
- Siemens - (Smart Infrastructure Solutions, Traffic Management Systems)
- Microsoft - (Azure IoT Suite, Smart City Solutions)
- General Electric - (Digital Wind Farm, Grid Solutions)
- Schneider Electric - (EcoStruxure, Smart Cities Solutions)
- Honeywell - (Building Management Solutions, Smart City Solutions)
- Oracle - (Cloud Applications for Smart Cities, Urban Planning Solutions)
- Samsung - (Smart Lighting, Smart Home Technology)
- Philips Lighting - (Connected Lighting Solutions, Smart Street Lighting)
- Accenture - (Smart Cities Strategy Consulting, Digital Solutions)
- Cisco Meraki - (Smart Cameras, Wireless Access Points)
- Hitachi - (Social Innovation Solutions, Urban Mobility Solutions)
- Toshiba - (Smart Community Solutions, Energy Management Systems)
- Qualcomm - (Smart City Solutions, IoT Platforms)
- AWS - (Amazon Web Services) (AWS IoT Core, Smart City Analytics)
- NEC Corporation - (Smart City Solutions, Public Safety Solutions)
- Fujitsu - (Smart City Services, Urban Infrastructure Solutions)
- Veolia - (Smart Water Management, Waste Management Solutions)
- Deloitte - (Smart City Advisory Services, Digital Transformation Solutions)
Smart Cities Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 606.3 billion |
| Market Size by 2032 | USD 3052.7 billion |
| CAGR | CAGR of 19.69% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | •Global efforts to reduce carbon emissions and adopt renewable energy are boosting investments in smart city technologies. •The rise of IoT, AI, and 5G technologies is enabling more efficient urban systems and services. •Collaborations between governments and tech companies are facilitating innovation and large-scale implementation of smart city solutions. |
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Segmentation Analysis
By Smart Transportation
In 2023, the Intelligent Transportation System (ITS) segment held the largest revenue share, fueled by the increasing number of vehicles on the road and the urgent need to reduce traffic congestion. Advanced traffic management systems are essential for decreasing delays and air pollution, enhancing traffic flow to shorten travel times, and enabling authorities and public safety agencies to respond swiftly and effectively to accidents and emergencies. Furthermore, governments across various countries are adopting intelligent transportation systems to boost road safety, improve the operational efficiency of transport networks, and minimize the environmental impact of transportation. As a result, the transportation segment is witnessing significant growth in the smart cities market.
The parking management segment is projected to experience substantial CAGR growth throughout the forecast period. This growth is attributed to the rising demand for efficient parking space management, environmental protection, cost savings, enhanced user convenience, and improved safety and security in parking facilities. The growing number of vehicles in urban areas creates challenges for traffic departments in managing congestion. Consequently, smart city initiatives initiated by governments globally are increasingly focused on optimizing available parking spaces to alleviate pollution and reduce traffic congestion. These factors are anticipated to further drive the demand for parking management systems in the coming years.
Smart Cities Market Segmentation:
By Application
- Document Control
- Non-conformances/Corrective & Preventative
- Complaint Handling
- Employee Training
- Quality Inspections (PPAP & FAI)
- Audit Management
- Supplier Quality Management
- Calibration Management
- Change Management
- Mobile Incidents and Event Reporting
By Smart Governance
- Cloud
- On-premise
By Smart Utilities
- Small & Medium Enterprise (SME)
- Large Enterprise
By Smart Transportation
- IT & Telecom
- Life Sciences
- Transportation & Logistics
- Consumer Goods & Retail
- Food & Beverage
- Defense & Aerospace
- Manufacturing & Heavy Industry
- Utilities
- Government
- Healthcare
- Others
By Smart Healthcare
- Medical Devices
- Systems & Software
Regional Landscape
North America represented over 30.4% of the global smart cities market in 2023. This growth can be attributed to the ongoing digital transformation across various sectors, including government, telecommunications, and banking. The region boasts a robust Information and Communication Technology (ICT) infrastructure, strong collaboration between federal and local governments and ICT vendors, and a presence of leading technology providers. These service providers and local authorities have made significant advancements in civic connectivity infrastructure, facilitating smart city development in the region. These factors are anticipated to drive market growth throughout the forecast period. Moreover, increased government investments in the U.S. aimed at supporting the transition to a digital economy are creating a positive outlook for smart cities. The U.S. government is prioritizing the digitization of commercial buildings to enhance citizen experiences and ensure transparency in services, further propelling the growth of the smart cities market in the country.
The Asia Pacific smart cities market is experiencing robust growth, driven by factors such as increasing disposable income, improvements in digital infrastructure, globalization, and economic advancement. Additionally, developing nations in the APAC region, such as Malaysia and Indonesia, are proactively implementing smart city projects, which are significantly contributing to the market's expansion in the area.
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Recent developments
In December 2023, Msheireb Properties (MP) signed a Memorandum of Understanding with Microsoft to create a 'Smart Experience' project for visitors and residents at Msheireb Downtown Doha, enhancing urban interaction and quality of life. Meanwhile, the Smart City Expo World Congress (SCEWC) took place
In November 2023, showcasing innovative urban solutions aimed at transforming cities into sustainable and efficient environments. The congress featured eight key themes, including energy, mobility, housing, and infrastructure, highlighting strategies for improved urban living.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Smart Cities Market Segmentation, by Application
8. Smart Cities Market Segmentation, By Smart Governance
9. Smart Cities Market Segmentation, By Smart Utilities
10. Smart Cities Market Segmentation, By Smart Transportation
11. Smart Cities Market Segmentation, By Smart Healthcare
12. Regional Analysis
13. Company Profiles
14. Use Cases and Best Practices
15. Conclusion
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