New York, Feb. 20, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Smart City Market Size, Share, Growth and Trends Forecast to 2028 - COVID-19 Impact and Global Analysis by Industry Vertical (Smart Infrastructure, Smart Energy, Smart Governance, Smart Transportation, Smart Healthcare, and Smart Education)” the global smart city market size to grow at a CAGR of 19% from 2022 to 2028, it is expected to grow from USD 1094.23 billion in 2022 to USD 3110.58 billion by 2028.
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Global Smart City Market – Report Scope:
| Market Size Value in | USD 3110.58 Billion by 2028 |
| Market Size Value by | USD 1094.23 Billion in 2022 |
| Growth rate | CAGR of 19% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 156 |
| No. of Tables | 7 |
| No. of Charts & Figures | 52 |
| Historical data available | Yes |
| Segments covered | Industry Vertical |
Global Smart City Market: Competitive Landscape and Key Developments
ABB Ltd; Cisco Systems, Inc.; Oracle Corporation; Microsoft Corporation; IBM Corporation; Accenture; General Electric Company; Schneider Electric SE; Siemens AG; and Ericsson AB are among the key players operating in the smart city market.
In September 2021, Essent announced the launch of its smart energy infrastructure solutions. The solution combines heating, cooling, electricity, hydrogen, energy efficiency, storage, and mobility to offer customized solutions to smart cities.
In May 2022, Samsung announced partnerships with global energy providers to expand their offerings in the smart energy sector.
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The smart city market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America. The APAC market is expected to grow at the highest CAGR over the forecast period. The presence of countries such as Australia, China, and India and their initiatives to adopt advanced technologies are expected to catalyze market growth. For instance, in Australia, smart cities are in diversified stages of development. The country focuses on developing and applying new technologies to improve the urban environment. The country has increased its focus on deploying advanced metering infrastructure and big data analytics to better leverage the capabilities resulting from cloud computing advancements. The energy sector in the country is looking to improve systems management as revenues continue to decrease. Australian Smart Communities Association (ASCA) was formed to assist communities in building comfortable, workable, and sustainable smart cities. Similarly, as per China's 13th Five-Year Plan, the country's key goal is to optimize city area through smooth public transportation, advanced infrastructure, new energy production modes, and the green city concept. As a result, the smart city plan will use low-carbon technology and new energy plans. These factors are expected to contribute to the APAC smart city market growth over the forecast period.
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Smart City Market: Industry Vertical Overview
Based on industry vertical, the smart city market size is segmented into smart infrastructure, smart energy, smart governance, smart transportation, smart healthcare, and smart education. The smart healthcare segment accounted for a significant share of the global smart city market in 2021. The smart healthcare segment uses the latest mobile and digital technologies to advance eHealth and mHealth systems while also driving the growth of intelligent and connected medical devices. There is a philosophical change to smart healthcare, with initiatives designed to encourage a broader view of health and well-being in citizens using technology for health monitoring and diagnostics to pre-empt treatment. The smart healthcare segment covers all the key aspects of the smart healthcare industry, which also include services such as integration and professional services. Facilities such as hospitals, wellness centers, and pharmacies are also considered in this segment. The segment is anticipated to witness a sizable portion of the growth owing to electronic health records and an increase in the use of big data solutions and analytics to make healthcare-related processes more nimble, efficient, and accurate. Big-data analytics has also ushered the uptick in the adoption of smart healthcare products, with the data gathered being used to understand patient behavior and monitor health conditions, specifically among the elderly population. All these shifts in the market are positively impacting the growth of the smart healthcare industry, giving momentum to companies operating in this field and creating demand from the consumer side.
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Impact of COVID-19 Pandemic on Global Smart City Market Growth:
The COVID-19 pandemic significantly impacted the global smart city market in the first two quarters of 2020. The pandemic influenced various companies to adopt permanent work from home, reducing the urban population as employees shifted to their hometowns. As a result of the declining urban population, the demand for advanced solutions such as smart parking, smart ticketing, and smart infrastructure declined in 2020, negatively impacting the smart city market growth globally. However, the reduction in skilled labor influenced the adoption of smart solutions across manufacturing and retail sectors, which aided in the revival of the smart city market size from Q3 2020.
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