Global Smart Cities Market is projected to have a major leap forward in revenue from US$ 1,25,325.5 Mn in 2021 to US$ 6,70,424.1 Mn by 2030. The market is estimated to register a CAGR of 20.5% during the forecast period 2022-2030. A smart city is a technologically modern urban area that uses different types of electronic methods, voice activation methods, and sensors to collect specific data. It includes data collected from citizens, devices, buildings, and assets which are processed and analyzed to monitor and manage traffic and transportation systems, power plants, utilities, water supply networks, waste, crime detection, information systems, schools, libraries, hospitals, and other community services.
The growing impetus of the global smart cities market is attributed to factors such as the rising need for public safety and communication infrastructure, the increasing number of government initiatives and PPP models for smart cities. AI and IoT-driven technologies are being used in smart cities to maintain a healthier environment, improve public transportation, and improve safety. Furthermore, globally, governments have been playing a major role in the smart cities market through their regulations and initiatives focused on the deployment of smart services as a major part of their infrastructure. Also, the rise in adoption of 5G is enhancing the growth of the smart cities market due to its faster speed and more reliable connections. Smart cities will reap the benefits of 5G by being able to offer smarter vehicles, smart processing, and manufacturing. However, privacy and security concerns over the Internet of Things (IoT) are a restraint for market growth.
Key Insights of the Report:
Segmental Analysis
IoT segment holds the highest share in the Global Smart Cities Market in 2021
Based on technology, the market is segmented into Artificial Intelligence (AI), big data analytics, IoT, cloud computing, quantum computing, edge computing, high-performance computing, and others. The Internet of Things (IoT) segment dominated the smart cities market in 2021 as it offers multiple opportunities for smart cities to use data for traffic control, pollution reduction, making better use of infrastructure, and keeping citizens safe.
Hardware component dominated the smart cities market in 2021
The component segment of the smart cities market is sub-segmented into hardware, software, and services. The hardware component is estimated to dominate the smart cities market in 2021, as there are affordable IoT hardware options available in the market. Moreover, as hardware makes up the bulk of investment in the early phase, they have a higher share and growth during the first half of the forecast period.
Smart citizen services lead the Global Smart Cities Market in 2021
Based on application, the smart cities market is segmented into smart transportation, smart home buildings, smart utilities, smart citizen services, smart governance, smart mobility, and other applications. Smart citizen services have the highest market share in the Global Smart Cities Market in 2021. This is because citizen safety is the major priority for every government organization. People are highly dependent on the safety services that are offered by the government at different levels.
Asia Pacific has the fastest CAGR in the Global Smart Cities Market
Asia Pacific is estimated to register the fastest CAGR during the forecast period due to the presence of some of the most well-known technology-enabled metropolises in the region which include Singapore, Tokyo, and Seoul. Moreover, according to the IMD's inaugural Smart City Index, Singapore located in the Asia Pacific is the smartest city in the world. Furthermore, due to the large number of 5G deployments and initiatives taken by major Asian mobile operators to resolve the problem of high bandwidth requirement, the smart cities market in APAC is expected to have enormous growth in the coming years.
Competitive Insight
Segmentation Overview of the Global Smart Cities Market
Following are the different segments of the Global Smart Cities Market: -
By Technology Segment of the Global Smart Cities Market is sub-segmented into:
By Component Segment of the Global Smart Cities Market is sub-segmented into:
By Application Segment of the Global Smart Cities Market is sub-segmented into:
By Deployment Segment of the Global Smart Cities Market is sub-segmented into:
By region Segment of the Global Smart Cities Market is sub-segmented into:
| Report Attribute | Details |
|---|---|
| Market Size Value in 2021 | US$ 1,25,325.5 Mn |
| Expected Revenue in 2030 | US$ 6,70,424.1 Mn |
| Historic Data | 2017-2020 |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Unit | Value (USD Mn) |
| CAGR | 20.5% |
| Segments covered | By Technology, Component, Application, Deployment, and Region |
| Key Companies | ABB Limited, Accenture Plc, Alphabet Inc., Cisco Systems Inc., Oracle Corporation, and other prominent players. |
| Customization Scope | Get your customized report as per your preference. Ask for customization |
A smart city is a technologically modern urban area that uses different types of electronic methods, voice activation methods and sensors to collect specific data and improve the quality of government services as well as citizen welfare.
Data collected from citizens, devices, buildings and assets is processed and analyzed to monitor and manage traffic and transportation systems, power plants, utilities, water supply networks, waste, crime detection, information systems, schools, libraries, hospitals, and other community services.
The Global Smart Cities Market was valued at US$ 1,25,325.5 Mn in 2021.
The Global Smart Cities Market is estimated to witness a CAGR of 20.5% during the forecast period.
The different segments of the Global Smart Cities Market are based on technology, component, application deployment, and region.
Factors such as rising need for public safety and communication infrastructure, increasing number of government initiatives and PPP models for smart cities are driving the growth in smart cities market.
Privacy and security concerns over Internet of Things (IoT) acts as a hindrance in the growth of the global smart cities market.
Increasing environmental concerns and demand for green initiatives are the emerging opportunities in the Global Smart Cities Market.
Due to the faster speed and more reliable connections provided by 5G, smart cities will reap its benefits by being able to offer smarter vehicles, smart processing, and manufacturing.
IoT segment leads the Global Smart Cities Market in 2021.
Smart citizen services has the highest share in the Global Smart Cities Market in 2021.
Asia Pacific is expected to dominate the Global Smart Cities Market during the forecast period.
The key players in the global smart cities market are Cisco Systems, IBM Corporation, Microsoft Corporation, and GE Company among others.
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