The study undertaken by Astute Analytica foresees a tremendous growth in revenue of the market for Global Smart Cities Engineering and Construction (E&C) Services Market from US$ 114.27 Billion in 2021 to US$ 453.07 Billion by 2030. The market is anticipated to grow at a CAGR of 16.5% during the forecast period 2022-2030. Smart city's engineering and construction (E&C) services are mixes of services that aid in the efficient planning and execution of projects by utilization of the technologies. Global Smart cities engineering and construction (E&C) services market is majorly driven by the rising adoption of connected and smart technologies in smart cities, favorable government initiatives promoting smart cities, and increasing digitization in public safety and transportation. Also, the increasing use of digitization tools in public safety services and transportation will increase the utility of engineering services globally.
The ICT consulting segment is estimated to have the largest market share and also has the highest CAGR during the forecast period owing to the rising demand for ICT consulting services in the smart cities. Moreover, the infrastructure segment dominated the market owing to the rapidly growing construction industry globally and the increasing awareness towards sustainable development. Also, the Urban development segment is projected to be the most lucrative segment over the forecast period. Furthermore, the smart grid segment is estimated to have the highest market share during the forecast period owing to the rising government supportive policies for the market. Also, the developed economies segment is estimated to have the highest market share during the forecast period.
Market Dynamics and Trends
Drivers
Global Smart Cities Engineering and Construction (E&C) Services Market is majorly driven by factors such as rising adoption of connected and smart technologies in smart cities, favorable government initiatives promoting smart cities, and increasing digitization in public safety and transportation. Technologies such as Artificial Intelligence (AI), the Internet of Things (IoT), Big Data, Blockchain, 5G networks, geospatial technology, and many others will create the utility for smart cities engineering & construction services to enable cities to implement technology, data, and information to enhance their infrastructure and services globally. Moreover, the favorable government initiatives regarding the transformation of smart cities globally are making a lucrative growth for the market over the forecast period. Also, the digitization in public safety services helps improve the socio-economic isolation of rural populations and is highly reliant on a robust and well-educated workforce that significantly contributes to the market growth.
Restraint/ Challenges
With the smart city development projects surging worldwide, digital security funds in smart cities are relentlessly lagging and putting a broad range of vulnerabilities that can be manipulated by cybercriminals. These security concerns could potentially present severe risks for authorities and residents when cyber-security is abandoned and can result in theft of various personal information of users. Smart city construction requires high capital investment and thus putting economies at a greater risk for financial losses and delays in construction projects.
Regional Analysis
The US is the highest shareholder in the North America Smart Cities Engineering & Construction Services Market
In terms of market size, the US holds a major share in the market owing to well-developed ICT infrastructure and the presence of key market players in the marketplace. In terms of the project segment, infrastructure has the highest market share in the North American region due to rapid growth in the construction industry globally.
Germany holds the major share in the Western Europe Market in terms of revenue
Germany is the highest shareholder in the Western Europe region and is projected to grow with a CAGR of 11.7% during the forecast period. Among the service type, end to end services holds the major share in term of revenue in the market industry Whereas ICT consulting is growing with the highest CAGR of 15.3% during the forecast period due to increasing needs for the safety of the public and the rising demand for ICT consulting services.
China is the highest shareholder Region and is projected to grow with the highest CAGR in the Asia Pacific Region
Due to the presence of some of the most well-known technology-enabled systems such as 5G networks, geospatial technology, and Artificial Intelligence operators to resolve the problem of high bandwidth requirements. These technological advancements have contributed a major share in the growth of the smart cities market in the APAC region. In terms of the application segment, the smart grid segment accounted for the largest market share owing to the rising government supportive policies and encouraging people for the conservation of energy.
UAE holds a significant share in the Middle East region in the Global Smart Cities Engineering & Construction Services Market
In terms of project segment, urban development holds the major share of 45.0% in the Middle East smart cities engineering & construction services market, whereas the buildings are projected to grow at the fastest CAGR of 18.7% during the forecast period due to the increasing integration of advanced and digital platform in urban areas.
South Africa is the highest shareholder in the Africa smart cities engineering & construction services Market
South Africa holds a major share in the African smart cities market and on the basis of application, software in Africa is growing at the fastest CAGR of 19.5% during the forecast period. Also, the smart grid application segment contributed the major share in the African smart cities engineering & construction services market.
Argentina in South America is growing at the fastest CAGR during the forecast period
Brazil holds the major share of 48.9% in 2020 in terms of revenue in the South America smart cities engineering & construction services market. Also, the citizen services are projected to grow at the fastest CAGR during the forecast period as it offers the best-assisted living solutions to all residents and users.
Competitive Landscape
Global Smart Cities Engineering and Construction (E&C) Services Market is highly competitive in order to increase its presence in the marketplace. Some of the key players operating in the global market include Honeywell International Inc, AECOM, Arup Group, Black & Veatch, Buro Happold, Meinhardt Group, TuV Rheinland, Incheon Smart-City Corporation, McKinsey & Company, Mott MacDonald Group, PWC, Accenture, and Tata Consulting Engineers among others.
Segmentation Overview
Global Smart Cities Engineering and Construction (E&C) Services Market is segmented based on service type, solution, project, application, city topography, and region. The industry trends in the global marketplace are sub-divided into different categories in order to get a holistic view of the global marketplace.
Following are the different segments of the Global Smart Cities Engineering and Construction (E&C) Services Market:
By Service type segment of the global Smart Cities Engineering and Construction (E&C) Services Market is Sub- Segmented into:
By Solution Segment of the Global Smart Cities Engineering and Construction (E&C) Services Market is Sub- Segmented into:
By Project Segment of the Global Smart Cities Engineering and Construction (E&C) Services Market is Sub- Segmented into:
By Application Segment of theGlobal Smart Cities Engineering and Construction (E&C) Services Market is Sub- Segmented into:
By City Topography Segment of the Global Smart Cities Engineering and Construction (E&C) Services Market is Sub- Segmented into:
By Region Type Segment of the Global Smart Cities Engineering and Construction (E&C) Services Market is Sub- Segmented into:
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