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The study undertaken by Astute Analytica foresees a tremendous growth in revenue of the Global Smart Cities Market 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 well-connected city which deploys various information and communication technologies to share information among public and improve the quality of government services as well as citizen welfare.
The global smart cities market is majorly driven by factors such as rising need for public safety and communication infrastructure, increasing number of government initiatives and PPP models for smart cities. Globally, governments have been playing a major role in smart cities market through its regulations and initiatives focused on deployment of smart services as a major part of their infrastructure. Furthermore, 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 Internet of Things (IoT) is a restraint for the market growth.
Internet of Things (IoT) segment of the smart cities market is estimated to have the highest market share in 2021. Furthermore, Asia Pacific is projected to be the gamechanger and is expected to dominate the Global Smart Cities Market during the forecast period.
North America holds the highest share in the Global Smart Cities Market in 2021
North America holds the maximum share in the Global Smart Cities market in 2021. The highest share of the region is owed to emerging technological advancements and increasing number of government initiatives for smart cities. There are many smart cities situated in North America and some are under construction. Boston was one the first cities to launch experimental smart initiatives in 2010 and has a comprehensive “smart masterplan”. The US is the highest shareholder country in the North America smart cities market. There has been bulk installation of CCTVs and other surveillance devices all around the cities which makes hardware the dominating segment of component.
Germany dominates the European Smart Cities Market
Germany is the highest shareholder country in Europe smart cities market and is projected to record the fastest CAGR during the forecast period. This is due to the rising initiatives taken by government to enhance the government structures, technology ecosystem, financing models and provide improved infrastructures to their citizens. Among various applications, smart citizen services have maximum market share in 2021.
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 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. China is the highest shareholder country in the Asia Pacific smart cities market.
Cloud deployment segment has the highest CAGR in Middle East smart cities market
The significant share of cloud deployment is due to the fact that it can be adopted for multiple smart city applications, be it lighting, traffic management, monitoring environment or others. Moreover, efficient management of data is possible as cloud helps in streamlining the process of managing data.
South Africa is the highest shareholder in Africa Smart Cities Market
South Africa is estimated to be the highest shareholder country in the Africa smart cities market and is expected to continue its dominance during the forecast period. In Africa, cloud deployment mode has the market value of US$ 461.4 Mn in 2021 owing to its better big data handling and security features over on-premises deployment.
Smart citizen services have the highest share in the South America Smart Cities Market in 2021
Smart citizen services have the highest share in the South America smart cities in 2021, as it is required to offer the best of assisted living solutions to all residents and users. Brazil has the fastest CAGR in the smart cities market of South America region during the forecast period.
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:
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