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Smart Cities Market Size Worth US$ 6,70,424.1 Mn by 2030 | CAGR: 20.5%

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.

Regional Analysis

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.

Competitive Landscape

  • ABB Limited is a global technology company. The company energizes the transformation of society and industry to achieve a more productive, sustainable future.
  • IBM Corporation is a US based company and engaged in the information technology and service. The company is a cloud platform and cognitive solutions company. 
  • Alphabet Inc. is an information technology and services company. It is a global professional services company with leading capabilities in digital, cloud and security.
  • Cisco Systems Inc. is a computer networking company. It is a global professional services company with prominent capabilities in digital technology, cloud, and security. It enables people to make powerful connections--whether in business, education, philanthropy, or creativity.
  • Oracle Corporation is a US based company and engaged in the information technology and service. The company’s Cloud Infrastructure offers higher performance, security, and cost savings.
  • Schneider Electric is a France based company and engaged in the electrical/electronic manufacturing and distribution.
  • Foxconn Technology Co. Ltd. is a Taiwan-based company and is engaged in the R&D, manufacture and distributor of computers, communications, and consumer electronics (3C) products. The Company mainly distributes its products in China, the United States and Japan.

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:

  • Artificial Intelligence (AI)
    • Deep Machine Learning
    • Artificial Neural Network
    • Voice Recognition
    • Pattern Recognition
    • Natural Language Processing
    • Others
  • Big Data Analytics
  • Cellular Technology
    • 5G Technology
    • Others
  • Cloud Technology
  • Edge Computing
  • High Performance Computing
  • Internet of Things (IoT)
    • Satellite Network
    • Cellular Network
    • Radio Frequency Identification
    • Near Field Communication
    • Wi-Fi
  • Quantum Computing
  • Others

By Component Segment of the Global Smart Cities Market is sub-segmented into:

  • Hardware
    • Camera
    • Sensors/Detectors
    • Meters
    • Vehicles
    • Smart Robots
    • Others
  • Software
    • Cloud (IoT) Platform
      • Public
      • Private
    • Data Management & Analytics
    • Cyber Security
    • Remote Monitoring
  • Services
    • Consulting
    • System Integration and Deployment
    • Support and Maintenance
    • Managed Services

By Application Segment of the Global Smart Cities Market is sub-segmented into:

  • Smart Transportation
    • Parking Management
    • Ticketing & Travel Management
    • Traffic Management
    • Passenger Information Management System
    • Freight Information System
    • Other Smart Transportation Systems
  • Smart Utilities
    • Energy management
    • Advanced Metering Infrastructure
    • Smart Grid
    • Water Management
    • Distribution Management
    • Other Smart Utilities
  • Smart Governance
    • E-Governance Solutions
    • Smart Public Safety
    • Law Enforcement
    • City Planning
    • Other Governance Services
    • Smart Home & Building
      • Building Automation System
      • Energy Management Systems
      • Parking Management System
      • Emergency Management System
      • Other Smart Building System
    • Smart Citizen Service
      • Smart Education
      • Smart Healthcare
      • Emergency Response System
      • Video Surveillance System
      • Assisted Living Solution
      • Other Citizen Services
    • Smart Mobility
      • Electric Vehicle Charging
      • Tunnel Management
      • Tolling Management
      • Other Mobility Solutions
    • Other Applications

By Deployment Segment of the Global Smart Cities Market is sub-segmented into:

  • Cloud
  • On-premise

By region Segment of the Global Smart Cities Market is sub-segmented into:

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • Western Europe
      • The UK
      • Germany
      • France
      • Italy
      • Spain
      • Rest of Western Europe
  • Eastern Europe
    • Poland
    • Russia
    • Rest of Eastern Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia & New Zealand
    • ASEAN
    • Rest of Asia Pacific
    •  Middle East 
      • UAE
      • Saudi Arabia
      • Rest of MEA
    • Africa
      • Nairobi
      • Nigeria
      • South Africa
      • Rest of Africa
    • South America
      • Argentina
      • Brazil
      • Rest of South America

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