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Global Smart Cities Market Growth, Size, Analysis, Forecast: By Component: Services, Hardware, Software; By Solution: Smart Transportation, Smart Building, Smart Utilities, Smart Public Safety, Smart Healthcare, Smart Security, Smart Education, Others; Regional Analysis; Market Dynamics: SWOT Analysis; Competitive Landscape; 2024-2032
Global Smart Cities Market Outlook
The global smart cities market size reached approximately USD 0.99 trillion in 2023. The market is assessed to grow at a CAGR of 15.6% between 2024 and 2032 to attain a value of around USD 2.32 trillion by 2032.
Key Trends in the Market
Smart cities, variously known as intelligent cities, are urban regions that deploy information and communication technologies to optimise various functions and improve the efficiency and quality of life of residents. The aim of smart cities is to reduce waste and inconvenience, improve socio-economic growth and policy efficiency, and instantaneously solve various issues impacting the quality of life of city dwellers.
- The smart cities market expansion is being aided by the exploding urban population and growing concerns regarding urban management. In addition to this, governments are introducing various initiatives to reduce greenhouse gas emissions in cities, improve economic development, and reduce costs of services like transportation and waste management. Such factors are bolstering the adoption of smart city solutions to make the urban environment clean, safe, and comfortable.
- Advancements in 5G infrastructure and the development of sophisticated and advanced IoT devices are positively influencing the smart cities market growth. Such technologies can efficiently collect data, automate various systems like waste management, traffic, and energy uses, and reduce overall operational costs while offering valuable insights into asset management and services.
- Moreover, the increasing deployment of technologies like artificial intelligence (AI) and machine learning (ML), among others, to optimise, track, and analyse energy utilisation, enhance automation of various operations, and improve waste management is anticipated to propel the smart cities market demand in the forecast period.
- Smart cities can enhance the inclusivity of urban areas while improving infrastructure, creating attractive job opportunities, and surging the efficiency of urban operations and services. Moreover, the implementation of solutions and eco-friendly projects like smart grids and smart water management is anticipated to reduce carbon footprints, drive energy efficiency, improve air quality, and combat ecological and economic challenges. Hence, the growing emphasis on sustainability and social equity in urban development is one of the major smart cities market trends.
Market Analysis
Based on component, the market is segmented into services, hardware, and software. On the basis of solution, the smart cities market segmentation includes smart transportation, smart building, smart utilities, smart public safety, smart healthcare, smart security, and smart education, among others. The major regional markets for smart cities include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global smart cities market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.
- Cisco Systems, Inc.
- ABB Limited
- Siemens AG
- Honeywell International Inc.
- Huawei Technologies Co. Ltd.
- Microsoft Corporation
- IBM Corporation
- Oracle Corporation
- Schneider Electric SE
- Hitachi Ltd.
- Intel Corporation
- AT&T Communications, LLC
- Nokia Corporation
- Koninklijke Philips NV
- Verizon Communications Inc.
- Others
Market Share by Solution
Smart transportation accounts for a significant smart cities market share, attributed to increasing investments in intelligent streets and the development of advanced smart mobility solutions like autonomous vehicles and digital railways. The rising trend of digitisation of payments and the growing popularity of e-tickets are also likely to aid the segment’s growth. With governments globally investing in intelligent, safe, and user-friendly smart mobility, the segment is anticipated to expand in the forecast period.
Market Share by Region
As per the smart cities market analysis, Europe has pioneered the smart city movement due to the increased focus on clean energy transition, socioeconomic equity, and sustainability. Cities like Barcelona, London, Berlin, and Amsterdam have extensively deployed ICT technologies to achieve carbon neutrality, support the rising ageing population, and create attractive job opportunities. Besides, improving transit infrastructure, renovation of ageing infrastructure, and the growing implementation of smart solutions like smart meters in cities are likely to further aid the market in the coming years.
Competitive Landscape
Schneider Electric SE, founded in 1836, is a leading energy and process technology company that is headquartered in Rueil Malmaison, France. Through its innovative technologies, software, services, and solutions, the company aims to drive digitisation and electrification while creating a sustainable and smarter world.
Hitachi Ltd., headquartered in Tokyo, Japan, is a prominent company centred around sectors like energy, mobility, smart life, IT, and industrial. Since its foundation in 1910, the company has introduced various solutions, technologies, and products to improve the quality of life of people. It also offers various solutions to build resilient smart city infrastructure.
Koninklijke Philips NV is a leading technology, electronics, and health company that was founded in 1891. It is based in Amsterdam, the Netherlands, and creates innovative products that can improve the well-being and health of people. The company also offers various smart city solutions like smart parking monitoring services and intelligent lighting systems, among others.
Other smart cities market players include Cisco Systems, Inc., ABB Limited, Siemens AG, Honeywell International Inc., Huawei Technologies Co. Ltd., Microsoft Corporation, IBM Corporation, Oracle Corporation, Intel Corporation, AT&T Communications, LLC, Nokia Corporation, and Verizon Communications Inc., among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Component |
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| Breakup by Solution |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Smart Cities Market Analysis
8.1 Key Industry Highlights
8.2 Global Smart Cities Historical Market (2018-2023)
8.3 Global Smart Cities Market Forecast (2024-2032)
8.4 Global Smart Cities Market by Component
8.4.1 Services
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Hardware
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Software
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.5 Global Smart Cities Market by Solution
8.5.1 Smart Transportation
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.1.3 Breakup by Type
8.5.1.3.1 Smart Ticketing
8.5.1.3.2 Traffic Management System
8.5.1.3.3 Passenger Information Management System
8.5.1.3.4 Freight Information System
8.5.1.3.5 Connected Vehicles
8.5.1.3.6 Others
8.5.2 Smart Building
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.2.3 Breakup by Type
8.5.2.3.1 Building Energy Optimization
8.5.2.3.2 Emergency Management System
8.5.2.3.3 Parking Management System
8.5.2.3.4 Others
8.5.3 Smart Utilities
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.3.3 Breakup by Type
8.5.3.3.1 Advanced Metering Infrastructure
8.5.3.3.2 Distribution Management System
8.5.3.3.3 Substation Automation
8.5.3.3.4 Others
8.5.4 Smart Public Safety
8.5.4.1 Historical Trend (2018-2023)
8.5.4.2 Forecast Trend (2024-2032)
8.5.5 Smart Healthcare
8.5.5.1 Historical Trend (2018-2023)
8.5.5.2 Forecast Trend (2024-2032)
8.5.6 Smart Security
8.5.6.1 Historical Trend (2018-2023)
8.5.6.2 Forecast Trend (2024-2032)
8.5.7 Smart Education
8.5.7.1 Historical Trend (2018-2023)
8.5.7.2 Forecast Trend (2024-2032)
8.5.8 Others
8.6 Global Smart Cities Market by Region
8.6.1 North America
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Europe
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Asia Pacific
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Latin America
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Middle East and Africa
8.6.5.1 Historical Trend (2018-2023)
8.6.5.2 Forecast Trend (2024-2032)
9 North America Smart Cities Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Smart Cities Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Smart Cities Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Smart Cities Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Smart Cities Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Cisco Systems, Inc.
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 ABB Limited
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Siemens AG
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Honeywell International Inc.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Huawei Technologies Co. Ltd.
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Microsoft Corporation
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 IBM Corporation
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Oracle Corporation
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Schneider Electric SE
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Hitachi Ltd.
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Intel Corporation
15.2.11.1 Company Overview
15.2.11.2 Product Portfolio
15.2.11.3 Demographic Reach and Achievements
15.2.11.4 Certifications
15.2.12 AT&T Communications, LLC
15.2.12.1 Company Overview
15.2.12.2 Product Portfolio
15.2.12.3 Demographic Reach and Achievements
15.2.12.4 Certifications
15.2.13 Nokia Corporation
15.2.13.1 Company Overview
15.2.13.2 Product Portfolio
15.2.13.3 Demographic Reach and Achievements
15.2.13.4 Certifications
15.2.14 Koninklijke Philips NV
15.2.14.1 Company Overview
15.2.14.2 Product Portfolio
15.2.14.3 Demographic Reach and Achievements
15.2.14.4 Certifications
15.2.15 Verizon Communications Inc.
15.2.15.1 Company Overview
15.2.15.2 Product Portfolio
15.2.15.3 Demographic Reach and Achievements
15.2.15.4 Certifications
15.2.16 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Smart Cities Market: Key Industry Highlights, 2018 and 2032
2. Global Smart Cities Historical Market: Breakup by Component (USD Trillion), 2018-2023
3. Global Smart Cities Market Forecast: Breakup by Component (USD Trillion), 2024-2032
4. Global Smart Cities Historical Market: Breakup by Solution (USD Trillion), 2018-2023
5. Global Smart Cities Market Forecast: Breakup by Solution (USD Trillion), 2024-2032
6. Global Smart Cities Historical Market: Breakup by Region (USD Trillion), 2018-2023
7. Global Smart Cities Market Forecast: Breakup by Region (USD Trillion), 2024-2032
8. North America Smart Cities Historical Market: Breakup by Country (USD Trillion), 2018-2023
9. North America Smart Cities Market Forecast: Breakup by Country (USD Trillion), 2024-2032
10. Europe Smart Cities Historical Market: Breakup by Country (USD Trillion), 2018-2023
11. Europe Smart Cities Market Forecast: Breakup by Country (USD Trillion), 2024-2032
12. Asia Pacific Smart Cities Historical Market: Breakup by Country (USD Trillion), 2018-2023
13. Asia Pacific Smart Cities Market Forecast: Breakup by Country (USD Trillion), 2024-2032
14. Latin America Smart Cities Historical Market: Breakup by Country (USD Trillion), 2018-2023
15. Latin America Smart Cities Market Forecast: Breakup by Country (USD Trillion), 2024-2032
16. Middle East and Africa Smart Cities Historical Market: Breakup by Country (USD Trillion), 2018-2023
17. Middle East and Africa Smart Cities Market Forecast: Breakup by Country (USD Trillion), 2024-2032
18. Global Smart Cities Market Structure
Key Questions Answered in the Report
In 2023, the market attained a value of nearly USD 0.99 trillion.
The market is assessed to grow at a CAGR of 15.6% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 2.32 trillion by 2032.
The major market drivers the growing implementation of smart transportation solutions and the rising urbanisation.
The growing trend of sustainability, advancements in technologies and 5G infrastructure, and surging attempts to enhance social equity in cities are the key trends aiding the market growth.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The significant components of smart cities are services, hardware, and software.
The major players in the market are Cisco Systems, Inc., ABB Limited, Siemens AG, Honeywell International Inc., Huawei Technologies Co. Ltd., Microsoft Corporation, IBM Corporation, Oracle Corporation, Schneider Electric SE, Hitachi Ltd., Intel Corporation, AT&T Communications, LLC, Nokia Corporation, Koninklijke Philips NV, and Verizon Communications Inc., among others.
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