In 2022, the Smart Cities Market was estimated to be worth USD 640.75 billion. By 2030, it is anticipated to be worth USD 3799.65 billion, growing at a CAGR of 24.92%.
A smart city is one that is intellectually connected and supported by the incorporation of vast amounts of information on communication and civil technology. In recent years, these technologies have been widely accepted and used to enhance public safety measures. These steps include methods like analyzing high-crime regions and using cutting-edge sensors and other communication tools to strengthen emergency awareness systems. Additionally, the general population is quickly incorporating smart components into their daily work to have pleasure in their free time in order to increase time and cost efficiency.
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Drivers
AI and ML will hasten the creation of smart cities.
Intelligent city solutions must be adopted in response to growing urbanization, which is accelerated by AI and machine learning.
Resource management and utilization must be effective.
The technologies of artificial intelligence (AI) and machine learning (ML) are enabling smart cities to enable people, organizations, or systems to be self-sufficient and futuristic, according to the market research report study on smart cities. These technologies gather enormous amounts of data to modernize the systems and elements that power cities and enable them to make wise judgments with minimal human input. Artificial intelligence and machine learning algorithms, which are currently crucial elements in many sectors, are needed to build smart cities. Cyber-physical space, which includes traffic sensors, medical monitoring systems, industrial control systems, video cameras, environment sensors, and smart meters, is created by the deployment of AI-enabled intelligent machines powered by machine learning. Predictive analysis and decision-making for the building of smart cities are aided by machine-generated data.
Restrains
IoT privacy and security issues
In projects involving smart cities, privacy, and security are important points of concern. The market ecosystem for smart cities is highly vulnerable since it depends so heavily on IoT and centralized access points for various types of data. Smart city designers and security experts must approach the problem holistically if they are to prevent the privacy and security vulnerabilities in smart cities from spreading to the rest of the smart network. There has been an increasing requirement for a technically sound solution to ensure the security and privacy of clients using different identification systems.
Opportunities
Technological advancements in areas like AI, cloud, IoT, and analytics
Increase in 5G adoption
Drones used to police compliance during pandemics
Challenges
In developing and undeveloped economies, there is a lack of adequate infrastructure.
In a conflict situation, security becomes a significant concern. Smart city initiatives that focus on security, such as surveillance systems, emergency response mechanisms, and critical infrastructure protection, may receive more attention and investment. This could result in a shift in priorities within the smart cities market. The impact of the war on the smart cities market can vary depending on the specific regions within Ukraine. Cities located closer to the conflict zones may face more significant disruptions and challenges. In contrast, areas further away from the conflict may continue their smart city development relatively unaffected.
The conflict between Russia and Ukraine has broader geopolitical implications. It can influence international relationships and cooperation in various sectors, including technology and infrastructure. It may lead to changes in investment patterns, partnerships, and collaborations related to smart city development in the affected regions. Despite the challenges posed by the conflict, there may be opportunities for innovation and adaptation within the smart cities market. Technologies that enhance resilience, improve disaster management, and support post-war reconstruction efforts could gain prominence. These solutions could address specific needs arising from the conflict and potentially find broader applications in other smart city contexts.
Impact of Recessions
During a recession, governments and private investors often reduce their spending on new projects and technologies, including smart city initiatives. This can lead to a decrease in funding available for the development and implementation of smart city solutions, affecting the overall growth of the market.
Economic downturns can cause delays or cancellations of planned smart city projects. Governments and organizations may prioritize essential services and infrastructure over smart city investments during challenging economic times. As a result, the implementation of smart city technologies and infrastructure could be postponed or abandoned. Recessions can foster increased collaboration between the public and private sectors. Governments may turn to public-private partnerships to share the financial burden of smart city projects. By leveraging private sector expertise and resources, governments can continue to invest in smart city initiatives despite budget constraints, thereby sustaining market growth. Recessions often act as catalysts for innovation and creativity. Cities facing economic challenges may actively seek innovative solutions to improve their competitiveness and resilience. Smart city technologies that can help cities become more efficient, sustainable, and economically robust may be seen to recover from the recession and attract investments in the long term.
By Functional Area
Smart Infrastructure
Smart Governance and Smart Education
Smart Energy
Smart mobility
Others
By Component
Hardware
Software
Service
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In 2022, North America held a 31.2% market share, dominating the global market for smart cities. The market for smart cities in North America is expanding as a result of the escalating technical breakthroughs and digital transformation occurring across numerous business verticals, including telecommunications, IT, retail, and finance. The information and communication technology (ICT) infrastructure in North America is well-established, and in recent years, the region's market for smart cities has expanded significantly as a result of the local and federal governments' strong collaborations with startups and ICT industry vendors. As the infrastructure for municipal connectivity is deployed more widely, the market for smart cities will grow. By planning numerous networking events in the region, the US Department of Transportation and the Smart Cities Council jointly promote the idea of smart cities throughout the North American region.
Over the course of the forecast period, Asia Pacific is anticipated to develop at a substantial CAGR. The region's success can be attributed to a variety of factors, including the rise of digital infrastructure, globalization, and economic developments. Businesses in the Asia Pacific region are eager to take advantage of cloud-based solutions' cost-effectiveness and other benefits, which is stimulating the development of apps for smart buildings, smart utilities, smart transportation, and smart governance.
REGIONAL COVERAGE:
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
The major players General Electric, KAPSCH Group, Microsoft Corporation, AGT International, Huawei Technologies Co., Ltd., AVEVA Group plc., Schneider Electric SE, Cisco Systems, Inc., Ericsson, Verizon, Telensa, Honeywell International Inc., International Business Machines Corporation, ABB Limited, Itron Inc., Oracle Corporation, Osram Gmbh, SAP SE, Siemens AG, and others in final report.
Schneider Electric's EcoStruxureTM Rail, which increases smart management, energy efficiency, and electric safety by 25%, was launched in India in August 2021.
The largest Software as a Service (SaaS) supplier for inventory management, reservations, and ticketing software, Squills, was purchased by Siemens Mobility, a Siemens subsidiary, in October 2021. This improved Siemens' line-up of cutting-edge, clever, and all-encompassing mobility solutions.
| Report Attributes | Details |
| Market Size in 2022 | US$ 640.75 Bn |
| Market Size by 2030 | US$ 3799.65 Bn |
| CAGR | CAGR of 24.92 % From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Functional Area (Smart Infrastructure, Smart Governance and Smart Education, Smart Energy, Smart Mobility, Smart Healthcare, Smart Buildings, Others) • By Component (Hardware, Software, Service) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Company Profiles | General Electric, KAPSCH Group, Microsoft Corporation, AGT International, Huawei Technologies Co., Ltd., AVEVA Group plc., Schneider Electric SE, Cisco Systems, Inc., Ericsson, Verizon, Telensa, Honeywell International Inc., International Business Machines Corporation, ABB Limited, Itron Inc., Oracle Corporation, Osram Gmbh, SAP SE, Siemens AG |
| Key Drivers | • AI and ML will hasten the creation of smart cities. • Intelligent city solutions must be adopted in response to growing urbanization, which is accelerated by AI and machine learning. • Resource management and utilization must be effective. |
| Market Restraints | • IoT privacy and security issues |
Ans: North America region is dominate the Smart Cities Market with 31.2% market share.
Ans: USD 640.75 billion in 2022 is the market share of the Smart Cities Market.
Ans: Yes, you can ask for the customization as pas per your business requirement.
Ans: The CAGR of the Smart Cities Market for the forecast period 2023-2030 is 24.92 %.
Ans: The major players General Electric, Microsoft Corporation, AGT International, Huawei Technologies Co., Ltd., Schneider Ericsson, Honeywell International Inc., International Business Machines Corporation, ABB Limited, Itron Inc., Oracle Corporation, SAP SE, Siemens AG, and others in final report.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of Russia-Ukraine War
4.2 Impact of Ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Smart Cities Market Segmentation, By Functional Area
8.1 Smart Infrastructure
8.2 Smart Governance and Smart Education
8.3 Smart Energy
8.4 Smart mobility
8.5 Smart healthcare
8.6 Smart Buildings
8.7 Others
9. Smart Cities Market Segmentation, By Component
9.1 Hardware
9.2 Software
9.3 Service
10. Regional Analysis
10.1 Introduction
10.2 North America
10.2.1 North America Smart Cities Market by Country
10.2.2North America Smart Cities Market By Functional Area
10.2.3 North America Smart Cities Market By Component
10.2.4 USA
10.2.4.1 USA Smart Cities Market By Functional Area
10.2.4.2 USA Smart Cities Market By Component
10.2.5 Canada
10.2.5.1 Canada Smart Cities Market By Functional Area
10.2.5.2 Canada Smart Cities Market By Component
10.2.6 Mexico
10.2.6.1 Mexico Smart Cities Market By Functional Area
10.2.6.2 Mexico Smart Cities Market By Component
10.3 Europe
10.3.1 Eastern Europe
10.3.1.1 Eastern Europe Smart Cities Market by Country
10.3.1.2 Eastern Europe Smart Cities Market By Functional Area
10.3.1.3 Eastern Europe Smart Cities Market By Component
10.3.1.4 Poland
10.3.1.4.1 Poland Smart Cities Market By Functional Area
10.3.1.4.2 Poland Smart Cities Market By Component
10.3.1.5 Romania
10.3.1.5.1 Romania Smart Cities Market By Functional Area
10.3.1.5.2 Romania Smart Cities Market By Component
10.3.1.6 Hungary
10.3.1.6.1 Hungary Smart Cities Market By Functional Area
10.3.1.6.2 Hungary Smart Cities Market By Component
10.3.1.7 Turkey
10.3.1.7.1 Turkey Smart Cities Market By Functional Area
10.3.1.7.2 Turkey Smart Cities Market By Component
10.3.1.8 Rest of Eastern Europe
10.3.1.8.1 Rest of Eastern Europe Smart Cities Market By Functional Area
10.3.1.8.2 Rest of Eastern Europe Smart Cities Market By Component
10.3.2 Western Europe
10.3.2.1 Western Europe Smart Cities Market by Country
10.3.2.2 Western Europe Smart Cities Market By Functional Area
10.3.2.3 Western Europe Smart Cities Market By Component
10.3.2.4 Germany
10.3.2.4.1 Germany Smart Cities Market By Functional Area
10.3.2.4.2 Germany Smart Cities Market By Component
10.3.2.5 France
10.3.2.5.1 France Smart Cities Market By Functional Area
10.3.2.5.2 France Smart Cities Market By Component
10.3.2.6 UK
10.3.2.6.1 UK Smart Cities Market By Functional Area
10.3.2.6.2 UK Smart Cities Market By Component
10.3.2.7 Italy
10.3.2.7.1 Italy Smart Cities Market By Functional Area
10.3.2.7.2 Italy Smart Cities Market By Component
10.3.2.8 Spain
10.3.2.8.1 Spain Smart Cities Market By Functional Area
10.3.2.8.2 Spain Smart Cities Market By Component
10.3.2.9 Netherlands
10.3.2.9.1 Netherlands Smart Cities Market By Functional Area
10.3.2.9.2 Netherlands Smart Cities Market By Component
10.3.2.10 Switzerland
10.3.2.10.1 Switzerland Smart Cities Market By Functional Area
10.3.2.10.2 Switzerland Smart Cities Market By Component
10.3.2.11 Austria
10.3.2.11.1 Austria Smart Cities Market By Functional Area
10.3.2.11.2 Austria Smart Cities Market By Component
10.3.2.12 Rest of Western Europe
10.3.2.12.1 Rest of Western Europe Smart Cities Market By Functional Area
10.3.2.12.2 Rest of Western Europe Smart Cities Market By Component
10.4 Asia-Pacific
10.4.1 Asia Pacific Smart Cities Market by Country
10.4.2 Asia Pacific Smart Cities Market By Functional Area
10.4.3 Asia Pacific Smart Cities Market By Component
10.4.4 China
10.4.4.1 China Smart Cities Market By Functional Area
10.4.4.2 China Smart Cities Market By Component
10.4.5 India
10.4.5.1 India Smart Cities Market By Functional Area
10.4.5.2 India Smart Cities Market By Component
10.4.6 Japan
10.4.6.1 Japan Smart Cities Market By Functional Area
10.4.6.2 Japan Smart Cities Market By Component
10.4.7 South Korea
10.4.7.1 South Korea Smart Cities Market By Functional Area
10.4.7.2 South Korea Smart Cities Market By Component
10.4.8 Vietnam
10.4.8.1 Vietnam Smart Cities Market By Functional Area
10.4.8.2 Vietnam Smart Cities Market By Component
10.4.9 Singapore
10.4.9.1 Singapore Smart Cities Market By Functional Area
10.4.9.2 Singapore Smart Cities Market By Component
10.4.10 Australia
10.4.10.1 Australia Smart Cities Market By Functional Area
10.4.10.2 Australia Smart Cities Market By Component
10.4.11 Rest of Asia-Pacific
10.4.11.1 Rest of Asia-Pacific Smart Cities Market By Functional Area
10.4.11.2 Rest of Asia-Pacific Smart Cities Market By Component
10.5 Middle East & Africa
10.5.1 Middle East
10.5.1.1 Middle East Smart Cities Market by Country
10.5.1.2 Middle East Smart Cities Market By Functional Area
10.5.1.3 Middle East Smart Cities Market By Component
10.5.1.4 UAE
10.5.1.4.1 UAE Smart Cities Market By Functional Area
10.5.1.4.2 UAE Smart Cities Market By Component
10.5.1.5 Egypt
10.5.1.5.1 Egypt Smart Cities Market By Functional Area
10.5.1.5.2 Egypt Smart Cities Market By Component
10.5.1.6 Saudi Arabia
10.5.1.6.1 Saudi Arabia Smart Cities Market By Functional Area
10.5.1.6.2 Saudi Arabia Smart Cities Market By Component
10.5.1.7 Qatar
10.5.1.7.1 Qatar Smart Cities Market By Functional Area
10.5.1.7.2 Qatar Smart Cities Market By Component
10.5.1.8 Rest of Middle East
10.5.1.8.1 Rest of Middle East Smart Cities Market By Functional Area
10.5.1.8.2 Rest of Middle East Smart Cities Market By Component
10.5.2 Africa
10.5.2.1 Africa Smart Cities Market by Country
10.5.2.2 Africa Smart Cities Market By Functional Area
10.5.2.3 Africa Smart Cities Market By Component
10.5.2.4 Nigeria
10.5.2.4.1 Nigeria Smart Cities Market By Functional Area
10.5.2.4.2 Nigeria Smart Cities Market By Component
10.5.2.5 South Africa
10.5.2.5.1 South Africa Smart Cities Market By Functional Area
10.5.2.5.2 South Africa Smart Cities Market By Component
10.5.2.6 Rest of Africa
10.5.2.6.1 Rest of Africa Smart Cities Market By Functional Area
10.5.2.6.2 Rest of Africa Smart Cities Market By Component
10.6 Latin America
10.6.1 Latin America Smart Cities Market by Country
10.6.2 Latin America Smart Cities Market By Functional Area
10.6.3 Latin America Smart Cities Market By Component
10.6.4 Brazil
10.6.4.1 Brazil Smart Cities Market By Functional Area
10.6.4.2 Brazil Smart Cities Market By Component
10.6.5 Argentina
10.6.5.1 Argentina Smart Cities Market By Functional Area
10.6.5.2 Argentina Smart Cities Market By Component
10.6.6 Colombia
10.6.6.1 Colombia Smart Cities Market By Functional Area
10.6.6.2 Colombia Smart Cities Market By Component
10.6.7 Rest of Latin America
10.6.7.1 Rest of Latin America Smart Cities Market By Functional Area
10.6.7.2 Rest of Latin America Smart Cities Market By Component
11. Company Profile
11.1 General Electric
11.1.1 Company Overview
11.1.2 Financials
11.1.3 Product/Services/Offerings
11.1.4 SWOT Analysis
11.1.5 The SNS View
11.2 Microsoft Corporation
11.2.1 Company Overview
11.2.2 Financials
11.2.3 Product/Services/Offerings
11.2.4 SWOT Analysis
11.2.5 The SNS View
11.3 AGT International
11.3.1 Company Overview
11.3.2 Financials
11.3.3 Product/Services/Offerings
11.3.4 SWOT Analysis
11.3.5 The SNS View
11.4 Huawei Technologies Co., Ltd
11.4 Company Overview
11.4.2 Financials
11.4.3 Product/Services/Offerings
11.4.4 SWOT Analysis
11.4.5 The SNS View
11.5 Schneider Electric SE
11.5.1 Company Overview
11.5.2 Financials
11.5.3 Product/Services/Offerings
11.5.4 SWOT Analysis
11.5.5 The SNS View
11.6 Cisco Systems, Inc.
11.6.1 Company Overview
11.6.2 Financials
11.6.3 Product/Services/Offerings
11.6.4 SWOT Analysis
11.6.5 The SNS View
11.7 Ericsson
11.7.1 Company Overview
11.7.2 Financials
11.7.3 Product/Services/Offerings
11.7.4 SWOT Analysis
11.7.5 The SNS View
11.8 Honeywell International Inc
11.8.1 Company Overview
11.8.2 Financials
11.8.3 Product/Services/Offerings
11.8.4 SWOT Analysis
11.8.5 The SNS View
11.9 Siemens AG
11.9.1 Company Overview
11.9.2 Financials
11.9.3 Product/Services /Offerings
11.9.4 SWOT Analysis
11.9.5 The SNS View
11.10 Oracle Corporation
11.10.1 Company Overview
11.10.2 Financials
11.10.3 Product/Services/Offerings
11.10.4 SWOT Analysis
11.10.5 The SNS View
12. Competitive Landscape
12.1 Competitive Benchmarking
12.2 Market Share Analysis
12.3 Recent Developments
12.3.1 Industry News
12.3.2 Company News
12.3.3 Mergers & Acquisitions
13. USE Cases and Best Practices
14. Conclusion
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