Global Smart City Market Is Expected To Achieve Revenue Growth Of USD 6,050. 35 Billion By 2028.

23-Jun-2022 | Zion Market Research

The global smart city market was valued at nearly USD 1,125 billion in 2021 and is predicted to grow to about USD 6,050 billion by 2028 at a CAGR rate of over 26 percent during the forecast period. Information and communication technology are used by smart cities to promote long economic growth, effective commodity management, and greater resident quality of life. A smart city may make use of its cutting-edge infrastructure to benefit the surrounding community's companies, environment, transportation & mobility, healthcare, way of life, and government. Increased urbanization trends worldwide and the need for a better quality of life are driving the adoption of smart city technologies. By enabling local area development and leveraging technology that produces smart outcomes, intelligent cities aim to increase economic growth and increase the wellbeing of individuals.

A growing need for an environment that uses energy efficiently is primarily fueling the global smart city market growth. The adoption of smart city solutions is primarily motivated by concerns about the expansion of environmental waste and the decrease in energy usage. Governments in wealthy and developing nations are working harder to manage their carbon footprint as a result of growing worries about global warming and ozone depletion. Governments are enforcing stronger restrictions to limit emissions. Power consumption and carbon emissions are dramatically decreased as a result of the adoption of smart infrastructure automation, smart grids, and control systems, which minimizes losses and improves operations. Cloud computing has undergone significant modifications as a result of the development of 5G technology. Smoother communications and quicker data transfers are made possible by the fast data connectivity offered by 5G. The city is made safer thanks to 5G's instant access to AI and video analytics. This makes it possible for facility managers, building owners, and municipal administrators to make well-informed choices and deliver thoughtful public services. The market for smart cities has a lot of room to expand as 5G technology develops and begins to reach its full transformative potential.

Technology providers for smart cities should anticipate steady acceptance of their products in industries including smart buildings, smart utilities, and smart citizen amenities. New smart city solutions that successfully integrate IoT, analytics, cloud, big data, security, and network connection are increasingly in demand in various application areas. The adoption of IoT in smart city focus areas like smart utilities and smart citizen services increased the adoption of smart city solutions during the COVID-19 pandemic as regulatory agencies in different countries are focused mainly on tracking the safety, health, and living standard of their citizens.

Global Smart City Market

The global smart city market in this research analysis is divided into components, application areas, and regions. The component is classified by hardware, software, and services. The application area is divided based on infrastructure, smart governance, smart education, transportation, construction, power management, water & waste management, healthcare, and others.

North America dominates the global smart city market. This is mainly attributed to large investments in the modernization of the cities in the United States. In addition to that, a well-developed ICT sector, high spending power, and increasing need for modern amenities by citizens are contributing to the growth of the regional market. Future, growth for the Asia Pacific smart cities market is predicted to be significant. The region's adoption of smart city technologies is being fueled by government measures to advance the digital infrastructure. Due to the strong economic growth, globalization, digitization, and increased use of smartphones, APAC is anticipated to have the fastest rate of growth. Significant suppliers like NEC Corporation, Huawei, and ZTE have already made large investments in telecom infrastructure, and more investments from other vendors are anticipated.

The key players in the global smart city market are Siemens, Cisco, Hitachi, IBM, Microsoft, Schneider Electric, Intel, NEC, ABB, AGT International, AVEVA Group plc, Ericsson, Honeywell International Inc, Itron Inc, KAPSCH Group, Microsoft Corporation, Huawei Technologies co. ltd., Oracle Corporation, Osram GmbH, SAP SE, Siemens AG, Telensa, Verizon, and Vodafone Group plc.

Recent Development:

  • In October 2021, Hitachi with Bao Viet Insurance brought innovations in the insurance business using AI and medical big data.
  • In February 2020, Cisco and Connexin with Quantela to launch smart cities in the UK with IoT based applications.

Browse the full Global Smart City Market By Component (Hardware, Software, And Services), By Application Area (Infrastructure, Smart Governance, Smart Education, Transportation, Construction, Power Management, Water & Waste Management, Healthcare, And Others), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028. Report at https://www.zionmarketresearch.com/report/smart-city-market

Global smart city market segmentation follows

By Component

  • Hardware
  • Software
  • Services

By Application Area

  • Infrastructure
  • Smart Governance
  • Smart Education
  • Transportation
  • Construction
  • Power Management
  • Water & Waste Management
  • Healthcare
  • Others

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

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