Smart City Market - Global Industry Analysis

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

Published Date: 05-Apr-2022 Category: Technology & Media Report Format : PDF Pages: 190 Report Code: ZMR-3294 Status : Published

During the projected period, the size of the global Smart Cities Market will increase from $1125 billion in 2021 to $6050 billion in 2028, at a Compound Annual Growth Rate (CAGR) of 26%. In this report, we will cover the full overview, growth drivers, and opportunities of the market from 2022- 2028

Description

Smart City Market: Industry Prospective

The global smart city market was worth around $1125 billion in 2021 and is predicted to grow to around $6050 billion by 2028 at a CAGR rate of over 26% over the forecast period. In this report, we will cover the full overview, growth drivers, opportunities, and obstacles of the smart city market from 2022 -to 2028

Smart City Market: Overview

The smart city is a modern zone that leverages different sensors to automate actions. It is a concept that works with the integration of information and communication technology combined with several physical devices connected to the Internet of Things networks to ease the operations and services of a particular field.

It basically gathers data from across the city to activate data-driven validations, traffic safety, and swift responsive models. Multiple fields can be configured with smart city sensors for execution and the security system is intact and perfect to the core. Applications such as gunshot detection, smart surveillance, home security systems, and law enforcement protocols can also be pre-configured into the system to automate its execution.

Smart living as an option has been gaining traction in recent times. It eases and automates people’s lives in many different dimensions and completely reduces man's efforts to a large extent. It uses all advanced technology combined with artificial intelligence, the Internet of Things (IoT), big data, data analytics, and cloud storage technologies.

Every minute actions and responses are integrated into the system linking through various domains digitally. It is completely automated and once the execution starts, every different channel of domains coordinates and completes the action giving the response without any additional configuration from the users.

Global Smart City Market

Covid-19 Impact:

The outbreak of Covid-19 had a neutral effect on the global smart city market. Various countries had strict lockdowns, curfews, and travel bans reducing the manpower effects to the minimum. Many high-profile software companies were shut down with their operations coming to closure. This affected the need for smart city applications with lesser strategic management and the Government’s abandonment of innovation plans in that arena. This affected the growth of the market while the reliability of those industries turned towards technologies like AI and IoT to overcome the pressures of pandemics. E-health and e-government service applications were used extensively for the lack of real services and online education became the norm. This in turn increased the values of the smart city market to a large extent.

Smart City Market: Growth Drivers

Need for efficient energy consumption and raising awareness of healthy environment fuels market growth

The increasing awareness and focus on a healthy environment with minimal energy consumption drives market growth rapidly. There is also an extra concern over the proliferation of environmentally disposable wastes and eventual global warming which drives increased leverage of digital applications that indirectly augments growth for the global market.

The implementation of smart systems and automation mechanisms reduces power consumption along with lowering carbon emission and optimizing operations which increases the leverage and demand for digital products. Rapid urbanization and the rising need for sustainable infrastructures contribute to the growth of the market excessively. The smart city initiatives in the field of utility management, mobility, and safety are helping to ease people’s lives and their efforts in multiple ways which spike up its demand. Moreover, government initiatives including funding & financing models, infrastructure development, and improving governance systems fuel the growth of the smart city market.

The leverage of new technologies like nanotechnology, artificial intelligence, machine learning, IoT, cloud computing, cognitive computing, big data analytics, and open data are the growth drivers of the global market. In addition, increasing focus on the need for public safety and security also drives growth. Apart from all this, the smart energy segment is amplifying its leverage and has gained a lot of traction with IoT-powered applications that augment market growth globally.

Smart City Market: Restraints

Security concerns coupled with a lack of funding & adequate infrastructure limit the growth of this market.

Developing nations on a tight budget cannot afford smart city solutions due to the expense they would incur. This factor impedes market growth to some extent. Apart from this, these kinds of digital platforms are prone to security violations and data thefts which also restricts the global smart city market growth considerably.

Smart City Market: Opportunities

The emergence of 5G coupled with AI and IoT provides excellent opportunities for the market

The emergence of AI in smart city solutions coupled with IoT market and augmented reality mechanisms provide numerous lucrative opportunities for market expansion. The different public-private partnerships principles such as Organizational Behavior Management (OBM), Build, Own Operate (BOO), Build-Operate-Transfer (BOT), and BOM have been validated through smart city solutions which provide rampant opportunity. Moreover, the emergence of 5G has enabled smooth communication and faster data reach through smart city systems which induce a great opportunity for market growth further.

Smart City Market: Challenges

Lack of awareness and knowledge about smart city solutions poses a challenge to the market

 Smart city solutions are still emerging in many developing countries and hence very small part of the world population is aware of this. This decelerates the market growth to a considerable extent by bringing down the force of the government to implement any smart solutions in the aid of the people. This ignorance about smart city solutions is a big challenge for the growth of the market globally.

High cost of funding and financing infrastructures to implement smart city solutions is a challenge for the market

Many developing nations are lagging behind in the effective leverage of smart city solutions because of the lack of infrastructure and poor funding initiatives from the government. The infrastructures and facilities to use smart city solutions come at a higher expense which poses a challenge to the market.

Smart City Market: Segmentation

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.

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.

Report Scope:

Report Attribute Details
Base Year 2020
Historic Years 2016 - 2020
Forecast Years 2021 - 2028
Segments Covered By Product Type, By Application, and By End Use
Forecast Units Value (USD Billion), and Volume (Units)
Quantitative Units Revenue in USD million/billion and CAGR from 2021 to 2028
Regions Covered North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
Countries Covered U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Number of Companies Covered 10 companies with scope for including additional 15 companies upon request
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
Customization Scope Avail customized purchase options to meet your exact research needs.

Smart City Market: Regional Analysis:

North America dominates the market as the highest revenue-sharer and consumer

North America leads as the highest revenue-sharer of the global smart city market. Verticals such as telecom, retail, and banking have undergone a digital transformation which triggers market growth in this region. The well-developed ICT infrastructure, budding start-ups, and presence of prominent technology vendors are factors driving growth in this region. Asia-Pacific is expected to become the second-largest fast-growing market due to increased focus on the development of digital infrastructure here. Rampant urbanization along with increasing disposable income are expected to propel the market here in the future. Organizations in this region are largely focusing on cloud-based benefits which trigger massive leverage of smart transportation, smart governance, smart building, etc.

Smart City Market: Competitive Landscape:

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.

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

Table Of Content

  • Chapter 1. Preface
    • 1.1 Report Description and Scope
    • 1.2 Research scope
    • 1.3 Research methodology
      • 1.3.1 Market Research Type
      • 1.3.2 Market research methodology
  • Chapter 2. Executive Summary
    • 2.1 Global Smart City Market, (2022 - 2028) (USD Billion)
    • 2.2 Global Smart City Market : snapshot
  • Chapter 3. Global Smart City Market - Industry Analysis
    • 3.1 Smart City Market: Market Dynamics
    • 3.2 Market Drivers
      • 3.2.1 Need for efficient energy consumption and raising awareness of healthy environment fuels market growth
    • 3.3 Market Restraints
      • 3.3.1. Security concerns coupled with a lack of funding & adequate infrastructure limit the growth of this market
    • 3.4 Market Opportunities
      • 3.4.1. Emergence of 5G coupled with AI and IoT provides excellent opportunities for the market
    • 3.5 Market Challenges
      • 3.5.1. Emergence of 5G coupled with AI and IoT provides excellent opportunities for the market
    • 3.6 Porter’s Five Forces Analysis
    • 3.7 Market Attractiveness Analysis
      • 3.7.1 Market attractiveness analysis By By Component
      • 3.7.2 Market attractiveness analysis By By Application Area
  • Chapter 4. Global Smart City Market- Competitive Landscape
    • 4.1 Company market share analysis
      • 4.1.1 Global Smart City Market: company market share, 2021
    • 4.2 Strategic development
      • 4.2.1 Acquisitions & mergers
      • 4.2.2 New Product launches
      • 4.2.3 Agreements, partnerships, cullaborations, and joint ventures
      • 4.2.4 Research and development and Regional expansion
    • 4.3 Price trend analysis
  • Chapter 5. Global Smart City Market - By Component Analysis
    • 5.1 Global Smart City Market overview: By By Component
      • 5.1.1 Global Smart City Market share, By By Component, 2021 and 2028
    • 5.2 Hardware
      • 5.2.1 Global Smart City Market by Hardware, 2022 - 2028 (USD Billion)
    • 5.3 Software
      • 5.3.1 Global Smart City Market by Software, 2022 - 2028 (USD Billion)
    • 5.4 Services
      • 5.4.1 Global Smart City Market by Services, 2022 - 2028 (USD Billion)
  • Chapter 6. Global Smart City Market - By Application Area Analysis
    • 6.1 Global Smart City Market overview: By By Application Area
      • 6.1.1 Global Smart City Market share, By By Application Area, 2021 and 2028
    • 6.2 Infrastructure
      • 6.2.1 Global Smart City Market by Infrastructure, 2022 - 2028 (USD Billion)
    • 6.3 Smart Governance
      • 6.3.1 Global Smart City Market by Smart Governance, 2022 - 2028 (USD Billion)
    • 6.4 Smart Education
      • 6.4.1 Global Smart City Market by Smart Education, 2022 - 2028 (USD Billion)
    • 6.5 Transportation
      • 6.5.1 Global Smart City Market by Transportation, 2022 - 2028 (USD Billion)
    • 6.6 Construction
      • 6.6.1 Global Smart City Market by Construction, 2022 - 2028 (USD Billion)
    • 6.7 Power Management
      • 6.7.1 Global Smart City Market by Power Management, 2022 - 2028 (USD Billion)
    • 6.8 Water & Waste Management
      • 6.8.1 Global Smart City Market by Water & Waste Management, 2022 - 2028 (USD Billion)
    • 6.9 Healthcare
      • 6.9.1 Global Smart City Market by Healthcare, 2022 - 2028 (USD Billion)
    • 6.10 Others
      • 6.10.1 Global Smart City Market by Others, 2022 - 2028 (USD Billion)
  • Chapter 7. Smart City Market - Regional Analysis
    • 7.1 Global Smart City Market Regional Overview
    • 7.2 Global Smart City Market Share, by Region, 2021 & 2028 (USD Billion)
    • 7.3. North America
      • 7.3.1 North America Smart City Market, 2022 - 2028 (USD Billion)
        • 7.3.1.1 North America Smart City Market, by Country, 2022 - 2028 (USD Billion)
    • 7.4 North America Smart City Market, by By Component, 2022 - 2028
      • 7.4.1 North America Smart City Market, by By Component, 2022 - 2028 (USD Billion)
    • 7.5 North America Smart City Market, by By Application Area, 2022 - 2028
      • 7.5.1 North America Smart City Market, by By Application Area, 2022 - 2028 (USD Billion)
    • 7.4. Europe
      • 7.4.2 Europe Smart City Market, 2022 - 2028 (USD Billion)
        • 7.4.2.1 Europe Smart City Market, by Country, 2022 - 2028 (USD Billion)
    • 7.4 Europe Smart City Market, by By Component, 2022 - 2028
      • 7.4.1 Europe Smart City Market, by By Component, 2022 - 2028 (USD Billion)
    • 7.5 Europe Smart City Market, by By Application Area, 2022 - 2028
      • 7.5.1 Europe Smart City Market, by By Application Area, 2022 - 2028 (USD Billion)
    • 7.5. Asia Pacific
      • 7.5.3 Asia Pacific Smart City Market, 2022 - 2028 (USD Billion)
        • 7.5.3.1 Asia Pacific Smart City Market, by Country, 2022 - 2028 (USD Billion)
    • 7.4 Asia Pacific Smart City Market, by By Component, 2022 - 2028
      • 7.4.1 Asia Pacific Smart City Market, by By Component, 2022 - 2028 (USD Billion)
    • 7.5 Asia Pacific Smart City Market, by By Application Area, 2022 - 2028
      • 7.5.1 Asia Pacific Smart City Market, by By Application Area, 2022 - 2028 (USD Billion)
    • 7.6. Latin America
      • 7.6.4 Latin America Smart City Market, 2022 - 2028 (USD Billion)
        • 7.6.4.1 Latin America Smart City Market, by Country, 2022 - 2028 (USD Billion)
    • 7.4 Latin America Smart City Market, by By Component, 2022 - 2028
      • 7.4.1 Latin America Smart City Market, by By Component, 2022 - 2028 (USD Billion)
    • 7.5 Latin America Smart City Market, by By Application Area, 2022 - 2028
      • 7.5.1 Latin America Smart City Market, by By Application Area, 2022 - 2028 (USD Billion)
    • 7.7. The Middle-East and Africa
      • 7.7.5 The Middle-East and Africa Smart City Market, 2022 - 2028 (USD Billion)
        • 7.7.5.1 The Middle-East and Africa Smart City Market, by Country, 2022 - 2028 (USD Billion)
    • 7.4 The Middle-East and Africa Smart City Market, by By Component, 2022 - 2028
      • 7.4.1 The Middle-East and Africa Smart City Market, by By Component, 2022 - 2028 (USD Billion)
    • 7.5 The Middle-East and Africa Smart City Market, by By Application Area, 2022 - 2028
      • 7.5.1 The Middle-East and Africa Smart City Market, by By Application Area, 2022 - 2028 (USD Billion)
  • Chapter 8. Company Profiles
    • 8.1 Siemens
      • 8.1.1 Overview
      • 8.1.2 Financials
      • 8.1.3 Product Portfolio
      • 8.1.4 Business Strategy
      • 8.1.5 Recent Developments
    • 8.2 Cisco
      • 8.2.1 Overview
      • 8.2.2 Financials
      • 8.2.3 Product Portfolio
      • 8.2.4 Business Strategy
      • 8.2.5 Recent Developments
    • 8.3 Hitachi
      • 8.3.1 Overview
      • 8.3.2 Financials
      • 8.3.3 Product Portfolio
      • 8.3.4 Business Strategy
      • 8.3.5 Recent Developments
    • 8.4 IBM
      • 8.4.1 Overview
      • 8.4.2 Financials
      • 8.4.3 Product Portfolio
      • 8.4.4 Business Strategy
      • 8.4.5 Recent Developments
    • 8.5 Microsoft
      • 8.5.1 Overview
      • 8.5.2 Financials
      • 8.5.3 Product Portfolio
      • 8.5.4 Business Strategy
      • 8.5.5 Recent Developments
    • 8.6 Schneider Electric
      • 8.6.1 Overview
      • 8.6.2 Financials
      • 8.6.3 Product Portfolio
      • 8.6.4 Business Strategy
      • 8.6.5 Recent Developments
    • 8.7 Intel
      • 8.7.1 Overview
      • 8.7.2 Financials
      • 8.7.3 Product Portfolio
      • 8.7.4 Business Strategy
      • 8.7.5 Recent Developments
    • 8.8 NEC
      • 8.8.1 Overview
      • 8.8.2 Financials
      • 8.8.3 Product Portfolio
      • 8.8.4 Business Strategy
      • 8.8.5 Recent Developments
    • 8.9 ABB
      • 8.9.1 Overview
      • 8.9.2 Financials
      • 8.9.3 Product Portfolio
      • 8.9.4 Business Strategy
      • 8.9.5 Recent Developments
    • 8.10 AGT International
      • 8.10.1 Overview
      • 8.10.2 Financials
      • 8.10.3 Product Portfolio
      • 8.10.4 Business Strategy
      • 8.10.5 Recent Developments
    • 8.11 AVEVA Group plc
      • 8.11.1 Overview
      • 8.11.2 Financials
      • 8.11.3 Product Portfolio
      • 8.11.4 Business Strategy
      • 8.11.5 Recent Developments
    • 8.12 Ericsson
      • 8.12.1 Overview
      • 8.12.2 Financials
      • 8.12.3 Product Portfolio
      • 8.12.4 Business Strategy
      • 8.12.5 Recent Developments
    • 8.13 Honeywell International Inc
      • 8.13.1 Overview
      • 8.13.2 Financials
      • 8.13.3 Product Portfolio
      • 8.13.4 Business Strategy
      • 8.13.5 Recent Developments
    • 8.14 Itron Inc
      • 8.14.1 Overview
      • 8.14.2 Financials
      • 8.14.3 Product Portfolio
      • 8.14.4 Business Strategy
      • 8.14.5 Recent Developments
    • 8.15 KAPSCH Group
      • 8.15.1 Overview
      • 8.15.2 Financials
      • 8.15.3 Product Portfolio
      • 8.15.4 Business Strategy
      • 8.15.5 Recent Developments
    • 8.16 Microsoft Corporation
      • 8.16.1 Overview
      • 8.16.2 Financials
      • 8.16.3 Product Portfolio
      • 8.16.4 Business Strategy
      • 8.16.5 Recent Developments
    • 8.17 Huawei Technologies co. ltd.
      • 8.17.1 Overview
      • 8.17.2 Financials
      • 8.17.3 Product Portfolio
      • 8.17.4 Business Strategy
      • 8.17.5 Recent Developments
    • 8.18 Oracle Corporation
      • 8.18.1 Overview
      • 8.18.2 Financials
      • 8.18.3 Product Portfolio
      • 8.18.4 Business Strategy
      • 8.18.5 Recent Developments
    • 8.19 Osram GmbH
      • 8.19.1 Overview
      • 8.19.2 Financials
      • 8.19.3 Product Portfolio
      • 8.19.4 Business Strategy
      • 8.19.5 Recent Developments
    • 8.20 SAP SE
      • 8.20.1 Overview
      • 8.20.2 Financials
      • 8.20.3 Product Portfolio
      • 8.20.4 Business Strategy
      • 8.20.5 Recent Developments
    • 8.21 Siemens AG
      • 8.21.1 Overview
      • 8.21.2 Financials
      • 8.21.3 Product Portfolio
      • 8.21.4 Business Strategy
      • 8.21.5 Recent Developments
    • 8.22 Telensa
      • 8.22.1 Overview
      • 8.22.2 Financials
      • 8.22.3 Product Portfolio
      • 8.22.4 Business Strategy
      • 8.22.5 Recent Developments
    • 8.23 Verizon
      • 8.23.1 Overview
      • 8.23.2 Financials
      • 8.23.3 Product Portfolio
      • 8.23.4 Business Strategy
      • 8.23.5 Recent Developments
    • 8.24 Vodafone Group plc.
      • 8.24.1 Overview
      • 8.24.2 Financials
      • 8.24.3 Product Portfolio
      • 8.24.4 Business Strategy
      • 8.24.5 Recent Developments

Table Of Figures

  • 1. Market research Type
  • 2. Market research methodology
  • 3. Global Smart City Market, 2022 - 2028 (USD Billion)
  • 4. Porter’s Five Forces Analysis
  • 5. Global Smart City Market attractiveness, By By Component
  • 6. Global Smart City Market attractiveness, By By Application Area
  • 7. Global Smart City Market share by By Component, 2022 and 2028 (USD Billion)
  • 8. Global Smart City Market by Hardware, 2022 - 2028 (USD Billion)
  • 9. Global Smart City Market by Software, 2022 - 2028 (USD Billion)
  • 10. Global Smart City Market by Services, 2022 - 2028 (USD Billion)
  • 11. Global Smart City Market share by By Application Area, 2022 and 2028 (USD Billion)
  • 12. Global Smart City Market by Infrastructure, 2022 - 2028 (USD Billion)
  • 13. Global Smart City Market by Smart Governance, 2022 - 2028 (USD Billion)
  • 14. Global Smart City Market by Smart Education, 2022 - 2028 (USD Billion)
  • 15. Global Smart City Market by Transportation, 2022 - 2028 (USD Billion)
  • 16. Global Smart City Market by Construction, 2022 - 2028 (USD Billion)
  • 17. Global Smart City Market by Power Management, 2022 - 2028 (USD Billion)
  • 18. Global Smart City Market by Water & Waste Management, 2022 - 2028 (USD Billion)
  • 19. Global Smart City Market by Healthcare, 2022 - 2028 (USD Billion)
  • 20. Global Smart City Market by Others, 2022 - 2028 (USD Billion)
  • 21. Global Smart City Market share, by Region, 2022 and 2028
  • 22. North America Smart City Market, 2022 - 2028 (USD Billion)
  • 23. Europe Smart City Market, 2022 - 2028 (USD Billion)
  • 24. Asia Pacific Smart City Market, 2022 - 2028 (USD Billion)
  • 25. Latin America Smart City Market, 2022 - 2028 (USD Billion)
  • 26. The Middle-East and Africa Smart City Market, 2022 - 2028 (USD Billion)

Table Of Tables

  • 1. Global Smart City Market: Snapshot
  • 2. Drivers of the Smart City Market: impact analysis
  • 3. North America Smart City Market revenue, By By Component, 2022 - 2028 (USD Billion)
  • 4. North America Smart City Market revenue, By By Application Area, 2022 - 2028 (USD Billion)
  • 5. U.S. Smart City Market revenue, By By Component, 2022 - 2028 (USD Billion)
  • 6. U.S. Smart City Market revenue, By By Application Area, 2022 - 2028 (USD Billion)
  • 7. Canada Smart City Market revenue, By By Component, 2022 - 2028 (USD Billion)
  • 8. Canada Smart City Market revenue, By By Application Area, 2022 - 2028 (USD Billion)
  • 9. Europe Smart City Market revenue, By By Component, 2022 - 2028 (USD Billion)
  • 10. Europe Smart City Market revenue, By By Application Area, 2022 - 2028 (USD Billion)
  • 11. Germany Smart City Market revenue, By By Component, 2022 - 2028 (USD Billion)
  • 12. Germany Smart City Market revenue, By By Application Area, 2022 - 2028 (USD Billion)
  • 13. France Smart City Market revenue, By By Component, 2022 - 2028 (USD Billion)
  • 14. France Smart City Market revenue, By By Application Area, 2022 - 2028 (USD Billion)
  • 15. U.K. Smart City Market revenue, By By Component, 2022 - 2028 (USD Billion)
  • 16. U.K. Smart City Market revenue, By By Application Area, 2022 - 2028 (USD Billion)
  • 17. Italy Smart City Market revenue, By By Component, 2022 - 2028 (USD Billion)
  • 18. Italy Smart City Market revenue, By By Application Area, 2022 - 2028 (USD Billion)
  • 19. Spain Smart City Market revenue, By By Component, 2022 - 2028 (USD Billion)
  • 20. Spain Smart City Market revenue, By By Application Area, 2022 - 2028 (USD Billion)
  • 21. Rest of Europe Smart City Market revenue, By By Component, 2022 - 2028 (USD Billion)
  • 22. Rest of Europe Smart City Market revenue, By By Application Area, 2022 - 2028 (USD Billion)
  • 23. Asia Pacific Smart City Market revenue, By By Component, 2022 - 2028 (USD Billion)
  • 24. Asia Pacific Smart City Market revenue, By By Application Area, 2022 - 2028 (USD Billion)
  • 25. China Smart City Market revenue, By By Component, 2022 - 2028 (USD Billion)
  • 26. China Smart City Market revenue, By By Application Area, 2022 - 2028 (USD Billion)
  • 27. Japan Smart City Market revenue, By By Component, 2022 - 2028 (USD Billion)
  • 28. Japan Smart City Market revenue, By By Application Area, 2022 - 2028 (USD Billion)
  • 29. India Smart City Market revenue, By By Component, 2022 - 2028 (USD Billion)
  • 30. India Smart City Market revenue, By By Application Area, 2022 - 2028 (USD Billion)
  • 31. South Korea Smart City Market revenue, By By Component, 2022 - 2028 (USD Billion)
  • 32. South Korea Smart City Market revenue, By By Application Area, 2022 - 2028 (USD Billion)
  • 33. South-East Asia Smart City Market revenue, By By Component, 2022 - 2028 (USD Billion)
  • 34. South-East Asia Smart City Market revenue, By By Application Area, 2022 - 2028 (USD Billion)
  • 35. Rest of Asia Pacific Smart City Market revenue, By By Component, 2022 - 2028 (USD Billion)
  • 36. Rest of Asia Pacific Smart City Market revenue, By By Application Area, 2022 - 2028 (USD Billion)
  • 37. Latin America Smart City Market revenue, By By Component, 2022 - 2028 (USD Billion)
  • 38. Latin America Smart City Market revenue, By By Application Area, 2022 - 2028 (USD Billion)
  • 39. Brazil Smart City Market revenue, By By Component, 2022 - 2028 (USD Billion)
  • 40. Brazil Smart City Market revenue, By By Application Area, 2022 - 2028 (USD Billion)
  • 41. Mexico Smart City Market revenue, By By Component, 2022 - 2028 (USD Billion)
  • 42. Mexico Smart City Market revenue, By By Application Area, 2022 - 2028 (USD Billion)
  • 43. Rest of Latin America Smart City Market revenue, By By Component, 2022 - 2028 (USD Billion)
  • 44. Rest of Latin America Smart City Market revenue, By By Application Area, 2022 - 2028 (USD Billion)
  • 45. The Middle-East and Africa Smart City Market revenue, By By Component, 2022 - 2028 (USD Billion)
  • 46. The Middle-East and Africa Smart City Market revenue, By By Application Area, 2022 - 2028 (USD Billion)
  • 47. GCC Countries Smart City Market revenue, By By Component, 2022 - 2028 (USD Billion)
  • 48. GCC Countries Smart City Market revenue, By By Application Area, 2022 - 2028 (USD Billion)
  • 49. South Africa Smart City Market revenue, By By Component, 2022 - 2028 (USD Billion)
  • 50. South Africa Smart City Market revenue, By By Application Area, 2022 - 2028 (USD Billion)
  • 51. Rest of Middle-East Africa Smart City Market revenue, By By Component, 2022 - 2028 (USD Billion)
  • 52. Rest of Middle-East Africa Smart City Market revenue, By By Application Area, 2022 - 2028 (USD Billion)

Methodology

Free Analysis

The smart city is an urban area that uses technology for the efficient management of its resources. The smart city provides a systematic lifestyle ensuring that it fulfills the needs of citizens with respect to economic, social, and environmental aspects. 

Usage of advanced technology in the construction sector is preliminarily driving the smart city market. This has led to significant growth in the construction sector. The global construction sector was valued at USD 8.8 trillion in 2016 as compared to USD 7.9 trillion in 2012. Countries such as the U.S., China, India, and Japan contributed almost 40% to the rise of the construction sector. Major factors contributing to this growth are increasing adoption of technology in various processes. 

Global Smart City Market

The government of various nations such as the U.S., Canada, China, and India is providing tax incentives to endorse construction of green buildings. The U.S. government provides a 30% tax credit for investors and project owners for the installation of designated renewable-energy equipment. Canada has regional incentive provisions such as the city of Hamilton’s property tax benefits of up to 75% to construct a new green building. Thus, the construction sector will contribute significantly to the growth of the smart city market during the forecast period.

The smart city concept provides solutions to optimize traffic conditions in a holistic manner and offers faster transportation options. The global automotive industry is growing at a rapid pace. About 86 million cars were sold in 2017 as compared to   84 million in 2016. This number is projected to grow due to the increasing demand in the Asia Pacific. Developing countries with the high population such as China and India were major contributors. Rising number of vehicles developed a need for optimization in traffic conditions, boosting the evolution of smart cities. Hence, the governments of the countries have opted to invest heavily in their smart city projects with a focus on smart transportation. Thus, the global smart city market is expected to propel during the forecast time frame. On a contrary, securing data collected from various components and controlled by numerous government organizations is a major hurdle for the smart city market. However, advancements in technology to have smart city operation centers may open new avenues for the market in the near future.

Based on the application area, the global smart city market is fragmented into transportation, construction, power management, water & waste management, healthcare, and others. The transportation segment is expected to hold a significant market share during the projected timeframe. Hardware, software, and service are the component segment for the smart city market. Software segment is projected to grow at a substantial rate during the forecast period.

North America holds a substantial share in global smart city market and is expected to continue its dominance in the near future. Increasing usage of technology in the construction sector along with the rapid advancements in transportation division are the major drivers for the market in this region. Further, the presence of significant market players in the region is projected to foster the smart city market. Supporting government initiatives are the major driving factor for the growth of smart city market in the Asia Pacific. The Asia Pacific is projected to grow at a significant rate during the estimated timeframe.

Some of the key players in the smart city market are Honeywell International Inc., ABB Group, General Electric Company, Cisco Systems Inc., Siemens AG, SAP SE, Schneider Electric SE, Microsoft Corporation, IBM Corporation, and Alstom SA, among others. Most of the companies are concentrating on upgrading their products and solutions in accordance with the advanced technology.

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The increasing awareness and focus on a healthy environment with minimal energy consumption drives market growth rapidly. There is also an extra concern over the proliferation of environmental disposable wastes and eventual global warming which drives increased leverage of digital applications that indirectly augments growth for the global market.

According to the report by Zion Market Research, The global smart city market was worth around $630 billion in 2021 and is predicted to grow to around $6050 billion by 2028 at a CAGR rate of over 26% over the forecast period

North America leads as the highest revenue-sharer of the global smart city market. verticals such as telecom, retail, and banking have undergone a digital transformation which triggers market growth in this region.

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

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