Smart Cities Market should reach $994.6 billion by 2023

The global market for smart city information and communications technologies should reach $994.6 billion by 2023 from $476.7 billion in 2018 at a compound annual growth rate (CAGR) of 15.8% from 2018 to 2023.

Report Scope:

This report covers the global market for smart city technologies and regional analysis of North America, Latin America, Europe, Asia-Pacific and the Rest of World. Component segments include communications, hardware, sensors and software as well as in-depth market size and forecast for key end-user segments including energy management, water management, transportation management, assisted living, e-government and waste management.

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Report Includes:

– An overview of the new and growing information technology markets relating to smart cities.
– Analyses of global market trends, with data from 2015 and 2016, and projections of CAGRs through 2021.
– A focused and operational definition of the smart city construct as well as consistent evidence concerning the geography of smart cities.
– Information on major factors influencing smart cities, such as the presence of a creative class, the quality of and dedicated attention to the urban environment, the level of education, multimodal accessibility, the use of information communication technologies for public administration, and how these factors correlate into urban wealth.
– Analysis of important growth opportunities, including new transport management systems, smart grids, water monitoring systems, and energy-efficient buildings.
– Profiles of major players in the smart cities industry.

Report Summary

The global smart cities market for information and communications technologies has continued to expand at a rapid pace since the 2015 report issued by BCC Research. Total market value increased to an estimated $342.4 billion in 2016 from around $320 billion in 2015. BCC Research estimates that the market will reach $774.8 billion in 2021 at a compound annual growth rate (CAGR) of 17.7%. This will exceed the $668.5 billion estimated for 2019 in the previous report, with a similar growth rate. In short, the market has continued to gain momentum in the last few years as demand for more effective citywide management methods becomes more popular.

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Regionally, North America will continue to dominate the global market for smart city technologies, although its 43% market share is estimated to drop by one percentage point in 2021. Technology ubiquity, advanced investment and organizational models in cities led by New York, Los Angeles and Chicago in the U.S. and Toronto, Vancouver and Calgary in Canada will continue to drive investment.There were more than a dozen smart city projects in the region as of June, 2017. Further, BCC Research estimates that investment rate in the region will increase from $118.5 billion in 2016 to $244.5 billion in 2021 at a CAGR of 15.6%.

Competing next for scale are the markets of Europe and Asia-Pacific, where regional and local governments are driving smart city technology adoption. Early investments in Asia-Pacific will boost market value in the short term, at $91.7 billion in 2016, helped by the aggressive growth investments by major countries. However, Asia-Pacific’s CAGR of 14.7% will be surpassed by Europe in the latter years of the forecast period as the economic climate improves in the E.U. and major initiatives, such as energy
management, will drive a 24.3% CAGR in the region.

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