Smart Cities Market Worth $545.73 Billion by 2027- Market Size, Share, Forecasts, & Trends Analysis Report with COVID-19 Impact by Meticulous Research®

According to a new market research report titled "Smart Cities Market by Application Type (Smart Transportation, Smart Utilities, Smart Education, Smart Healthcare, Smart Public Safety, Smart Governance, Smart Lighting Solutions, and Smart Building), Component (Hardware, Software, and Services) - Global Forecast to 2027", published by Meticulous Research®, the smart cities market is expected to grow at a CAGR of 22.9% from 2019 to 2027 to reach $545.73 billion by 2027.

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Urban centers or cities have been functioning as the engines of the global economic growth and opportunity for a very long time. People are migrating towards cities in the search of a safe and clean neighborhood, access to reliable and affordable services, and better mobility. Today, cities are expanding at enormous pace and are under constant pressure to optimize the infrastructure and facilities to accommodate existing and potential residents and enable them to lead a good life. Smart cities offer solutions to resolve urbanization issues and improve the quality of life of society. Smart cities aim to create a technologically evolved city management infrastructure that enables authorities to manage different operations efficiently, while enabling users i.e. residents to make use of technologies to receive variety of day to day services without any hassles.

Recently, many cities across the globe have started to upgrade their infrastructure, using sensors, data analytics, and automatic access control to better manage urban resources such as public transit, wastewater systems, and roads. With use of various technologies regulatory bodies can analyze usage data in real time to optimize energy usage or the number of trash pickups required in a week. Citizens can also utilize these data via the point of contact (PoC) app in their smart phones or other monitoring devices and use it to optimize their daily needs, access real-time traffic information to plan daily commutes; while service providers can use this information to offer better consumer services.

Government initiatives for managing rising urban population supports the smart cities market growth

Managing the ever-increasing urban population is one of the most pressing issues for governments around the world. Today, over 4 billion people or more than 50% of the global population lives in cities. According to UN World urbanization prospects 2018, it is expected that by 2050, nearly 68.4% of total population or 6.68 billion will reside in urban areas. According to the same source, by 2030, there will be 43 megacities in the world with a majority of these across developing regions like Middle East, Asia, & Africa. Cities like New Delhi, Tokyo, Shanghai, Dhaka, Cairo, Beijing, and Mumbai will be the most populous cities of the world, each with a population of more than 25 million.

With a growing urban population, government and private sector organizations across the world are working tirelessly towards developing innovative solutions for systematic and sustainable growth of the cities. City authorities are seeking solutions to elevate the standard of living by providing healthy environment, and ensuring better management of valuable resources like energy, water, and so on. Smart communication technologies like IoT, AI, and big data are increasingly being used for variety of applications in city management to reduce crime rate, facilitate seamless transportation, and healthcare management. These technologies can provide real-time data on the situation and alert the concerned authorities to take necessary measures, as required.

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Smart cities comprise various such initiatives undertaken by governments of developing as well as developed countries around the world to extensively use ICT, IoT, and AI for creating self-sustaining and self-healing cities around the world. The global spending on smart city initiatives is expected to reach $189.5 billion by 2023 with Western Europe, China, Japan, Middle East and Africa experiencing fastest growth in smart cities spending. For instance, in 2017, Kingdom of Saudi Arabia announced projects worth $500 Billion to develop smart city Neom in a span of 30 years. Morocco is developing smart city projects in Tangiers and Zenata. Similarly, the Indian government also announced 100 smart cities to be built for sustainable development. Such smart city initiatives and investments from governments across the globe are expected to drive the deployment of IT solutions for variety of city management operations in an effective manner, in turn supporting the overall growth of the market.

To provide efficient analysis, Meticulous Research® has segmented this market based on application type (smart transportation, smart utilities, smart education, smart healthcare, smart public safety, smart governance, smart lighting solutions, and smart building), component (hardware, software, and services), and geography (Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa).

Based on application type, the smart cities market is segmented into smart transportation, smart utilities, smart education, smart healthcare, smart public safety, smart governance, smart lighting solutions, and smart building. The smart utilities segment commanded the largest share of the overall smart cities market in 2021. The introduction of smart grids, smart meters, and new ways of generating and transporting energy are being driven by the IoT. Smart water and electricity monitoring can help save money by giving people more control over their home utilities, while efficient refuse management will help to keep cities cleaner. The utility companies have started integrating with smart cities to generate new revenue opportunities. However, the smart education segment is expected to grow at the highest CAGR during the forecast period. This can be attributed to its smart education techniques which helps students to connect with fellow students from other parts of the world, partake in online discussion threads, and take up online open courses from best universities around the world. It also aids teachers in maintaining data about the progress of students and communicate that data to parents, allowing them to get involved in the learning process of their children.

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Based on component, the smart cities market is segmented into hardware, software, and services. In 2021, the hardware segment commanded the largest share of the overall smart cities market. However, the services segment is expected to grow at the highest CAGR during the forecast period. This can be attributed to its wide range of service providing from installation, implementation, maintenance, and aftersales services to developing customized solution in accordance with the requirements of clients. These services cover several verticals in smart cities spanning across urban planning, intelligent transportation, public utilities, public safety, education, health and social care, logistics, disaster management, and smart infrastructure.

Based on geography, the global smart cities market is segmented into five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America commanded the largest share of the overall smart cities market in 2021 and is expected to maintain its dominance throughout the forecast period. The major factors contributing to the region's large market share are the fast developing advanced communication infrastructure, stringent measures for public safety and data privacy, efforts to reduce carbon footprints using innovative ICT technologies, and prioritizing the development of smart cities by many local and national government authorities.

However, Asia Pacific region continues to experience rapid growth in all areas of technology. At present, adoption of the smart city is lower in this region, but it holds a strong potential for the growth of the market in the next few years. The factors such as rapid growth in population, increasing economic development, and technological advancement for resource management and sustainable development are supporting the fastest growth of this region in the global smart cities market. The countries in this region, such as China, India, Japan, and South Korea are among the most technologically developing countries across the globe, providing strong growth opportunities for players operating in this market. Rise in adoption of IoT and its market application, 5G connectivity, and increasing adoption of connected vehicles & autonomous drones are a few factors that are expected to drive the market during the forecast period.
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The global smart cities market is dominated by the top five players, namely General Electric (U.S.), Intel Corporation (U.S.), IBM Corporation (U.S.), CISCO Systems Inc, (U.S.) and Qualcomm Technologies Inc. (U.S.). The other players operating in the smart cities market include IBM Corporation (U.S.), ATOS SE (France), Foxconn Electronics, Inc. (Taiwan), Robert Bosch GmbH (Germany), General Electric Company (U.S.), SIEMENS AG (Germany), L&T Infotech (India), Cognizant (U.S.), Capgemini (France), Schneider Electric SE (France), INTEL Corporation (U.S.), Qualcomm Technologies, Inc. (U.S.), Fujitsu Ltd. (Japan), and among others.

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This release was published on openPR.