Smart Cities Market Worth $3,107.05 Billion by 2030

A smart city is an urban area that uses emerging technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), big data, cloud, and data analytics to collect and analyze data on infrastructure utilization and use the insights gained to manage assets, resources, and services more efficiently. Several advanced technologies are being incorporated into urban infrastructure to enhance the utilization of city resources and improve residents' quality of life. These factors have encouraged governments around the globe to launch smart city initiatives.

Meticulous Research®, in its latest publication, states that the global smart cities market is projected to reach $3,107.05 billion by 2030, at a CAGR of 28.5% from 2023 to 2030.

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The growth of the smart cities market is driven by government initiatives to manage the needs of the rising urban population and the growing need for resource management and sustainable development. However, significant initial investment requirements restrain the growth of this market. The integration of artificial intelligence and the increasing use and widening applications of IoT technology are expected to create growth opportunities for the players operating in this market. However, the risk of data abuse by large corporations, the reluctance to adopt new technologies, and the rising cases of data theft are major challenges to market growth. Additionally, the use of 5G technology to boost internet connectivity and the proliferation of connected vehicles and autonomous drones are prominent trends in the smart cities market.

The global smart cities market is segmented by solution (smart citizen services [smart public safety, smart governance, smart street lighting, smart education, and smart healthcare], smart environment [climate monitoring, smart waste management, air quality monitoring and noise mapping & monitoring], smart buildings [smart building market, by solutions and smart buildings market size, by type], smart utilities [smart energy management, smart water management and smart distribution management] other smart solutions), component (hardware, software and services), technology (IoT (internet of things), artificial intelligence, cloud computing, machine learning, machine-to-machine communications, other technologies). The study also evaluates industry competitors and analyzes the market at regional and country levels.

Based on solution, the global smart cities market is segmented into smart citizen services, smart environment, smart buildings, smart transportation, smart utilities, and other smart solutions. In 2023, the smart citizen services segment is expected to account for the largest share of the global smart cities market. Smart citizen services are an essential part of a smart city ecosystem that leverages digital technology to improve the quality of life of its residents. Smart cities use digital platforms like social media, mobile apps, and online forums to engage citizens in decision-making processes and encourage them to participate in local governance. In addition, smart citizen services in smart cities leverage digital technology to create a more efficient, sustainable, and livable urban environment for residents. These are some of the major factors driving the growth of this segment.

However, the smart utilities segment is expected to register the highest CAGR during the forecast period. The growth of this segment is driven by the increasing requirement of achieving optimized asset performance, improving operational efficiencies, identifying key insights into customer's utility usage patterns, and increasing proliferation of digital technologies such as advanced analytics and IoT to develop new business and operating models for existing players and new entrants in the utility industry. Smart utilities in smart cities use digital technology to optimize the management of utilities, reduce costs, and improve the sustainability and livability of urban environments.

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Based on component, the global smart cities market is segmented into hardware, software, and services. In 2023, the hardware segment is expected to account for the largest share of the global smart cities market. Hardware forms the backbone of the infrastructure support required for deploying smart city projects. Developing regions such as Asia-Pacific, Latin America, and the Middle East & Africa are in the initial stage of smart city implementation, boosting the demand for connected hardware devices over the coming years.

However, the services segment is expected to register the highest CAGR during the forecast period. The growth of this segment is driven by the implementation, installation and maintenance of advanced hardware and software to connect multiple aspects of smart cities and the need to streamline mobility, city services, and public safety and promote sustainability. As more countries look to adopt smart city initiatives in the future, services will play a key role in upkeeping and maintaining the installed support infrastructure.

Based on technology, the global smart cities market is segmented into IoT, artificial intelligence, cloud computing, machine learning, machine-to-machine communications, and other technologies. In 2023, the IoT segment is expected to account for the largest share of the global smart cities market. The large market share of this segment is attributed to the rising adoption of connected devices such as smart cars, smart meters, and machine-to-machine (M2M) communications. Such factors increase the demand for the Internet of Things (IoT) market.
However, the cloud computing segment is expected to register the highest CAGR during the forecast period. The growth of this segment is driven by the ability to provide access to a shared pool of computing resources, including servers, storage, and applications. This allows smart city planners to scale up or down their computing needs without significant capital investment in hardware and software infrastructure.

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Based on geography, the global smart cities market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the global smart cities market. North America's large market share is attributed to the rising adoption of digital technology and data due to the growing need for improving decision-making, promoting digital inclusivity and equity, creating a collaborative ecosystem, prioritizing citizen safety and health, establishing trust and transparency, and developing resilience and adaptability to manage change effectively.
However, Asia-Pacific is expected to register the highest CAGR during the forecast period. Asia-Pacific continues to grow as large nations consolidate their urbanization process. Asia-Pacific's smart cities primarily focus on digital government services, environmental impact reduction, and improvement of ICT infrastructure and adoption. Growing urban population and rapid expansion of cities are driving governments to deploy smart city solutions to sustain public services, drive economic competitiveness, and enable a thriving environment in the Asia-Pacific region.

The key players operating in the global smart cities market are Cisco Systems, Inc. (U.S.), Huawei Investment & Holding Co., Ltd. (China), IBM Corporation (U.S.), Siemens AG (Germany), Cognizant Technology Solutions Corporation (U.S.), Capgemini (Europe), Schneider Electric SE (France), Intel Corporation (U.S.), Qualcomm Technologies, Inc. (U.S.), Fujitsu Ltd. (Japan), Robert Bosch GmbH (Germany), Atos SE (France), Foxconn Electronics Inc. (Hon Hai Precision Industry Co. Ltd.) (China), LTIMindtree Limited (India), and General Electric Company (U.S.).

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Key questions answered in the report-
• Which are the high-growth market segments in terms of solution, component, technology, and geography?
• What is the historical market for smart cities market across the globe?
• What are the market forecasts and estimates for the period of 2023-2030?
• What are the major drivers, restraints, opportunities, challenges, and trends in the global smart cities market?
• Who are the major players in the global smart cities market, and what share of the market do they hold?
• How is the competitive landscape?
• What are the recent developments in the global smart cities market?
• What are the different strategies adopted by the major players in the market?
• What are the geographic trends and high-growth countries?
• Who are the local emerging players in the global smart cities market, and how do they compete with the other players?

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This release was published on openPR.