Global Smart CitIes Market Expected to Reach USD 5151.86 Billion by 2032

As per the report published by The Brainy Insights, the global smart cities market is expected to grow from USD 650 billion in 2022 to USD 5151.86 billion by 2032, at a CAGR of 23% during the forecast period 2023-2032. Asia Pacific emerged as the most prominent global smart cities market, with a 40% market revenue share in 2022. The rapid urbanization and industrialization will drive the market's growth. The expanding ICT infrastructure will enable quicker development of smart cities. The increasing government capital expenditure and dedicated missions for developing smart cities will bode well for the market. The smart cities market will witness favourable growth as the Asia Pacific economies focus on achieving their UN SDG goals by 2030. The climate pledges to secure future generations' future will offer the necessary imputes to the market's development and growth. China, Japan, South Korea and Taiwan will drive the technological innovations significantly affecting smart city development projects.

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Global Smart Cities Market Size by Component (Hardware, Services, and Software), Application (Smart Infrastructure, Smart Energy, Smart Healthcare, Smart Education, Smart Governance, Smart Buildings, Smart Mobility Management, Smart Security, and Others), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032

Leading companies in the industry include ABB Limited, AGT International, Cisco Systems, Inc., Ericsson, General Electric, Hitachi Ltd., Huawei Technologies Co. Ltd., IBM Corporation, Microsoft Corporation, and Schneider Electric, among others, are offering more significant opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.

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The component segment is divided into hardware, services, and software. The hardware segment dominated the market, with a market share of around 47% in 2022. The rising use of IoT, smart mobility vehicles, intelligent traffic signals, smart grids and communication lines will drive the segment's growth. Using security cameras, sensors, segways etc., to improve the safety, security, surveillance, and monitoring in cities will promote the segment's growth. The application segment is divided into smart infrastructure, smart energy, smart healthcare, smart education, smart governance, smart buildings, smart mobility management, smart security, and others. The smart energy segment dominated the market, with a market share of around 30% in 2022. Using smart technology to improve energy efficiency is known as smart energy. The growing energy needs and the rising threat of climate change have encouraged the adoption of smart energy technologies and initiatives. The aim is to meet the rising energy demands with clean, renewable and sustainable forms of energy. This is achieved by combining IoT sensor-based operations with artificial intelligence, machine learning, and data analytics technologies. Smart energy is fundamental to smart buildings, healthcare, education, and mobility solutions. It is the backbone of the economy, thereby dominating the market.

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The smart city mission of the Union government of India aims to transform the country's major cities into smart cities enabled through technologies and state-of-the-art infrastructure. The goals are to identify 100 smart cities nationwide and fund them from the central and state government treasuries to facilitate their transformation. Similar projects have been mooted worldwide given the rising population, automation, digitization, technological advancements, urbanization and growing demand for a better quality of life. Therefore, the concerted efforts of citizens, civil society, government and private players to develop smart cities will bode well for the market's growth in the forecast period.

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