Smart City ICT Infrastructure Market Updates: Projected to Surpass $5.3 Tillion by 2032

According to the report, the smart city ict infrastructure market was valued at $1.2 trillion in 2023, and is estimated to reach $5.3 trillion by 2032, growing at a CAGR of 17.7% from 2024 to 2032.

The global smart city ICT infrastructure market has grown due to several factors such as urbanization in several countries, government support & initiatives, and increase in adoption of digital solutions. However, the lack of a skilled workforce and indistinct regulatory clarity act as restraints for the smart city ICT infrastructure market. In addition, growing demand for IoT solutions and the integration of smart devices into a variety of industries are expected to provide ample opportunities for the market growth during the forecast period.

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By region, North America held the highest market share in terms of revenue in 2023 and is expected to boost in terms of revenue throughout the forecast period. The market for smart city in North America is expanding as a result of the escalating technical breakthroughs and digital transformations occurring across several business verticals, including telecommunications, IT, retail, and finance.

By type, the smart grid type segment held the highest market share in 2023, as it includes features such as remote monitoring and control of distribution equipment, fault detection and isolation, and self-healing capabilities to minimize outages and optimize power delivery.

By application, the communication segment held the highest market share in 2023. Smart city solutions for communication applications encompass a range of technologies and initiatives aimed at improving connectivity, enhancing communication infrastructure, and fostering digital inclusion within urban environments.

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Major Industry Players: -

Microsoft Corporation
IBM Corporation
Oracle Corporation
Cisco Systems, Inc.
NTT Communications
ABB
Hitachi
Siemens
Ericsson
Verizon Communication

The report provides a detailed analysis of these key players in the global smart city ICT infrastructure market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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