Smart Cities Market to be Worth $3,967.7 Billion by 2031

Meticulous Research®-a leading global market research company, published a research report titled, Smart Cities Market-Global Opportunity Analysis and Industry Forecast (2024-2031). According to this latest publication from Meticulous Research®, the smart cities market is projected to reach $3,967.7 billion by 2031, at a CAGR of 26.9 from 2024 to 2031.

The growth of the smart cities market is underpinned by several key factors. These include the increasing demand for effective resource management and sustainable development and several initiatives taken by government agencies globally to address the needs of the growing urban population. However, the high capital and operating expenditures may restrain the growth of this market.

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The integration of AI and the expanding applications of IoT technology is expected to create growth opportunities for market players. However, the rising cases of data theft, the integration of different systems and technologies from multiple vendors, and the reluctance to upgrade existing infrastructure to accommodate new smart technologies pose challenges to the growth of the smart cities market.

Key Players
The smart cities market is characterized by a moderately competitive scenario due to the presence of many large- and small-sized global, regional, and local players. The leading players operating in the smart cities market are Cisco Systems, Inc. (U.S.), Huawei Technologies Co., Ltd. (China), IBM Corporation (US.), Siemens AG (Germany), Cognizant Technology Solutions Corporation (U.S.), 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), General Electric Company (U.S.), Capgemini SE (France), Microsoft Corporation (U.S.), ABB Ltd. (Switzerland), Oracle Corporation (U.S.), Honeywell International, Inc. (U.S.), and NEC Corporation (Japan).

The smart cities market is segmented by solution (smart citizen services {smart public safety, smart governance, smart street lighting, smart education, smart healthcare}, smart environment {climate monitoring, smart waste management, air quality monitoring, noise mapping & monitoring}, smart buildings {solution, type}, smart transportation {solution, application}, smart utilities {smart energy management, smart water management, smart distribution management, smart waste management}, other smart cities solutions), component (hardware, {endpoint devices, processing devices, network devices, and other devices}, software {IoT device software, gateway software, cloud software, computing device software, and other software}, services {consulting services, system integration & deployment services, infrastructure monitoring & management services, network services, and other services}), technology (IoT, artificial intelligence, cloud computing, machine learning, machine-to-machine communications, and other technologies). The report evaluates industry competitors and analyzes the market at the regional and country levels.

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By solution, the smart citizen services segment is anticipated to hold the dominant market share of over 48.0% of the smart cities market in 2024. The segment's significant market share is primarily attributed to the increasing demand for economic & extensible public services, government initiatives for smart city projects aimed at enhancing infrastructure, sustainability, and quality of life, and the advancements in IoT, artificial intelligence, and big data analytics.

By component, the hardware segment is anticipated to hold the dominant market share of over 40.0% in 2024. The segment's significant market share is primarily attributed to the growing need for real-time data collection & analytics, rising R&D investments, the key focus on hardware-centric capabilities, and the increasing demand for innovative & reliable hardware for advanced IoT sensors in applications like air quality monitoring, traffic management, and environmental sensing.

By technology, the IoT segment is anticipated to hold the dominant market share of over 37.0% in 2024. The segment's significant market share is primarily attributed to the increasing demand for IoT solutions in intelligent traffic management, smart parking, and connected vehicles; the growing adoption of IoT-enabled smart grids, energy meters, and building management systems; and the rising need for IoT-enabled surveillance cameras, emergency alert systems, and predictive policing technologies.

By geography, APAC is anticipated to hold the dominant market share of over 30.8% in 2024. The presence of prominent smart city players, including Fujitsu Ltd. (Japan), Huawei Technologies Co., Ltd. (China), and NEC Corporation (Japan), is expected to contribute to the dominant market share of this region. Moreover, the rising population density in APAC cities, the growing concerns about public safety & security, and the increasing government initiatives & funding for smart city projects are driving demand in the region.

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Key Questions Answered in the Report:
• Which are the high-growth market segments in terms of solution, component, and technology?
• What was the historical market size for smart cities globally?
• What are the market forecasts and estimates for 2024-2031?
• What are the major drivers, restraints, opportunities, challenges, and trends in the smart cities market?
• Who are the major players in the smart cities market, and what are their market shares?
• What is the competitive landscape like?
• What are the recent developments in the smart cities market?
• What are the various growth strategies adopted by major market players?
• What are the major market trends geographically, and which are the high-growth countries?
• Who are the local emerging players in the smart cities market, and how do they compete with other players?

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