Press release
Strong Growth Ahead: Smart Cities Market Size To Grow At Arecord 20.3% Cagr By 2029
Smart Cities
What Is the Smart Cities Market Size and Projected Growth Rate?
The market size of smart cities has seen a swift expansion in the recent past. It's projected to rise from a value of $792.03 billion in 2024 up to $949.94 billion by 2025, exhibiting a Compound Annual Growth Rate (CAGR) of 19.9%. The historic period's growth can be linked to factors like rapid urbanization, commitment towards environmental sustainability, issues related to traffic congestion and mobility, management of energy efficiency and resources, as well as government initiatives and financial contributions.
The market size for smart cities is predicted to experience substantial growth in the coming years. Rising to $1987.43 billion in 2029, it will do so at a compound annual growth rate (CAGR) of 20.3%. This forecast period growth can be linked to the inclusion of 5G networks, emphasis on health and safety, resilience, disaster readiness, citizen participation, and inclusiveness. During this forecast period, the major trends are expected to be citizen involvement platforms, edge computing for immediate processing, smart structure automation, systems for public safety and emergency response, and digital twinning technology for city simulation.
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What Are the Major Segments in the Smart Cities Market?
The smart cities market covered in this report is segmented -
1) By Component: Solutions, Services
2) By Type: Roadways, Railways, Airways
3) By Application: Smart Governance, Smart Building, Smart Utilities, Smart Transportation, Smart Healthcare, Other Applications
Subsegments:
1) By Solutions: Smart Lighting, Smart Transportation Systems, Smart Waste Management, Smart Water Management, Smart Energy Management, Smart Parking Solutions
2) By Services: Consulting Services, System Integration Services, Managed Services, Maintenance And Support Services
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What Are The Driving Smart Cities Market Evolution?
The escalating urbanization worldwide is anticipated to fuel the expansion of the smart cities market. Urbanization involves the shift of people from rural to urban areas and the increase in density of human population in these urban settings. A smart city is a technologically upgraded urban zone that collects data through different electronic technologies, voice activation methods, and sensors. For example, the United Nations Department of Economic and Social Affairs projects that 68% of the world population, which is about 2.5 billion people, will be living in urban regions by 2050. Consequently, the increase in global urbanization acts as a primary catalyst propelling the growth of the decorative coatings market.
Which Firms Dominate The Smart Cities Market Segments?
Major companies operating in the smart cities market include Microsoft Corporation, AT&T Inc., Huawei Technologies Co Ltd., Hitachi Ltd., Siemens AG, General Electric Company, Siemens Mobility GmbH, accenture* plc, Intel Corporation, International Business Machines Corporation, Cisco Systems Inc., Schneider Electric SE, Honeywell International Inc., ABB Ltd., Nokia Corporation, Telefonaktiebolaget LM Ericsson, Koninklijke Philips N.V., Infineon Technologies AG, Emerson Electric Co, NXP Semiconductors N.V., Atsuke, Xerox Holdings Corporation, Giesecke+Devrient GmbH, Cubic Corporation, HID Global Corporation, Scheidt & Bachmann GmbH, Vix Technology Ltd., Confidex Ltd., Robert Bosch GmbH, Capgemini SE, Cognizant Technology Solutions Corporation, Dell Technologies Inc., Fujitsu Limited, Infosys Limited, NEC Corporation, Oracle Corporation, SAP SE
What Trends Are Driving Growth in The Smart Cities Market?
Technological progress is increasingly becoming a significant trend in the smart cities industry. Companies actively participating in the smart cities market are keen on introducing innovative technology solutions to revolutionize urban transport infrastructure and ensure rapid, effective, and fair public transportation. For example, in December 2023, Yunex Traffic, a division of Siemens Mobility, a company based in Germany that offers intelligent traffic management solutions, unveiled a new cloud-based superior traffic management system named Yutraffic Studio. The platform, equipped with high-end planning, monitoring, and optimization tools, is crafted to address traffic issues in a quick, effective, reliable and safe manner. Moreover, it serves as the heart of the Yutraffic package, built to manage current transport management problems while easily adapting to future traffic requirements. The platform can absorb a vast array of public and private data, including information directly from connected vehicles. Furthermore, when customers upgrade with Yutraffic Insights intersection optimization analytics and Aimsun's simulation and predictive forecasting engine, the platform offers users with digital twin and predictive functions.
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Which Is The Largest Region In The Smart Cities Market?
North America was the largest region in the smart cities market in 2024. The regions covered in the smart cities market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Smart Cities Market?
2. What is the CAGR expected in the Smart Cities Market?
3. What Are the Key Innovations Transforming the Smart Cities Industry?
4. Which Region Is Leading the Smart Cities Market?
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