Global Smart City ICT Infrastructure Market Projected to Grow at 20.8% CAGR, Reaching $4296.62 Billion by 2029

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What Is the Expected CAGR for the Smart City ICT Infrastructure Market Through 2025?
The market size for the smart city ICT infrastructure has seen considerable expansion in the past few years. The market, which was worth $1672.12 billion in 2024, is projected to reach $2018.36 billion in 2025, representing a compound annual growth rate (CAGR) of 20.7%. Factors contributing to the growth during the historical period include the rise in urbanization, various government schemes, increased acceptance of IoT, concerns about public security, and the modernization of infrastructure.

What's the Projected Size of the Global Smart City ICT Infrastructure Market by 2029?
The market size of the smart city ICT infrastructure is predicted to witness exceptional expansion in the forthcoming years, ballooning to a total of $4296.62 billion by 2029, at a compound annual growth rate (CAGR) of 20.8%. The significant acceleration in growth over the projected period can be credited to the amplified demand for cybersecurity, heightened attention on climate resilience, trends towards smart governance, growth in data usage and the acceptance of edge computing. Key trends during this forecast period comprise the implementation of AI in city management, enhanced integration of IoT, the embrace of blockchain technology, the emergence of self-governing infrastructure and the vast expansion of digital twins.

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Top Growth Drivers in the Smart City ICT Infrastructure Industry: What's Accelerating the Market?
The anticipated surge in digital solutions uptake is predicted to bolster the expansion of the smart city ICT infrastructure market. Digital solutions encompass technology-led systems, apps, and tools that employ software, data, and connectivity to refine processes, enrich user experiences, and stimulate innovation across a range of sectors. With benefits like automation, real-time data availability, and refined resource management, the demand for digital solutions is intensifying. Smart city ICT infrastructure offers the critical connectivity, prompt data analysis, and unified platforms required for the flawless implementation and scalability of digital solutions in urban settings. As per data from the European Commission, the executive branch of the European Union headquartered in Belgium, there was a 4.2 percentage points increase in the uptake of cloud-based solutions in 2023 across the European Union, with 45.2% of enterprises investing in cloud computing services, which marks a significant surge compared to 2021. Consequently, the rising adoption of digital solutions is fuelling the smart city ICT infrastructure market.

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What Trends Will Shape the Smart City ICT Infrastructure Market Through 2029 and Beyond?
Prominent players in the smart city ICT infrastructure industry have been concentrating on integrating IoT, such as low-energy network technologies aimed at maximizing city-wide connectivity and automation. These technologies allow effective management of smart city infrastructure, minimizing manual interference, and boost overall productivity. For example, in February 2024, British Telecommunications plc, a UK-based telecom company, initiated a nationwide Narrowband Internet of Things (NB-IoT) network to support the growth and spread of smart city programs throughout the nation. This low-energy, broad-area network caters to 97% of the UK population and is exclusively built to link low-demand-data resources like street lights and subterranean water sensors facilitating automation, extended battery life, and cost-efficient functions. The network aims to dramatically increase efficiency in all sectors by enabling real-time surveillance, reducing manual interference, and establishing the digital groundwork for large-scale Internet of Things (IoT) implementation in smart cities and beyond.

What Are the Main Segments in the Smart City ICT Infrastructure Market?
The smart city ict infrastructuremarket covered in this report is segmented -

1) By Type: Smart Grid, Smart Building, Smart Water Network, Smart Healthcare, Smart Education, Smart Security, Smart Transport
2) By Components: Hardware, Software, Services
3) By Deployment Type: On-Premises, Cloud-Based, Hybrid Solutions
4) By Technology: Internet Of Things, Artificial Intelligence, Big Data Analytics, Cloud Computing
5) By Application: Communications Industry, Transportation Industry, Express Industry, Government, Education, Other Applications

Subsegments:
1) By Smart Grid: Advanced Metering Infrastructure (AMI), Distribution Management System (DMS), Energy Management Systems (EMS), Demand Response, Supervisory Control And Data Acquisition (SCADA)
2) By Smart Building: Building Automation Systems, Energy Management Systems, Smart Lighting, HVAC Control, Security And Access Control Systems
3) By Smart Water Network: Smart Meters, Leak Detection Systems, Pressure Management, Water Quality Monitoring, Advanced Analytics
4) By Smart Healthcare: Remote Patient Monitoring, Electronic Health Records (EHR), Telemedicine, Health Information Systems: Smart Medical Devices
5) By Smart Education: Virtual Classrooms, Learning Management Systems (LMS), Interactive Whiteboards, Smart Content, Student Information Systems
6) By Smart Security: Video Surveillance, Biometric Access Control, Emergency Response Systems, Cybersecurity Solutions, Intrusion Detection Systems
7) By Smart Transport: Intelligent Transportation Systems (ITS), Traffic Management Systems, Smart Parking, Connected Vehicles, Public Transit Management

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Which Top Companies are Driving Growth in the Smart City ICT Infrastructure Market?
Major companies operating in the smart city ICT infrastructure market are Microsoft Corporation, Verizon Communications, AT&T Inc., Deutsche Telekom AG, Huawei Technologies Co. Ltd., Siemens AG, Hitachi Ltd., accenture*, International Business Machines Corporation (IBM), Cisco Systems Inc., Vodafone Group Plc., Oracle Corporation, Telefonica SA, Schneider Electric, Honeywell International Inc., ABB Group, Tata Consultancy Services (TCS)?, Telefonaktiebolaget LM Ericsson, Nokia Corp., NTT Communications

Which Regions Will Dominate the Smart City ICT Infrastructure Market Through 2029?
North America was the largest region in the smart city ICT infrastructure market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart city ICT infrastructure market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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