Smart Cities Market is projected to reach US$ 6,70,424.1 Mn by 2030 driven by rising need for public safety & communication infrastructure and increasing number of government initiatives| CAGR of 20.5% during 2022-2030: Astute Analytica

Press Releases

Feb 09, 2022

NEW DELHI, Feb. 9, 2022 /PRNewswire/ — According to the study conducted by Astute Analytica, revenue of the Global Smart Cities Market is estimated to grow from US$ 1,25,325.5 Mn in 2021 to US$ 6,70,424.1 Mn by 2030. The market is estimated to register a CAGR of 20.5% during the forecast period 2022-2030. A smart city is a technologically modern urban area that uses different types of electronic methods, voice activation methods and sensors to collect specific data. It includes data collected from citizens, devices, buildings and assets which is processed and analyzed to monitor and manage traffic and transportation systems, power plants, utilities, water supply networks, waste, crime detection, information systems, schools, libraries, hospitals, and other community services.

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Market Dynamics

Drivers:

The global smart cities market is majorly driven by factors such as rising need for public safety and communication infrastructure, increasing number of government initiatives and PPP models for smart cities. AI and IoT driven technologies are being used in smart cities to maintain a healthier environment, improve public transportation, and improve safety. Furthermore, globally, governments have been playing a major role in smart cities market through its regulations and initiatives focused on deployment of smart services as a major part of their infrastructure. Also, rise in adoption of 5G is enhancing the growth of the smart cities market due to its faster speed and more reliable connections. Smart cities will reap the benefits of 5G by being able to offer smarter vehicles, smart processing, and manufacturing.

Restraints:

The rising usage of smart services exposes a broad range of vulnerabilities that can be manipulated by cybercriminals and other malicious activities, which may pose a major threat to the growth of the market.

Opportunities:

The increasing utilization of energy sources results in the rising amount of energy dissipation and carbon emissions, which urgently demand a sustainable and efficient use of energy. Therefore, increasing environmental concerns and demand for green initiatives are the emerging opportunities in the Global Smart Cities Market.

Segmental Analysis

IoT segment holds the highest share in the Global Smart Cities Market in 2021

Based on technology, the market is segmented into Artificial Intelligence (AI), big data analytics, IoT, cloud computing, quantum computing, edge computing, high performance computing and others. The Internet of Things (IoT) segment dominated the smart cities market in 2021 as it offers multiple opportunities for smart cities to use data for traffic control, pollution reduction, making better use of infrastructure and keeping citizens safe.

Hardware component dominated the smart cities market in 2021

The component segment of the smart cities market is sub-segmented into hardware, software, and services. The hardware component is estimated to dominate the smart cities market in 2021, as there are affordable IoT hardware options available in the market. Moreover, as hardware make up bulk of investment in early phase, they have higher share and growth during first half of forecast period.

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Cloud deployment segment has the highest share in the Global Smart Cities Market in 2021

Cloud deployment has maximum share of smart cities market in 2021 and is expected to continue its dominance during the forecast period. Cloud technology provides the digital infrastructure for smart cities. Also, cloud functions as a storage and analysis system for the data used in various smart city applications. The significant share of cloud deployment is due to the fact that it can be adopted for multiple smart city applications, be it lighting, traffic management, monitoring environment or others. It also offers sustainability, as adopting cloud applications can lead to significantly lower labor and maintenance costs while maximizing space and cutting energy expenditure.

Smart citizen services lead the Global Smart Cities Market in 2021

Based on application, the smart cities market is segmented into smart transportation, smart home buildings, smart utilities, smart citizen services, smart governance, smart mobility, and other applications. The smart citizen services have the highest market share in the Global Smart Cities Market in 2021. This is because citizen safety is the major priority for every government organization. People are highly dependent on the safety services that are offered by the government at different levels.

Asia Pacific has the fastest CAGR in the Global Smart Cities Market

Asia Pacific is estimated to register the fastest CAGR during the forecast period due to the presence of some of the most well-known technology-enabled metropolises in the region which include Singapore, Tokyo, and Seoul. Moreover, according to the IMD’s inaugural Smart City Index, Singapore is the smartest city in the world. Furthermore, due to the large number of 5G deployments and initiatives taken by major Asian mobile operators to resolve the problem of high bandwidth requirement, the smart cities market in APAC is expected to have enormous growth in the coming years.

Competitive Insight

The key players in the Global Smart Cities Market are Accenture Plc, Alphabet Inc., Cisco Systems Inc., Foxconn Electronics Inc., General Electric Company, Huawei Technologies, IBM Corporation, Oracle Corp., Qualcomm Technologies Inc., and Schneider Electric SE among others. Through extensive research, it is found that big players have adopted various competitive strategies such as mergers & acquisitions in order to have a grip of emerging market. Furthermore, leading companies expanding their geographical boundaries by acquiring small brands and domestic companies.

Segmentation Overview of the Global Smart Cities Market

Following are the different segments of the Global Smart Cities Market: –

By Technology Segment of the Global Smart Cities Market is sub-segmented into:

Artificial Intelligence (AI)

Deep Machine Learning
Artificial Neural Network
Voice Recognition
Pattern Recognition
Natural Language Processing
Others

Big Data Analytics
Cellular Technology

5G Technology
Others

Cloud Technology
Edge Computing
High Performance Computing
Internet of Things (IoT)

Satellite Network
Cellular Network
Radio Frequency Identification
Near Field Communication
Wi-Fi

Quantum Computing
Others

By Component Segment of the Global Smart Cities Market is sub-segmented into:

Hardware

Camera
Sensors/Detectors
Meters
Vehicles
Smart Robots
Others

Software

Cloud (IoT) Platform

Public
Private

Data Management & Analytics
Cyber Security
Remote Monitoring

Services

Consulting
System Integration and Deployment
Support and Maintenance
Managed Services

By Application Segment of the Global Smart Cities Market is sub-segmented into:

Smart Transportation

Parking Management
Ticketing & Travel Management
Traffic Management
Passenger Information Management System
Freight Information System
Other Smart Transportation Systems

Smart Utilities

Energy management
Advanced Metering Infrastructure
Smart Grid
Water Management
Distribution Management
Other Smart Utilities

Smart Governance

E-Governance Solutions
Smart Public Safety
Law Enforcement
City Planning
Other Governance Services

Smart Home & Building

Building Automation System
Energy Management Systems
Parking Management System
Emergency Management System
Other Smart Building System

Smart Citizen Service

Smart Education
Smart Healthcare
Emergency Response System
Video Surveillance System
Assisted Living Solution
Other Citizen Services

Smart Mobility

Electric Vehicle Charging
Tunnel Management
Tolling Management
Other Mobility Solutions

Other Applications

By Deployment Segment of the Global Smart Cities Market is sub-segmented into:

Cloud
On-premise

By region Segment of the Global Smart Cities Market is sub-segmented into:

North America

The U.S.
Canada
Mexico

Europe

Western Europe

The UK
Germany
France
Italy
Spain
Rest of Western Europe

Eastern Europe

Poland
Russia
Rest of Eastern Europe

Asia Pacific

China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific

Middle East

UAE
Saudi Arabia
Rest of MEA

Africa

Nairobi
Nigeria
South Africa
Rest of Africa

South America

Argentina
Brazil
Rest of South America

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About Astute Analytica

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