The global smart cities market size is expected to reach USD 6,965.02 billion by 2030, registering a CAGR of 24.2% in the forecast period, according to a new report by Grand View Research, Inc. The market growth can be attributed to rapid favorable government initiatives worldwide and the emergence of technologies, such as Artificial Intelligence (AI) and the Internet of Things (IoT). This has encouraged several countries to invest in smart city projects to manage infrastructure and assets. Further, the increasing adoption of Electric Vehicles (EV) has also created a demand for the development of charging infrastructure in cities globally. Due to this, it provides energy storage and creates new revenue streams from EV batteries. These benefits will further boost the growth of the market during the forecast period.
Smart Cities Market Report Highlights
- The smart utilities segment is expected to witness a considerable CAGR of 22.9% over the forecast period. The rising investments in smart grid systems are driving the growth of the segment. Governments worldwide are deploying smart solutions, such as Advanced Metering Infrastructure (AMI), to automate the existing operations. The adoption of these advanced solutions will supplement the growth
- The smart infrastructure segment is anticipated to register a CAGR of 24.3% over the forecast period. The substantial growth of smart community services, which provide advanced infrastructures, such as transportation, data centers, energy, and buildings, is driving the segment growth. For instance, in June 2021, a B2B media company, Endeavor Business Media, LLC introduced smart building technology, which would take integrated intelligence into existing commercial buildings and new constructions
- The waste management segment captured a market share of over 20% in 2021. Numerous waste management companies are installing sensors, data visualization platforms, and network infrastructure to generate actionable insights and make informed decisions. The adoption of these smart technologies in waste management will supplement the growth of the segment during the forecast period
- The smart ticketing & travel assistance segment is expected to witness a significant CAGR of 23.4% over the forecast period. The increasing adoption of innovative technologies, such as Quick Response (QR) code, Radio Frequency Identification (RFID), Near Field Communication (NFC), and local wireless ticketing have enabled the key players to provide smart solutions across various sectors including, transportation, BFSI, and healthcare
- The Asia Pacific regional market is anticipated to register a significant CAGR of 27.7% during the forecast period. The regional can be attributed to the rapid economic developments, digitalization, globalization, and the rising proliferation of smartphones
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The market is at present witnessing a high investment in smart security, smart metering for utilities, integrated traffic management systems, and smart mobility. Several technologically innovative cities use IoT platforms to monitor their infrastructure, manage traffic flows, water management, parking, and air quality, and use the generated smart data to handle longer-term decisions for environmental sustainability. Furthermore, the increase in greenhouse gas emissions and traffic congestion is driving the adoption of smart mobility and effective energy management applications. These factors will further boost the growth of the market during the forecast period.
The market for smart cities covers several industry verticals, such as transport, water, healthcare, energy, and security. However, the cost incurred in transforming the present infrastructure acts as a restraint for several governments to continue huge investments in various sectors and departments for effective smart city projects, which may hamper the market growth. Several government bodies are investing in smart cities to improve their global and regional competitiveness to improve business, attract new residents, and make informed decisions with the help of available technologies. This will supplement the growth of the market over the forecast period.
Smart Cities Market Insights By Geographical Regions:
North America held the major share of over 30%. The regional market growth can be credited to the constant digital transformation in various industry verticals, such as government, telecom, and banking, among others. The ICT service providers and other local authorities in the region have widely deployed parts of the civic connectivity infrastructure which will lead to the planning for the construction of smart cities in the region. Asia Pacific is expected to witness a significant CAGR of 27.7% over the forecast period, accredited to the economic developments, globalization, increased focus on the development of digital infrastructure, and a rise in disposable income.
Industry Share Analysis By Major Companies:
Market players are observed to invest resources in R&D activities to support growth and enhance their internal business operations. Companies can be seen engaging in mergers & acquisitions and partnerships to further upgrade their products and gain a competitive advantage. Some prominent players in the global smart cities market include
- ABB Limited
- AGT International
- AVEVA Group plc.
- Cisco Systems, Inc.
- Ericsson
- General Electric
- Honeywell International Inc.
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Smart Cities Market Segmentation
Grand View Research has segmented the global smart cities market based on application, smart governance, smart utilities, smart transportation, and region:
Smart Application Outlook
- Smart Governance; Smart Building; Environmental Solution; Smart Utilities; Smart Transportation; Smart Healthcare
Smart Governance Outlook
- City Surveillance; CCS; E-governance; Smart Lighting; Smart Infrastructure
Smart Utilities Outlook
- Energy Management; Water Management; Waste Management
Smart Transportation Outlook
- Intelligent Transportation System; Parking Management; Smart Ticketing & Travel Assistance
Regional Outlook
- North America
- U.S.; Canada
- Europe
- Germany; France; U.K.; Italy; Spain; Russia; Nordic Region; Eastern Europe
- Asia Pacific
- Australia; China; India; Japan; ASEAN
- Latin America
- Brazil; Mexico
- Middle East & Africa
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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