Global Smart City Market Will Reach USD 2,700.1 Billion By 2024: Zion Market Research

According to the report, the global smart city market accounted for USD 955.3 billion in 2017 and is expected to reach USD 2,700.1 billion globally by 2024, growing at a CAGR of around 16% between 2018 and 2024.

New York, NY, Aug. 23, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Smart City Market by Application Area (Transportation, Construction, Power Management, Water & Waste Management, Healthcare, and Others) and by Component (Hardware, Software, and Service): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024”. According to the report, the global smart city market accounted for USD 955.3 billion in 2017 and is expected to reach USD 2,700.1 billion globally by 2024, growing at a CAGR of around 16% between 2018 and 2024. 

Smart cities are designed to gather and utilize information by means of technology. These projects involve investments in infrastructure to improve the quality and performance of various services such as transportation, energy, education, healthcare, waste & water management, and utilities. 

Browse through 43 Tables & 23 Figures spread over 135 Pages and in-depth TOC on “Global Smart City Market Size & Share 2017 Research: By Industry Type, Trends, Growth, Analysis and Forecast, 2024”.

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Rising investments in power generation have paved ways for organizations to develop systems that optimize power distribution. Global investments in clean energy technology were about USD 333 billion in 2017 as compared to USD 324 billion in 2016. In 2017, China was the leading investor with USD 132 billion followed by the US with USD 57 billion. About half of the total investments were spent on new solar projects in China. This number is estimated to grow during the forecast period. Thus, the power generation sector is proving to be a major driver for the smart city market. 

The government of various countries such as the US, China, Canada, and India, among others is investing heavily to digitalize education sector. Smart city projects provide facilities that digitalize education. Digitalization has paved the way for institutions to offer education as an independent service. Online courses combined with an augmented supply of learning resources have introduced the trends of personalized education. In 2014, the US government had allocated a budget of USD 3 billion for the use of technology in education. Further, in 2018, companies such as Cognizant announced an investment of USD 100 million to digitalize education in the U.S. In 2015; the ‘International Finance Corporation’ invested USD 17 million to boost the use technology in the education sector of India. This number is projected to increase over the next five years. Thus, it is predicted that this segment will propel the market during the forecast period.

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Hardware, software, and service form the component segment of the global smart city market. Software segment dominated the smart city market in 2017 and is expected to continue its dominance during the forecast period. The share is attributed to advancements in technology and digitalization. Further, the smart city market is divided on the basis of the application area that includes transportation, construction, power management, water & waste management, healthcare, and others. Transportation segment is anticipated to hold a substantial share during the projected time frame.

North America is anticipated to hold a significant share of the smart city market during the analysis timeframe. The presence of recognized companies such as Microsoft Corporation, IBM Corporation, and Honeywell International Inc., among others is majorly contributing to the high market share. These expenses are expected to rise due to the advancements in technology and the involvement of more cities in the projects. Thus, it is anticipated that North America will dominate the market over the forecast period.

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The European smart city market is preliminarily driven by the rising investments in the transportation sector. In 2016, about 18% of the sales of global vehicles were in Europe. In 2017, the number of vehicles sold in Europe grew by almost 3.3%. This number is predicted to rise during estimated the time frame. Due to an increase in the number of vehicles, the European Commission proposed an investment of about USD 3.1 billion in transport projects and about USD 1.6 billion in transport infrastructure for 2017. Thus, the transportation sector in Europe is predicted to fuel the growth of the smart city market.

The Asia Pacific is expected to grow at a substantial rate from 2018 to 2024 in the global smart city market. Developing economies such as China and India have a great potential for the smart city market. Investments in China’s construction industry grew by about 2% in 2017 from 2016. The Indian government is also taking initiatives to boost the construction sector by allocating a budget of about USD 92 billion in 2018 as compared to USD 59 billion in 2017. Further, the foreign direct investment in the Indian construction sector has also increased. In 2018, “The Asian Infrastructure Investment Bank” announced an investment of USD 200 million in India’s construction sector. This quantum is projected to rise during the forecast period. Indian government’s investments in smart city project rose by almost 54% in 2018 from 2017. Government initiatives are expected to drive the market in this region. Thus, the growth of the smart city in the Asia Pacific will be imminent.

Browse the full "Smart City Market by Application Area (Transportation, Construction, Power Management, Water & Waste Management, Healthcare, and Others) and by Component (Hardware, Software, and Service): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024" report at

Latin America is projected to contribute substantially to the growth of the smart city market. As per the standards of “Smart City Organizations” such as ISO (37120), healthcare sector plays a vital role in measuring the overall smart city score. The Government of Chile is also focusing to associate KPIs with the city’s medical infrastructure. Thus, medical applications in the smart cities are expected to witness significant investments from the respective governments. Brazil and Argentina are anticipated to be the key contributors to the growth of this market in Latin America. Smart city market in the Middle East is expected to propel owing to the economic development of countries such as UAE and Saudi Arabia.

Some of the major participants in the smart city market are Honeywell International Inc., ABB Group, General Electric Company, Cisco Systems Inc., Siemens AG, SAP SE, Schneider Electric SE, Microsoft Corporation, IBM Corporation, and Alstom SA, among others.

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The report segments the global smart city market as follows:

Global Smart City Market: Application Area Segment Analysis

  • Transportation
  • Construction
  • Power Management
  • Water & Waste Management
  • Healthcare
  • Others

Global Smart City Market: Component Segment Analysis

  • Hardware
  • Software
  • Services

Global Smart City Market: Regional Segment Analysis

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

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