London, May 10, 2022 (GLOBE NEWSWIRE) -- Some sales insight revealing the strong growth of smart citiesmarket during the past few years are listed below:
- The global smart cities market value is expected to reach US$4650.7 billion by 2028
- The global urban population is expected to rise from 55.7% in 2019 to 68.4% in 2050
- By smart utilities, the energy management accounted for 55% of the revenue share in 2021
- The water management segment is expected to witness strong growth during the forecast period.
- By smart governance, the city surveillance segment garnered a market share of 20% in 2021
- The Command and Control Center segment is expected to grow at a CAGR of 21.5% during the forecast period
- By application, the smart transportation segment accounted for a revenue share of 20% in 2021
- North America led the global market by capturing a market share of 31% in 2021
- Asia Pacific is projected to reach a CAGR of 27.5% from 2022 to 2030
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Approximately 31% of the Global Smart Cities Market Captured by North America
The growing adoption of the digital technologies across the various industry verticals such as retail, banking, and telecommunications in North America has facilitated the growth of the smart cities market. The federal and the local governments in US collaborates with the OEMs and distributors, startups, and vendors of the ICT technology to promote the development of smart cities in US. The presence of well-established ICT infrastructure in the North America region has significantly contributed to wards the growth of the North America smart cities market. The government in the North America also organizes various networking events to promote the concept of smart cities in the region. Therefore, the rising government initiatives and the rising focus towards the digital transformation in North America are the significant drivers of the North America smart cities market.
| Report Attributes | Details |
| Market Size in 2021 | USD 1025.9 Billion |
| Revenue Forecast by 2030 | USD 7162.5 Billion |
| CAGR | 24.1% from 2022 to 2030 |
| Largest Market | North America |
| Fastest Growing Region | Asia Pacific |
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What are the key trends in the Global Smart Cities Market?
The introduction of 5G technology has significantly changed the face of the cloud computing world. The 5G technology facilitates smooth communication and faster transfer of data. It also enables quick access to the artificial intelligence and video analytics that ensures safety in the city. The adoption of the 5G technology in the smart cities is expected to improve the managers to enhance and offer intelligent public services. 5G is at its initial phase and its full potential is yet to be realized. Furthermore, the rising demand for the efficient energy consumption and healthy environment is boosting the demand for the smart cities across the globe. The rising concerns over the ozone layer depletion and global warming has forced the governments in the developed and the developing countries to impose strict regulations pertaining to carbon emission. Smart cities will effectively control the carbon emission and promote a healthier living environment across the globe.
What are the key challenges in the Global Smart Cities Market?
The financial limitations of the economies are a major constraint that limits the growth of the smart cities market. A huge cost is involved in the implementation of the smart cities. The transformation of the current infrastructure to the technologically advanced smarty infrastructure is a very costly affair and the developing and the underdeveloped economies face financial restrictions that refrains them to shift to the smart cities. Moreover, there is a lack of awareness among the people regarding the smart cities. The lack of knowledge among the people about the smart cities slows down the process of the development of smart cities.
Asia PacificForecast the Strongest Growth Rate of 27.5% during the Forecast Year (2022-2030)
The rising government investments towards digitalizing the healthcare, transportation management, smart building, and smart waste management systems in the developing regions is expected to drive the growth of the smart cities market in Asia Pacific. The rapidly growing population and rapid urbanization in Asia Pacific is expected to be a major force that would drive the growth of the market. The rising investments towards digital transformation and digital revolution in the various industry verticals have significant contributions to the growth of the Asia Pacific smart cities market.
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Top Smart Cities Vendors in 2021
Siemens, Cisco, Hitachi, IBM, Microsoft, Schneider Electric, Huawei, Intel, NEC (Japan), ABB, and AGT International are some of the major vendors operating in the global smart cities market. These market players are constantly engaged various developmental strategies such as new product launches, partnerships, mergers, acquisitions, and collaborations to gain competitive advantage and strengthen their market position in the global smart cities market.
Market Segmentation
By Smart Utilities
- Water Management
- Waste Management
- Energy Management
By Smart Governance
- CCS
- E-governance
- City Surveillance
- Smart Infrastructure
- Smart Lighting
By Application
- Smart Building
- Smart Governance
- Smart Utilities
- Smart Transportation
- Environmental Solution
- Smart Healthcare
- Smart Mobility Management
- Smart Public Safety
By Component
- Hardware
- Software
- Service
By Technologies
- Open-data initiatives
- Parking Apps
- City Guide App
- Wi-Fi
- Real-time information
- Crisis Response System
- Sharing economy
- Surveillance
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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