Global Smart Cities Strategic Report 2023: Market to Reach $5.2 Trillion by 2030 - Advanced Technologies Create Perfect Ground for Transformation

Dublin, April 18, 2023 (GLOBE NEWSWIRE) -- The "Smart Cities: Global Strategic Business Report" report has been added to's offering.

Global Smart Cities Market to Reach $5.2 Trillion by 2030

In the changed post COVID-19 business landscape, the global market for Smart Cities estimated at US$998.7 Billion in the year 2022, is projected to reach a revised size of US$5.2 Trillion by 2030, growing at a CAGR of 22.9% over the analysis period 2022-2030.

Hardware, one of the segments analyzed in the report, is projected to record a 20.2% CAGR and reach US$2.4 Trillion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Software segment is readjusted to a revised 24.2% CAGR for the next 8-year period.

The U.S. Market is Estimated at $296.9 Billion, While China is Forecast to Grow at 26% CAGR

The Smart Cities market in the U.S. is estimated at US$296.9 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$823.1 Billion by the year 2030 trailing a CAGR of 26% over the analysis period 2022 to 2030.

Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 18.3% and 20.9% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 24.6% CAGR.

Looking Ahead to 2023

The global economy is at a critical crossroads with a number of interlocking challenges and crises running in parallel. The uncertainty around how Russia`s war on Ukraine will play out this year and the war`s role in creating global instability means that the trouble on the inflation front is not over yet. Food and fuel inflation will remain a persistent economic problem.

Higher retail inflation will impact consumer confidence and spending. As governments combat inflation by raising interest rates, new job creation will slowdown and impact economic activity and growth. Lower capital expenditure is in the offing as companies go slow on investments, held back by inflation worries and weaker demand.

With slower growth and high inflation, developed markets seem primed to enter into a recession. Fears of new COVID outbreaks and China's already uncertain post-pandemic path poses a real risk of the world experiencing more acute supply chain pain and manufacturing disruptions this year.

Volatile financial markets, growing trade tensions, stricter regulatory environment and pressure to mainstream climate change into economic decisions will compound the complexity of challenges faced. Year 2023 is expected to be tough year for most markets, investors and consumers. Nevertheless, there is always opportunity for businesses and their leaders who can chart a path forward with resilience and adaptability.

What`s New for 2023?

  • Special coverage on Russia-Ukraine war; global inflation; easing of zero-Covid policy in China and its `bumpy` reopening; supply chain disruptions, global trade tensions; and risk of recession.
  • Global competitiveness and key competitor percentage market shares
  • Market presence across multiple geographies - Strong/Active/Niche/Trivial
  • Online interactive peer-to-peer collaborative bespoke updates
  • Access to digital archives and Research Platform
  • Complimentary updates for one year

Key Attributes:

Report AttributeDetails
No. of Pages784
Forecast Period2022 - 2030
Estimated Market Value (USD) in 2022$998.7 Billion
Forecasted Market Value (USD) by 2030$5200 Billion
Compound Annual Growth Rate22.9%
Regions CoveredGlobal

Key Topics Covered:


  • Year 2021 in Retrospect and Near Term Outlook
  • "Stagflation" : The Newest Challenge in the Series of Setbacks for the Global Market in 2022
  • World Economic Growth Projections (Real GDP, Annual % Change) for the Years 2020, 2021, 2022 and 2023
  • COVID-19 Prompts Authorities to Re-Imagine Cities & Make them Smarter to Resolve Urban Issues
  • Pandemic Highlights Benefits of Smart City Technologies
  • Cities Mobilize Collective Intelligence to Meet COVID-19 Challenges
  • Smart City Infrastructure Aids Countries in Maintaining Provision of Essential Medical Services Amid the Pandemic
  • New Normal to Transform Diverse Aspects of Smart Cities
  • Competition
  • Smart Cities - Global Key Competitors Percentage Market Share in 2022 (E)
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
  • Smart Cities: A Conceptual Overview
  • Application Markets
  • A Review of Technologies & Applications in Major End-Use Industries
  • Smart Cities:Evolve as a Sustainable Way to Accommodate World's Growing Population
  • With Population Bursting at its Seams, Smart Cities Emerge as the Future of Sustainable Ecofriendly Living: World Population (in Thousands) by Geographic Region for the Years 2018, 2025, 2040, 2050
  • Sustainable Development Goals (SDGs) for Cities
  • Depleting World Natural Resources Throws the Spotlight on Smart Cities
  • Global Per Capita Availability of Water by Geographic Region (In Cubic Meters) for the Years 1990, 2018 and 2025
  • With World Energy Demand Outstripping the Increase in Coal Reserves, Focus Shifts to Sustainable Use of Energy by Cities: Global Coal Reserves (in Billion Metric Tons) and Electricity Consumption (in Billion kWh) for the Years 1998, 2008 and 2018
  • Increasingly Congested Cities Lay the Foundation for the Creation of Planned Urban Spaces
  • Rapid Urbanization: A Key Factor Underlying Congested Cities
  • World Urban Population in Thousands: 1950-2050P
  • Degree of Urbanization Worldwide: Urban Population as a % of Total Population by Geographic Region for the Years 1950, 1970, 1990, 2018, 2030 and 2050
  • Percentage of Urban Population in Select Countries for 2018, 2020, 2030, 2040 and 2050
  • Resource Constraints & Environmental Consciousness Foster Smart City Development
  • Resource Constraints & Pollution Concerns Confronting Cities Worldwide: Breakdown of Water Consumption Per Capita, Carbon Dioxide (CO2) Emissions Per Capita and Waste Volume Per Capita by Geographic Region
  • Investments Remain Strong in Smart Infrastructure Projects
  • Smart Energy Conservation & Management: The Hallmark of Smart Cities
  • Regional Analysis
  • Challenges Confronting Development of Smart City Programs
  • Absence of Uniform and Standard Technology
  • Lack of Clear Strategic Goals and KPIs
  • Security Concerns Limit Progress
  • Quick Review of Market Structure
  • Recent Market Activity
  • World Brands


  • Advanced Technologies Create Perfect Ground for Transformation of Smart Cities
  • Transformational Role of 5G Technology and Wi-Fi 6/6E in Development of Smart Cities
  • 5G Brings in Higher Scalability
  • Digital Twins to Provide Meaningful Insights in Smart City Projects
  • Cyber-Physical Systems & Robotic Process Automatization to Hold Broader Uptake
  • Blockchain Technology to Gain Prominence in Resource Sharing and Smart Logistics
  • Investment in Smart City Technology Startups a Prudent Decision amid Pandemic
  • Focus on Building Crisis Resilient Smart Cities to Drive Demand for Better Internet Infrastructure
  • Growing Environmental Footprint of Cities Shifts Focus Onto Smart Cities
  • Funding Support: Vital for Smart Cities Initiatives
  • Shift Towards Open Governance Model Fuels Interest in Smart Cities
  • V2X Communication Seeks Role in Smart City Infrastructure
  • C-V2X: The Upcoming Future-Ready V2X Standard
  • IoT Lies at the Heart of the Connected Self-Aware Environment Epitomized by Smart Cities
  • IoT Implementations in Smart Homes & Buildings
  • Rising Significance of Smart City as a Service
  • Unified Smart City Platforms Allow Big Data to Become a Reality
  • Transformative Role of AI Technologies in Smart Cities Optimizes Urban Services
  • Developments in AI Paves the Way for Increase Use of AI Intelligence in Smart Cities
  • Combining IoT and AI Unlocks Opportunities
  • Big Data Drives Smart Cities Movement and Data Analytics Enhances Smart City Services
  • Intriguing Benefits of Edge Computing Encompasses all Aspects of Smart Cities
  • E-Government: Imperative for Transforming Cities into Smart Cities
  • Going from Idea to Reality: A Peek into How Cities Are Getting Smarter
  • Provision of Smart Municipal & Utility Services Gains Momentum
  • Smart Grids Vital for Smart Energy Distribution
  • Focus on Smart Energy Management Opens Up Opportunities for Smart Meters
  • Adoption of Smart Water Meters Spirals in Cities Worldwide
  • Surging Penetration of Smart Water Meters & Smart Gas Solutions Helps in the Provision of Smart Utility Services Resulting in the Creation of Smart Outcomes for Citizens & Communities
  • Laying Strong Foundation for the Digital Transformation of Gas Infrastructure, Smart Gas Solutions Seek to Revolutionize Gas Utility Operations
  • IoT-based Smart Metering to Create Smarter and Connected Cities
  • Demand Responsive Energy Management: Indispensable for a Low Carbon Smart City Footprint
  • Growing Investments in Demand Response Enables Closer Consumer Engagement in Competitive & Smart City Energy Markets
  • Security in Smart Cities Receives Undivided Focus
  • Video Surveillance Plays an Important Role in Public Safety in Smart Cities
  • Advanced Analytics for Surveillance Systems
  • Smart Buildings & Homes Receive Fair Share of Development Focus
  • Intelligent Buildings Vital for Constructing a Smart City
  • Focus on Net Zero Energy Buildings (NZEB) Awakens Interest in Smart Building Technologies
  • With Connectivity Being the Most Critical Element of Smart Buildings, In-Building Wireless (IBW) Emerges Into the Spotlight
  • Consumer Spending on Smart Home Technologies Gathers Steam
  • Growing Number of Smart Homes Catalyzes the Creation of Smart Cities
  • Smart Building Analytics Rises in Prominence
  • Smart & Connected Lighting Systems Make Cities Smarter, Safer & Help Governments Turn Infrastructure Liabilities into Assets
  • Deployment of LED & Smart Streetlights Grows in Cities
  • Focus on Energy Efficient Smart Cities to Trigger Growth in Smart Lighting Technologies
  • Smart Digital Education Lies at the Heart of the Smart Cities Concept
  • Deemed as Vital for the Creation of Smart Communities & Cities, the Need to Groom Smart People & Citizens to Drive Robust Demand for Mobile Learning Products & Services
  • Smart Healthcare: A Vital Part of the Smart Cities Ecosystem
  • Robust Market for mHealth Solutions to Aid in the Creation of Smart Cities
  • Smart Mobility & Intelligent Transportation Gain Investments
  • Unprecedented Rise of Connected Cars as the Future of Driving to Benefit the Development of Smart Cities
  • Pandemic Results in Increased Investments for Automotive V2X
  • Emphasis on Electric Vehicles to Fuel Demand
  • Innovative Smart Cities Solutions and Systems Present Considerable Growth Opportunity
  • A Peek at Select Innovations in Smart Cities Space
  • The EZ-PRO Shared Delivery Vehicle Concept of Renault
  • The Hyperloop Project
  • Biomimicry-Based Solutions for Smart City Lighting and Air Pollution Reduction
  • Robot Valets for Car Parks at Airports
  • Urbiotica's Smart Parking Solution
  • Smart Street Lighting System from Citeos
  • Automated Waste Management Systems in the US and France
  • The Energy Positive Building Powerhouse Brattorkaia in Norway
  • The Mexican Smart Forest City
  • Floating Homes in Coastal Communities
  • Self-Driving Shuttles in New York
  • Digital Twin Simulation Software Solutions for Future Urban Development Projects
  • Energy Collecting Bike Racks
  • AI for Pedestrian Crossing Lights to Prevent Accidents in Vienna
  • A Peek at Select Innovations in Smart Cities Space
  • A Review of Select Smart City Initiatives Implemented Worldwide

FOCUS ON SELECT PLAYERS (Total 187 Featured)

  • ABB Ltd.
  • Accenture Plc
  • AppyWay
  • AVEVA Group plc.
  • Cisco Systems, Inc.
  • Engie
  • General Electric
  • Hitachi, Ltd.
  • Honeywell International, Inc.
  • Huawei Technologies Co., Ltd
  • IBM Corporation
  • Intel Corporation
  • Itron, Inc.
  • Johnson Controls International plc
  • Kapsch TrafficCom AG
  • Libelium Comunicaciones Distribuidas S.L
  • Microsoft Corporation
  • Nokia Corporation
  • Oracle Corporation
  • Osram Gmbh
  • Panasonic Corporation of North America
  • SAP SE
  • Schneider Electric SA
  • Siemens AG
  • Signify Netherlands B.V.
  • Tata Consultancy Services
  • Telefonaktiebolaget LM Ericsson
  • Telensa Limited
  • Thales Group
  • TomTom N.V.
  • Urbiotica
  • Verizon Communications, Inc.
  • Vodafone Group plc
  • Worldsensing SL

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Global Market for Smart Cities

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