Smart City Market Overview
Global Smart City Market Size was valued at USD 1,642.7 billion in 2022. The Smart City Market industry is projected to grow from USD 1,956.7 billion in 2023 to USD 8,890.3billion by 2032, exhibiting a compound annual growth rate (CAGR) of 18.3% during the forecast period (2023 – 2032). Increasing government initiatives for Smart City Market projects, rapid urbanization around the globe are the primary reasons driving the growth of the Smart City Market. The rise in the adoption of smart living is highly progressing in today’s generation. The smart cities concept has become popular due to the increased awareness of smart stuff by which people lead convenient lives.
Key Players
Eminent players profiled in the global smart city market report include Honeywell Corporation (the US), Huawei Technologies Co Ltd. (China), Siemens AG (Germany), Cisco Systems Inc. (US), Schneider Electric SE (France), IBM Corporation (US), Siemens AG (Germany), AT&T Inc. (US), Ericsson (Sweden), Oracle Corporation (US), Hitachi Corporation (Japan) and Microsoft Corporation (US).
Smart City Market Segmentation
The Smart City Market is segmented based on application, transport, and residential. The application part of the market is further classified into smart meters, smart lighting, and smart waste management. The transport segment comprises smart parking, smart ticket, smart transportation, while the residential segment is categorized as smart building, healthcare, education, and government.
The smart transportation segment is dominating the market in recent years due to huge sales compared to other segments. The growing demand for ITS to provide real-time traffic information to drivers and passengers is fueling up the market. Through the implementation of smart transportation, officials easily respond to emergencies more quickly, which improves traffic efficiency. The deployment of these systems improves traffic management efficiency, decreases travel time, and encourages people to use public transportation.
COVID-19 Impact Analysis
The COVID-19 pandemic has brought into focus to the need for a robust infrastructure to deal with uncertainties. Priority on hospitals and the effect on global economic growth due to the pandemic can drive the demand for smart cities. Digitalization of processes and services and inclination towards smart governance by complying with latest laws and regulations swiftly can bode well for the market.
Smart City Industry News
In February 2020, Cisco and Connexin partnered with Quantela to accelerate the development of smart cities in the United Kingdom. Sheffield’s highway network has implemented the latest IoT-based smart city technologies in the UK region.
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