Smart Cities Market by Solution (Smart Citizen Services, Smart Environment, Smart Buildings, Smart Transportation, Smart Utilities, Other Smart Solutions), Component (Hardware, Software, Services), Technology, Geography - Global Forecast to 2030

Smart Cities Market by Solution (Smart Citizen Services, Smart Environment, Smart Buildings, Smart Transportation, Smart Utilities, Other Smart Solutions), Component (Hardware, Software, Services), Technology, Geography - Global Forecast to 2030

Smart Cities Market by Solution (Smart Citizen Services, Smart Environment, Smart Buildings, Smart Transportation, Smart Utilities, Other Smart Solutions), Component (Hardware, Software, Services), Technology, Geography - Global Forecast to 2030

The research report titled, ‘Smart Cities Market by Solution (Smart Citizen Services, Smart Environment, Smart Buildings, Smart Transportation, Smart Utilities, Other Smart Solutions), Component (Hardware, Software, Services), Technology, Geography - Global Forecast to 2030,’ provides an in-depth analysis of smart cities market in five major geographies and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2030.

The global smart cities market is projected to reach $3,107.05 billion by 2030, at a CAGR of 25.8% during the forecast period of 2023–2030. The growth of the smart cities market is driven by the area that uses emerging technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), big data, cloud, and data analytics to collect and analyze data on infrastructure utilization and use the insights gained to manage assets, resources, and services more efficiently. The global smart cities market is witnessing consistent growth due to government initiatives for urbanization management and the growing need to manage resources efficiently for sustainable development.

The study offers a comprehensive analysis of the global smart cities market by solution, components, technology, and geography.

The global smart cities market is segmented by solution (smart citizen services [smart public safety, smart governance, smart street lighting, smart education, and smart healthcare], smart environment [climate monitoring, smart waste management, air quality monitoring and noise mapping & monitoring], smart buildings [smart building market, by solution and smart buildings market size, by type], smart utilities [smart energy management, smart water management and smart distribution management] other smart solution), component (hardware, software and services), technology (IoT (internet of things), artificial intelligence, cloud computing, machine learning, machine-to-machine communications, other technologies). The study also evaluates industry competitors and analyzes the market at regional and country levels.

Based on solution, the global smart cities market is segmented into smart citizen services, smart environment, smart buildings, smart transportation, smart utilities, and other smart solution. In 2023, the smart citizen services segment is expected to account for the largest share of the global smart cities market. Smart citizen services are an essential part of a smart city ecosystem that leverages digital technology to improve the quality of life of its residents. Smart cities use digital platforms like social media, mobile apps, and online forums to engage citizens in decision-making processes and encourage them to participate in local governance. In addition, smart citizen services in smart cities leverage digital technology to create a more efficient, sustainable, and livable urban environment for residents. These are some of the major factors driving the growth of this segment.

Based on component, the global smart cities market is segmented into hardware, software, and services. In 2023, the hardware segment is expected to account for the largest share of the global smart cities market. Hardware forms the backbone of the infrastructure support required for deploying smart city projects. Developing regions such as Asia-Pacific, Latin America, and the Middle East & Africa are in the initial stage of smart city implementation, boosting the demand for connected hardware devices over the coming years.

Based on technology, the cloud computing market is projected to register the highest CAGR during the forecast period. Smart cities use various IoT devices, sensors, and data analytics to collect and process large amounts of data to improve the quality of life for their citizens. Cloud computing provides a scalable and flexible infrastructure for storing and processing this data, making it an essential component of smart city infrastructure. In addition, cloud computing offers enhanced security and reliability for smart city applications. Cloud providers typically offer robust security measures, such as encryption and multi-factor authentication, to protect against cyber threats. They also provide high availability and disaster recovery capabilities to ensure critical applications remain accessible during an outage or disaster.

Based on geography, the global smart cities market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to register the highest CAGR during the forecast period. Smart city projects in Asia-Pacific continue to grow as large nations consolidate their urbanization process. Asia-Pacific's smart cities primarily focus on the areas of digital government services, environmental impact reduction, and improvement of ICT infrastructure and adoption. Growing urban population and rapid expansion of cities are driving governments to deploy smart city solutions to sustain public services, drive economic competitiveness, and enable a thriving environment in the Asia-Pacific region.

The key players operating in the global smart cities market are Cisco Systems, Inc. (U.S.), Huawei Investment & Holding Co., Ltd. (China), IBM Corporation (U.S.), Siemens AG (Germany), Cognizant Technology Solutions Corporation (U.S.), Capgemini (Europe), Schneider Electric SE (France), Intel Corporation (U.S.), Qualcomm Technologies, Inc. (U.S.), Fujitsu Ltd. (Japan), Robert Bosch GmbH (Germany), Atos SE (France), Foxconn Electronics Inc. (Hon Hai Precision Industry Co. Ltd.) (China), LTIMindtree Limited (India), and General Electric Company (U.S.).

Key questions answered in the report-

Which are the high-growth market segments in terms of solution, component, technology, and geography?
What is the historical market for smart cities across the globe?
What are the market forecasts and estimates for the period of 2023–2030?
What are the major drivers, restraints, opportunities, challenges, and trends in the global smart cities market?
Who are the major players in the global smart cities market and what share of the market do they hold?
Who are the major players in various countries and what share of the market do they hold?
How is the competitive landscape?
What are the recent developments in the global smart cities market?
What are the different strategies adopted by the major players in the global smart cities market?
What are the geographical trends and high-growth countries?
Who are the local emerging players in the global smart cities market and how do they compete with the other players?

Scope of the Report

Smart Cities Market, by Solution

Smart Citizen Services
Smart Public Safety
Surveillance
Command & Control Centers
Smart Governance
Smart Emergency Management
Smart Law Enforcement
E-Governance
Smart Street Lighting
Smart Education
Smart Healthcare
Connected Healthcare Solutions
Telemedicine
Smart Environment
Climate Monitoring
Smart Waste Management
Air Quality Monitoring
Noise Mapping & Monitoring
Smart Buildings

Smart Building Market, By Solution

Smart Energy Management
Smart Facility Management
Safety And Security Management
Smart Lighting Control Systems
Elevators & Escalators Management Systems

Smart Building Market, By Type

Commercial Buildings
Public Buildings
Residential Buildings
Smart Transportation

Smart Transportation Market, By Solution

Traffic Management Systems
Parking Management Systems
Freight Information Systems
Ticketing & Travel Management Systems
Passenger Information Management Systems

Smart Transportation Market Size, By Application

Roadways
Railways
Airways
Waterways

Smart Transportation Market Size, By Application

Smart Energy Management
Smart Grid
Smart Meter
Smart Energy Storage
PV Monitoring
Meter Data Management
Power Electronics Converters
Smart Water Management
Smart Distribution Management
Other Smart Solutions

Smart Cities Market, by Component

Hardware
Endpoint Devices
Processing Devices
Network Devices
Other Devices
Software
IoT Device Software
Gateway Software
Cloud Software
Computing Device Software
Other Software
Service
Consulting Services
System Integration & Deployment Services
Infrastructure Monitoring & Management Services
Network Services
Other Services

Smart Cities Market, by Technology

IoT (Internet of Things)
Artificial Intelligence
Cloud Computing
Machine Learning
Machine-To-Machine Communication
Other Technologies

Smart Cities Market, by Geography

North America
U.S.
Canada
Europe
Germany
U.K.
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Singapore
Rest of Asia-Pacific
Latin America
Middle East & Africa

Smart Cities Market - Report Summary

Report Metrics	Details
Years Considered	2021 - 2030
Base Year	2022
Forecast Period	2023-2030
Page Count	2426
Units Referenced	Value (USD Million)
Segments/Key Topics	Market by Solution, Components, Technology, and Geography
Regions Covered	Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa
Key Companies Mentioned	Cisco Systems, Inc. (U.S.), Huawei Investment & Holding Co., Ltd. (China), IBM Corporation (U.S.), Siemens AG (Germany), Cognizant Technology Solutions Corporation (U.S.), Capgemini (Europe), Schneider Electric SE (France), Intel Corporation (U.S.), Qualcomm Technologies, Inc. (U.S.), Fujitsu Ltd. (Japan), Robert Bosch GmbH (Germany), Atos SE (France), Foxconn Electronics Inc. (Hon Hai Precision Industry Co. Ltd.) (China), LTIMindtree Limited (India), and General Electric Company (U.S.)

FAQs About the Report

What is the focus of the smart cities market report?

This report covers the market sizes & forecasts of the smart cities market based on solution, component, technology, and geography. The study also evaluates industry competitors and analyses the market at the regional and country levels.

What is the revenue generated from smart cities across the globe? At what rate is the demand expected to grow for the next 5–7 years?

The global smart cities market is projected to reach $3,107.05 billion by 2030, at a CAGR of 25.8% from 2023 to 2030.

Which solution segment is expected to hold the major share of the market in 2023?

Based on the solution, in 2023, the smart citizen services segment is expected to account for the largest share of the global smart cities market.

Which component segment is expected to account for the largest share of the smart cities market in 2023?

Based on component, in 2023, the hardware segment is expected to account for the largest share of the global smart cities market.

What are the key factors supporting the growth of this market? What are the major opportunities for existing market players and new entrants in the smart cities market?

Government initiatives to manage the needs of the rising urban population and the growing need for resource management and sustainable development are the major factors driving the growth of the smart cities market.

Furthermore, the integration of artificial intelligence and the increasing use and widening applications of IoT technology are expected to offer significant growth opportunities for existing market players and new entrants in the market.

Who are the major players operating in the global smart cities market?

The key players operating in the global smart cities market are Cisco Systems, Inc. (U.S.), Huawei Investment & Holding Co., Ltd. (China), IBM Corporation (U.S.), Siemens AG (Germany), Cognizant Technology Solutions Corporation (U.S.), Capgemini (Europe), Schneider Electric SE (France), Intel Corporation (U.S.), Qualcomm Technologies, Inc. (U.S.), Fujitsu Ltd. (Japan), Robert Bosch GmbH (Germany), Atos SE (France), Foxconn Electronics Inc. (Hon Hai Precision Industry Co. Ltd.) (China), LTIMindtree Limited (India), and General Electric Company (U.S.)

Which region is likely to offer significant growth opportunities for the vendors in this market during the analysis period?

In 2023, North America is expected to account for the largest share of the global smart cities market. Countries such as U.S. and Canada are expected to witness strong growth in demand for smart cities.