Smart Cities Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
Market Report I 2023-07-05 I 142 Pages I IMARC Group
Market Overview:
The global smart cities market size reached US$ 1,049.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 2,775.0 Billion by 2028, exhibiting a growth rate (CAGR) of 16.3% during 2023-2028.
A smart city refers to a framework that utilizes information and communication technology (ICT) to deploy, develop and promote sustainable development in urban areas. It also helps in sharing information with the public, improving operational efficiency and increasing the quality of citizen welfare. A smart city relies on both hardware components, such as chips, sensors and actuators, and software solutions like user interfaces (UIs), communication networks and the Internet of Things (IoT) devices to promote mixed-land use for unplanned areas, which offers a wide range of facilities at one location and aids in the optimum utilization of the available space. The data collected from these solutions is analyzed to monitor power plants, water supply, detect crime, manage waste and offer various other municipality services.
In smart cities, the data acquired and delivered by the IoT devices is stored in the cloud or on servers. The connection of these devices and the utilization of data analytics (DA) helps converge the physical and digital city elements, thereby increasing both public and private sector efficiency, facilitating economic benefits and enhancing the efficiency of the existing infrastructure. Presently, the primary infrastructure elements in smart cities include sanitation, affordable housing, sustainable environment, adequate water supply, assured electricity supply, health and education, efficient urban mobility and public transport, and robust IT connectivity and digitalization.
Increasing Population Influencing the Need for Smart Cities
According to the 'World Population Prospects 2019' report prepared by the Population Division of the Department of Economic and Social Affairs of the United Nations (UN) Secretariat, the world's population is anticipated to increase by 2 Billion in the next 30 years, from 7.7 Billion to 9.7 Billion by 2050. Thus, the escalating demand for sustainable infrastructure due to increasing population and urbanization represents one of the key factors propelling the growth of the smart cities market. As a result, governing agencies of both the developed and emerging economies are implementing policies and regulations for the deployment of cloud-based services to develop, facilitate and track their smart city initiatives. These agencies are also investing in smart city technology to fight against the coronavirus diseases (COVID-19) outbreak as it can be employed to track the spread of the pandemic, monitor patients, reduce the infection rate, and implement different medical strategies. Additionally, as the establishment of smart cities helps utilize technologies and connect data sensors to ensure quality economic and environmental development, countries around the world are investing in smart city development.
Advancements in Energy Infrastructure are Propelling Market Growth
The rising adoption of artificial intelligence (AI) solutions is providing a boost to the market growth. The utilization of AI-based CCTV cameras for facial recognition, sensors for smart parking assistance and smart traffic management systems are creating lucrative opportunities for the leading players in the smart cities industry. Besides this, intensifying urban migration and the rise in unplanned development is also fueling the need for smart cities worldwide. Advancements in energy infrastructure are also impelling market growth as numerous countries are facing threats in terms of grid reliability and maintenance of aging energy infrastructures. Smart cities provide improved infrastructure for the optimal utilization of energy and improve efficiency by implementing smart energy grids and related technologies. Furthermore, governance structures, technology ecosystems, advancements in infrastructure, and funding and financing models are some of the other factors anticipated to strengthen the growth of the smart cities market in the upcoming years.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global smart cities market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on smart citizen services, focus area, smart transportation, smart buildings and smart utilities.
Breakup by Smart Citizen Services:
Smart Education
Smart Healthcare
Smart Public Safety
Smart Street Lighting
Others
Breakup by Focus Area:
Smart Transportation
Smart Buildings
Smart Utilities
Smart Citizen Services
Smart transportation refers to the integrated application of modern technologies and management strategies in transportation systems. It currently holds the largest market share as it assists in speed control and travel time improvement.
Breakup by Smart Transportation:
Smart Ticketing
Traffic Management System
Passenger Information Management System
Freight Information System
Connected Vehicles
Others
At present, traffic management systems represent the leading segment. The systems stream real-time transport data from the complete traffic infrastructure into one Transportation Management Center (TMC). The TMC assists in processing the data and taking intelligent actions, which increase transport efficiency, mediate traffic congestion and improve safety.
Breakup by Smart Buildings:
Building Energy Optimization
Emergency Management System
Parking Management System
Others
Emergency management system presently accounts for the majority of the total market share.
Breakup by Smart Utilities:
Advanced Metering Infrastructure
Distribution Management System
Substation Automation
Others
Regional Insights:
Europe
North America
Asia Pacific
Latin America
Middle East and Africa
North America holds the majority of the market share in the global smart cities market.
Competitive Landscape:
The competitive landscape of the market has been analyzed in the smart cities market report, along with the detailed profiles of the major players operating in the industry. Some of these players are ABB Group (NYSE: ABB), Cisco Systems, Inc., Alphabet Inc., International Business Machines (IBM) Corporation, Microsoft Corporation, Oracle Corporation, Schneider Electric, Hitachi, Ltd., Siemens AG, Huawei Technologies Co., Ltd., Intel Corporation, General Electric (GE) Company, Telefonaktiebolaget L M Ericsson, Toshiba Corporation, Honeywell International Inc. and AT&T Communications, LLC.
Key Questions Answered in This Report:
How has the global smart cities market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global smart cities industry?
What are the key regional markets in the global smart cities industry?
What is the breakup of the market based on the focus area?
What is the breakup of the market based on the smart transportation?
What is the breakup of the market based on the smart building?
What is the breakup of the market based on the smart utilities?
What is the breakup of the market based on the smart citizen service?
What are the various stages in the value chain of the global smart cities industry?
What are the key driving factors and challenges in the global smart cities industry?
What is the structure of the global smart cities industry and who are the key players?
What is the degree of competition in the global smart cities industry?
1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Smart Cities Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Breakup by Focus Area
5.5 Market Breakup by Smart Transportation
5.6 Market Breakup by Smart Buildings
5.7 Market Breakup by Smart Utilities
5.8 Market Breakup by Smart Citizen Services
5.9 Market Breakup by Region
5.10 Market Forecast
6 Market Breakup by Focus Area
6.1 Smart Transportation
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Smart Buildings
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Smart Utilities
6.3.1 Market Trends
6.3.2 Market Forecast
6.4 Smart Citizen Services
6.4.1 Market Trends
6.4.2 Market Forecast
7 Market Breakup by Smart Transportation
7.1 Smart Ticketing
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Traffic Management System
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Passenger Information Management System
7.3.1 Market Trends
7.3.2 Market Forecast
7.4 Freight Information System
7.4.1 Market Trends
7.4.2 Market Forecast
7.5 Connected Vehicles
7.5.1 Market Trends
7.5.2 Market Forecast
7.6 Others
7.6.1 Market Trends
7.6.2 Market Forecast
8 Market Breakup by Smart Buildings
8.1 Building Energy Optimization
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Emergency Management System
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Parking Management System
8.3.1 Market Trends
8.3.2 Market Forecast
8.4 Others
8.4.1 Market Trends
8.4.2 Market Forecast
9 Market Breakup by Smart Utilities
9.1 Advanced Metering Infrastructure
9.1.1 Market Trends
9.1.2 Market Forecast
9.2 Distribution Management System
9.2.1 Market Trends
9.2.2 Market Forecast
9.3 Substation Automation
9.3.1 Market Trends
9.3.2 Market Forecast
9.4 Others
9.4.1 Market Trends
9.4.2 Market Forecast
10 Market Breakup by Smart Citizen Services
10.1 Smart Education
10.1.1 Market Trends
10.1.2 Market Forecast
10.2 Smart Healthcare
10.2.1 Market Trends
10.2.2 Market Forecast
10.3 Smart Public Safety
10.3.1 Market Trends
10.3.2 Market Forecast
10.4 Smart Street Lighting
10.4.1 Market Trends
10.4.2 Market Forecast
10.5 Others
10.5.1 Market Trends
10.5.2 Market Forecast
11 Market Breakup by Region
11.1 Europe
11.1.1 Market Trends
11.1.2 Market Forecast
11.2 North America
11.2.1 Market Trends
11.2.2 Market Forecast
11.3 Asia Pacific
11.3.1 Market Trends
11.3.2 Market Forecast
11.4 Middle East and Africa
11.4.1 Market Trends
11.4.2 Market Forecast
11.5 Latin America
11.5.1 Market Trends
11.5.2 Market Forecast
12 SWOT Analysis
12.1 Overview
12.2 Strengths
12.3 Weaknesses
12.4 Opportunities
12.5 Threats
13 Value Chain Analysis
14 Porter's Five Forces Analysis
14.1 Overview
14.2 Bargaining Power of Buyers
14.3 Bargaining Power of Suppliers
14.4 Degree of Competition
14.5 Threat of New Entrants
14.6 Threat of Substitutes
15 Price Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Key Players
16.3 Profiles of Key Players
16.3.1 ABB Group (NYSE: ABB)
16.3.2 Cisco Systems, Inc.
16.3.3 Alphabet Inc.
16.3.4 International Business Machines (IBM) Corporation
16.3.5 Microsoft Corporation
16.3.6 Oracle Corporation
16.3.7 Schneider Electric
16.3.8 Hitachi, Ltd.
16.3.9 Siemens AG
16.3.10 Huawei Technologies Co., Ltd.
16.3.11 Intel Corporation
16.3.12 General Electric (GE) Company
16.3.13 Telefonaktiebolaget L M Ericsson
16.3.14 Toshiba Corporation
16.3.15 Honeywell International Inc.
16.3.16 AT&T Communications, LLC
Figure 1: Global: Smart Cities Market: Major Drivers and Challenges
Figure 2: Global: Smart Cities Market: Sales Value (in Billion US$), 2017-2022
Figure 3: Global: Smart Cities Market: Breakup by Focus Area (in %), 2022
Figure 4: Global: Smart Cities Market: Breakup by Smart Transportation (in %), 2022
Figure 5: Global: Smart Cities Market: Breakup by Smart Buildings (in %), 2022
Figure 6: Global: Smart Cities Market: Breakup by Smart Utilities (in %), 2022
Figure 7: Global: Smart Cities Market: Breakup by Smart Citizen Services (in %), 2022
Figure 8: Global: Smart Cities Market: Breakup by Region (in %), 2022
Figure 9: Global: Smart Cities Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 10: Global: Smart Cities Industry: SWOT Analysis
Figure 11: Global: Smart Cities Industry: Value Chain Analysis
Figure 12: Global: Smart Cities Industry: Porter's Five Forces Analysis
Figure 13: Global: Smart Cities (Smart Transportation) Market: Sales Value (in Billion US$), 2017 & 2022
Figure 14: Global: Smart Cities (Smart Transportation) Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 15: Global: Smart Cities (Smart Buildings) Market: Sales Value (in Billion US$), 2017 & 2022
Figure 16: Global: Smart Cities (Smart Buildings) Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 17: Global: Smart Cities (Smart Utilities) Market: Sales Value (in Billion US$), 2017 & 2022
Figure 18: Global: Smart Cities (Smart Utilities) Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 19: Global: Smart Cities (Smart Citizen Services) Market: Sales Value (in Billion US$), 2017 & 2022
Figure 20: Global: Smart Cities (Smart Citizen Services) Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 21: Global: Smart Cities (Smart Ticketing) Market: Sales Value (in Billion US$), 2017 & 2022
Figure 22: Global: Smart Cities (Smart Ticketing) Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 23: Global: Smart Cities (Traffic Management System) Market: Sales Value (in Billion US$), 2017 & 2022
Figure 24: Global: Smart Cities (Traffic Management System) Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 25: Global: Smart Cities (Passenger Information Management System) Market: Sales Value (in Billion US$), 2017 & 2022
Figure 26: Global: Smart Cities (Passenger Information Management System) Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 27: Global: Smart Cities (Freight Information System) Market: Sales Value (in Billion US$), 2017 & 2022
Figure 28: Global: Smart Cities (Freight Information System) Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 29: Global: Smart Cities (Connected Vehicles) Market: Sales Value (in Billion US$), 2017 & 2022
Figure 30: Global: Smart Cities (Connected Vehicles) Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 31: Global: Smart Cities (Other Transportation Types) Market: Sales Value (in Billion US$), 2017 & 2022
Figure 32: Global: Smart Cities (Other Transportation Types) Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 33: Global: Smart Cities (Building Energy Optimization) Market: Sales Value (in Billion US$), 2017 & 2022
Figure 34: Global: Smart Cities (Building Energy Optimization) Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 35: Global: Smart Cities (Emergency Management System) Market: Sales Value (in Billion US$), 2017 & 2022
Figure 36: Global: Smart Cities (Emergency Management System) Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 37: Global: Smart Cities (Parking Management System) Market: Sales Value (in Billion US$), 2017 & 2022
Figure 38: Global: Smart Cities (Parking Management System) Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 39: Global: Smart Cities (Other Smart Building Types) Market: Sales Value (in Billion US$), 2017 & 2022
Figure 40: Global: Smart Cities (Other Smart Building Types) Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 41: Global: Smart Cities (Advanced Metering Infrastructure) Market: Sales Value (in Billion US$), 2017 & 2022
Figure 42: Global: Smart Cities (Advanced Metering Infrastructure) Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 43: Global: Smart Cities (Distribution Management System) Market: Sales Value (in Billion US$), 2017 & 2022
Figure 44: Global: Smart Cities (Distribution Management System) Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 45: Global: Smart Cities (Substation Automation) Market: Sales Value (in Billion US$), 2017 & 2022
Figure 46: Global: Smart Cities (Substation Automation) Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 47: Global: Smart Cities (Other Smart Utilities) Market: Sales Value (in Billion US$), 2017 & 2022
Figure 48: Global: Smart Cities (Other Smart Utilities) Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 49: Global: Smart Cities (Smart Education) Market: Sales Value (in Billion US$), 2017 & 2022
Figure 50: Global: Smart Cities (Smart Education) Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 51: Global: Smart Cities (Smart Healthcare) Market: Sales Value (in Billion US$), 2017 & 2022
Figure 52: Global: Smart Cities (Smart Healthcare) Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 53: Global: Smart Cities (Smart Public Safety) Market: Sales Value (in Billion US$), 2017 & 2022
Figure 54: Global: Smart Cities (Smart Public Safety) Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 55: Global: Smart Cities (Smart Street Lighting) Market: Sales Value (in Billion US$), 2017 & 2022
Figure 56: Global: Smart Cities (Smart Street Lighting) Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 57: Global: Smart Cities (Other Smart Citizen Services) Market: Sales Value (in Billion US$), 2017 & 2022
Figure 58: Global: Smart Cities (Other Smart Citizen Services) Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 59: Europe: Smart Cities Market: Sales Value (in Billion US$), 2017 & 2022
Figure 60: Europe: Smart Cities Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 61: North America: Smart Cities Market: Sales Value (in Billion US$), 2017 & 2022
Figure 62: North America: Smart Cities Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 63: Asia Pacific: Smart Cities Market: Sales Value (in Billion US$), 2017 & 2022
Figure 64: Asia Pacific: Smart Cities Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 65: Middle East and Africa: Smart Cities Market: Sales Value (in Billion US$), 2017 & 2022
Figure 66: Middle East and Africa: Smart Cities Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 67: Latin America: Smart Cities Market: Sales Value (in Billion US$), 2017 & 2022
Figure 68: Latin America: Smart Cities Market Forecast: Sales Value (in Billion US$), 2023-2028
Table 1: Global: Smart Cities Market: Key Industry Highlights, 2022 and 2028
Table 2: Global: Smart Cities Market Forecast: Breakup by Focus Area (in Billion US$), 2023-2028
Table 3: Global: Smart Cities Market Forecast: Breakup by Smart Transportation (in Billion US$), 2023-2028
Table 4: Global: Smart Cities Market Forecast: Breakup by Smart Buildings (in Billion US$), 2023-2028
Table 5: Global: Smart Cities Market Forecast: Breakup by Smart Utilities (in Billion US$), 2023-2028
Table 6: Global: Smart Cities Market Forecast: Breakup by Smart Citizen Services (in Billion US$), 2023-2028
Table 7: Global: Smart Cities Market Forecast: Breakup by Region (in Billion US$), 2023-2028
Table 8: Global: Smart Cities Market Structure
Table 9: Global: Smart Cities Market: Key Players
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