Smart Cities Market Worth $545.7 Billion by 2027- Exclusive Report by Meticulous Research® Covering Emerging Growth Factors, Latest Trends and Forecasts, and Pre and Post COVID-19 Estimates

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London, March 26, 2021 (GLOBE NEWSWIRE) — According to a new market research report titled, Smart Cities Market by Application (Smart Utilities, Smart Transportation, Water Management, Waste Management, Smart Healthcare, Smart Lighting, Smart Education), Component (Hardware, Software, and Services), and Geography- Global Forecast to 2027”, published by Meticulous Research®, the smart cities market is expected to grow at a CAGR of 22.9% from 2019 to 2027 to reach $545.7 billion by 2027.

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A smart city is an intellectually connected city that uses various emerging technologies such as IoT, AI, and data analytics to collect and analyze utilization data and use insights gained to manage assets, resources, and services efficiently. Over the years, smart city technologies have become a common part of the urban population. It involves innovative solutions to make life more efficient, controllable, economical, productive, integrated, and sustainable. Thus, smart cities are expanding mainly due to the rising need for smart living.

The growing government initiatives for urbanization management, the emergence of artificial intelligence, and the growing need for resource management for sustainable development are the key factors driving the growth of the smart cities market. However, significant initial investment requirements and the COVID-19-induced global economic downturn are expected to pose serious challenges to the smart cities market’s growth.

Government initiatives for managing the rising urban population to drive market growth

Managing the ever-increasing urban population is one of the most pressing issues for governments around the world. Today, over 4 billion people, or more than 50% of the global population, live in cities. Globally, the urban population is expected to reach 68.4% by 2030. With a growing urban population, government and private sector organizations worldwide are working towards innovative solutions for systematic and sustainable growth. Smart communication technologies like ICT, IoT, AI, and Big Data are being applied to reduce the crime rate and facilitate seamless transportation & healthcare management by providing real-time data.

The smart cities market is mainly segmented by application (smart transportation, smart utilities, smart education, smart healthcare, smart public safety, governance, smart lighting solutions, and smart building), component (hardware, software, and services), and geography. The study also evaluates industry competitors and analyzes the market at a country level.

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Based on application, the smart utilities segment accounted for the largest share of the overall smart cities market in 2020. The large share of this segment is mainly attributed to the rising adoption of energy storage technologies, smart grids, and smart meters to efficiently utilize energy resources. However, the smart education market is slated to grow at the fastest CAGR during the forecast period. This is attributed to the proliferation of connected devices in the education sector and the adoption of e-learning solutions & digital technologies, such as learning management systems.

Based on component, the hardware segment accounted for the largest share of the overall smart cities market in 2020. The segment’s growth is primarily driven by the rising demand for connected hardware devices and the growing requirement of resource management. On the other hand, the services segment is expected to grow at the fastest CAGR during the forecast period.

Geographically, North America dominated the global smart cities market in 2020. This region’s large share is mainly attributed to the fast-developing advanced communication infrastructure and rising IoT-enabled smart cities. According to a survey conducted by the U.S. Conference of Mayors (USCM) and Siemens Corporation (U.S.), in 2020, over 63% of the mayors decided that the virtual and online city services would be their top investment priorities in the post-pandemic world.

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However, Asia-Pacific region is expected to witness rapid growth during the forecast period. This can be attributed to the investments by major companies and strong government initiatives. For instance, in 2020, Japan announced to invest USD 2.4 billion to develop smart city projects in Southeast Asia. Thus, the growing investment in smart city projects will create several growth opportunities for the market in the Asia-Pacific region.

The report also includes an extensive assessment of the key strategic developments adopted by the industry’s leading market participants over the past four years. The global smart cities market is consolidated and dominated by few major players, namely, Cisco Systems, Inc. (U.S.), Huawei Technologies, Co, Ltd. (China), IBM Corporation (U.S.), ATOS SE (France), Foxconn Electronics, Inc. (Taiwan), Robert Bosch GmbH (Germany), General Electric Company (U.S.), Siemens AG (Germany), L&T Infotech (India), Cognizant (U.S.), Capgemini (France), Schneider Electric SE (France), INTEL Corporation (U.S.), Qualcomm Technologies, Inc. (U.S.), and Fujitsu Ltd. (Japan), among others.

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Scope of the Report:

Smart Cities Market, by Application                        

  • Smart Transportation
    • Parking Management
    • Ticketing & Travel Management
    • Traffic Management
    • Passenger Information Management System
    • Freight Information System
  • Smart Utilities
    • Energy Management
      • Smart Meters
      • Meter Data Management
      • PV Monitoring
      • Smart Grid
      • Power Electronics
      • Energy Storage
    • Water Management
    • Waste Management
    • Distribution Management
  • Smart Education
  • Smart Healthcare
  • Smart Public Safety
    • Surveillance
    • Command & Control Solutions
  • Smart Governance
    • E-governance Solutions
    • Emergency Management
    • Law Enforcement
    • City Planning
  • Smart Lighting Solutions
  • Smart Building
    • Lighting Control Systems
    • Energy Management Systems
    • Facility Management Systems
    • Connected Healthcare Solutions
    • Telemedicine

Smart Cities Market, by Component

  • Hardware
  • Software
  • Services

Smart Cities Market, by Geography

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

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Content Source: https://www.meticulousresearch.com/pressrelease/230/smart-cities-market-2027

Smart Cities Market, by Component   


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