Smart Cities Market Size is projected to reach USD 5,829.24 Billion by 2030, growing at a CAGR of 25.20%: Straits Research

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New York, United States, Nov. 03, 2022 (GLOBE NEWSWIRE) — A smart city is an urban area that uses emerging technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), big data, cloud storage technology, and data analytics to collect and analyze utilization data and use insights gained from them to manage assets, resources, and services efficiently. Government measures to address urbanization, overpopulation, and the growing need for resource management for sustainable development are all driving the market for smart cities forward.

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Rising Adoption of Artificial Intelligence and IoT Drives the Global Market

The global expansion of smart cities is fueled by the rising use of artificial intelligence (AI) and the internet of things (IoT). IoT is used for various purposes, including industrial, public safety, emergency services, public transportation, municipal lighting, and innovative city applications. The IoT’s wireless communications are becoming more popular among municipalities since they are less expensive, more efficient, and use fewer resources. IoT sensors are used in Las Vegas to manage its environmental problems and traffic congestion. The growing use of IoT and AI in smart cities drives market growth.

Growth of Smart Education Creates Tremendous Opportunities

Smart education is an interactive, collaborative, and visual strategy that allows teachers to adjust to students’ talents, interests, and learning preferences while increasing student engagement compared to traditional classroom teaching models. Students would learn using digital media in the modern schools and education system in Smart Cities, which would have a software-mediated, highly programmed, and data-driven infrastructure. Additionally, ed-tech businesses want to close the gap between their products and the millions of students who stand to gain from them to provide effective instructional software. At the New York City Department of Education, the Office of Innovation spearheaded one such effort to overcome this gap by establishing an “iZone” for educational innovation.

Report Scope

Report Metric Details
Market Size USD 5,829.24 Billion by 2030
CAGR 25.20% (2022-2030)
Historical Data 2019-2020
Base Year 2021
Forecast Period 2022-2030
Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Solutions, Region
Geographies Covered North America, Europe, Asia-Pacific, LAME and Rest of the World
Key Companies Profiled/Vendors ABB Ltd, Cisco Systems Inc., Emerson Electric Co., IBM Corporation, Ericsson Inc., Schneider Electric SE, General Electric Co., Siemens AG, Huawei Technologies Co. Ltd, Honeywell International Inc., Hitachi Ltd, Nokia Corporation, Koninklijke Philips NV.
Key Market Opportunities Growth of Smart Education
Key Market Drivers Rising adoption of Artificial Intelligence and IoT

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Regional Analysis

Asia-Pacific is the most significant shareholder in the global smart cities market and is expected to grow at a CAGR of 25.5% during the forecast period. A Chinese tech business has been working closely with BIG, a Danish architecture firm, to construct a smart city managed by AI. This project is one of 500 smart towns planned around China. It is primarily fueled by public sector spending, the need for more excellent public safety, economic expansion, cost-cutting measures, and sustainability initiatives. Cloud Valley, an AI-run campus-style project, will use Wi-Fi-connected devices and sensors to gather data on everything. It is planned to be developed in the southwest Chinese city of Chongqing. With more than 200 local governments, enterprises, institutions, and public sectors joining the SCI-Japan, the industry sees a vast pool of market growth opportunities. The nation is being sought after by numerous multinational firms for its cutting-edge technology.

Europe is expected to grow at a CAGR of 19.65%, generating USD 1,154.05 billion during the forecast period. In December 2020, Connexin, a prominent IoT and Smart City operator, said it would broaden its IoT network nationwide and provide carrier-grade roaming LoRaWAN connectivity and infrastructure to the UK’s customers. Additionally, the UK government has various programs through Innovate UK, the country’s innovation agency, that provides localities with direct funding for investing in smart initiatives. These initiatives are anticipated to drive market growth.

Several smart city initiatives are experiencing success in the United States due to the country’s abundance of critical components for innovation and entrepreneurship, including cutting-edge infrastructure, a booming economy, and a free market. Smart monitoring technology has helped the city manage its resources more economically. To develop cloud-based and IoT-enabled solutions for emergency dispatch centers, Carbyne’s public safety technology supplier stated that it was working with Cisco Systems Inc. Canadian towns are adopting smart city technologies to reduce costs, improve public services, and raise the quality of life. This connection includes implementing systems for environmental monitoring, municipal asset monitoring, flood and water leak detection, and energy management.

Key Highlights

  • The global smart cities market size is projected to reach USD 5,829.24 billion by 2030, growing at a CAGR of 25.20% during the forecast period (2022-2030). 
  • Based on the solution, the global smart cities market is bifurcated into smart mobility management, smart public safety, smart healthcare, smart building, smart utilities, smart security, smart education, and others.
  • The smart education segment is the highest contributor to the market and is expected to grow at a CAGR of 23.75% during the forecast period.
  • Asia-Pacific is the most significant shareholder in the global smart cities market and is expected to grow at a CAGR of 25.5% during the forecast period.

The global smart cities market’s major key players are

  • ABB Ltd
  • Cisco Systems Inc.
  • Emerson Electric Co.
  • IBM Corporation
  • Ericsson Inc.
  • Schneider Electric SE
  • General Electric Co.
  • Siemens AG
  • Huawei Technologies Co. Ltd
  • Honeywell International Inc.
  • Hitachi Ltd
  • Nokia Corporation
  • Koninklijke Philips NV.

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Global Smart Cities Market: Segmentation

By Solutions

  • Smart Mobility Management
  • Smart Public Safety
  • Smart Healthcare
  • Smart Building
  • Smart Utilities
  • Smart Security
  • Smart Education
  • Other Solutions

By Regions

  • North America
  • Europe
  • Asia-Pacific
  • LAMEA

TABLE OF CONTENT

  1. Introduction
    1. Market Definition
    2. Market Scope
  2. Research Methodology
    1. Primary Research
    2. Research Methodology
    3. Assumptions & Exclusions
    4. Secondary Data Sources
  3. Market Overview
    1. Report Segmentation & Scope
    2. Value Chain Analysis: Smart Cities Market
    3. Key Market Trends
      1. Drivers
      2. Restraints
      3. Opportunities
    4. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitution
      4. Threat of New Entrants
      5. Competitive Rivalry
    5. Market Share Analysis
  4. Solution Overview
    1. Introduction
      1. Market Size & Forecast
    2. Smart Mobility Management
      1. Market Size & Forecast
    3. Smart Public Safety
      1. Market Size & Forecast
  5. Overview
    1. Introduction
      1. Market Size & Forecast
    2.  
      1. Market Size & Forecast
    3.  
      1. Market Size & Forecast
  6. Regional Overview
    1. Introduction
      1. Market Size & Forecast
    2. America
      1. North America
      2. U.S.
        1. By Solution
      3. Canada
        1. By Solution
      4. Mexico
        1. By Solution
      5. Latin America
        1. By Solution
    3. Europe
      1. Market Size & Forecast
      2. Germany
        1. By Solution
      3. France
        1. By Solution
      4. U.K.
        1. By Solution
      5. Italy
        1. By Solution
      6. Spain
        1. By Solution
      7. Rest of Europe
        1. By Solution
    4. Asia Pacific
      1. Market Size & Forecast
      2. Japan
        1. By Solution
      3. China
        1. By Solution
      4. Australia
        1. By Solution
      5. India
        1. By Solution
      6. South Korea
        1. By Solution
      7. Rest of Asia-Pacific
        1. By Solution
    5. Middle East & Africa
      1. Market Size & Forecast
      2. Saudi Arabia
        1. By Solution
      3. South Africa
        1. By Solution
      4. Kuwait
        1. By Solution
      5. Rest of Middle East & Africa
        1. By Solution
  7. Company Profile
    1. ABB Ltd
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
    2. Cisco Systems Inc
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
    3. Emerson Electric Co
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
  8. Conclusion & Recommendation
  9. Acronyms & Abbreviations

Table of Content and Figure @  https://straitsresearch.com/report/smart-cities-market/toc

Market News

  • In January 2022, Emerson’s new edge solutions simplified the creation of advanced IIoT applications.

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