Smart Cities Market Leading the Way toward a Sustainable Future: Forecast to Grow at a CAGR of 13.8% by 2027
Published | 24 November 2021
A smart city leverages information and communications technologies (ICT) to improve operational efficiency, share information with the public, and provide better services to citizens. With growing urbanization and favorable government initiatives to improve digital infrastructure, the global market for smart cities is growing rapidly at a high CAGR…
A recent study, conducted by the strategic consulting and market research firm BlueWeave Consulting, revealed that the global smart cities market was worth USD 404.2 billion in 2020. According to the study, the market is estimated to grow at a CAGR of 13.8%, earning revenue of around USD 992.0 billion by the end of 2027. The global smart cities market is growing at a high rate due to improved operational efficiency, environmental sustainability, eco-friendly infrastructure, etc. Public-private partnerships (PPPs) as a collaborative growth solution for smart cities are another key trend in the global smart cities market. As electric vehicles (EVs) have gained popularity in recent years, both urban and non-urban areas have benefited from smart and sustainable development, which is projected to contribute to market growth during the forecast period. A major restraining factor to the growth of the smart city market in middle and low-income countries may be the high cost of establishing smart cities and the lack of resources and infrastructure.
Increasing Adoption of Advanced Technologies Driving the Global Smart Cities Market
The growing penetration of advanced technologies, such as artificial intelligence (AI), machine learning (ML), Internet of Things (IoT), etc., is presenting growth opportunities to the global smart cities market. The implementation of AI is assisting smart cities to achieve energy efficiency, better water and waste management, reduced pollution, and efficient traffic and noise control. Additionally, the authorities utilize IoT sensors and devices for monitoring and generating real-time data to gain new insights and implement actionable plans.
Growing Smart Healthcare Deployment is Boosting the Global Smart Cities Market
Based on smart citizen services, the global smart cities market is categorized into smart healthcare, smart education, smart public safety, smart street lighting, and e-governance. The smart healthcare segment accounts for the largest market share because of the increasing public and private investment towards adopting smart healthcare technologies such as wearable devices, IoT, mobile healthcare tracking, telehealth, etc. The growing need for home care treatment and remote healthcare services propels the demand for smart healthcare, boosting the overall market growth.
Global Smart Cities Market - By Smart Building
Based on smart buildings, the global smart cities market is segmented into building infrastructure management, safety & security management, energy management, network management, integrated workplace management system, services, and type. The energy management segment accounts for the largest market share as it allows buildings equipped with advanced technologies and consuming large amounts of energy to mitigate their energy consumption costs besides preventing the depletion of energy resources.
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Global Smart Cities Market - Regional Insights
Geographically, the global smart cities market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Europe dominates the global smart cities market, followed by North America. However, the Asia-Pacific region is projected to witness the highest CAGR during the forecast period. AI and IoT are among the most widely adopted technologies in APAC countries, such as India, China, and Japan. As part of its Smart City Mission (SCM), India has already picked 100 cities that will undergo development while promoting sustainability. As a result of such initiatives, the smart cities market in Asia-Pacific is expected to grow significantly.
Impact of COVID-19 on Global Smart Cities Market
The unprecedented outbreak of the COVID-19 pandemic temporarily halted the growth of the global smart cities market. The deployment of smart sensors and other technologies was obstructed due to lockdown and acute shortage of workforce. However, the market is estimated to gain significant traction in the post-COVID-19 period. The growing demand for smart healthcare systems and education is emerging as the major driving force for market growth. Also, the increasing need for remote tracking of health vitals and home-care, telehealth, along with growing dependence on online schooling is presenting lucrative growth opportunities to the global smart cities market.
Global Smart Cities Market - Competitive Landscape
The leading players in the global smart cities market are IBM Corporation, The ADT Corporation, Cisco Systems Inc, AT&T Inc, SAP SE, Intel Corporation, Oracle Corporation, Schneider Electric SE, General Electric, Xerox Corporation, Automation Anywhere Inc., Koninklijke Philips NV, Nokia Corporation, Hitachi Ltd, Honeywell International Inc., Huawei Technologies Co. Ltd, Ericsson Inc., ABB Ltd, Microsoft, and other prominent players. ‘
The market is dominated by technology giants, such as IBM, Microsoft, Cisco, etc., who offer advanced solutions to maintain their influence on the market. Due to significant investments in smart cities, small businesses are expected to emerge with significant growth over the forecast period, offering a variety of solutions and services at an affordable price. Furthermore, the adoption of competitive strategies, such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global smart cities market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global smart cities market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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