Smart Cities Market is expected to be worth $6,965.02 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, March 28, 2022 /PRNewswire/ -- The global smart cities market size is expected to reach USD 6,965.02 billion by 2030, registering a CAGR of 24.2% over the forecast period, according to a new report by Grand View Research, Inc. The concept of smart cities is gaining popularity due to rapid urbanization and favorable government initiatives worldwide. Therefore, with growing urbanization, the need to manage infrastructure and assets is prompting countries across the world to invest in smart city projects. Furthermore, the increasing investment in sustainable and green technologies has further contributed to the adoption of these technologies by smart cities around the world.

Key Insights & Findings from the report:

• The smart utilities segment is expected to witness a considerable CAGR of 22.9% over the forecast period, owing to the increasing investments in smart grid systems around the world. Governments around the world are pushing for the deployment of Advanced Metering Infrastructure (AMI), to automate the existing operations and push technological growth. With smart grid systems offering high efficiency and helping in cost-saving, there is a positive impact on the growth of smart meters.
• The smart infrastructure segment is anticipated to register a CAGR of 24.3% over the forecast period. The rise in rigid industry standards and regulations and the growing focus on efficient energy consumption are the key factors driving the segment. For instance, in June 2021, Endeavor Business Media, LLC announced the launch of smart building technology that will bring integrated intelligence to new constructions and existing commercial buildings. This technological development will offer support to the latest communication systems, intelligent building systems, health and safety of tenants, and will reduce energy consumption.
• The waste management segment accounted for a market share of over 20% in 2021. Several waste management companies are deploying sensors, network infrastructure, and data visualization platforms, to generate actionable insights and make informed decisions about route optimization and analytics.
• The smart ticketing and travel assistance segment is expected to witness a significant CAGR of 23.4% over the forecast period. The growing adoption of new technologies in the smart ticketing market such as Near Field Communication (NFC), Radio Frequency Identification (RFID), Quick Response (QR) code, and local wireless ticketing enables the key players to offer smart solutions across several sectors including, transportation, BFSI, and healthcare.
• The Asia Pacific regional market is expected to register the fastest CAGR of 27.7% over the forecast period, owing to the rapid economic developments, globalization, digitalization, and the increased proliferation of smartphones. A large number of 5G deployments and initiatives taken by major Asian mobile operators to resolve the problem of high bandwidth requirements are anticipated to drive the growth.

Request a free sample copy or view report summary, "Smart Cities Market Size, Share & Trends Analysis Report By Application (Smart Utilities, Smart Governance, Smart Building, Smart Transportation), By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Smart Cities Market Growth & Trends

Additionally, the growing adoption of electric vehicles has also created a demand for the development of advanced charging infrastructure in cities worldwide. Integrating electric vehicles in smart cities may create such benefits by providing energy storage and creating new revenue streams from electric vehicles batteries. Moreover, the growing adoption of electric vehicles is expected to pave the way to green mobility with zero carbon emissions.

The market is currently witnessing high investment for smart security, smart metering for water and utilities, smart mobility, and integrated traffic management systems. Most technologically advanced cities use IoT platforms to monitor city infrastructure, manage everything from traffic flows and parking to water and air quality, and use the resulting smart data generated to handle longer-term decisions around environmental sustainability. The increase in traffic congestion and greenhouse gas emissions is driving the adoption of smart mobility and efficient energy management applications.

The market covers several sectors such as transport, water, healthcare, assisted living, energy, and security. The cost incurred in the transformation of the existing infrastructure acts as a deterrent for governments to continue large-scale investments to establish different sectors and departments for efficient smart city implementation which may hinder the market growth. The lack of awareness among people is also a major factor for the slow development of smart cities, as it causes ignorance about smart city projects and lowers the level of impulsion by the government to implement smart solutions for cities.

However, investing in smart cities will lead to improving the regional and global competitiveness to attract new residents and improve business and allow the government bodies to make informed decisions with the available technologies, which can lead to economic development.

Smart Cities Market Segmentation

Grand View Research has segmented the global smart cities market based on application, smart governance, smart utilities, smart transportation, and region:

Smart Cities Market - Application Outlook (Revenue, USD Million, 2017 - 2030)

• Smart Governance
• Smart Building
• Environmental Solution
• Smart Utilities
• Smart Transportation
• Smart Healthcare

Smart Cities Market - Smart Governance Outlook (Revenue, USD Million, 2017 - 2030)

• City Surveillance
• CCS
• E-governance
• Smart Lighting
• Smart Infrastructure

Smart Cities Market - Smart Utilities Outlook (Revenue, USD Million, 2017 - 2030)

• Energy Management
• Water Management
• Waste Management

Smart Cities Market - Smart Transportation Outlook (Revenue, USD Million, 2017 - 2030)

• Intelligent Transportation System
• Parking Management
• Smart Ticketing & Travel Assistance

Smart Cities Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America
• U.S.
• Canada
• Europe
• Germany
• France
• U.K.
• Italy
• Spain
• Russia
• Nordic Region
• Eastern Europe
• Asia Pacific
• Australia
• China
• India
• Japan
• ASEAN
• Latin America
• Brazil
• Mexico
• Middle East & Africa

List of Key Players in the Smart Cities Market

• ABB Limited
• AGT International
• AVEVA Group plc.
• Cisco Systems, Inc.
• Ericsson
• General Electric
• Honeywell International Inc.
• International Business Machines Corporation
• Itron Inc.
• KAPSCH Group
• Huawei Technologies Co., Ltd.
• Microsoft Corporation
• Oracle Corporation
• Osram GmbH
• SAP SE
• Schneider Electric SE
• Siemens AG
• Telensa
• Verizon
• Vodafone Group plc

Check out more related studies published by Grand View Research:

• Smart Home Market - The global smart homes market is expected to reach USD 47.61 billion by 2020, according to a new study by Grand View Research, Inc. Emphasis on reduced carbon emission and energy conservation are expected to be the key driving forces for the market over the forecast period. Favorable regulatory initiatives for implementing smart homes owing to their energy efficiency characteristics are further expected to positively impact the global market over the next six years.
• Smart Electricity Meters Market- The global smart electricity meters market size is expected to reach USD 18.9 billion by 2027, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a revenue-based CAGR of 7.8% from 2020 to 2027. The rising demand for energy security has been prevailing in the energy sector for a long time. Renewable energy generation has sufficed this demand to a certain extent. Still, the energy provided by such systems is intermittent, and thus energy conservation and efficient utilization of power are the key aspects of energy security. Smart meters deliver instantaneous data regarding power consumption that can be analyzed and the consumption can be controlled, stabilizing the energy demands.
• Smart Glass Market- The global smart glass market size is expected to reach USD 7.5 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.8% from 2021 to 2028. The growing demand across the transportation and architectural sectors is expected to fuel the market growth over the forecast period. Moreover, the growing trend of using smart technology in new buildings has propelled the demand for smart glass products in the architectural sector.

Browse through Grand View Research's  Next Generation Technologies Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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