Smart Cities Market worth $1,114.4 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, Feb. 16, 2024 /PRNewswire/ -- The integration of technology, attention to sustainability, a citizen-centric strategy, and cooperative ecosystems that promote inclusive urban development are characteristics that will define the Smart Cities Market in the future. The development of resilient and sustainable urban settings for people all over the world is facilitated by key trends such as data-driven decision-making, smart transportation solutions, and global expansion via partnerships.

The Smart Cities Market is expected to reach USD 1,114.4 billion by 2028 from USD 549.1 billion in 2023, at a CAGR of 15.2 % during 2023–2028, according to a new report by MarketsandMarkets™.

Browse in-depth TOC on "Smart Cities Market"

350 - Tables
50 - Figures
300 - Pages

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Scope of the Report

The adoption of smart cities has witnessed a remarkable surge in recent years, driven by advancements in technology, growing urbanization, and increasing recognition of the benefits of smart solutions. Governments, businesses, and citizens increasingly embrace smart city initiatives to address urban challenges, enhance quality of life, and promote sustainability. This surge in adoption reflects a global trend towards more connected, efficient, and resilient urban environments.

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By smart building, commercial type is estimated to account for the largest market share in the Smart Cities Market during the forecast period.

Within commercial settings, factors such as HVAC systems, smart lighting, and monitoring play crucial roles in enhancing employee comfort and productivity. HVAC control systems, for instance, offer precise temperature regulation and contribute to improved indoor air quality, fostering a conducive work environment. Moreover, the automation of building functions, including temperature control, security systems, and maintenance procedures, significantly boost operational efficiency within commercial properties. However, energy performance remains a pressing concern for the commercial sector, given these buildings' substantial energy consumption and waste generation. Addressing this challenge requires customized solutions tailored to optimize energy efficiency without compromising comfort or security standards. Implementing appropriate measures to reduce energy consumption and minimize waste generation, such as through advanced building management systems and sustainable design practices, is essential for promoting sustainable development within the commercial real estate sector.

By smart transportation solutions, passenger information management is expected to register the fastest growth rate during the forecast period.

The passenger information system is a vital communication channel connecting passengers with transit service operators, ensuring timely and accurate updates for travelers. This system prioritizes real-time information delivery, including details such as the current whereabouts of buses, estimated arrival and departure times, and available seating capacities, ensuring passengers stay informed throughout their journey. It offers passengers dynamic visual and auditory updates as an electronic interface, delivering essential information seamlessly along the route. Whether automatically generated or manually programmed, this system aims to enhance the passenger experience by providing instant access to relevant travel information, facilitating smoother and more efficient transit experiences.

Based on region, Asia Pacific is projected to register the highest CAGR during the forecast period.

Asia Pacific, home to nearly 40% of the world's population, is witnessing diverse implementations of smart city technologies. Leading the charge are powerhouse economies like China, Japan, and South Korea, renowned for their technological prowess and significant contributions to the smart city landscape in the region. Additionally, countries such as Singapore, Australia, and India, boasting burgeoning economies, play pivotal roles in shaping the smart city market dynamics in the Asia Pacific region. The Asia Pacific region stands at the forefront of global urbanization trends, with most member nations experiencing rapid urban expansion. This demographic shift underscores the urgent need for innovative urban solutions to address burgeoning infrastructure, resource management, and sustainable development challenges. Significant players in the telecommunications sector, including ZTE, Huawei, and NEC Corporation, have already made substantial investments in telecom infrastructure, laying the groundwork for further advancements in smart city technologies.

Top Key Companies in Smart Cities Market:

The report profiles key players such as Cisco (US), IBM (US), Siemens (Germany), Microsoft (US), Hitachi (Japan), Schneider Electric (France), Huawei (China), Intel (US), NEC (Japan), ABB (Switzerland), Ericsson (Sweden), Oracle (US), Fujitsu (Japan), Honeywell (US), Accenture (Ireland), Vodafone (UK), AWS (US), Thales (France), Signify (Netherlands), Kapsch (Austria), Motorola (US), GE (US), Google (US), TCS (India), AT&T (US), Nokia (Finland), Samsung (South Korea), SAP (Germany), TomTom (Netherlands), AppyWay (UK), Ketos (US), Gaia (India), TaKaDu (Israel), FlamencoTech (India), XENIUS (India), Bright Cities (Brazil), Maydtech (Mexico), Zencity (Israel), Itron (US), and IXDen (Israel).

Recent Developments:

• In June 2022, Siemens Smart Infrastructure (SI) signed an agreement to acquire Brightly Software, a leading U.S.-based software-as-a-service (SaaS) asset and maintenance management solutions provider. The acquisition elevates SI to lead in the building and infrastructure software market.
• In February 2022, IBM acquired Neudesic, a leading Microsoft Azure Consultancy. This acquisition aims to expand IBM's portfolio of hybrid multi-cloud services and further influence the company's hybrid cloud and AI strategy.
• In December 2021, Schneider Electric launched EcoStruxure for eMobility in buildings. It is an end-to-end EV charging solution for efficient, resilient, sustainable electric mobility and net-zero buildings. It provides energy management capabilities to accommodate the increased power demand.

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Smart Cities Market Advantages:

• Smart city solutions save costs and promote environmental sustainability by optimising resource utilisation through intelligent infrastructure, waste management programmes, and smart grids.
• Smart transportation solutions increase mobility and shorten commute times for locals by streamlining traffic, easing congestion, and providing effective public transportation options.
• By integrating renewable energy, using eco-friendly building techniques, and providing eco-friendly transportation choices, smart city programmes help to encourage sustainable urban growth while lowering carbon emissions and lessening their negative environmental effects.
• Through company attraction, innovation stimulation, and job creation in sectors including technology, urban planning, and infrastructure development, smart city investments promote economic growth.
• Through digital platforms, open data efforts, and participatory decision-making procedures, smart city programmes encourage citizen participation and enable locals to take part in the creation and governance of their communities.
• By giving citizens access to improved public services, healthcare, education, and transportation, smart city technologies raise people's standard of living and contribute to their general happiness.
• Through early warning systems, real-time monitoring, and adaptable infrastructure, smart city solutions increase resilience against emergencies and natural disasters, guaranteeing efficient disaster management and response.

Report Objectives

• To determine and forecast the global Smart Cities Market based on focus areas: smart transportation, smart buildings, smart utilities, smart citizen services, and region from 2023 to 2028, and analyze the various macroeconomic and microeconomic factors that affect the market growth.
• To forecast the size of the market segments concerning five central regions: North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East & Africa (MEA).
• To provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the Smart Cities Market.
• Analyze each submarket concerning individual growth trends, prospects, and contributions to the overall Smart Cities Market.
• To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the Smart Cities Market.
• To profile the key market players; provide a comparative analysis based on business overviews, regional presence, product offerings, business strategies, and key financials; and illustrate the market's competitive landscape.
• Track and analyze competitive developments in the market, such as mergers and acquisitions, product developments, partnerships and collaborations, and Research and Development (R&D) activities.

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