Smart Cities Market – Size, Analysis, Forecast & Competition Benchmarking

Overview

Report Segment | Technology | Report ID – TGRI4136

Smart Cities Market Overview:

The market for Smart Cities was valued at XX Bn USD in the year 2023 and expected to reach XX Bn by the year 2030. The CAGR for the market is XX% during the period 2024  -2030.

A smart city is an urban area that gathers and analyses utilisation data and uses the insights gained from it to manage resources, services, and assets efficiently. Examples of these cutting-edge technologies include artificial intelligence (AI), the Internet of Things (IoT), cloud storage, big data, and data analytics. The smart cities business is expanding as a result of increased government initiatives to combat urbanisation and overcrowding as well as the growing demand for resource management for sustainable development.

Globally, smart city and platform development is being driven by the growing use of the Internet and the Internet of Things. Over 26 smart cities are predicted to exist by the next three years, most of which will be found in North America and Europe.COVID-19 propelled the development of smart cities. Smart city infrastructure helped government agencies avoid the dangerous COVID-19 virus. Post-COVID-19, the government has also been investigating the potential for implementing some smart city technologies to increase urban resilience in times of crisis.

Get Free Report Brochure!

Market Dynamics

Smart Cities Market Growth Indicators:

  • Urbanisation: Effectively Managing the Rapid Surge of Urban Populations
  • Sustainability: Creating Greener Futures Through Innovative Urban Development Strategies
  • Technological Advancements: Embracing Digital Transformation for Enhanced Urban Living Experiences
  • Economic Growth:Catalyzing Innovation and Investment in Smart City Initiatives

Sustainability: Creating Greener Futures Through Innovative Urban Development Strategies

Cities seeking to tackle climate change and environmental deterioration now consider sustainability to be of utmost importance. Initiatives to create smart cities encourage the incorporation of sustainable transportation options, effective waste management practices, and renewable energy sources. Cities may dramatically lower their carbon footprints and resource usage by utilising technology like smart grids, energy-efficient buildings, and intelligent waste disposal systems. Additionally, by promoting the city as a forward-thinking and ecologically conscious destination to live and work, these programs attract investment and support global sustainability goals.

Get Free Report Brochure!

Market Segments

Smart Cities Market Report Segments Overview:

Application segment Overview

On the basis of Application , the market is categorised into Smart Transportation, Smart Infrastructure, Smart Utilities, Smart Healthcare, Smart Governance and Smart public safety. Smart Transportation is further divided into Intelligent Transportation System, Parking Management, Smart Ticketing & Travel Assistance, Traffic Management, Passenger Information Connected Logistics and Other Smart Transportation Solutions. Smart Infrastructure is further divided into offering and type.Smart utility is further divided into Energy Management, Water Management, Waste Management, Meter Data Management, Distribution Management System, Substation Automation, Other Smart Utilities Solutions. Smart healthcare is sub segmented into Medical Devices, Systems & Software.Smart Governance is divided into City Surveillance, C.C.S., E-governance, Smart Lighting. Smart public safety is divided into Solution and Services.Among these, Smart Transportation stands out as both the leading and fastest growing segment, driven by the urgent need to enhance urban mobility, reduce congestion, and improve public transport systems. This segment includes Intelligent Transportation Systems, Parking Management, Smart Ticketing, and Traffic Management, reflecting a growing emphasis on efficient urban infrastructure. In addition to transportation, Smart Utilities is rapidly evolving, focusing on Energy Management, Water Management, and Waste Management solutions, critical for sustainable urban living. As cities increasingly prioritise technology integration to optimise services, the smart transportation sector is poised for significant expansion, underpinned by advancements in connectivity and data analytics.

Technology segment overview

On the basis of Technology, the market is categorised into Internet of Things (IoT), Artificial Intelligence (AI), Big Data Analytics, Cloud Computing, 5G Technology. Internet of Things (IoT) technology is now leading and developing at the fastest rate in the smart cities market. This is due to its capacity to link devices and gather real-time data across metropolitan environments. Through applications in smart transportation, utilities, and infrastructure, IoT makes cities more livable overall, streamlines resource management, and improves service delivery. Artificial Intelligence (AI), which closely follows, is gaining traction because it makes advanced data analytics and decision-making processes possible, improving predictive skills, and streamlining urban operations. By providing faster, more dependable connectivity and boosting the efficacy of IoT and AI applications in smart cities, the emergence of 5G technology is expected to further accelerate growth across all these areas.

Get Free Report Brochure!

Regional Outlook

Smart Cities Market Regional Outlook:

Fastest Growing Region: Asia Pacific

The Asia-Pacific region is the fastest growing market for smart cities, primarily driven by rapid urbanisation, significant government initiatives, and technological advancements. With millions migrating to urban areas each year, countries like China and India are investing heavily in smart city projects, such as India’s Smart Cities Mission, to improve infrastructure and services. This region also benefits from a vibrant tech ecosystem that fosters innovation in IoT, AI, and big data solutions tailored for urban needs. Additionally, the emphasis on sustainability and environmental concerns further propels cities to adopt smart technologies, positioning Asia-Pacific as a leader in the global smart cities market.

Get Free Report Brochure!

Key Players

Smart Cities Market Players Mapping:

  • 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 
  • Siemens AG
  • Microsoft Corporation;
  • Oracle Corporation; 
  • Osram Gmbh 
  • SAP SE

Recent Activity by companies in Smart Cities Market

In September 2023: Siemens AG announced partnerships with several Asian cities to implement intelligent traffic management systems aimed at reducing congestion and emissions. Additionally, in October 2023, Siemens launched a new smart energy management platform designed to enhance energy efficiency in urban settings, supporting cities in achieving sustainability goals. These initiatives underscore Siemens’ commitment to advancing smart city solutions through innovation and collaboration.

Get Free Report Brochure!

Report Coverage

Smart Cities Market Coverage:

By Application:

  • Smart Transportation
    • Intelligent Transportation System
    • Parking Management
    • Smart Ticketing & Travel Assistance
    • Traffic Management
    • Passenger Information
    • Connected Logistics
    • Other Smart Transportation Solutions
  • Smart Infrastructure
    • By Offering:
      • Solutions
  • Building Infrastructure Management
  • Safety and Security Management
  • Energy Management
  • Network Management
  • Integrated Workspace Management System
  • Services
    •  Consulting
    • Deployment and integration
    •  Infrastructure monitoring and management
  • By Type:
    •  Residential
    •  Commercial
    • Industrial
  • Smart Utilities 
    • Energy Management
    • Water Management
    • Waste Management
    • Meter Data Management
    • Distribution Management System
    • Substation Automation
    • Other Smart Utilities Solutions
  • Smart Healthcare
    • Medical Devices
    • Systems & Software
  • Smart Governance
    • City Surveillance
    • C.C.S.
    • E-governance
    • Smart Lighting
  • . Smart public safety
    • Solution
    •  Services

By Technology

  • Internet of Things (IoT)
  • Artificial Intelligence (AI)
  • Big Data Analytics
  • Cloud Computing
  • 5G Technology

By Region:

  • North America
    • US
    • Canada
    • Mexico
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Rest of APAC
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • MEA
    • UAE
    • Saudi Arabia
    • Qatar
    • South Africa
    • Rest of MEA

Smart Cities Market Report Outlook

Smart Cities Market Coverage2019- 2030
Fastest Growing RegionAsia Pacific
Smart Cities Market Forecast2024 – 2030
Historical Data2019 – 2022
Base Year2023
Competition Benchmarking10 + Key Players Mapping 
Report FormatPPT + PDF + Excel

Get Free Report Brochure!
  • 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 
  • Siemens AG
  • Microsoft Corporation;
  • Oracle Corporation; 
  • Osram Gmbh 
  • SAP SE

  1. Preface
    1. Smart Cities Market Introduction
    2. Smart Cities Market Stage – Analyst View
    3. Smart Cities Market Segmentation
    4. Key Research Objectives
  2. Assumptions and Research Methodology
    1. Research Methodology
      1. Primary Data Source
      2. Secondary Data Sources
    2. Key Assumptions for Data Modeling
  3. Executive Summary – Global Smart Cities Market
  4. Smart Cities Market Analyst View
    1. Smart Cities Market Overview
    2. Smart Cities Market Factor Analysis
      1. Ecosystem/Value Chain Analysis
      2. Smart Cities Market Dynamics (Growth Influencers)
        1. Drivers
        2. Restraints
        3. Opportunities
        4. Trends
          1. Impact Analysis of Drivers and Restraints
      3. Smart Cities Market Analysis – PESTLE
      4. Smart Cities Market Analysis – Porter’s
    3. Smart Cities Market Opportunity Assessment – by Region (North America/Europe/Asia Pacific/Middle East and Africa/South America)
      1. By Application
      2. By Technology
  5. Global Smart Cities Market Segmentation
    1. Smart Cities Market Revenue Analysis (US$ Bn), 2019 – 2030
    2. Historic Growth Trends, 2019 – 2022
    3. Forecast Trends, 2023 – 2030
  6. Global Smart Cities Market Analysis, By Application
    1. Overview & Definitions
    2. Key By Application Analysis
    3. Smart Cities Market Size Estimate & Forecast (US$ Bn) , By Application, 2019 – 2030
      1. Smart Transportation
        1. Intelligent Transportation System
        2. Parking Management
        3. Smart Ticketing & Travel Assistance
        4. Traffic Management
        5. Passenger Information
        6. Connected Logistics
        7. Other Smart Transportation Solutions
      2. Smart Infrastructure
        1. By Offering:
          1. Solutions
  • Building Infrastructure Management
  • Safety and Security Management
  • Energy Management
  • Network Management
  • Integrated Workspace Management System
  • Services
    •  Consulting
    • Deployment and integration
    •  Infrastructure monitoring and management
  • By Type:
    •  Residential
    •  Commercial
    • Industrial
  1. Smart Utilities 
    1. Energy Management
    2. Water Management
    3. Waste Management
    4. Meter Data Management
    5. Distribution Management System
    6. Substation Automation
    7. Other Smart Utilities Solutions
  2. Smart Healthcare
    1. Medical Devices
    2. Systems & Software
  3. Smart Governance
    1. City Surveillance
    2. C.C.S.
    3. E-governance
    4. Smart Lighting
  4. . Smart public safety
    1. Solution
    2.  Services
  1. Global Smart Cities Market Analysis, By Technology
    1. Overview & Definitions
    2. Key By Technology Analysis
    3. Smart Cities Market Size Estimate & Forecast (US$ Bn) , By Technology, 2019 – 2030
      1. Internet of Things (IoT)
      2. Artificial Intelligence (AI)
      3. Big Data Analytics
      4. Cloud Computing
      5. 5G Technology
  2. Global Smart Cities Market Analysis and Forecast, By Region
    1. Key Findings
    2. Smart Cities Market Size Estimate & Forecast (US$ Bn) , by Region, 2019 – 2030
      1. North America
      2. Europe
      3. Asia Pacific
      4. Middle East and Africa
      5. South America
  3. North America Smart Cities Market Analysis
    1. Regional Outlook
    2. Smart Cities Market Size (US$ Bn) Analysis and Forecast (2019 – 2030)
      1. By Application
      2. By Technology
    3. Smart Cities Market Size Estimate & Forecast (US$ Bn) , by Country, 2019 – 2030
      1. U.S.
      2. Canada
      3. Mexico
  4. Europe Smart Cities Market Analysis and Forecast
    1. Regional Outlook
    2. Smart Cities Market Size (US$ Bn) Analysis and Forecast (2019 – 2030)
      1. By Application
      2. By Technology
    3. Smart Cities Market Size Estimate & Forecast (US$ Bn) , by Country, 2019 – 2030
      1. Germany
      2. UK
      3. France
      4. Italy
      5. Spain
      6. Russia
      7. Rest of Europe
  5. APAC Smart Cities Market Analysis and Forecast
    1. Regional Outlook
    2. Smart Cities Market Size (US$ Bn) Analysis and Forecast (2019 – 2030)
      1. By Application
      2. By Technology
    3. Smart Cities Market Size Estimate & Forecast (US$ Bn) , by Country, 2019 – 2030
      1. China
      2. Japan
      3. India
      4. South Korea
      5. Australia
      6. Rest of APAC
  6. Middle East and Africa (MEA) Smart Cities Market Analysis and Forecast
    1. Regional Outlook
    2. Smart Cities Market Size (US$ Bn) Analysis and Forecast (2019 – 2030)
      1. By Application
      2. By Technology
    3. Smart Cities Market Size Estimate & Forecast (US$ Bn) , by Country, 2019 – 2030
      1. UAE
      2. Saudi Arabia
      3. Qatar
      4. South Africa
      5. Rest of MEA
  7. South America Smart Cities Market Analysis and Forecast
    1. Regional Outlook
    2. Smart Cities Market Size (US$ Bn) Analysis and Forecast (2019 – 2030)
      1. By Application
      2. By Technology
    3. Smart Cities Market Size Estimate & Forecast (US$ Bn) , by Country, 2019 – 2030
      1. Brazil
      2. Argentina
      3. Rest of South America
  8. Smart Cities Market | Key Players Market Share Analysis (2023)
  1. Competition Benchmarking
    1. Key Players Profiles
      1. ABB Limited
        1. Company Overview
        2. Financial Analysis
        3. Recent Developments
        4. Portfolio Analysis
        5. Business Strategy Deep Dive
        6. SWOT Analysis
      2. AGT International 
      3. AVEVA Group plc.
      4. Cisco Systems, Inc.
      5. Ericsson
      6. General Electric
      7. Honeywell International Inc.
      8. International Business Machines Corporation
      9. Itron Inc.
      10. KAPSCH Group
      11. Huawei Technologies Co., Ltd.
      12. Microsoft Corporation
      13. Siemens AG
      14. Microsoft Corporation;
      15. Oracle Corporation;
  2. Analyst Takeaways

Data Collection and Research:

As a market research and consulting firm with extenstive experience, we have published numerous reports and provided strategic guidance to clients worldwide. Our research process begins with a thorough evaluation of existing data and insights from previously published reports. We gather historical and current market information from sources such as investor presentations, annual reports, SEC filings, and company performance data, leveraging paid databases. Additionally, we consult a variety of publicly available publications for further context.

To obtain both technical and market-specific insights, we engage with industry associations, trade organizations, technical forums, and research institutes. Their publications, including research papers, blogs, and press releases, offer valuable market cues. Moreover, we meticulously analyze white papers, journals, magazines, and news articles published in the last four years to identify and interpret the latest market trends.

Research Compilation and Data Sourcing

The primary interview analysis is based on data gathered from interviews with industry participants and responses to survey questions collected by our in-house research team.

For primary research, we engage with industry professionals such as CEOs, Marketing and Sales Managers, VPs, and Subject Matter Experts from both the demand and supply sides to gain a comprehensive understanding of the market. Our primary research team conducts multiple interviews, tailored to the complexity of each market, to capture key trends and dynamics, ensuring the research is both reliable and accurate.

Research interview are leverage for following key parameters:

  • Offers direct insights into market size, trends, growth patterns, competitive landscape, and future outlook.
  • Confirms and enhances the findings from in-house secondary research.
  • Deepens the analysis team’s expertise and understanding of the market.
  • Identifies emerging opportunities and potential challenges within the market.
  • Captures real-time feedback and perspectives from key industry stakeholders.
  • Enhances the accuracy of market forecasts and projections.

Primary research is conducted through email communications and telephone interviews, targeting each market, category, segment, and sub-segment across various regions. The participants in this process typically include, but are not limited to:

Industry professionals: VPs, business development managers, market intelligence managers, and national sales managers.

External experts: Valuation specialists, research analysts, and key opinion leaders with expertise in the sepcific market sectors.

Primary respondents breakup:

Upon receiving confirmation from primary research sources or respondents, we finalize the base year market estimates and proceed to forecast data. This is done by incorporating the macroeconomic and microeconomic factors evaluated during the data collection phase.

Data Analysis:

After validating the data through secondary and primary sources, we refine the market estimations by developing hypotheses and performing factor analysis at both regional and national levels.

3.1 Macro-Economic Factor Analysis:

We assess macroeconomic indicators such as Gross Domestic Product (GDP), changes in demand across industries, technological advancements, regional economic growth, government policies, the impact of COVID-19, and PEST analysis. This evaluation helps establish benchmarks for different nations and regions and approximates market segments. Additionally, the general trends in these factors assist in identifying potential market growth opportunities.

3.2 Country Level Data:

To determine the market size for specific regions and countries, we consider various country-specific factors. These include the presence of vendors (headquarters and offices), the country’s GDP, demand patterns, and industry growth. We examine growth drivers, inhibitors, application areas, and current market trends to understand the dynamics within each nation. This analysis is crucial for assessing the growth potential of the market in each country.

3.3 Company Profile:

The “Table of Contents” includes a detailed analysis of over 25 to 30 companies operating within the market ecosystem across different geographies. Typically, our syndicate reports profile 10 companies, representing leading, emerging, and regional players. However, our analysis extends beyond these 10 companies to ensure a comprehensive understanding of market trends. The “Company Profiles” section features key facts, business descriptions, products and services, financial information, SWOT analysis, and key developments. Financial data is sourced from annual reports and official documents of publicly listed companies, and is verified through primary sources before compilation. This company-level information is essential for determining the base number and forecasting market size.

3.4 Developing Base Number:

We aggregate sales data, macroeconomic factors, and insights from secondary and primary research to establish the base number and market shares for the base year. This phase involves identifying data gaps and analyzing relevant market data from paid interviews or databases. After finalizing the base year market size, we develop forecasts based on macroeconomic factors, industry growth, and company-level analysis.

Data Triangulation and Final Review:

We validate market findings and base year calculations through both supply and demand-side evaluations. Demand-side validations are based on macroeconomic analysis and regional benchmarks, while supply-side validations involve estimating revenues of major companies using industry benchmarks, employee numbers, product portfolios, and primary interviews. We assess revenue from target product/service segments to ensure accurate market statistics. Significant deviations between supply and demand values prompt a re-evaluation to achieve consistency.

Our iterative approach involves sharing research findings with Subject Matter Experts and Key Opinion Leaders until a consensus view is achieved. This process helps mitigate drastic deviations in expert opinions. We use data triangulation—validating information from secondary sources with primary interviews and re-verifying with internal databases and experts—to ensure high-quality, reliable data is delivered efficiently.



360 degree Market Framework
Our 360 degree market analysis approach is unique and effective method to capture in depth analysis of the upcoming market trends and revenue potential
Unmatched Reach
Our set analysis methodology is leverage by our clients with syndicated and customized market research needs. Our segment & region focus report sections are analyze by growth teams to tap into future revenue opportunities
Top Down & Bottom Up
We utilize a dual approach, combining both top-down and bottom-up strategies to ensure high-quality outcomes. This method not only assesses company fundamentals but also considers sectoral trends and macroeconomic influences
Trusted by Disruptors
Our report provides immediate access to the insights and sources that others may withhold. We clearly outline every step of our research methodology and present the sample size to build trust and confidence in our findings
Analyst Support
With every report, you can leverage our research team 24*5 support to get customization based on your mandates to ensure you get the best out of your time & money
Enterprise Grade Support
Upon accessing the premium version of the report, we assign you a dedicated report manager that act as a bridge between you and our research team to get any update you would like on the report

Navigation

→ Report Navigation