Smart Cities Market: By Focus Area, By Smart Transportation ), By Smart Buildings Solution, By Smart Utilities Solution and Geography
Smart Cities Market size was valued at 401.76 Billion in 2023 and is estimated to reach 1280.67 Billion by 2030, at a CAGR of 17.9% from 2024 to 2030. The increase in the population and rapid urbanization in several regions has led to the widespread use of smart technology to enhance and improve the quality of the living conditions of the residential. In addition, population growth has led to increasing demand for such as efficient transportation, enhanced residential and commercial buildings, optimum energy utilization, and better administrative services boosting the growth of the smart cities device market. However, high funds & investments, lack of systemic approach, major concern of privacy and security, and need for merging different departments and sectors are the major factors that hinder the growth of the smart cities market.
Study Period
2024-2030Base Year
2023CAGR
17.9%Largest Market
North AmericaFastest Growing Market
Asia Pacific
In the recent years, Due to increasing in the population and rapid urbanization necessity of the public safety and security, development of smart transportation to avoid the traffic congestion. Implement of artificial intelligence installation of CCTV and facial recognizing devices to get help during any emergency situation. Additionally, AI applications in the traffic and parking management. The demand for public safety requires advanced computerized systems, which can deliver the right information needed for quick and safe response from government officers, fire fighters, and emergency medical professionals.
North America accounted for larger revenue share in global smart cities market with considerable CAGR. The growth in this region can be attributed to increasing scarcity of water, inefficient recycling of industrial wastewater for reuse, rapidly increasing population & urbanization, increasing government emphasis for water conservation and reuse are some of the major key factors rising in the awareness of the conservation of water which boosting the market growth. In this region, countries like India are undergoing severe water scarcity thus, the demand for smart cities systems is increasing. In North America, the expansion of the smart cities tank market can also be attributed to the massive oil and gas production activities that require freshwater and also recycle & reuse.
Latin America
Europe
Asia Pacific
Middle East
North America
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Report Benchmarks |
Details |
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Report Study Period |
2024-2030 |
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Market CAGR |
17.9% |
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By Focus Area |
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By Smart Transportation |
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By Smart Buildings |
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By Smart Utilities |
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The asmart cities market size was valued at US$ 401.76 billion in 2023
The smart cities market key players are: Cisco Systems (US) IBM (US) Siemens AG (Germany) Schneider Electric (France) Ericsson (Sweden) Vodafone (UK) Itron Inc. (US) Verizon (US) Telensa (England) ABB (Switzerland) Honeywell International Inc. (US) SAP SE (Germany) KAPSCH Group (Austria) Microsoft Corporation (US) Intel Corporation (US) Hitachi Ltd. (Japan) Huawei Technologies Co., Ltd. (China) Cisco Systems Inc. (US) AGT International (Switzerland)
The smart cities market has been classified into North America, Asia Pacific, Europe, Latin America, Middle East and Africa, and the rest of MEA.
Key Market Players
Author
Sravani is a proficient Business Analyst with an MBA and a background in Computer Science, with seven years of experience in the field of market research. Sravani is adept at creating competitive evaluations, precise market estimations, and market projections, emphasizing the food and beverage and information and communication technology (ICT) industries. Her areas of competence are identifying important players, projecting market trends, and assessing the potential for industry growth. She applies a strong analytical approach to provide precise market estimates and thorough industry analysis, empowering organizations to make data-driven decisions. Sravani's estimating and forecasting abilities are essential for businesses to take advantage of new opportunities and effectively manage dynamic market environments.
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