Global Smart Cities Market Size To Worth USD 7467.87 Billion By 2033 | CAGR Of 26.03%

Global Smart Cities Market Size To Worth USD 7467.87 Billion By 2033

According to a research report published by Spherical Insights & Consulting, The Global Smart Cities Market Size was valued at USD 738.75 Billion in 2023 and is Expected to reach USD 7467.87 Billion By 2033, Growing at a CAGR of 26.03% from 2023 to 2033

Browse key industry insights spread across 255 pages with 143 Get Detailed Report Description Here: Market data tables and figures & charts from the report on the "Global Smart Cities Market Size, Share, and COVID-19 Impact Analysis, By Application (Smart Governance, Smart Building, Environmental Solution, and Smart Utilities), By Smart Governance (City Surveillance, C.C.S., E-governance, Smart Lighting, and Smart Infrastructure), By Smart Utilities (Energy Management, Water Management, Waste Management, and  Meter Data Management), By Smart Transportation (Intelligent Transportation System, Parking Management, Smart Ticketing & Travel Assistance, and Traffic Management), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/smart-cities-market

The worldwide smart cities market refers to the industry that is focused on developing and implementing smart city technology. Products and services in this market make use of digital technologies such as cloud computing, artificial intelligence (AI), big data, and the internet of things (IoT) to enhance urban infrastructure, optimize municipal operations, and promote sustainability.  Due to population increase and urbanization, sustainable constructions are now necessary for market expansion.  Several regional governments are trying to address these concerns by developing smart city initiatives in a variety of categories, such as management, safety, utilities, and mobility. Furthermore, local governments have been at the forefront of efforts to support organizational and institutional reforms, enable steady investments, and build a consortium to bring different businesses together.  Additionally, the global market for smart cities is significantly influenced by government funding programs and initiatives.   For instance, India's Smart Cities Mission, which began in 2015 and has spent USD 17.2 billion, has finished 91% of its projects. This approach combines pan-city initiatives with area-based development to enhance sustainability, governance, and urban infrastructure. However, one major obstacle to the smart town's economy is the large upfront costs associated with putting smart infrastructure and technologies in place. Integration of IoT devices, sensors, and communication networks requires significant financial resources, which may be unaffordable for municipalities with limited funds. It might also be challenging to oversee multiple parties and guarantee compatibility across various platforms.

The smart utilities segment held a dominant share in 2023 and is expected to grow at a notable CAGR during the forecast period.

Based on the application, the global smart cities market is classified into smart governance, smart building, environmental solution, and smart utilities. Among these, the smart utilities segment held a dominant share in 2023 and is expected to grow at a notable CAGR during the forecast period. One of the most important parts of the city's infrastructure is the smart utility sector, which includes civil distribution infrastructure management, water purification, energy distribution, and integrated data management.  Smart grids are another significant factor driving the adoption of smart utilities.  It is also projected that the integration of advanced data analytics and cloud computing will drive market growth.

The smart infrastructure segment accounted for the highest share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period.

Based on the smart governance, the global smart cities market is categorized into city surveillance, C.C.S., E-governance, smart lighting, and smart infrastructure. Among these, the smart infrastructure segment accounted for the highest share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period. The growth can be attributed because many governments are placing more focus on digitizing their business processes, there will likely be a greater need for smart infrastructure solutions across a number of industries, including BFSI, healthcare, retail, manufacturing, and food and beverage.  The majority of countries, including those in the US, Canada, the UAE, Australia, India, and the UK, are investing in smart infrastructure solutions in order to digitize their economies.

The energy management segment dominates the market in 2023 and is projected to grow at a notable CAGR during the forecast period.

Based on the smart utilities, the global smart cities market is divided into energy management, water management, waste management, and meter data management. Among these, the energy management segment dominates the market in 2023 and is projected to grow at a notable CAGR during the forecast period. Growing energy demands have prompted the usage of virtual power plants, which offer efficiency and security through the use of AI, machine learning, and the Internet of Things.   In order to support the development and oversight of advanced energy management systems and create analytics solutions that integrate cutting-edge technologies like blockchain, leading industry players are focusing on establishing a strong R&D infrastructure.

The intelligent transportation segment held a dominant share in 2023 and is expected to grow at a notable CAGR during the forecast period.

Based on the smart transportation, the global smart cities market is categorized into intelligent transportation system, parking management, smart ticketing & travel assistance, and traffic management. Among these, the intelligent transportation segment held a dominant share in 2023 and is expected to grow at a notable CAGR during the forecast period. The need to reduce traffic congestion and the increasing number of vehicles on the road make the implementation of modern traffic management technologies essential.   Law enforcement and public safety agencies can respond swiftly and efficiently to emergencies and accidents thanks to these technologies, which also save travel time, delays, and air pollution.

North America is anticipated to hold the largest share of the global smart cities market over the projected timeframe.

North America is anticipated to hold the largest share of the global smart cities market over the predicted timeframe. The region has a strong information and communication technology (I.C.T.) infrastructure, partnerships between municipal and federal governments and I.C.T. companies, and top technology vendors. The ongoing digital transformation of several business verticals, such as banking, telecom, and government, is responsible for the growth of the regional market. These service providers and other local authorities have implemented the municipal connectivity infrastructure extensively, which will lead to the planning of the region's smart city development.

Asia Pacific region is expected to grow the fastest during the forecast period, The Asia-Pacific smart city market is thriving and evolving rapidly, with numerous initiatives in China, Japan, India, Australia, and South Korea. Growing government initiatives, rapid urbanization, and robust technological capabilities are driving the development of smart cities in the region. From public safety and environmental monitoring to energy and transportation management, the countries in this region are implementing a number of smart city solutions with vigor.

Major key players in the smart cities market include, SAP SE, Schneider Electric SE, Siemens AG, Telensa, Honeywell International Inc., International Business Machines Corporation, Itron Inc., KAPSCH Group, Huawei Technologies Co., Ltd., Microsoft Corporation, AVEVA Group plc., Other.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• In November 2023, Fira de Barcelona hosts the worldwide conference on cities and smart urban solutions, called the Smart City Expo World Congress (SCEWC). It is a display of creative urban initiatives and solutions that highlight how to make contemporary cities more livable, efficient, and sustainable. Energy and the environment, enabling technologies, mobility, housing and inclusion, management and economics, security and the blue economy, and infrastructure and buildings are the eight major themes that make up the SCEWC congress agenda.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global smart cities market based on the below-mentioned segments

Global Smart Cities Market, By Application

• Smart Governance
• Smart Building
• Environmental Solution 
• Smart Utilities

Global Smart Cities Market, By Smart Governance  

• City Surveillance
• C.C.S.
• E-governance
• Smart Lighting
• Smart Infrastructure

Global Smart Cities Market, By Smart Utilities

• Energy Management
• Water Management
• Waste Management
• Meter Data Management

Global Smart Cities Market, By Smart Transportation

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

Global Smart Cities Market, By Regional Analysis

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

About the Spherical Insights & Consulting

Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.

Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements. 

CONTACT US:

For More Information on Your Target Market, Please Contact Us Below:    

Phone: +1 303 800 4326 (the U.S.)

Phone: +91 90289 24100 (APAC)

Email: inquiry@sphericalinsights.com, sales@sphericalinsights.com

Contact Us: https://www.sphericalinsights.com/contact-us

Follow Us: LinkedIn | Facebook | Twitter