The global Smart City market is expected to rise at a significant rate in the forecast period. This market is growing rapidly, primarily to the rising urbanization and migration of people from rural to urban locations around the world. Consumer awareness of energy conservation and the growing trend of green infrastructure are also helping to propel this market forward.
Furthermore, the global Smart City market has been primarily driven by increased investments by city governments, central/federal governments, and dedicated governing organizations. Financing and funding models, technological ecosystems, governance arrangements, and infrastructure investments all play important roles in smart city deployments and are likely to propel market expansion during the projection period.
On the other hand, significant security issues and a lack of stakeholder engagement may restrain the growth of the global smart cities market in the near future. Besides this, the introduction of driverless cars, electronic waste management systems, and wearable computing devices, according to the study paper, is projected to reduce the impact of constraints in the next years.
|Market size available for years||2023–2030|
|Base year considered||2023|
|Forecast unit||Value (USD Million)|
|Segments covered||End User, and Region|
|Regions covered||North America (the U.S. and Canada), Europe (UK, Germany, France, Italy, Spain, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, Australia, South East Asia, Rest of Asia Pacific), Latin America and the Middle East and Africa (Brazil, Saudi Arabia, UAE, Rest of LAMEA)|
|Companies covered||Oracle Corp., Intel Corp., Hitachi Ltd., International Business Machines (IBM) Corp., General Electric Co., Honeywell International Inc., Telefonaktiebolaget L. M. Ericsson, Dassault Systemes S.A., Cisco Systems Inc., Alcatel-Lucent SA., Alstom S.A., Siemens AG., Accenture Plc, ABB Ltd.|
Covid-19 Impact on Smart City Market Market
Like many other industries, COVID-19 badly knocked the electronic and semiconductor industries. This unprecedented event has impacted nearly 230 countries in just a few weeks, resulting in the forced shutdown of manufacturing and transportation activities within and across the countries. This has directly affected the overall sector's growth. It is estimated that COVID-19 to leave more than USD 30 billion impacts on the electronics and semiconductor industry. The sector is majorly affected due to transport restrictions on major electronics and semiconductor raw material providers. However, the emerging need for semiconductors in several industries will offer rapid market recovery over the future period.
Smart City Market Segment Overview
According to End User, Smart transportation is one of the largest segments in the global Smart City market. In the transportation industry, smart city technologies have a wide range of applications. The situation is anticipated to stay unchanged in the coming years, given the rising demand for sophisticated traffic management and the growing need to reduce the number of delivery vehicles and provide a better transportation environment.
Smart City Market, By End User
· Smart homes
· Smart buildings
· Smart energy management
· Smart industrial automation
· Smart healthcare
· Smart transportation
· Smart security
· Others (smart education, smart water management, so on)
Smart City Market Regional Overview
Region-wise, North America dominated the Smart City market in 2020 and is predicted to maintain its supremacy in the forthcoming years. The growth can be mainly attributed to the constant digital transformation across several industry verticals such as telecom, retail, and banking. Furthermore, North America is the main region for the market due to its well-developed ICT infrastructure, the collaboration of federal and local governments with ICT vendors and start-ups, and the presence of prominent technology vendors. These aspects are anticipated to drive innovation around smart technologies in the region. Similarly, Asia Pacific is projected to emerge as the fastest-growing regional market in the forecast period. This growth can be primarily attributed to the increased focus on the development of digital infrastructure in the region. Besides, increasing urbanization and growth in disposable income are further projected to propel the regional market growth over the forecast period.
Smart City Market, By Geography
· North America (US & Canada)
· Europe (UK, Germany, France, Italy, Spain, Russia & Rest of Europe)
· Asia-Pacific (Japan, China, India, Australia, & South Korea, & Rest of Asia-Pacific)
· LAMEA (Brazil, Saudi Arabia, UAE & Rest of LAMEA)
Smart City Market, Key Players
· Oracle Corp.
· Intel Corp.
· Hitachi Ltd.
· International Business Machines (IBM) Corp.
· General Electric Co.
· Honeywell International Inc.
· Telefonaktiebolaget L. M. Ericsson
· Dassault Systemes S.A.
· Cisco Systems Inc.
· Alcatel-Lucent SA.
· Alstom S.A.
· Siemens AG.
· Accenture Plc
· ABB Ltd.
Frequently Asked Questions (FAQ) :
Q1. What are the driving factors for the Smart City market?
Q2. What are the restraining factors for the Smart City market?
Q3. Which region holds the largest share in the Smart City market?
Q4. Which segment is projected to hold the largest share in the Smart City Market?
Q5. Which are the prominent players in the Smart City Market?
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
4. Key Insights
- 4.1. Key Emerging Trends – For Major Countries
- 4.2. Latest Technological Advancement
- 4.3. Regulatory Landscape
- 4.4. Industry SWOT Analysis
- 4.5. Porters Five Forces Analysis
5. Global Smart City Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 5.1. Key Findings / Summary
- 5.2. Market Analysis, Insights and Forecast – By End User
- 5.2.1. Smart homes
- 5.2.2. Smart buildings
- 5.2.3. Smart energy management
- 5.2.4. Smart industrial automation
- 5.2.5. Smart healthcare
- 5.2.6. Smart transportation
- 5.2.7. Smart security
- 5.2.8. Others (smart education, smart water management, so on)
- 5.3. Market Analysis, Insights and Forecast – By Region
- 5.3.1. North America
- 5.3.2. Europe
- 5.3.3. Asia Pacific
- 5.3.4. Latin America, Middle East and Africa
6. North America Smart City Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 6.1. Key Findings / Summary
- 6.2. Market Analysis, Insights and Forecast – By End User
- 6.2.1. Smart homes
- 6.2.2. Smart buildings
- 6.2.3. Smart energy management
- 6.2.4. Smart industrial automation
- 6.2.5. Smart healthcare
- 6.2.6. Smart transportation
- 6.2.7. Smart security
- 6.2.8. Others (smart education, smart water management, so on)
- 6.3. Market Analysis, Insights and Forecast – By Country
- 6.3.1. U.S.
- 6.3.2. Canada
7. Europe Smart City Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 7.1. Key Findings / Summary
- 7.2. Market Analysis, Insights and Forecast – By End User
- 7.2.1. Smart homes
- 7.2.2. Smart buildings
- 7.2.3. Smart energy management
- 7.2.4. Smart industrial automation
- 7.2.5. Smart healthcare
- 7.2.6. Smart transportation
- 7.2.7. Smart security
- 7.2.8. Others (smart education, smart water management, so on)
- 7.3. Market Analysis, Insights and Forecast – By Country
- 7.3.1. UK
- 7.3.2. Germany
- 7.3.3. France
- 7.3.4. Italy
- 7.3.5. Spain
- 7.3.6. Russia
- 7.3.7. Rest of Europe
8. Asia Pacific Smart City Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 8.1. Key Findings / Summary
- 8.2. Market Analysis, Insights and Forecast – By End User
- 8.2.1. Smart homes
- 8.2.2. Smart buildings
- 8.2.3. Smart energy management
- 8.2.4. Smart industrial automation
- 8.2.5. Smart healthcare
- 8.2.6. Smart transportation
- 8.2.7. Smart security
- 8.2.8. Others (smart education, smart water management, so on)
- 8.3. Market Analysis, Insights and Forecast – By Country
- 8.3.1. China
- 8.3.2. India
- 8.3.3. Japan
- 8.3.4. Australia
- 8.3.5. South East Asia
- 8.3.6. Rest of Asia Pacific
9. Latin America, Middle East and Africa Smart City Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 9.1. Key Findings / Summary
- 9.2. Market Analysis, Insights and Forecast – By End User
- 9.2.1. Smart homes
- 9.2.2. Smart buildings
- 9.2.3. Smart energy management
- 9.2.4. Smart industrial automation
- 9.2.5. Smart healthcare
- 9.2.6. Smart transportation
- 9.2.7. Smart security
- 9.2.8. Others (smart education, smart water management, so on)
- 9.3. Market Analysis, Insights and Forecast – By Country
- 9.3.1. Brazil
- 9.3.2. Saudi Arabia
- 9.3.3. UAE
- 9.3.4. Rest of LAMEA
10. Competitive Analysis
- 10.1. Company Market Share Analysis, 2018
- 10.2. Key Industry Developments
- 10.3. Company Profile
- 10.4. Oracle Corp.
- 10.4.1. Business Overview
- 10.4.2. Segment 1 & Service Offering
- 10.4.3. Overall Revenue
- 10.4.4. Geographic Presence
- 10.4.5. Recent Development
- 10.5. Intel Corp.
- 10.6. Hitachi Ltd.
- 10.7. International Business Machines (IBM) Corp.
- 10.8. General Electric Co.
- 10.9. Honeywell International Inc.
- 10.10. Telefonaktiebolaget L. M. Ericsson
- 10.11. Dassault Systemes S.A.
- 10.12. Cisco Systems Inc.
- 10.13. Alcatel-Lucent SA.
- 10.14. Alstom S.A.
- 10.15. Siemens AG.
- 10.16. Accenture Plc