Smart Cities Market: Current Analysis and Forecast (2021-2027)

Smart Cities Market: Current Analysis and Forecast (2021-2027)

The global smart cities market is expected to register a CAGR of around 20% over the period of 2021-2027. The is rising on account of the growing urbanization, rising demand for strong IT connectivity & digitalization, the need for efficient management and utilization of resources, and increasing demand for a healthy environment with efficient energy consumption. Moreover, the growing demand for comfortable, fast, and efficient transport followed by public safety concerns will positively stimulate the industry landscape. A smart city is a municipality that uses information and communication technology to improve operational efficiency, share information with the general public, and improve both the quality of government services and the welfare of citizens. The main goal of smart cities is to use intelligent technology and data analysis to optimize city functions, promote economic growth, and at the same time improve the quality of life of citizens.

Cisco Systems Inc, International Business Machines Corporation, Microsoft Corporation, Schneider Electric, Siemens AG, ABB Inc, Vodafone Group Plc, Hitachi Ltd., Oracle Corporation, and Honeywell International Inc are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
 
Insights Presented in the Report
"Amongst components, the hardware segment held a prominent share in the market in 2020”

On the basis of components, the market is segmented into hardware, software, and services. Among these, the hardware segment held a significant share of the global smart cities market in 2020 and is expected to witness substantial growth during the forecast period owing to the rising adoption of IoT-based devices and smart devices in the infrastructure. IoT is crucial for the successful completion of any smart city project because it helps in monitoring data, quick operation, the rapid adoption of new standards, better time management, automation, and control, saving money, etc.
"Amongst applications, smart education held a prominent share in the market in 2020”

Based on application, the market is categorized into smart transportation, smart utilities, smart education, smart healthcare, smart public safety, smart governance, smart lighting solutions, and smart building. Among these, the smart education segment held a prominent share of the global smart cities market and is expected to witness influential growth during the forecast period, mainly due to the expansion of smart devices in the education sector, increasing adoption of e-learning solutions, growing uses of artificial intelligence, machine learning, and big data analytics in education.
"North America to witness significant growth during the forecast period”

North America held a prominent share of the global smart cities market in 2020 and is expected to showcase a prominent growth rate during the forecast period. This can be attributed to the ongoing and previously completed smart city projects and the quick adoption of new technologies. In addition, the constant digital transformation in various industry verticals, such as government, telecom, and banking are further promoting the growth of the smart cities market in the region. Smart city projects completed in past years have helped North America to become a prominent region in the market. For instance, Chicago, Illinois launched the Array of Things initiative in 2016, which consisted of a network of sensors mounted on light poles collecting real-time data on the city’s environmental surroundings and urban activities. Data collected online from AoT is accessible online for providing valuable information and resources to researchers, urban planners, and the public.

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• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
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• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.