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IoTSmart City

PUBLISHER: SkyQuest | PRODUCT CODE: 1569482

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PUBLISHER: SkyQuest | PRODUCT CODE: 1569482

Smart Cities Market Size, Share, Growth Analysis, By Smart Transportation, By Smart Utilities, By Smart Citizen Service, By Region - Industry Forecast 2024-2031

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Description

Table of Contents

Smart Cities Market size was valued at USD 870.61 billion in 2022 and is poised to grow from USD 1094.3 billion in 2023 to USD 6820.8 billion by 2031, growing at a CAGR of 25.7% during the forecast period (2024-2031).

In 2023, North America emerged as the dominant player in the global smart cities market, primarily driven by an ongoing digital revolution across various sectors including government, communication, and finance. This region boasts a strong presence of renowned technology vendors and an advanced information and communication technology (ICT) infrastructure, complemented by robust collaboration between local municipalities and federal authorities as well as ICT providers. These partnerships have laid the groundwork for effective municipal connectivity, positioning North America well for future smart city developments, which are expected to bolster market growth throughout the forecast period. Meanwhile, Southeast Asia-Pacific is on track for substantial growth, projected to achieve a remarkable compound annual growth rate (CAGR) of 29.2%. This surge is fueled by several factors including globalization, advancements in digital infrastructure, increased disposable income, and overall economic progress. Enterprises in the Asia-Pacific region are increasingly adopting cloud-based solutions, recognizing their cost-effectiveness, which in turn is driving the development of innovative applications such as smart buildings, smart utilities, smart transportation, and smart governance. These trends underscore the dynamic landscape of smart city initiatives across both North America and Southeast Asia-Pacific, highlighting the significant opportunities for growth in these rapidly evolving markets.

Top-down and bottom-up approaches were used to estimate and validate the size of the smart cities market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

smart cities Market Segmental Analysis

The global smart cities market is segmented into smart transportation, smart utilities, smart citizen service, and region. By smart transportation, the market is classified into smart ticketing and connected logistics. Depending on smart utilities, it is categorized into offering and services. According to smart citizen service, the market is bifurcated into smart healthcare and smart street lighting. Regionally, it is analyzed across North America, Asia-Pacific, Latin America, Europe, and Middle East & Africa.

Driver of the smart cities Market

The burgeoning investment in smart city initiatives serves as a significant market driver for the smart cities sector. With governments in emerging regions funneling billions into innovative designs, the integration of advanced technologies enhances urban infrastructure, public services, and sustainability. For instance, efficiency in waste management becomes a reality through smart solutions, improving urban living standards. Additionally, the decreasing costs of Internet of Things (IoT) sensors facilitate widespread adoption and deployment of smart technologies, further accelerating market growth. As cities increasingly embrace digital transformation, the demand for smart city solutions will continue to rise, creating vast opportunities for stakeholders in this dynamic market.

Restraints in the smart cities Market

The smart cities market faces a notable restraint due to the substantial financial burden it imposes on resource-constrained economies. The high costs of developing and integrating smart city solutions, often exceeding $100 million for mid-sized towns, create a significant barrier to entry. While smart infrastructure promises improvements in operational efficiency and energy conservation, the daunting initial investment and ongoing maintenance expenses deter many municipalities from pursuing these advanced technologies. Consequently, this economic limitation may hinder the widespread adoption of smart city initiatives, restricting their transformative potential in enhancing urban living conditions and overall sustainability in less affluent regions.

Market Trends of the smart cities Market

The smart cities market is experiencing a significant growth trend, fueled by rapid advancements in technologies such as Artificial Intelligence (AI), Machine Learning (ML), the Internet of Things (IoT), cloud computing, and data analytics, particularly in developing regions. These innovations facilitate enhanced connectivity and data-sharing capabilities, enabling centralized control systems to integrate and manage information more efficiently from diverse urban sources. As cities harness these technologies, they not only optimize resource management and enhance public safety but also prioritize environmental sustainability and citizen privacy. This convergence of technology in urban planning is redefining the fabric of urban life and driving investment in smart city initiatives globally.

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Product Code: SQMIG45D2058

Table of Contents

Introduction

  • Objectives of the Study
  • Definitions
  • Market Scope

Research Methodology

  • Information Procurement
  • Secondary & Primary Data Sources
  • Market Size Estimation
  • Market Assumptions & Limitations

Executive Summary

  • Market Overview Outlook
  • Supply Demand Trend Analysis
  • Segmental Opportunity Analysis

Market Dynamics & Outlook

  • Market Dynamics
    • Drivers
    • Opportunities
    • Restraints
    • Challenges
  • Porters Analysis
    • Competitive rivalry
    • Threat of Substitute Products
    • Bargaining Power of Buyers
    • Threat of New Entrants
    • Bargaining Power of Suppliers

Key Market Insights

  • Technology Analysis
  • Case Study Analysis
  • Pricing Analysis
  • Value Chain Analysis
  • Patent Analysis
  • Trade Analysis
  • Customer & Buying Criteria Analysis
  • Ecosystem of the Market
  • Regulatory Landscape
  • Innovation Matrix
  • Top Investment Analysis
  • Key Success Factor
  • Degree of Competition

Global Smart Cities Market by Smart Transportation

  • Market Overview
  • Offering
    • [if !supportLists] [endif] Solutions
    • [if !supportLists] [endif] Smart ticketing
    • [if !supportLists] [endif] Traffic management
    • [if !supportLists] [endif] Parking management
    • [if !supportLists] [endif] Traffic surveillance
    • [if !supportLists] [endif] Passenger information
    • [if !supportLists] [endif] Connected logistics
    • [if !supportLists] [endif] Other smart transportation solutions
    • [if !supportLists] [endif] Services
    • [if !supportLists] [endif] Consulting
    • [if !supportLists] [endif] Deployment & integration
    • [if !supportLists] [endif] Infrastructure monitoring & management
  • Type
    • [if !supportLists] [endif] Roadways
    • [if !supportLists] [endif] Railways
    • [if !supportLists] [endif] Airways

Global Smart Cities Market by Smart Building

  • Market Overview
  • Offering
    • [if !supportLists] [endif] Solutions
    • [if !supportLists] [endif] Building infrastructure management
    • [if !supportLists] [endif] Parking management system
    • [if !supportLists] [endif] Smart water management system
    • [if !supportLists] [endif] Elevators and escalators management system
    • [if !supportLists] [endif] Security & emergency management
    • [if !supportLists] [endif] Access control system
    • [if !supportLists] [endif] Video surveillance system
    • [if !supportLists] [endif] Safety system
    • [if !supportLists] [endif] Energy management
    • [if !supportLists] [endif] HVAC control systems
    • [if !supportLists] [endif] Lighting systems
    • [if !supportLists] [endif] Network management
    • [if !supportLists] [endif] Integrated workplace management system
    • [if !supportLists] [endif] Services
    • [if !supportLists] [endif] Consulting
    • [if !supportLists] [endif] Deployment & integration
    • [if !supportLists] [endif] Infrastructure monitoring & management
  • Type
    • [if !supportLists] [endif] Residential
    • [if !supportLists] [endif] Commercial
    • [if !supportLists] [endif] Industrial

Global Smart Cities Market by Smart Utility

  • Market Overview
  • Offering
    • [if !supportLists] [endif] Solutions
    • [if !supportLists] [endif] Advanced metering infrastructure
    • [if !supportLists] [endif] Meter data management
    • [if !supportLists] [endif] Meter data analytics
    • [if !supportLists] [endif] Smart meters
    • [if !supportLists] [endif] Other solutions
    • [if !supportLists] [endif] Distribution management system
    • [if !supportLists] [endif] Substation automation
    • [if !supportLists] [endif] Other smart utilities solutions
    • [if !supportLists] [endif] Services
    • [if !supportLists] [endif] Consulting
    • [if !supportLists] [endif] Deployment & integration
    • [if !supportLists] [endif] Infrastructure monitoring & management
  • Type
    • [if !supportLists] [endif] Energy
    • [if !supportLists] [endif] Gas
    • [if !supportLists] [endif] Water
    • [if !supportLists] [endif] Other types

Global Smart Cities Market by Smart Citizen Service

  • Market Overview
  • Smart healthcare
    • [if !supportLists] [endif] Medical devices
    • [if !supportLists] [endif] Systems & software
    • [if !supportLists] [endif] Services
  • Smart education
    • [if !supportLists] [endif] Solutions
    • [if !supportLists] [endif] Services
  • [if !supportLists] [endif] Smart public safety
    • [if !supportLists] [endif] Solutions
    • [if !supportLists] [endif] Services
  • [if !supportLists] [endif] Smart street lighting
  • [if !supportLists] [endif] E-Governance
    • [if !supportLists] [endif] Solutions
    • [if !supportLists] [endif] Services

Global Smart Cities Market Size by Region

  • Market Overview
  • North America
    • USA
    • Canada
  • Europe
    • Germany
    • Spain
    • France
    • UK
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia-Pacific
  • Latin America
    • Brazil
    • Rest of Latin America
  • Middle East & Africa (MEA)
    • GCC Countries
    • South Africa
    • Rest of MEA

Competitive Landscape

  • Top 5 Player Comparison
  • Market Positioning of Key Players, 2023
  • Strategies Adopted by Key Market Players
  • Recent Activities in the Market
  • Key Companies Market Share (%), 2023

Key Company Profiles

  • Cisco Systems, Inc. (US)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • IBM Corporation (US)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • Intel Corporation (US)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • Siemens (Germany)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • Microsoft (US)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • Hitachi (Japan)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • Schneider Electric (France)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • Huawei (China)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • NEC (Japan)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • ABB (Switzerland)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • Ericsson (Sweden)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • Oracle (US)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • Fujitsu (Japan)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • Honeywell (US)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • Accenture (Ireland)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • Motorola (US)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • Google (US)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • TCS (India)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • Nokia (Finland)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • Samsung (South Korea)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
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+32-2-535-7543

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