Smart Cities Industry Overview
The global smart cities market size is expected to reach USD 6,965.02 billion by 2030, registering a CAGR of 24.2% in the forecast period, according to a new report by Grand View Research, Inc. The market growth can be attributed to rapid favorable government initiatives worldwide and the emergence of technologies, such as Artificial Intelligence (AI) and the Internet of Things (IoT). This has encouraged several countries to invest in smart city projects to manage infrastructure and assets. Further, the increasing adoption of Electric Vehicles (EV) has also created a demand for the development of charging infrastructure in cities globally. Due to this, it provides energy storage and creates new revenue streams from EV batteries. These benefits will further boost the growth of the market during the forecast period.
Smart Cities Market Segmentation
Grand View Research has segmented the global smart cities market based on application, smart governance, smart utilities, smart transportation, and region:
Based on the Application Insights, the market is segmented into Smart Governance, Smart Building, Environmental Solution, Smart Utilities, Smart Transportation and Smart Healthcare.
- The smart transportation segment accounted for a market share of over 20% in 2021. The growing number of vehicles on the road, looming lack of traffic data management, and old infrastructure are some of the other factors anticipated to contribute to the segment growth.
- The smart governance segment is anticipated to witness a significant CAGR of 23.7% over the forecast period.
Based on the Smart Governance Insights, the market is segmented into City Surveillance, CCS, E-governance, Smart Lighting, and Smart Infrastructure.
- The city surveillance segment accounted for a market share of over 20% in 2021.
- The Command and Control Center (CCC) segment is expected to witness a significant CAGR of 21.4% over the forecast period.
- The CCC center is used to access and monitor smart city applications, such as waste management solutions, smart lighting, energy management, city surveillance, Intelligent Traffic Management System (ITMS), and smart parking.
Based on the Smart Transportation Insights, the market is segmented into Intelligent Transportation System, Parking Management, and Smart Ticketing & Travel Assistance.
- The Intelligent Transportation System (ITS) segment accounted for the largest share of over 45% in 2021.
- The increasing number of vehicles on the road and the need to reduce traffic congestion are also key factors in deploying advanced traffic management systems.
- The parking management segment is anticipated to witness a significant CAGR of 24.6% over the forecast period.
Based on Smart Utilities Insights, the market is segmented into Energy Management, Water Management, and Waste Management.
- The energy management segment held the leading revenue share of more than 55% in 2021.
- The growing energy demand has sparked the adoption of virtual power plants, which operate on Artificial Intelligence, machine learning, and IoT to provide security and efficiency.
- The water management segment is expected to witness a significant growth of a CAGR of 23.8% over the forecast period.
Smart Cities Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
Market players are observed to invest resources in R&D activities to support growth and enhance their internal business operations. Companies can be seen engaging in mergers & acquisitions and partnerships to further upgrade their products and gain a competitive advantage. They are effectively working on new product development, and enhancement of existing products to acquire new customers and capture more market shares.
Some prominent players in the Global Smart Cities market include:
- ABB Limited
- AGT International
- AVEVA Group plc.
- Cisco Systems, Inc.
- Ericsson
- General Electric
- Honeywell International Inc.
- International Business Machines Corporation
- Itron Inc.
- KAPSCH Group
- Huawei Technologies Co., Ltd.
- Microsoft Corporation
- Oracle Corporation
- Osram Gmbh
- SAP SE
- Schneider Electric SE
- Siemens AG
- Telensa
- Verizon
- Vodafone Group plc
Order a free sample PDF of the Smart Cities Market Intelligence Study, published by Grand View Research.
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