Market Overview:

The global smart cities market size was significantly robust in 2020 and is expected to register a steady revenue CAGR over the forecast period. Key factors driving market revenue growth are rising demand for public safety, rapid urbanization, and supportive government initiatives to develop advanced video surveillance, DNA phenotyping, and real-time license plate and facial recognition solutions employed for public safety in smart cities, emphasizing the need for monitoring to safeguard people safety.

A smart city is an urban area that collects and analyses utilization data and uses insights gained to efficiently manage assets, resources, and services using emerging technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), Big Data, cloud storage technology, and data analytics. Smart Transportation solutions give existing and future transportation infrastructure projects a much-needed boost, taking into account a variety of issues such as rising urban demographics and expanding environmental concerns.

Major Factors Driving Growth Of The Global Smart Cities Market:

Telecommunications infrastructure, as well as its use for public safety, are critical to successful implementation of smart city projects. To achieve the notion of smart cities in an open and resource-efficient manner, every city must ensure that communication platforms are built and accessible. Every city aspiring to become smart must have access to contemporary, fundamental data connection infrastructure. Increasing focus on development of fixed networks, mobile networks, and dedicated networks for IoT applications are expected to contribute to market growth going ahead.

Factors Restraining Growth Of The Global Smart Cities Market:

The global smart cities market growth is substantially hampered by several unfavorable factors. Privacy and security are major considerations in smart city projects. Smart city ecosystem's overall vulnerability is significant because it is primarily reliant on IoT and central access points for varied data. Stakeholders, including security professionals and smart city designers, must handle privacy and security challenges in smart cities comprehensively to ensure that the problems do not spread to rest of the smart network.

Opportunities For Players Operating In The Global Smart Cities Market:

Urban areas consume a large part of world energy and are responsible for up to 80% of GHG emissions. Greater energy consumption leads to increased energy dissipation and carbon emissions, prompting urgent need for a more sustainable and efficient energy use. Electricity generation is responsible for over a quarter of CO2 emissions. Concerns about global warming and ozone depletion have led to increasing government efforts to minimize carbon footprint.  In addition, stronger laws to curb emissions in both developed and developing countries is expected to support market growth.

Global Smart Cities Market Revenue Led By Product Type Segment:

The distribution management system segment is expected to account for a steady revenue share over the forecast period. Utilities sector's distribution management system is managed by effective Demand Response Management (DRM). DRM enables utilities to manage and implement Demand Response (DR) programs using a single integrated system that can connect to commercial, industrial, and residential locations. DRM system is one of the most important peak load management techniques, having significant benefits in lowering energy supply and demand gap.

Global Smart Cities Market Leading Application/ End-Use Segment:

During the forecast period, smart public safety segment is expected to account for largest revenue share. Protection of its residents is a top priority for every government body. People place high value on government safety services, whether supplied at municipal, state, or federal level. Aerial systems, real-time crime reports, Integrated Emergency Management Systems (IEMS), and law enforcement video analytics are just a few of the instruments that can assist government officials in providing better protection to citizens. Smart cities are protected by public safety, and security systems and services that safeguard them from both cyber and physical attacks.

North America Accounts For Largest Revenue Share In Global Smart Cities Market:

Among regional markets, North America emerged as the largest market for smart cities in 2020, with the highest revenue share. Large-scale infrastructure modernization investments, as well as increasing adoption of automation technologies such as the Internet of Things (IoT) and Artificial Intelligence (AI) are some of the factors fueling market growth in this region.

Asia Pacific Continues To Lead In Terms Of Revenue CAGR:

The Asia Pacific Smart Cities Market is expected to register the fastest growth in CAGR over the forecast period. Although smart city adoption is currently low in this region, it has a great potential for market growth in the coming years. Factors such as presence of a large population, rapid economic development, and technical advancements for resource management and sustainable development are expected to contribute to market growth in this region. Countries such as China, India, Japan, and South Korea, are expected to provide0 potential opportunities for market players to strengthen their positions on account of supportive government policies that promote infrastructure development.

Major Companies Profiled In The Report:

  • Cisco Systems
  • IBM
  • Siemens AG
  • Schneider Electric
  • Ericsson
  • Vodafone
  • Itron Inc.
  • Verizon
  • Telensa
  • ABB
  • Honeywell International Inc.
  • SAP SE
  • KAPSCH Group
  • AGT International

Strategies And Objectives Of Major Companies:

  • In February 2020, Cisco and Connexin partnered with Quantela to accelerate creation of smart cities in the United Kingdom Sheffield's highway system that currently incorporates the most cutting-edge IoT-based smart city technologies. The CityOS platform, which combines Cisco Kinetic's best-of-breed capabilities with Quantela's Atlantis smart city technologies, provides foundation for this solution.
  • In November 2019, Quantela and Cisco launched outcome-based project finance. Quantela and Cisco collaborated to create a groundbreaking, market-disrupting project finance approach.
  • In April 2019. Sund & Blt, a company that owns and runs some of the world's largest infrastructure, teamed up with IBM to create an AI-powered IoT solution to assist clients manage and monitor bridges, tunnels, motorways, and railways. Sund & Blt might use the Maximo for civil infrastructure solution to help them run and repair critical public infrastructure more efficiently.

What Our Report Provides And Why Our Offering Is Better:

This report offers historical data points and forecasts and revenue growth at a global, regional, and country level, and provides analysis, industry trends, and consumption pattern details for each region, major country, and segment from 2018 to 2028. The global market report includes industry trends, drivers, restraints, opportunities, threats, market strategies, segment revenue, and market share contribution by each regional and country market. In addition, the report offers industry analysis and competitive landscape, company financials, and impact analysis. The report includes a detailed view of the global market, along with changing dynamics and trends, scenarios, detailed market and regional segmentation, regional landscape, analysis and evaluation, major investments, product offerings, product launches, and details of historical, current, and projected revenues.

Detailed Segmentation In Our Report:

For the purpose of this report, the global smart cities market is segmented on the basis of product type, application, and region:

Type Outlook (Revenue, USD Billion; 2018-2028)

  • Transportation
  • Buildings
  • Utilities
  • Citizen Services
  • Others

Application Outlook (Revenue, USD Billion; 2018-2028)

  • Security
  • Energy Management
  • Healthcare
  • Industrial Automation
  • Buildings
  • Smart Homes
  • Transportation
  • Others

Region Outlook (Revenue, USD Billion; 2018-2028)

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Benelux
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Rest of Latin America
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa
    • Rest of Middle East & Africa

Some points on how the report benefits stakeholders:

  • The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
  • Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
  • The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
  • The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
  • Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
  • The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.

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