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Report Overview
The global smart cities market value reached approximately USD 1.14 trillion in 2023. The market is assessed to grow at a CAGR of 15.3% between 2024 and 2032 to attain a value of around USD 4.14 trillion by 2032. Growing urbanisation coupled with increasing investment in digital technologies in infrastructure sector is booting the smart cities market growth.
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Smart Cities Market Analysis
The smart cities industry value is still emerging but growing, and varied depending on regional needs which require corresponding approaches. Currently, the smart city concept is modernising in developed areas, especially in North America and Europe, with the primary goals of raising energy use efficiency, enhancing public transportation, and optimizing waste administration. In contrast, the developing markets of Asia-Pacific, Latin America and Africa are employing the same for impacting basic needs of communities such as water, safety, and infrastructure. Hence, the smart cities market demand is varied based on the regional needs and their primary areas of focus.
Europe is a keen market for smart cities industry due to its rigorous environmental standards and sustainability. For instance, Horizon 2020, which is a research and technological development program of the European Union, has committed more than USD 73.5 billion for smart city interventions intended to enhance the quality of urban life, and lower carbon content.
However, the fastest growth rate during the forecast period will be experienced in Asia-Pacific region. China, Japan and other similar Asian countries are investing on smart city solutions to address the increasing population density in large human settlements. Currently, there are more over 500 cities involved in China's Smart city pilot project, covering smart transport, smart health, smart energy, etc.
Smart Cities Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global smart cities market attained a value of nearly USD 1.14 trillion.
The market is projected to grow at a CAGR of 15.3% between 2024 and 2032.
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach about USD 4.14 trillion by 2032.
The major market drivers the growing implementation of smart transportation solutions and the rising urbanisation.
The growing trend of sustainability, advancements in technologies and 5G infrastructure, and surging attempts to enhance social equity in cities are the key trends aiding the market growth.
The market is broken down into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
The market is broken down into services, software, and hardware.
The competitive landscape consists of Cisco Systems, Inc., ABB Limited, Siemens AG, Honeywell International Inc., Huawei Technologies Co. Ltd., Microsoft Corporation, IBM Corporation, Oracle Corporation, Schneider Electric SE, Hitachi Ltd, Intel Corporation, AT&T Communications, LLC among others.
Based on solution, the market is broken down into smart transportation, smart building, smart utilities, smart public safety, smart healthcare, smart security, smart education, and others.
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