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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Market Share by Solution
Smart transportation accounts for a significant smart cities market share, attributed to increasing investments in intelligent streets and the development of advanced smart mobility solutions like autonomous vehicles and digital railways. The rising trend of digitisation of payments and the growing popularity of e-tickets are also likely to aid the segment’s growth. With governments globally investing in intelligent, safe, and user-friendly smart mobility, the segment is anticipated to expand in the forecast period.
Market Share by Region
As per the smart cities market analysis, Europe has pioneered the smart city movement due to the increased focus on clean energy transition, socioeconomic equity, and sustainability. Cities like Barcelona, London, Berlin, and Amsterdam have extensively deployed ICT technologies to achieve carbon neutrality, support the rising ageing population, and create attractive job opportunities. Besides, improving transit infrastructure, renovation of ageing infrastructure, and the growing implementation of smart solutions like smart meters in cities are likely to further aid the market in the coming years.
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 market attained a value of nearly USD 1.14 trillion.
The market is assessed to grow at a CAGR of 15.3% between 2024 and 2032.
The market is estimated to witness a 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 major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The significant components of smart cities are services, hardware, and software.
The major players in the market are 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, Nokia Corporation, Koninklijke Philips NV, and Verizon Communications Inc., among others.
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