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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 Share
Based on solution, the global smart cities market demand is driven by smart transportation.
Smart transportation holds a major share in the global smart cities market. This is due to increasing ancillary investment in smart infrastructure, together with advancements in high-end mobility solutions, such as driverless cars and digital rails. Growing digitization of payments and acceptance of e-tickets is also likely to boost this market segment. Given the increasing focus of governments around the globe on developing smart mobility systems, which are intelligent and user-friendly while promoting safety, the share of the smart transportation segment is anticipated to grow further in the forecast period.
Europe is expected to grow with a high CAGR in the global smart cities market.
Europe is expected to witness the highest growth in the global smart cities market due to increasing emphasis on clean energy transition, socioeconomic equity, and sustainability. The cities of Barcelona, London, Berlin, and Amsterdam are totally committed to the imperative of ICT technologies aimed at carbon neutrality, an ageing population's needs, and appealing job opportunities. As improvements in transit infrastructure, renovation of aging systems, and growth in the uptake of smart solutions such as smart meters are visualized to remain major market drivers through the years ahead, some market trends have started to respond to these needs.
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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