Authored By: Sarah
07 Jul 2024

 Smart City Market Size to grow by USD 345.8 billion between 2024-2028

According to a research report “ Smart City Market” by Application (Smart infrastructure, Smart energy, Smart mobility, Smart security, Others) Component (Hardware, Software, Services) Geography (Europe, North America, APAC, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 345.8 billion, at a CAGR of  24.81% during the forecast period. IT consolidation within organizations is a strategic initiative aimed at enhancing operational efficiency and realizing economies of scale. This trend, which includes the convergence of data centers and networking systems, necessitates the adoption of advanced IT service delivery models such as shared and managed services. The manufacturing, BFSI, telecom, and healthcare sectors, among others, are undergoing significant technological changes and require IT modernization. Additionally, the widespread use of social media and mobile devices, along with the focus on upgrading IT infrastructure, are major catalysts fueling the expansion of the global IT services market.

Browse market data tables, figures, and in-depth TOC on “Smart City Market” by Application (Smart infrastructure, Smart energy, Smart mobility, Smart security, Others) Component (Hardware, Software, Services) Geography (Europe, North America, APAC, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample

 

By Application, the Smart infrastructure segment is projected to dominate the market size in 2024

In the realm of urban development, Smart Cities represent the cutting-edge innovation, integrating technology to enhance infrastructure and services. This market encompasses solutions for energy efficiency, transportation management, public safety, and citizen engagement. Smart City initiatives yield significant cost savings, improved quality of life, and sustainable growth for municipalities and businesses alike. Investment in this sector offers lucrative opportunities for technology providers, consultants, and infrastructure developers.

By Component, Hardware  segment is expected to hold the largest market size for the year 2024

In the realm of urban development, Smart Cities represent the cutting-edge innovation, integrating technology and infrastructure for enhanced livability, sustainability, and efficiency. The Smart City Market encompasses solutions and services that enable seamless integration of IoT, data analytics, and connectivity to optimize city operations and improve citizen services. This market is poised for significant growth, driven by increasing urbanization and the demand for smarter, more sustainable cities.

Europe is forecasted to hold the largest market size by region in 2024

In the realm of urban development, Smart Cities represent the pinnacle of technological innovation and sustainable growth. These cities leverage IoT, data analytics, and advanced technologies to enhance infrastructure, improve public services, and foster economic growth. The Smart City Market is experiencing significant expansion, driven by increasing demand for efficient, connected, and livable urban environments. This market encompasses various sectors, including transportation, energy, healthcare, and security, offering lucrative opportunities for businesses and investors.

The Smart City Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • ABB Ltd.
  • Accenture Plc
  • Aeris Communications Inc.
  • Alphabet Inc.
  • Cisco Systems Inc.
  • General Electric Co.
  • Hewlett Packard Enterprise Co.
  • Hitachi Ltd.
  • Honeywell International Inc.
  • Huawei Technologies Co. Ltd.
  • International Business Machines Corp.
  • Itron Inc.
  • LG Electronics Inc.
  • Microsoft Corp.
  • Oracle Corp.
  • SAP SE
  • Schneider Electric SE
  • Siemens AG
  • Semtech Corp.
  • Signify NV
.

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Research Analysis Overview

The Smart City market is witnessing significant growth as cities around the world invest in advanced technologies to enhance public safety and improve urban living. Two leading examples of this trend are Chengdu in China and Amsterdam in the Netherlands. These cities are leveraging drones equipped with AI access and rapid video analytics to monitor public spaces and respond to emergencies in record time. Public safety officials are using gunshot detection sensors and video cameras to detect and respond to threats, while data-driven policing and facial recognition systems help prevent crime. Government backing for large-scale investments in smart city solutions is driving the adoption of cost-effective systems, such as traffic safety solutions and environmental monitoring. However, integration complexities remain a challenge as cities seek to integrate various urban sources and technologies. Smart city technologies, including AI, drones, and environmental monitoring, offer long-term cost savings and crime-fighting capabilities. Amsterdam, for instance, is using environmental monitoring to improve resource management and promote environmental sustainability. Chengdu, on the other hand, is focusing on traffic safety and emergency response protocols to enhance public safety. Ultimately, the success of smart city initiatives depends on the ability to balance public safety with privacy concerns and ensure transparency and accountability. As cities continue to invest in smart city solutions, it is essential to prioritize citizen safety, privacy, and environmental sustainability.

Market Research Overview

In the digital era, urban management is undergoing a transformative potential with the integration of novel technologies such as network slicing, cloud edge computing, and advanced metering solutions in the smart city market. Network operators are investing heavily in telecommunications infrastructure to support these technologies, enabling capacity planning, analysis of losses, revenue assurance, and billing processes through a unified repository. The smart city landscape is expanding beyond utilities-related information to include the smart healthcare market, where healthcare organizations, care providers, and patients benefit from smart healthcare solutions for care delivery and innovations in the modern healthcare landscape. Connectivity and digitalization are key drivers, with cost savings and sustainable urban development as major functions. Smart city initiatives encompass smart grids for electrical efficiency, traffic management, public safety, and more. Facility managers, building owners, city managers, and decision-makers rely on extensive data for optimization and cost savings. Integration complexities and maintenance costs are addressed through IT integration, networking, and big data analytics. Innovative business models and government backing are shaping the smart city market, with large-scale investments in existing infrastructure for long-term cost savings. Smart city solutions include gunshot detection sensors, video cameras, drones, AI access, and rapid video analytics for response times and public safety. The smart city market offers a wealth of opportunities for business leaders in areas such as energy savings, law enforcement responses, home security systems, and intelligent surveillance. Environmental monitoring and resource management are essential components of smart city technologies, contributing to environmental sustainability. The smart city market is a dynamic and evolving landscape, with ongoing advancements in areas such as traffic safety, crime-fighting capabilities, and emergency response protocols. Citizens are increasingly engaged in the smart city ecosystem, with surveillance and public safety as key concerns. The smart city market is poised to revolutionize urban management and improve the quality of life for citizens in Chengdu, Amsterdam, and beyond.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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