Authored By: Sarah
28 Oct 2023

 Smart City Market to exhibit growth at a CAGR of 24.53% with Europe leading the market growth through 2023-2027

Smart City Market is a billion-dollar industry in the making with forecasted revenue growth of USD 288.7 billion between 2022 and 2027 accelerating at a CAGR of 24.53%. The rise in IT consolidation and modernization improved global broadband connectivity, and increased investment in smart cities has propelled the market advancement of the Smart City Market globally.

Navigating through the Smart City Market Segmentation: Technavio’s report captures the smart city market as per segmentation depending on several factors be it type, fastest-growing segment, fastest-growing region, or the overall geography of the market landscape.

  • The overall market can be segmented by application (smart infrastructure, smart energy, smart mobility, smart security, and others), component (hardware, software, and services), and geography (Europe, North America, APAC, South America, and the Middle East and Africa). 
  • When it comes to geographical segmentation growth  Europe is projected to contribute 37% to the global market owing to the high concentration of top vendors such as BT, Vodafone, and Deutsche Telekom, that are competing to release their smart technology products in the region and many more factors. 

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Smart City Market Segmentation Analysis


Key Companies: ABB Ltd., Accenture Plc, Alphabet Inc., Cisco Systems Inc., International Business Machines Corp., LG Electronics Inc., Microsoft Corp., Oracle Corp., SAP SE, and Siemens AG among others are some of the few key companies in the market landscape.

For instance, Abb offers smart city solutions such as smart buildings, e-mobility, energy management, and data centers. also as per past data In July 2021, ABB Ltd acquired ASTI Mobile Robotics Group to drive the next generation of flexible automation. In June 2021, the company partnered with Axpo on a project aimed at making green hydrogen more accessible and affordable.

Track down a detailed analysis of the prevalent market forces, trends, and drivers which are likely to impact the market in focus along with qualitative and quantitative analyses of companies with a wider understanding of the business ecosystem. Download the report Smart City Market for all the insights

Quick Info: Smart cities include features like integration of smart technologies and intelligent solutions, aimed at enhancing the quality of life in a sustainable manner. It utilizes data captured from connected infrastructure, individuals, and vehicles to generate valuable insights and patterns.

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