Latest News- Smart City Market: Smart infrastructure is expected to lead the Application segment during 2025-2029

The Smart City Market is being driven by Increase in IT consolidation and modernization

The Smart City Market is expected to grow at a CAGR of 21.5% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 332.5 billion. In developed economies of North America and Europe, the implementation of smart city technologies has been underway for over a decade, resulting in numerous successful projects. The Asia-Pacific region, marked by rapid urbanization and mass migration, is currently the fastest-growing market for smart city innovations. Emerging economies, such as India and China, are in the planning phase and are launching pilot projects, including the Indian government's initiative to develop 100 smart cities. The urban population growth in Asia necessitates the development of advanced infrastructure, particularly in emerging countries, creating significant opportunities for smart city technology adoption.

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

Application
- Smart infrastructure
- Smart energy
- Smart mobility
- Smart security
- Others
Component
- Hardware
- Software
- Services
Technology
- IoT (Internet of Things)
- AI (Artificial Intelligence)
- Big Data Analytics
- Cloud Computing
- Cybersecurity
- Communication Technologies (5G, LoRaWAN, NB-IoT)
- Sensor Networks
Industry Vertical
- Smart Transportation
- Smart Utilities
- Smart Buildings
- Smart Governance
- Smart Healthcare
- Smart Education
- Smart Public Safety
- Smart Infrastructure
Geography
- Europe
  - Germany
  - UK
  - France
  - Italy
- North America
  - Canada
  - US
- APAC
  - China
  - India
  - Japan
- South America
  - Brazil
  - Argentina
- Middle East and Africa
  - Egypt

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:

Increase in IT consolidation and modernization
Enhanced global broadband connectivity
Growing investment in smart cities

However, the market also witnesses some limitations, which are as follows:

High cost of upgrading smart grids
Data privacy and security concerns
Technological adaptability

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Market Scope in Smart City Market Research Report

Market Scope
Report Coverage	Details
Page number	218
Base year	2024
Historic period	2019-2023
Forecast period	2025-2029
Growth momentum & CAGR	Accelerate at a CAGR of 21.5%
Market growth 2025-2029	USD 332.5 billion
Market structure	fragmentation
YoY growth 2024-2025(%)	19.4
Key countries	US, Canada, Germany, UK, Italy, France, China, India, Japan, Brazil, Egypt, UAE, Oman, Argentina, KSA, UAE, Brazil, Rest of World (ROW), US, Germany, UK, France, Canada, China, Spain, Brazil, Japan, and India
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks

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Research Analysis Overview

In a Smart City, networked sensors and data visualization dashboards facilitate real-time traffic monitoring, emergency response systems, and building energy management. Renewable energy sources, waste recycling programs, and public transport optimization are key components, along with air quality monitoring, urban design principles, and parking space availability. Smart City infrastructure includes 3D city modeling, home automation systems, street lighting control, water conservation techniques, and green infrastructure design. Urban resilience planning utilizes community engagement tools, open data portals, and autonomous vehicle integration. Advanced technologies like machine learning algorithms, edge computing applications, 5G network deployment, blockchain-based solutions, solar energy integration, and smart grid management ensure data-driven decision making, security, and efficiency.

Market Research Overview

The Smart City Market, as identified by Technavio, falls under the broader umbrella of the Global Technology Hardware, Storage, and Peripherals Market within the Information Technology sector. This market encompasses the manufacturing of various hardware devices, equipment, and components, including IoT sensor networks, smart traffic management systems, and data analytics platforms. The Global Technology Hardware, Storage, and Peripherals Market is expected to expand significantly due to the increasing 4Vs (Volume, Velocity, Veracity, and Variety) of data, necessitating advanced data storage solutions and driving the demand for smart city infrastructure.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

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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