Smart City Market Size to Grow by USD 151.99 billion, the increasing government investments in IT infrastructure is one of the factor to drive the market growth - Technavio

NEW YORK, Oct. 23, 2023 /PRNewswire/ -- The Smart City Market Forecast and Analysis 2021-2025" report has been added to Technavio's offering. With ISO 9001:2015 certification, Technavio is proudly partnering with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the smart city market between 2020 and 2025 is USD 151.99 billion, as per the latest market analysis report by Technavio. The report predicts the market to witness an accelerating growth momentum at a CAGR of 19.43%. The growth in the global IT spending market will be driven by factors such as increasing government investments in IT infrastructure, growing demand for Internet of Things (IoT) devices, and growing demand for passive electronic components. The analysts predicted a YOY growth of 18.40% in 2021. Our report provides extensive information on the value chain analysis for the smart city market, which vendors can leverage to gain a competitive advantage during the forecast period. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

For more insights on scope and value chain analysis, Read FREE Sample Report

Key Market Dynamics:

• Market Driver: The increase in IT consolidation and modernization is one of the key factors driving the global smart city market growth. The continual change in technology and the need for IT modernizations in numerous industry verticals such as manufacturing sectors are the key factors driving the adoption of IT services and the deployment of smart city projects for providing better connectivity and sustainability. The public sector is adopting IT services and implementing IT service policies, as they help align the operational processes associated with IT and business strategy and reduce the cost. The emerging trends in IT consolidation are creating huge job opportunities for youth around the world, leading to the migration of talent.
• Market Challenge: High cost of upgrading smart grids Is one of the key challenges to the global smart city market growth.
  The costs involved in upgrading smart grids include additional investments in distribution systems, replacement of transmission lines, power delivering systems, substation digitalization, and digital controls. The aging power infrastructure of these utilities and their growing need for renewable power grid integration will increase their grid renovation budgets in the coming years. The power utility providers are reluctant to upgrade their power grids to make them compatible with smart grid data management solutions because of the high costs involved. This is expected to have a significant impact on the growth of the global smart city market.

To learn about additional key market dynamics and their impact analysis. Request for FREE Sample Report!

Key Market Segment Insights:

The smart city market report is segmented by Application (smart infrastructure, smart energy, smart mobility, smart security, and others) and Geography (Europe, North America, APAC, South America, and MEA).

Revenue-generating Segment Analysis: The smart city market share growth in the smart infrastructure segment will be significant during the forecast period. The growth is attributed to the increasing industrial development, commercialization, and awareness of effective utilization of energy and building optimization. Rapid strides in technology innovation will further propel the adoption of smart infrastructure as the systems can deploy Internet of Things (IoT), analytics, and cloud computing for effective monitoring, controlling, and operating building.

Regional Opportunities: 37% of the market's growth will originate from Europe during the forecast period. The UK, Germany, and Spain are the key markets for smart cities in Europe. However, the market growth rate in this region will be slower than the growth of the market in the South American, APAC, and MEA regions. The availability of high-speed wireless networks and increased connected devices such as smartphones and IoT penetration will facilitate the smart city market growth in Europe over the forecast period

View our sample report for additional insights into the contribution of all the segments and regional opportunities

Some Companies Mentioned with their Offerings

• ABB Ltd.
• Accenture Plc
• Alphabet Inc.
• Cisco Systems Inc.
• HP Inc.
• International Business Machines Corp.
• LG Electronics Inc.
• Microsoft Corp.
• Oracle Corp.
• SAP SE
• Siemens AG
• Access extensive vendor profiles and their strategic initiatives, Download Sample PDF Report

Related Reports:

Metaverse Real Estate Market by End-user and Geography - Forecast and Analysis 2022-2026

Smart City Platform Market by Application and Geography - Forecast and Analysis 2022-2026

Smart City ICT Infrastructure Market by Component and Geography - Forecast and Analysis 2022-2026

Key Topics Covered:

• Executive Summary
• Market Landscape
• Market Sizing
• Five Forces Analysis
• Market Segmentation by Application
• Customer landscape
• Geographic Landscape
• Vendor Landscape
• Vendor Analysis
• Appendix

About US

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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