Smart City Market size to grow by USD 288.7 billion from 2023 to 2027, the growing smartphone penetration and use of 5G technology globally to boost market growth - Technavio
NEW YORK, June 8, 2023 /PRNewswire/ -- The smart city market size is estimated to increase by USD 288.7 billion from 2023 to 2027, with a CAGR of 24.53%, according to a recent market study by Technavio. This report also offers a 5-year historical (2017-2021) data projection of market size, segmentation, and region. Discover some insights on market size before buying the full report -Request a sample report
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak. The Bargaining Power of Buyers & Suppliers and the Threat of New Entrants, Rivalry, and Substitutes have also been analyzed and rated between LOW-HIGH to provide a holistic view of market favorability.
The smart city market report also offers information on the criticality of inputs, R&D, CAPEX, technology, and products of 15 vendors listed Below -
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, Sierra Wireless Inc., and Signify NV Download a Sample Report
Smart City Market - Segmentation
The market is 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 Middle East and Africa)
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Smart City Market - Market Dynamics
The consolidation of IT systems within organizations plays an important role in improving operational efficiency and achieving economies of scale. This ongoing trend of consolidating IT infrastructures, including data centers and networking systems, compels C-suite executives to implement advanced IT service delivery models such as shared and managed IT services. The constant change in technology and the necessity for IT modernization across various industry verticals like telecom, manufacturing, BFSI, and healthcare are key factors that drive the adoption of IT services and the execution of projects for smart cities.
The proliferation of smart city projects in emerging economies is the major trend in the global smart city market. While developed economies in North America and Europe have been focusing on smart city development for several years and have implemented various projects, emerging economies are now adopting smart city initiatives at a higher rate. Countries such as China and India, experiencing rapid urbanization, are witnessing the roll-out of smart city projects. The implementation of smart city infrastructure projects helps end-users like government agencies, healthcare providers, and transportation service providers to respond more efficiently to the challenges. This development shows the growing significance of smart city solutions in meeting the demands of emerging economies.
The high cost of upgrading smart grids is a major challenge to the global smart city market growth. The high cost of upgrading smart grids is expected to restrict the growth of the global smart city market during the forecast period. Upgrading smart grids involves high costs which includes additional investments in power delivering systems, distribution systems, replacement of transmission lines, substation digitalization, and digital controls. As a result, power utilities and independent power producers face the prospect of huge initial capital investment. Hence, these factors will affect the growth of the market during the forecast period.
Smart City Market - Geographic Analysis
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What are the key data covered in this Smart City Market report?
The Smart City Platform Market is expected to grow by USD 70.56 billion during 2022-2026, accelerating at a CAGR of 26.18% during the forecast period. Furthermore, this report extensively covers smart city platform market segmentation by application (smart infrastructure, smart building, smart utilities, and others) and geography (North America, Europe, APAC, MEA, and South America). The adoption of building automation software is one of the factors driving the Smart City Platform Market growth.
The smart city information and communication technologies (ICT) infrastructure market is estimated to grow at a CAGR of 21.15% between 2022 and 2027. The size of the market is forecast to increase by USD 98.9 billion. This report extensively covers market segmentation by component (smart utilities, smart transport, smart home and building, and others), application (communication, transportation, express, government, and education), and geography (Europe, North America, APAC, Middle East and Africa, and South America). increase in IT consolidation and modernization is the key factor driving the growth of smart city information and communication technologies (ICT) infrastructure market.
Table of Contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Component
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
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