Smart Cities Market forecast to reach USD 1 Trillion by 2027 at a CAGR of 14.2% over the forecast period.

Introduction of the Smart Cities Market Report

Smart cities refers to the use digital and telecommunication technologies to improve the efficiency of urban services and generate new economic opportunities in cities. The smart cities help in better use of resources with smarter urban transport networks, safer public spaces, upgraded water supply and waste disposal facilities, and more efficient building infrastructure, and more interactive and responsive city administration.

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Market Dynamic

Key Drivers and Emerging Trends

The rising urban population, increasing demand for public safety, and growing government initiatives in developing smart transportation, smart utilities, smart buildings, and smart education services are expected to drive the growth of the smart cities industry during the forecast period. Additionally, increasing availability of low-cost internet of things (IoT) sensors, artificial intelligence (AI) and distributed hybrid multi-cloud architectures is further contributing to smart city market size around the globe. Moreover, according to the United Nations, 68% of the world population is projected to live in urban areas by 2050. Rising traffic congestion, water and electricity shortage, and public safety owing to the rapid urbanization is anticipated to boost the demand for smart cities globally. Furthermore, smart cities offer several advantages that include reduced environmental footprints, improved transportation, increased digital equity, efficient public utilities, improved infrastructure, and efficient distribution of resources among other benefits. This is likely to contribute to the growth in the demand of the global smart cities market.

Restraint in the Smart Cities Market

However, high significant initial investment requirements for the development of smart cities is one of the major factors expected to restraint the smart cities market size growth. Moreover, increasing privacy and security concern, rising cases of data theft, and high dependency on electronics and networks are further expected to hamper the smart city industry growth over the forecast period.

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Solution – Segment Analysis

Based on solution, smart mobility management segment is expected to account for a significant share in the market owing to the increasing demand for an effective, safe and secure public transport systems, integrated with mobility-as-a-service (MaaS) across the world. Rising concerns pertaining CO2 emissions of road transport and growing adoption of autonomous, connected, electric, and shared vehicles is further supporting the market growth.

On the other hand, the smart healthcare market segment is anticipated to witness notable growth rate during the forecast period. This is primarily due to the increasing adoption of digital healthcare platforms including, mobile nursing station, remote patient monitoring, and smart drug picking system, among others. Some of the prominent companies including OSPLabs, Mindbowser Infosolutions, HQSoftware, and Biz4intellia Inc. offer IoT healthcare solutions and services, which is likely to contribute to the growth of the market.

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Regional – Segment Analysis:

Based on region, Asia-Pacific is projected to witness a significant growth over the forecast period owing to growing urban demographics, rapid cities expansion, and increasing public private partnership (PPP) for the development of infrastructure and services in the region. Moreover, several government smart cities projects including Smart Cities Mission, India; Taipei Smart City Living Lab project, Taiwan; Haikou City Brain, China, among others projects is further accelerating the smart cities market growth in the region.

Top Market Players

Several Leading players operating in the market, include, Honeywell International Inc., SAP SE, ABB Ltd., Emerson Electric Co., Schneider Electric SE, International Business Machines Corporation, Cisco Systems, Inc., Siemens AG, Koninklijke Philips N.V., and Alphabet, Inc., among others. 

Key Developments:

• • Honeywell partnered with SAP SE for the development of cloud-based business and operational technology data to improve building performance. Honeywell Forge and the SAP Cloud for Real Estate solution will be integrated to provide corporate real estate owners and building operators with aggregated financial and operational intelligence and solutions for building performance optimization, including reduced carbon footprint and lower energy costs, as well as improved tenant experience.
  • In 2019, Royal Philips, one of the leading health technology provider and a part of Koninklijke Philips N.V., launched Sentry Score, the Clinical Performance Applications in the Philips eCareManager enterprise telehealth software platform. Sentry Score is a predictive algorithm for the adult intensive care unit (ICU) providing deeper insights into the patient’s trajectory, which can provide the opportunity for earlier intervention.

Segments covered in the Report:

The global Smart Cities Market has been segmented on the basis of solution, and key regions. Based on solution, the market is segmented into smart mobility management, smart public safety, smart healthcare, smart building, smart utilities, smart security, smart education, and others. 

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Key questions answered in this research report:

• • At what pace is global Smart Cities Market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Smart Cities Market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Smart Cities Market?
  • Which solution generated maximum revenues in 2019 and identify the most promising solution during the forecast period?
  • What are the various solutions of global Smart Cities Market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues (2027)	USD 1 Trillion
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Solution, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Honeywell International Inc., SAP SE, ABB Ltd., Emerson Electric Co., Schneider Electric SE, International Business Machines Corporation, Cisco Systems, Inc., Siemens AG, Koninklijke Philips N.V., and Alphabet, Inc., among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Smart Cities Market by Solution

• • Smart Mobility Management
  • Smart Public Safety
  • Smart Healthcare
  • Smart Building
  • Smart Utilities
  • Smart Security
  • Smart Education
  • Others

Global Smart Cities Market by Region

• • North America Smart Cities Market (Option 1: As a part of the free 25% customization)
    • North America Market by Solution
    • US Market All-Up
    • Canada Market All-Up
  • Europe Smart Cities Market (Option 2: As a part of the free 25% customization)
    • Europe Market by Solution
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Smart Cities Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Market by Solution
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Smart Cities Market (Option 4: As a part of the free 25% customization)
    • RoW Market by Solution
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Smart Cities Market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Honeywell International Inc.
  • SAP SE
  • ABB Ltd.
  • Emerson Electric Co.
  • Schneider Electric SE
  • International Business Machines Corporation
  • Cisco Systems, Inc.
  • Siemens AG
  • Koninklijke Philips N.V.
  • Alphabet, Inc.