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

Rising urban population, growing safety concerns, and emerging need for effective utilization of resources are expected to augment the smart cities market size. According to the Consumer Technology Association, the total expenditure on smart city developments is projected to reach USD 34.35 billion, by 2020. Increasing adoption of advanced technologies including cloud computing, cognitive computing, big data analytics, and open data along with the enforcement of Original Brand Manufacturer (OBM), Bill of Material (BOM), and Build-Own-Operate (BOO) will further strengthen the smart cities market size.

In addition, growing adoption of smart cities in various regions aided by increasing government digital cities initiatives and the need to minimize energy will propel the market growth. For instance, in 2021, the UAE government achieved a 100% paperless transformation under the Smart Dubai Plan 2021. Smart cities offer various advantages which include reduced environmental footprints, better transportation facilities and developed infrastructure, contributing to the Global Smart Cities Market growth. However, high investment required for the development of smart cities, growing safety concern, and increasing incidences of data theft are projected to impede the smart cities market share over the upcoming years.

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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:

• • In 2021, Siemens acquired Wattsense, a French vendor of plug-and-play IoT management systems. This acquisition is intended to expand Siemens’ building automation offering for small and medium-sized buildings.
  • In 2021, Hitachi collaborated with Bao Viet Insurance to support innovation in the insurance business using AI and medical big data. Bao Viet Insurance will deploy Hitachi’s technologies to improve health by projecting the risk of catching a disease in the future.
  • In 2020, Microsoft entered into a partnership with Honeywell to boost the performance and energy efficiency in enterprise. Honeywell decided to incorporate Microsoft Azure cloud platform and connect Microsoft Dynamics 365 with Honeywell Forge to use operational data.
  • In 2020, Cisco and Connexin entered into a partnership with Quantela for the establishment of smart cities in the UK. Sheffield’s highway network adopted the UK’s latest IoT-based smart city technology. This solution is developed on the CityOS platform, integrating the best of breed capabilities from Cisco Kinetic and Atlantis smart city solutions from Quantela.
  • 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?

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)
    • By Solution
    • US Market All-Up
    • Canada Market All-Up
  • Europe Smart Cities Market (Option 2: As a part of the free 25% customization)
    • 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)
    • 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)
    • 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.