Smart Cities Market Expected to Witness a Sustainable Growth over 2030: Grand View Research Inc.

 Smart Cities Market Growth & Trends

The global smart cities market size is expected to reach USD 6,965.02 billion by 2030, registering a CAGR of 24.2% in the forecast period, according to a new report by Grand View Research, Inc. The market growth can be attributed to rapid favorable government initiatives worldwide and the emergence of technologies, such as Artificial Intelligence (AI) and the Internet of Things (IoT). This has encouraged several countries to invest in smart city projects to manage infrastructure and assets. Further, the increasing adoption of Electric Vehicles (EV) has also created a demand for the development of charging infrastructure in cities globally. Due to this, it provides energy storage and creates new revenue streams from EV batteries. These benefits will further boost the growth of the market during the forecast period.

The market is at present witnessing a high investment in smart security, smart metering for utilities, integrated traffic management systems, and smart mobility. Several technologically innovative cities use IoT platforms to monitor their infrastructure, manage traffic flows, water management, parking, and air quality, and use the generated smart data to handle longer-term decisions for environmental sustainability. Furthermore, the increase in greenhouse gas emissions and traffic congestion is driving the adoption of smart mobility and effective energy management applications. These factors will further boost the growth of the market during the forecast period.

The market for smart cities covers several industry verticals, such as transport, water, healthcare, energy, and security. However, the cost incurred in transforming the present infrastructure acts as a restraint for several governments to continue huge investments in various sectors and departments for effective smart city projects, which may hamper the market growth. Several government bodies are investing in smart cities to improve their global and regional competitiveness to improve business, attract new residents, and make informed decisions with the help of available technologies. This will supplement the growth of the market over the forecast period.

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Smart Cities Market Report Highlights

• The smart utilities segment is expected to witness a considerable CAGR of 22.9% over the forecast period. The rising investments in smart grid systems are driving the growth of the segment. Governments worldwide are deploying smart solutions, such as Advanced Metering Infrastructure (AMI), to automate the existing operations. The adoption of these advanced solutions will supplement the growth
• The smart infrastructure segment is anticipated to register a CAGR of 24.3% over the forecast period. The substantial growth of smart community services, which provide advanced infrastructures, such as transportation, data centers, energy, and buildings, is driving the segment growth. For instance, in June 2021, a B2B media company, Endeavor Business Media, LLC introduced smart building technology, which would take integrated intelligence into existing commercial buildings and new constructions
• The waste management segment captured a market share of over 20% in 2021. Numerous waste management companies are installing sensors, data visualization platforms, and network infrastructure to generate actionable insights and make informed decisions. The adoption of these smart technologies in waste management will supplement the growth of the segment during the forecast period
• The smart ticketing & travel assistance segment is expected to witness a significant CAGR of 23.4% over the forecast period. The increasing adoption of innovative technologies, such as Quick Response (QR) code, Radio Frequency Identification (RFID), Near Field Communication(NFC), and local wireless ticketing have enabled the key players to provide smart solutions across various sectors including, transportation, BFSI, and healthcare
• The Asia Pacific regional market is anticipated to register a significant CAGR of 27.7% during the forecast period. The regional can be attributed to the rapid economic developments, digitalization, globalization, and the rising proliferation of smartphones

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Smart Cities Market Segmentation

Grand View Research has segmented the global smart cities market based on application, smart governance, smart utilities, smart transportation, and region:

Smart Cities Application Outlook (Revenue, USD Million, 2017 - 2030)

• Smart Governance
• Smart Building
• Environmental Solution
• Smart Utilities
• Smart Transportation
• Smart Healthcare

Smart Cities Smart Governance Outlook (Revenue, USD Million, 2017 - 2030)

• City Surveillance
• CCS
• E-governance
• Smart Lighting
• Smart Infrastructure

Smart Cities Smart Utilities Outlook (Revenue, USD Million, 2017 - 2030)

• Energy Management
• Water Management
• Waste Management

Smart Cities Smart Transportation Outlook (Revenue, USD Million, 2017 - 2030)

• Intelligent Transportation System
• Parking Management
• Smart Ticketing & Travel Assistance

Smart Cities Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America
  • US.
  • Canada
• Europe
  • Germany
  • France
  • UK.
  • Italy
  • Spain
  • Russia
  • Nordic Region
  • Eastern Europe
• Asia Pacific
  • Australia
  • China
  • India
  • Japan
  • ASEAN
• Latin America
  • Brazil
  • Mexico
• Middle East & Africa

List of Key Players in the Smart Cities Market

• ABB Limited
• AGT International
• AVEVA Group plc.
• Cisco Systems, Inc.
• Ericsson
• General Electric
• Honeywell International Inc.
• International Business Machines Corporation
• Itron Inc.
• KAPSCH Group
• Huawei Technologies Co., Ltd.
• Microsoft Corporation
• Oracle Corporation
• Osram Gmbh
• SAP SE
• Schneider Electric SE
• Siemens AG
• Telensa
• Verizon
• Vodafone Group plc

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.