Smart Cities Market - Trends Forecast Till 2028

Market Overview

The global Smart Cities Market size to grow from USD 457.0 billion in 2021 to USD 873.7 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 13.8% during the forecast period.

The purpose of the Smart Cities Mission is to drive economic growth and improve the quality of life of people by enabling local area development and harnessing technology, especially technology that leads to Smart outcomes.

Growing urbanization, need for efficient management and utilization of resources, demand for fast and efficient transport and commuting, public safety concerns, and increasing demand for a healthy environment with efficient energy consumption are some of the factors that have supported long-term expansion for Smart Cities Market.

COVID-19 has affected the healthcare and energy industries around the world. However, these industries are trying to adopt emerging technologies such as AI and IoT to overcome the challenges faced due to the pandemic. The adoption of e-health and e-government services and trends such as online education and remote work have increased, which has, in turn, resulted in a huge drop in traffic and pollution.

Regional Analysis

The APAC Smart Cities Market is estimated to have strong growth in the future. Government initiatives to promote the digital infrastructure are responsible for driving the adoption of smart city solutions in the region. APAC is expected to be the fastest-growing market owing to the rapid economic developments, globalization, digitalization, and the increased proliferation of smartphones.

Insights are provided for each region and major countries within the regions

Competitive Landscape

Key Players

• 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

Recent Developments

• In October 2021, Siemens acquired Wattsense, a French provider of plug-and-play IoT management systems. This acquisition expanded Siemens’ building automation offering for small and mid-sized buildings.
• In October 2021, Hitachi partnered with Bao Viet Insurance to drive innovation in the insurance business using AI and medical big data. Bao Viet Insurance would use Hitachi’s technologies to improve health by predicting the risk of developing a disease in the future.

Reasons to Acquire

• Increase your understanding of the market for identifying the best and suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends and factors
• Gain authentic and granular data access for Smart Cities Market so as to understand the trends and the factors involved behind changing market situations
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns

Report Scope