Smart Cities Market Size, Share And Global Trend By Functional Area (Smart Education, Smart Energy, Smart Infrastructure, Smart Healthcare, Smart Building, Others), And Regional Forecast, 2024-2032

A smart city is an intellectually connected city backed up with the integration of massive information on civilian and communication technologies. These technologies have been extensively adopted and implemented in recent years to improve public safety measures. These measures include approaches such as observing areas of maximum crime rates to improve emergency awareness system with the use of advanced sensors and other communication equipment. Also, to enhance time and cost efficiency, the public nowadays are rapidly adopting smart components in their everyday work to experience leisure in their spare time. Further, several funding programmes and strategies were initiated by the government to boost the development of smart cities.

For instance, in 2017, the European Union has established several funding programmes to drive the growth of smart cities in Europe. The ‘SET Plan’ and ‘7th Framework Programme’ for research have been initiated by the government to drive the growth of smart cities in the European dimension. Similarly, in Austria, the Federal Ministry for Transport, Innovation and Technology (BMVIT), as well as the Climate and Energy Fund, are primarily investing hugely for developing and implementing smart city initiatives.

The growth of the overall smart device market and technological advancement in the field of machine learning, nanotechnology, and others, are projected to drive the global market during the forecast period. Further, the development of new sources of renewable energy is expected to drive the growth of the smart cities market in the forecast period. Several energy storage projects were initiated by the government with collaboration with key players in energy industries to find new sources for renewable energy. For instance, in May 2019, the government of Utah is planning to collaborate with Mitsubishi Hitachi Power Systems (MHPS) and Magnum Development to deploy the ‘Advanced Clean Energy Storage (ACES)’ project in central Utah.

KEY PLAYERS COVERED

Some of the key players in global smart cities market are:  AT&T Inc., Cisco Systems Inc., Ericsson, General Electric, Hitachi Ltd., Huawei Technologies Co., Ltd., IBM Corporation, Intel Corporation, Microsoft Corporation, Siemens AG, Schneider Electric SE. and others

 SEGMENTATION

REGIONAL ANALYSIS

North America is expected to lead the global smart cities market in terms of revenue in the forecast period. This significant growth is due to the substantial implementation of smart cities solutions backed by increasing investment among government organizations and rising demand for connected solutions in the region. However, Asia-Pacific is expected to witness the highest growth rate during the forecast period due to the factor such as rise in IT spending supported by government initiatives in emerging economies such as China, Singapore, India, and South Korea. For example, in September 2018, Cisco Systems signed a contract with the government of Indonesia for its global ‘Country Digital Acceleration (CDA)’ program. According to the agreement, the main focus is on digital industries, digital governments, digital state-owned enterprises, and cybersecurity and others.