The global smart cities market is expected to foresee significant growth. North America to lead the growth!

• Himanshu Patni
• November 20, 2022
• TELECOM & IT
• Smart Cities Market, Smart Cities Market Growth, Smart Cities Market Share, Smart Cities Market Size
• 0 Comments

The global smart cities market is expected to register a CAGR of around 20% over the period of 2021-2027. This is mainly due to the growing urbanization and, rising demand for strong IT connectivity & digitalization along with the need for efficient management and utilization of resources. Moreover, the growing demand for comfortable, fast, and efficient transport followed by public safety concerns will positively stimulate the industry landscape. A smart city is a municipality that uses information and communication technology to improve operational efficiency, share information with the general public, and improve both the quality of government services and the welfare of citizens.

Based on the component, the market is segmented into hardware, software, and services. Among these, the hardware segment accounted for a commendable share of the global smart cities market in 2020 and is expected to witness robust growth during the forecast period owing to the rising adoption of IoT-based devices and smart devices in the infrastructure.

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On the basis of application, the market is categorized into smart transportation, smart utilities, smart education, smart healthcare, smart public safety, smart governance, smart lighting solutions, and smart building. The smart education segment captured a significant share of the global smart cities market and is anticipated to witness strong growth during the forecast period, mainly due to the expansion of smart devices in the education sector, increasing adoption of e-learning solutions, growing uses of artificial intelligence, machine learning, and big data analytics in education.

For a better understanding of the market adoption of smart cities, the market is analyzed based on its worldwide presence in the countries such as North America (US, Canada, Rest of North America), Europe (Germany, France, Spain, UK, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific), and Rest of World. North America accounted for a prominent share of the global smart cities market and is expected to grow at a steady growth rate owing to the responsiveness toward the latest technological advancements and the presence of the key market players in the market. In addition, the integration of cloud and IoT with smart cities solutions to establish a secure environment for the people and create an environment-friendly ecosystem is playing a significant role in the growth of the market in the region

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Some of the major players operating in the smart cities market are Cisco Systems Inc, International Business Machines Corporation, Microsoft Corporation, Schneider Electric, Siemens AG, ABB Inc, Vodafone Group Plc, Hitachi Ltd., Oracle Corporation, and Honeywell International Inc.

Global Smart Cities Market Segmentation

Market Insight, by Component

• Hardware
• Software
• Services

Market Insight, by Application

• Smart Transportation
• Smart Utilities
• Smart Education
• Smart Healthcare
• Smart Public Safety
• Smart Governance
• Smart Lighting Solutions
• Smart Building

Market Insight, by Region

• North America
  •  US
  •  Canada
  •  Rest of North America
• Europe
  • Germany
  • France
  • Spain
  • UK
  • Rest of Europe
• Asia-Pacific
  • China
  •  Japan
  •  India
  •  South Korea
  •  Rest of Asia-Pacific
• Rest of the World

Top Company Profiles

• Cisco Systems Inc
• International Business Machines Corporation
• Microsoft Corporation
• Schneider Electric
• Siemens AG
• ABB Inc
• Vodafone Group Plc
• Hitachi Ltd.
• Oracle Corporation
• Honeywell International Inc