The global Smart Cities Market size is anticipated to be USD 463.9 billion by the end of 2027, according to Million Insights. The market is estimated to register more than 24% CAGR over the forecast period. Smart cities make use of various technologies such as IoT, AI, big data and others to offer an enhanced experience to residents. Factors such as increasing urban population, improving life quality, technological advancements and rapid growing purchasing power are driving the development of smart cities across the globe.
The development of smart cities offer solutions to various problems such as efficient transportation, energy efficiency and effective administration. Increasing use of innovative technologies would enable better management of cities in the future. High growth opportunity in the market has resulted in increasing partnerships among government and private firms.
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Europe held a considerable share in the market owing to better infrastructure, early adoption of technologies and significant expenditure by governments. Asia Pacific is likely to grow fastest over the forecast duration owing to government initiatives to develop over 100 smart cities in India and growing infrastructural development in Japan and China.
Development of smart cities would ensure the holistic development of various sectors such as transport, energy, security, healthcare and energy among others. However, high initial investment, improper execution and need to consolidate different departments are projected to negatively affect the growth of the market.
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Further key findings from the report suggest:
• Increasing urbanization has resulted in a rise in focus on safety and infrastructural development, which, in turn, is driving the growth of the smart cities market.
• Asia Pacific is estimated to grow fastest over the forecast duration owing to the growing infrastructural development in countries such as India, China and Japan.
• Various investments forms such as BOO, BOM and BOT have emerged in the market over the last few years.
• Key market participants are IBM Corporation, Microsoft Corporation, Cisco System, Siemen’s AG, Accenture and ABB among others.
Million Insights has segmented the global smart cities market on the basis of application and region:
Smart Cities Application Outlook (Revenue, USD Million, 2016 – 2027)
• Smart Governance
• City Surveillance
• Command & Control Solution
• Smart Lighting
• Smart Infrastructure
• Smart Building
• Environmental Solution
• Smart Utilities
• Energy Management
• Water Management
• Waste Management
• Smart Transportation
• Intelligent Transportation System
• Parking Management
• Smart Ticketing & Travel Assistance
• Smart Healthcare
Smart Cities Regional Outlook (Revenue, USD Million, 2016 – 2027)
• North America
• Nordic Region
• Eastern Europe
• Asia Pacific
• Latin America
• Middle East and Africa
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