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According to the latest research, the global Smart City market size was valued at USD 992643.62 million in 2022 and is expected to expand at a CAGR of 14.25% during the forecast period, reaching USD 2208086.44 million by 2028.
Smart cities are described as cities that are designed and built using intelligent and smart technology and solutions. A smart city utilizes information and communications technologies (ICT) for improving the performance and quality of urban services, reducing consumption of resources and related costs, facilitating more active and efficient engagement with citizens, and enhancing the quality of life of citizens sustainably. ICT is the core of smart cities initiative since a knowledge infrastructure is critical for the implementation of a smart city.
The negative impact in the short term
Due to the COVID-19 outbreak, countries have adopted strict lockdowns, closures, and movement restrictions to avoid the spread of the virus. The pandemic reduced manpower and Silicon Valley was almost completely closed during the crisis, affecting the government and other stakeholders to meet the needs of smart cities for strategic management and planning. The recent COVID-19 pandemic and its unprecedented global spread have brought many countries to a standstill. In addition, the social, economic, and psychological damage it causes to cities and communities is still an ongoing problem in many countries. As many countries and cities continue to work hard to recover from the consequences of the COVID-19 pandemic, some short-term smart city development plans may be restricted. In the short term, it will have a negative impact on manufacturing and production, capital market investment and financing, etc. The increase in labor costs and the frustration of the capital market will bring greater risks to business operations.
Social Factors
Speeding up the process of urbanization
As per the “2019 World Urbanization Prospects” report published by the UN Department of Economic and Social Affairs (UN DESA), the present urban population of 55.7% is anticipated to increase to 68.4% in 2050, globally. The need for sustainable infrastructure due to increasing population and urbanization has become a prime driver for market growth. Governments worldwide are trying to tackle these problems pertaining to the growing population and rapid urbanization through smart city initiatives across functional segments such as utility management, mobility, and safety. Moreover, factors such as an increase in traffic congestion and greenhouse gas emissions are resulting in the adoption of smart mobility and efficient energy management applications. This is also expected to drive market growth over the forecast period.
Environmental Factors
Sustainability issues get attention
The reduction in energy consumption and concerns about the spread of environmental waste are one of the driving factors for the adoption of smart city solutions. Increasing attention to global warming and ozone depletion has accelerated the efforts of governments in developed and developing countries to control carbon footprints, and governments have implemented stricter regulations to limit emissions. The implementation of smart infrastructure automation, smart grids, and control systems greatly help reduce power consumption and carbon emissions, thereby minimizing losses and optimizing operations
Region Overview:
In global comparison, a significant portion of the revenue was generated in North America (36.22% in 2021).
Company Overview:
Siemens is one of the major players operating in the Smart City market, holding a share of 1.04% in 2021.
Siemens
Siemens is a global innovator focusing on digitalization, electrification and automation for the process and manufacturing industries, and is a leader in power generation and distribution, intelligent infrastructure, and distributed energy systems.
IBM
International Business Machines Corporation (IBM) provides computer solutions. The Company offers application, technology consulting and support, process design and operations, cloud, digital workplace, and network services, as well as business resiliency, strategy, and design solutions. IBM serves clients worldwide.
Segmentation Overview:
Among different product types, Smart Building segment is anticipated to contribute the largest market share in 2027.
Application Overview:
The market's largest segment by application is the segment Government, with a market share of 19.18% in 2021.
This report elaborates on the market size, market characteristics, and market growth of the Smart City industry between the year 2018 to 2028, and breaks down according to the product type, downstream application, and consumption area of Smart City. The report also introduces players in the industry from the perspective of the value chain and looks into the leading companies.
Key Points this Global Smart City Market Report Include:
Market Size Estimates: Smart City market size estimation in terms of revenue and sales from 2018-2028
Market Dynamic and Trends: Smart City market drivers, restraints, opportunities, and challenges
Macro-economy and Regional Conflict: Influence of global inflation and Russia & Ukraine War on the Smart City market
Segment Market Analysis: Smart City market revenue and sales by type and by application from 2018-2028
Regional Market Analysis: Smart City market situations and prospects in major and top regions and countries
Smart City Market
Smart City Industry Chain: Smart City market raw materials & suppliers, manufacturing process, distributors by region, downstream customers
Smart City Industry News, Policies by regions
Smart City Industry Porters Five Forces Analysis
Key players in the global Smart City market are covered in Chapter 2:
Hitachi
SAP
Emerson Electric
AT&T
Schneider Electric
Cisco Systems
IBM
Huawei
Itron
General Electric (GE)
Siemens
ABB
Ericsson
Oracle Corporation
Honeywell
In Chapter 6 and Chapter 9, on the basis of types, the Smart City market from 2018 to 2028 is primarily split into:
Smart Water Management
Smart Governance & Smart Education
Smart Energy
Smart Infrastructure
Smart Mobility
Smart Healthcare
Smart Building
In Chapter 7 and Chapter 10, on the basis of applications, the Smart City market from 2018 to 2028 covers:
Communications Industry
Transportation Industry
Hospital
Government
Education
Geographically, the detailed analysis of consumption, revenue, market share and growth rate of the following regions from 2018 to 2028 are covered in Chapter 8 and Chapter 11:
United States
Europe
China
Japan
India
Southeast Asia
Latin America
Middle East and Africa
Others
In summary, this report relies on sources from both primary and secondary, combines comprehensive quantitative analysis with detailed qualitative analysis, and pictures the market from a macro overview to micro granular segment aspects. Whatever your role in this industry value chain is, you should benefit from this report with no doubt.
Chapter Outline
This report consists of 12 chapters. Below is a brief guideline to help you quickly grasp the main contents of each chapter:
Chapter 1 first introduces the product overview, market scope, product classification, application, and regional division, and then summarizes the global Smart City market size in terms of revenue, sales volume, and average price.
Chapter 2 analyzes the main companies in the Smart City industry, including their main businesses, products/services, sales, prices, revenue, gross profit margin, and the latest developments/updates.
Chapter 3 is an analysis of the competitive environment of Smart City market participants. This mainly includes the revenue, sales, market share, and average price of the top players, along with the market concentration ratio in 2022 and the players' M&A and expansion in recent years.
Chapter 4 is an analysis of the Smart City industrial chain, including raw material analysis, manufacturing cost structure, distributors, and major downstream buyers.
Chapter 5 focuses on Smart City market dynamics and marketing strategy analysis, which include opportunities, challenges, industry development trends under inflation, industry news and policies analyzed by region, Porter's Five Forces analysis, as well as direct and indirect marketing, and the development trends of marketing channels.
Chapters 6-8 have segmented the Smart City market by type, application, and region, with a focus on sales and value from 2018 to 2023 from both vertical and horizontal perspectives.
Chapters 9-11 provide detailed Smart City market forecast data for 2023-2028, broken down by type and application, region, and major countries to help understand future growth trends.
Chapter 12 concludes with an explanation of the data sources and research methods. Verify and analyze through preliminary research to obtain final quantitative and qualitative data.
2022
Smart cities are described as cities that are designed and built using intelligent and smart technology and solutions. A smart city utilizes information and communications technologies (ICT) for improving the performance and quality of urban services, reducing consumption of resources and related costs, facilitating more active and efficient engagement with citizens, and enhancing the quality of life of citizens sustainably. ICT is the core of smart cities initiative since a knowledge infrastructure is critical for the implementation of a smart city.
The negative impact in the short term
Due to the COVID-19 outbreak, countries have adopted strict lockdowns, closures, and movement restrictions to avoid the spread of the virus. The pandemic reduced manpower and Silicon Valley was almost completely closed during the crisis, affecting the government and other stakeholders to meet the needs of smart cities for strategic management and planning. The recent COVID-19 pandemic and its unprecedented global spread have brought many countries to a standstill. In addition, the social, economic, and psychological damage it causes to cities and communities is still an ongoing problem in many countries. As many countries and cities continue to work hard to recover from the consequences of the COVID-19 pandemic, some short-term smart city development plans may be restricted. In the short term, it will have a negative impact on manufacturing and production, capital market investment and financing, etc. The increase in labor costs and the frustration of the capital market will bring greater risks to business operations.
Social Factors
Speeding up the process of urbanization
As per the “2019 World Urbanization Prospects” report published by the UN Department of Economic and Social Affairs (UN DESA), the present urban population of 55.7% is anticipated to increase to 68.4% in 2050, globally. The need for sustainable infrastructure due to increasing population and urbanization has become a prime driver for market growth. Governments worldwide are trying to tackle these problems pertaining to the growing population and rapid urbanization through smart city initiatives across functional segments such as utility management, mobility, and safety. Moreover, factors such as an increase in traffic congestion and greenhouse gas emissions are resulting in the adoption of smart mobility and efficient energy management applications. This is also expected to drive market growth over the forecast period.
Environmental Factors
Sustainability issues get attention
The reduction in energy consumption and concerns about the spread of environmental waste are one of the driving factors for the adoption of smart city solutions. Increasing attention to global warming and ozone depletion has accelerated the efforts of governments in developed and developing countries to control carbon footprints, and governments have implemented stricter regulations to limit emissions. The implementation of smart infrastructure automation, smart grids, and control systems greatly help reduce power consumption and carbon emissions, thereby minimizing losses and optimizing operations
Region Overview:
In global comparison, a significant portion of the revenue was generated in North America (36.22% in 2021).
Company Overview:
Siemens is one of the major players operating in the Smart City market, holding a share of 1.04% in 2021.
Siemens
Siemens is a global innovator focusing on digitalization, electrification and automation for the process and manufacturing industries, and is a leader in power generation and distribution, intelligent infrastructure, and distributed energy systems.
IBM
International Business Machines Corporation (IBM) provides computer solutions. The Company offers application, technology consulting and support, process design and operations, cloud, digital workplace, and network services, as well as business resiliency, strategy, and design solutions. IBM serves clients worldwide.
Segmentation Overview:
Among different product types, Smart Building segment is anticipated to contribute the largest market share in 2027.
Application Overview:
The market's largest segment by application is the segment Government, with a market share of 19.18% in 2021.
This report elaborates on the market size, market characteristics, and market growth of the Smart City industry between the year 2018 to 2028, and breaks down according to the product type, downstream application, and consumption area of Smart City. The report also introduces players in the industry from the perspective of the value chain and looks into the leading companies.
Key Points this Global Smart City Market Report Include:
Market Size Estimates: Smart City market size estimation in terms of revenue and sales from 2018-2028
Market Dynamic and Trends: Smart City market drivers, restraints, opportunities, and challenges
Macro-economy and Regional Conflict: Influence of global inflation and Russia & Ukraine War on the Smart City market
Segment Market Analysis: Smart City market revenue and sales by type and by application from 2018-2028
Regional Market Analysis: Smart City market situations and prospects in major and top regions and countries
Smart City Market
Competitive Landscape
and Major Players: Analysis of 10-15 leading market players, sales, price, revenue, gross, gross margin, product/service profile and recent development/updates, etc.Smart City Industry Chain: Smart City market raw materials & suppliers, manufacturing process, distributors by region, downstream customers
Smart City Industry News, Policies by regions
Smart City Industry Porters Five Forces Analysis
Key players in the global Smart City market are covered in Chapter 2:
Hitachi
SAP
Emerson Electric
AT&T
Schneider Electric
Cisco Systems
IBM
Huawei
Itron
General Electric (GE)
Siemens
ABB
Ericsson
Oracle Corporation
Honeywell
In Chapter 6 and Chapter 9, on the basis of types, the Smart City market from 2018 to 2028 is primarily split into:
Smart Water Management
Smart Governance & Smart Education
Smart Energy
Smart Infrastructure
Smart Mobility
Smart Healthcare
Smart Building
In Chapter 7 and Chapter 10, on the basis of applications, the Smart City market from 2018 to 2028 covers:
Communications Industry
Transportation Industry
Hospital
Government
Education
Geographically, the detailed analysis of consumption, revenue, market share and growth rate of the following regions from 2018 to 2028 are covered in Chapter 8 and Chapter 11:
United States
Europe
China
Japan
India
Southeast Asia
Latin America
Middle East and Africa
Others
In summary, this report relies on sources from both primary and secondary, combines comprehensive quantitative analysis with detailed qualitative analysis, and pictures the market from a macro overview to micro granular segment aspects. Whatever your role in this industry value chain is, you should benefit from this report with no doubt.
Chapter Outline
This report consists of 12 chapters. Below is a brief guideline to help you quickly grasp the main contents of each chapter:
Chapter 1 first introduces the product overview, market scope, product classification, application, and regional division, and then summarizes the global Smart City market size in terms of revenue, sales volume, and average price.
Chapter 2 analyzes the main companies in the Smart City industry, including their main businesses, products/services, sales, prices, revenue, gross profit margin, and the latest developments/updates.
Chapter 3 is an analysis of the competitive environment of Smart City market participants. This mainly includes the revenue, sales, market share, and average price of the top players, along with the market concentration ratio in 2022 and the players' M&A and expansion in recent years.
Chapter 4 is an analysis of the Smart City industrial chain, including raw material analysis, manufacturing cost structure, distributors, and major downstream buyers.
Chapter 5 focuses on Smart City market dynamics and marketing strategy analysis, which include opportunities, challenges, industry development trends under inflation, industry news and policies analyzed by region, Porter's Five Forces analysis, as well as direct and indirect marketing, and the development trends of marketing channels.
Chapters 6-8 have segmented the Smart City market by type, application, and region, with a focus on sales and value from 2018 to 2023 from both vertical and horizontal perspectives.
Chapters 9-11 provide detailed Smart City market forecast data for 2023-2028, broken down by type and application, region, and major countries to help understand future growth trends.
Chapter 12 concludes with an explanation of the data sources and research methods. Verify and analyze through preliminary research to obtain final quantitative and qualitative data.
Years considered for this report:
Historical Years:
2018-2022Base Year:
2022Estimated Year:
2023Forecast Period:
2023-2028Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
- By product type
- By End User/Applications
- By Technology
- By Region
The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
