Smart Cities Market Introduction:

Smart Cities Market is predicted to value over USD 231 billion by 2027 end and grow at a CAGR of over 18% during the forecast period 2020 to 2027. 

Smart city is a system that uses information and communication technologies to increase operational efficiency and share information with the public domain to improve both the quality of government services and citizen welfare. Emerging trends such as automation, artificial intelligence and machine learning are driving factors of smart cities adoption. There are some components which play a significant role in smart city development, those are energy conservation & efficiency, sanitation, traffic control and smart farming. Smart city initiates aim to improve the living standards of the general population. Smart technology will help cities to sustain growth and improve efficiency for public welfare & government efficiency in urban areas.

Rising living standards of the general population and increasing per capita expenditure of individuals led to the potential growth of global  market. Changing economies of developing countries are expected to boost the growth of the market. Along with this, government agencies are taking a direct part in advancing the cities fuelled the growth of the market. Further, increasing population and urbanization created to potential opportunities for the market. Additionally, changing demographics and increasing living standards boosted the burgeoning growth of the market. Other factors rising awareness among the general population led to the rapid development of the market. It is further augmented by the accelerated advancement of technologies and changing government policies to encourage the advancement of the IT sector. All these fuelled the growth of the market.

Developed economies like North America and Europe region witnessed a slow rate during the forecast period due to the maturation of the market. These regions remain dominant throughout the forecast period in the global market. Changing economic standards of developing regions like the Asia Pacific and Latin America represents the most lucrative market space due to the increasing economy of the countries. Further, these regions witness highest growth rate during the forecast period. Rest of the world represented a significant growth rate due to the advancement of technologies in this region.

Some of the key market players are Accenture; ABB Limited; Schneider Electric SE; Cisco Systems, Inc.; Siemens AG; IBM Corporation; and Microsoft Corporation. Companies such as Oracle Corporation; Honeywell International Inc.; Hitachi, Ltd.; Huawei Technologies Co. Ltd.; and Intel Corporation

Smart Cities Market Segmantation:

 By Component

  • Solutions 
  • Services
  • Professional Services 
  • Integration & Deployment

By Application

  • Education
  • Governance
  • Buildings
  • Mobility
  • Healthcare
  • Utilities

 By Region

Competitive Landscape:  

  • Tier 1 players- established companies in the market with a major market share  
  • Tier 2 players 
  • Emerging players which are growing rapidly 
  • New Entrants  

FutureWise Takeaways:  

  • Growth prospects  
  • SWOT analysis 
  • Key trends 
  • Key data-points affecting market growth  

Objectives of the Study:

  • To provide with an exhaustive analysis on the global smart cities market, by component, application and region   
  • To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints) 
  • To evaluate and forecast micro-markets and an overall market  
  • To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the Middle East 
  • To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
  • Profiling of companies to evaluate their market shares, strategies, financials and core competencies


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What you get

  • Excel Dataset

  • Infographics

  • PDF Report

  • Market Overview

  • PowerPoint Presentation

What's included

  • Consumer Perception and Procurement

  • Competitive Analysis

  • What’s Next

  • Market Data Forecast

  • Risks and Opportunity Assessment

  • Market Trends and Dynamics