Global Smart City Market to Reach $1,359.8 Billion by End of 2027, According to Coherent Market Insights

SEATTLE, February 7, 2022 /PRNewswire/ — According to Consistent market informationGlobal Smart cities market was rated at US$334.2 billion in 2018 and should reach a value of US$1,359.8 billion by 2027 to a 16.3% CAGR between 2017 and 2027.

In recent years, there has been a focus on creating smarter cities through the deployment of sensors and information analytics to provide citizens with enhanced functionality. Smart cities are gaining popularity around the world and are beginning to replace expensive large metropolitan planning projects such as smart city initiatives in major cities around the world. A smart city is an electronically organized urban region that deploys a range of sensors, voice activation systems and other types of information gathering devices to collect and deliver specific information to citizens in a user-friendly manner. The most famous of these is the Smart City initiative in Tokyo, which set the benchmark for other cities around the world to follow. Smart Cities aim to organize and manage the economic, social and technical resources of an integrated metropolitan area by collecting and disseminating real-time information in seconds.

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Market factors:

The increasing launch of smart city solutions is expected to propel the growth of the global smart city market over the forecast period. For example, in October 2021Vodafone Idea has partnered with Larsen and Toubro (L&T), an engineering and construction company, for a pilot project to test 5G-based smart city solutions.

In addition, R&D of new products is also expected to contribute to the growth of the global market smart city market. For example, in October 2021Zyter, an IoT product provider, has partnered with Juganu, a technology company providing solutions for the professional lighting market, for the development of advanced lighting for smart cities.

Market opportunities

Government initiatives to promote the development of smart cities are expected to provide lucrative growth opportunities for players in the global smart cities market. For example, in October 2021The UAE Ministry of Municipalities and Transport has partnered with Microsoft to pilot SMART City initiatives across Abu Dhabi.

The strategic marketing is also expected to provide lucrative growth opportunities for players in the global smart cities market. For example, in October 2021AVEVA, an industrial software publisher, with its strategic partner, Schneider Electric, presented its AVEVA Unified Operations Center for Smart Cities, during GITEX Technology Week 2021.

Market trends

Key players operating in the global smart cities market are focusing on adopting partnership strategies to enhance their market share. For example, in October 2020Bentley Systems, a provider of infrastructure and engineering software and solutions, and Microsoft Corp. announced the expansion of a strategic alliance focused on advancing infrastructure for smart urban planning and construction.

Key players operating in the global smart city market are also focusing on launching new projects to increase their market share. For example, in October 2021Makedonski Telekom announced the final phase of the Skopje Smart City project.

Africa is expected to witness significant growth in the global smart city market, owing to the increase in funding for smart city projects. For example, in October 2021The Trade, Industry and Competition Department, South Africaapproved $3.45 million in grant funding towards an estimate $103 million Limpopo smart city.

Likewise, in October 2021Hilshaw Group, a dubai-, which invests primarily in low-supply and limited real estate opportunities, announced the launch of nine projects worth more than 40 billion US dollars in smart city developments Middle East, Africaand the Commonwealth of Independent States.

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Competitive Landscape:

The major players operating in the global smart cities market are AT&T, Inc., Cisco Systems, Inc., Ericsson, General Electric, IBM, Hitachi Data Systems Corporation, Huawei Technologies Co., Ltd., Microsoft Corporation, Oracle Corporation, Panasonic Corporation. , Philips Lighting, SAP SE, Toshiba Corporation.

The major players operating in the global smart cities market are focusing on launching new projects to increase their market share. For example, in October 2021Intracom Telecom, a provider of telecommunications systems and solutions, announced a Smart City project in BelgradeSerbia.

Market segmentation :

By component

  • Equipment
  • Software
  • Services

By request

  • Smart Security
  • Smart building
  • Smart Transportation
  • Smart governance
  • smart energy
  • Smart Healthcare
  • Smart water network system
  • smart education

By region:

  • North America
  • Europe
    • By country:
      • UK
      • Germany
      • Italy
      • France
      • Spain
      • Russia
      • Rest of Europe
  • Asia Pacific
    • By country:
      • China
      • India
      • Japan
      • ASEAN
      • Australia
      • South Korea
      • Rest of Asia Pacific
  • Latin America
    • By country:
      • Brazil
      • Mexico
      • Argentina
      • Rest of Latin America
  • Middle East & Africa
    • By country:
      • GCC countries
      • Israel
      • South Africa
      • Rest of Middle East & Africa

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