Smart Cities Market Size to Reach USD 6,061.00 Billion by 2030, Says Allied Market Research
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The global smart cities market was estimated at $648.36 billion in 2020, and is anticipated to hit $6,061.00 billion by 2030, registering a CAGR of 25.2% from 2021 to 2030.
A smart city makes use of information and communication technology (ICT) technologies to increase its operational efficiency, improve its communication of information exchange with its citizens, and offer superior government service and public welfare. A smart city's primary objective often is to optimize and manage the city's various activities and promote economic growth while also increasing people' quality of life via the use of smart technology and data analysis.
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In addition, the growth in digital transformation trends in the world, as well as emerging trends such as AI and IoT adoption, are expected to provide lucrative opportunities for market expansion during the forecast period. Furthermore, the key factors that drive the growth of the smart cities market include various government smart city initiatives, rise in need for better natural resource management in urban environments have boosted the growth of the smart cities market.
In addition, the growth need for public safety and security has fueled the growth of the smart cities market. However, security concerns associated with smart cities and lack of funding & adequate infrastructure limit the growth of this market. Conversely, the emergence of artificial intelligence in smart cities and the rise in the IoT market & its application in smart cities are anticipated to provide numerous opportunities for the expansion of the market during the forecast period.
Segment Overview:
By functional area, the smart infrastructure segment accounted for the major share in 2020, holding around one-fifth of the global smart cities industry, due to increasing demand for intelligent infrastructure post the outbreak of global pandemic. The smart energy segment, on the other hand, is also expected to grow at the fastest CAGR of 28.1% from 2021 to 2030. This is attributed to rise in demand for clean and green energy.
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By component, the hardware segment contributed to the major share in 2020, holding nearly three-fifths of the global smart cities market. Growth in demand for hardware components in smart cities drive the growth of the segment. The services segment, however, would cite the fastest CAGR of 27.1% during the forecast period. Widespread implementation services availed by smart cities fuel the segment growth.
By region, the market across North America had the lion's share in 2020, generating around two-fifths of the global smart cities market, due to various government initiatives to promote smart cities in the province. The Asia-Pacific region, simultaneously, is projected to portray the fastest CAGR of 28.7% by 2030, due to growing economic transformation in the region.
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Key Players:
The key players profiled in the smart cities market analysis are AT & T Intellectual Property, Cisco Systems, Inc., Ericsson, General Electric, Hitachi, Ltd, Huawei Technologies Co. Ltd., IBM Corporation, Intel Corporation, Microsoft Corporation, and Schneider Electric. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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Allied Market Research
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