The growth of the global smart cities market is on account of growing adoption of smart city models in different countries across the world. Additionally, various digital city initiatives have been formulated across the globe which are further pushing the growth rate of the market. On the contrary, security risks associated with the implementation of smart city models might restrict the growth of the market. However, increasing integration of artificial intelligence and IoT with existing smart city models will create numerous growth opportunities in the market.
The global smart cities market is anticipated to garner a revenue of $6,061.00 billion by 2030. The market was valued at $648.36 billion in 2020 and is projected to demonstrate a CAGR of 25.2% during the 2021-2030 period.
Based on region, the market across North America contributed the largest revenue in 2020 due to formulation and implementation of various smart city projects in the region. The Asia-Pacific region, on the other hand, is expected to be the fastest growing with a CAGR of 28.7% by 2030 on account of the massive economic transformation in various countries of this region.
Based on functional area, the smart infrastructure segment generated the highest revenue in 2020 owing to rising demand for smart and intelligent infrastructure. The smart energy segment, however, is projected to have the highest CAGR of 28.1% during the 2021-2030 period. A growing shift towards clean and green energy is anticipated to expand the scope of the market in the coming period.
Based on component, the hardware segment held the largest market share in 2020 owing to escalation in demand for hardware components in smart cities. On the other hand, the services segment is estimated to have the highest CAGR of 27.1% during the analysis timeframe. Extensive implementation of smart city services across the globe might boost the growth of the market.
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The global smart cities market is dominated by key players such as 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.
An In-depth Evaluation of Evolving Market Dynamics
The main aim of the AMR report is to present companies with accurate information regarding the growth drivers, investment opportunities, and market restraints impacting the industry. Using this information, companies can then align their operations as per the evolving sectoral dynamics, thus helping them stay ahead of their peers in the market. In the last few years, governments in developed and developing countries such as China, Singapore, India, and South Korea have launched several smart city initiatives in their leading metropolitan towns and urban areas. Rise in investments made by public authorities to make these programs a success has increased the revenue share of the sector.
Also, the growing need for has played an important role in the expansion of the smart cities market. The use of digital technologies, modern communication techniques, and energy-efficient systems to address different urban challenges is anticipated to open new avenues for the growth of the industry. Moreover, a rise in involvement of big industry players in smart city projects is estimated to strengthen the position of the sector in the near future.
The regional analysis covered in the AMR study highlights the performance of the industry in various provinces of North America, Asia-Pacific, Europe, and LAMEA. As part of this exercise, all the significant administrative, cultural, demographic, political, and socioeconomic factors influencing the market are investigated. As per the report, the Asia-Pacific region is expected to have the highest growth rate during the forecast period owing to innovations in the field of information and communication technologies.
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Futuristic Trends Emerging in the Industry
Most of the smart city projects initiated by governments across the globe have certain common components such as advanced waste management, e-governance, public safety and security, and smart mobility. segments has witnessed technological advancements and innovations, which have boosted the revenue share of the sector. For instance, local authorities and private companies have joined hands to solve problems of improper waste disposal, which has led to sanitation and hygiene problems. In several metropolitan cities globally, waste bins have been embedded with IoT-powered sensors for real-time monitoring of waste disposal and alerting the authorities to take action accordingly. Furthermore, e-waste kiosks have been installed in many industrial towns for the collection of damaged electronic goods which are then recycled and repurposed for other applications.
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