Smart Cities Market By Smart Transportation (Smart Ticketing, Traffic Management System, Passenger Information Management System, Freight Information System, Connected Vehicles, and Others), Smart Buildings (Building Energy Optimization, Emergency Management System, and Parking Management System), Smart Utilities (Advanced Metering Infrastructure, Distribution Management System, and Substation Automation), and By Region - Trends, Analysis and Forecast till 2030

Smart Cities Market accounted for USD 81.81 Billion in 2020 and is estimated to be USD 533.65 Billion by 2030 and is anticipated to register a CAGR of 20.8%.

Smart cities consist of various technologies, the societies, and government to improve many characteristics like smarter mobility, smarter people, smarter economy, smarter governance, smarter environment, and smarter living. The components considered for factor analysis which are anticipated to support the growth of market involving recent urbanization, developments, startup ecosystem, regulations, collaborations, smart city adoption, IT spending, and tier 1 companies’ contribution. Smart city is a municipality that uses information and communication technologies to increase operational efficiency, share information with the public and improve both quality of government services and citizen welfare. A smart city comprises of digital technologies into its networks, services and infrastructure. It meant smart urban transportation networks, upgraded water supply and waste disposal facilities and more efficient ways to light and heat buildings. The purpose of smart cities is to provide core infrastructure and give a decent quality of life to its citizens, fresh and sustainable environment and hybrid solutions.

Effective implementation of smart city projects mainly depends on usage of public safety and also on telecommunications infrastructure. Every city requires to make sure that communications platforms are accessible and established to realize the concept of smart cities in an open and resource-efficient manner. Allowance to a basic, modern infrastructure for data communication is the key module for every city goal to become “Smart.” The growing adoption rate of cloud and IoT, rising demand for a safe and clean environment, and spurt in criminal activities is the main factor for the growth of the target market. Connect devices and internet connectivity present organizations with magnificent opportunity to abstract relevant data, like consumer instantaneous control response in complex autonomous systems, real-time marketing analysis, behavior in retail outlets, and sensor-driven decision analytics. IoT connects governments and companies with all smart prospects, like smart utilities, smart transportation, and smart cities, smart homes, and permits them to get location-based data in real time.

Smart cities ecosystem consists of different elements such as different software, hardware, and technologies offered by multiple vendors. This leads to lack of standardization and uniformity in solutions, leading to compatibility issues. In addition, different countries and regions have different communications and network standards and protocols, limiting vendors from offering their solutions globally. Procedure, national mandates, and specifications for smart city projects can limit the adoption of these solutions.

The smart cities market is segmented based on smart transportation, smart buildings, smart utilities, and region.

On the basis of smart transportation, the smart cities market is segmented into smart ticketing, traffic management system, passenger information management system, freight information system, connected vehicles, and others. Based on smart building, the target market is segmented into building energy optimization, emergency management system, and parking management system. Based on the smart utilities the global market is bifurcated into the advanced metering infrastructure, distribution management system, and substation automation.

Regional Insights:

On region the smart cities market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe region is the dominating region for the smart cities market because it is the developed countries with smart lighting, public Wi- Fi facility and smart homes are developed in the European countries. Therefore, the Europe region is the dominating region. In addition, the Asia pacific region is anticipating the significant growth for development of the smart cities over the forecast period

Report Scope:

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2020 to 2030. For the purpose of this study, has segmented the smart cities market report based on smart transportation, smart buildings, smart utilities, and region.

Smart Cities Market, By Region:

• North America
  • Middle East & Africa
    • GCC
    • Israel
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia Pacific
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Italy
    • Rest of Europe
  • U.S.
  • Canada

The key players operating the smart cities market includes Cisco Systems, IBM, Siemens AG, Schneider Electric, Ericsson, Vodafone, Itron Inc., Verizon, Telensa, ABB, and Honeywell International Inc. Leading key players operating in the target market are focusing on the strategic partnerships and mergers as well as launching of the products in order to gain competitive edge in the target market. For instance, in February 2020, AI-powered energy analytics award winning company Grid4C is collage with Itron Inc., that is innovating the way cities and utilities manage water and energy.

• Cisco Systems
• IBM
• Siemens AG
• Schneider Electric
• Ericsson
• Vodafone
• Itron Inc.
• Verizon
• Telensa
• ABB
• Honeywell International Inc.