Smart Cities Market: Global Industry Analysis, Size, and Forecast, 2019-2031

Smart Cities Market Introduction

Nowadays, more than 50% of the global population lives in cities. In addition, the global urban population is anticipated to increase by around 2.5 billion by the end of 2050. Furthermore, most of the urbanities is projected to live in one of the mega cities, metropolitan areas with greater than 10 million inhabitants which is expected to emerge by 2030. Smart cities are broader transition towards a digital economy. Further, a city when invests in disruptive technologies, human & social capital, and traditional infrastructure to enhance the quality of life and fuel economic growth, with a wise management of natural resources, through participatory governance is known as smart city. Furthermore, a smart city is always user-centric and is the result of the efforts of many stakeholders such as State/ National Government, Healthcare providers, transportation providers, and banking institutions, working together in partnership of different form and shape.

Market Dynamics

Optimal use of transportation resources to lower pollution and congestion, introduction of new form of digital democracy, real-time surveillance and analysis for faster reaction to public safety threats, data-driven policy & decision making, and efficient waste collection and natural resources management are some of the key benefits offered by smart cities that are anticipated to boost the growth of the market at fast pace during the forecast period. However, lack of coordination between various authorities, lack of data transparency, lack of availability of smart infrastructure especially in emerging markets such as India is anticipated to hinder the market growth over the forecast period.

Market Scope

The smart cities market has been divided into various segments to track market performance from a different perspective. Major segments analyzed in the report are component. Based on component the market is bifurcated into smart security, smart energy, smart transportation, smart healthcare, and other. Each component is further bifurcated into different types to get a detailed view of the market. Key regions analysed in the global smart cities market are North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, and Middle East and Africa.

Smart Cities Market Competitive Landscape

Key players analysed in the report are IBM Corporation, Oracle Corporation, Siemens AG, Ericsson, Hitachi Ltd., Schneider Electric SE, Huawei Investment & Holding Co., Ltd., Cisco Systems, Inc., Microsoft Corporation, and Toshiba Corporation.

Major Regions/Countries include:

• North America
  • United States
  • Canada

• Western Europe
  • Germany
  • United Kingdom
  • Spain
  • France
  • Italy
  • Rest of Western Europe

• Eastern Europe
  • Russia
  • Poland
  • Rest of Eastern Europe

• Asia Pacific (APAC)
  • Japan
  • China
  • India
  • ASEAN
  • Australia
  • Rest of Asia-Pacific

• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America

• Middle East and Africa (MEA)
  • GCC
  • North Africa
  • South Africa
  • Rest of MEA

This research report on smart cities market would be produced using first-hand market information gathered from industry experts and major participants across the value chain, during primary research. It would provide broad view of current market trends, growth factors and competitive analysis.