Smart Cities Market Size, Share Trends, Demand and Analysis by 2028

IMARC Group, a leading market research company, has recently released a report titled “Smart Cities Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global smart cities market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

How big is the smart cities market?

The global smart cities market size reached US$ 1,049.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 2,775.0 Billion by 2028, exhibiting a growth rate (CAGR) of 16.3% during 2023-2028.

What are smart cities?

A smart city utilizes information and communication technology (ICT) to enhance operational efficiency, share data with the public and offer an improved quality of government service and citizen welfare. The key goal of a smart city is to optimize city functions and encourage economic growth while also enhancing the quality of life for citizens by employing data analysis and smart technologies.

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What are the growth prospects and trends in the smart cities industry?

The rising urbanization and steadily expanding population base represent significant factors driving the market growth across the globe. In addition to this, the widespread adoption of cutting-edge technologies, including the Internet of Things (IoT), artificial intelligence (AI), big data, data analytics, and cloud storage, is contributing to the growth of the market.

The market is also driven by the rising demand for efficient management of resource consumption, along with the growing demand for an environment with efficient energy utilization and increasing concerns for public safety. Significant investments into the establishments of smart cities from both the key private players and governments of various nations are acting as a major growth-inducing factor. Other factors, such as rising digitization across sectors, extensive research and development (RD) activities and increasing infrastructural development across both the developed and developing economies, are creating a positive outlook for the market across the globe further.

Who are the key players operating in the smart cities market?

The competitive landscape of the market has been analyzed in the smart cities market report, along with the detailed profiles of the major players operating in the industry. Some of these players are:

ABB Group (NYSE: ABB)
Cisco Systems Inc.
Alphabet Inc.
International Business Machines (IBM) Corporation
Microsoft Corporation
Oracle Corporation
Schneider Electric
Hitachi, Ltd.
Siemens AG
Huawei Technologies Co. Ltd.
Intel Corporation
General Electric (GE) Company
Telefonaktiebolaget L M Ericsson
Toshiba Corporation
Honeywell International Inc.
ATT Communications

What is included in market segmentation?

The report has categorized the market based on smart citizen services, focus area, smart transportation, smart buildings, smart utilities and region.

Breakup by Smart Citizen Services:

Smart Education
Smart Healthcare
Smart Public Safety
Smart Street Lighting
Others

Breakup by Focus Area:

Smart Transportation
Smart Buildings
Smart Utilities
Smart Citizen Services

Breakup by Smart Transportation:

Smart Ticketing
Traffic Management System
Passenger Information Management System
Freight Information System
Connected Vehicles
Others

Breakup by Smart Buildings:

Building Energy Optimization
Emergency Management System
Parking Management System
Others

Breakup by Smart Utilities:

Advanced Metering Infrastructure
Distribution Management System
Substation Automation
Others

Regional Insights:

Europe
North America
Asia Pacific
Latin America
Middle East and Africa

Key Highlights of The Report:

Market Performance (2017-2022)
Market Outlook (2023-2028)
Market Trends
Market Drivers and Success Factors
SWOT Analysis
Value Chain Analysis
Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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