The We Market Research report indicates that the Smart Cities market is projected to grow at a compound annual growth rate (CAGR) of 20.3% from 2024 to 2034, reaching an estimated value of USD 11.37 trillion by the end of the forecast period. In 2024, the market is expected to be valued at approximately USD 1.79 trillion.
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Smart Cities leverage technology and data to enhance urban living by improving efficiency and sustainability. They utilize IoT sensors to monitor and manage services like traffic, waste management, and energy, while data analytics optimize operations and decision-making. Reliable connectivity is essential for enabling high-speed internet to power smart devices. These cities promote sustainability through eco-friendly practices and renewable energy adoption. Digital platforms foster citizen engagement, and advanced monitoring and emergency systems enhance public safety. The ultimate goal of Smart Cities is to create a more efficient, sustainable, and livable urban environment.
The global Smart Cities market is driven by technological advancements in IoT, AI, and big data, enabling smarter infrastructure and services. Rapid urbanization increases the demand for efficient municipal management and sustainable solutions. Government initiatives and investments in smart technologies further accelerate market growth. The focus on sustainability boosts the adoption of energy-efficient systems and renewable energy sources. Additionally, improved connectivity through high-speed internet and 5G networks powers smart city innovations. Growing citizen expectations for better quality of life, convenience, and safety also contribute to the rising adoption of smart solutions.
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Report Attributes
Description
Comprehensive analysis of the Smart Cities market, covering production, consumption, company share, production capacity, growth drivers, and more.
Market Size (2024)
USD 1.79 Trillion
Market Forecast (2034)
USD 11.37 Trillion
CAGR (2024-2034)
20.3%
Base Year
2023
Historic Data
2016-2022
Forecast Period
2024-2034
Report Highlights
Insights on production, consumption, company shares, and capacity
Company heatmaps and key growth factors
Segments Covered
By Smart Utilities
By Smart Governance
By Application
By Region
Regional Scope
North America
Europe
APAC
South America
Middle East & Africa
Country Scope
North America: U.S., Canada
Europe: U.K., Germany, France, Italy, Spain, Benelux, Nordic Countries, Russia
APAC: China, India, Japan, South Korea, Australia, Indonesia, Thailand
South America: Mexico, Brazil, Argentina
Middle East & Africa: Saudi Arabia, UAE, Egypt, South Africa, Nigeria
Major Players Analysis Listed in this Report are:
IBM - (Intelligent Operations Center, Smart Grid)
Cisco Systems - (Smart+Connected Communities, IoT Control Center)
Siemens - (Smart Infrastructure Solutions, Traffic Management Systems)
Microsoft - (Azure IoT Suite, Smart City Solutions)
General Electric - (Digital Wind Farm, Grid Solutions)
Schneider Electric - (EcoStruxure, Smart Cities Solutions)
Honeywell - (Building Management Solutions, Smart City Solutions)
Oracle - (Cloud Applications for Smart Cities, Urban Planning Solutions)
Samsung - (Smart Lighting, Smart Home Technology)
Philips Lighting - (Connected Lighting Solutions, Smart Street Lighting)
Accenture - (Smart Cities Strategy Consulting, Digital Solutions)
Cisco Meraki - (Smart Cameras, Wireless Access Points)
Hitachi - (Social Innovation Solutions, Urban Mobility Solutions)
Toshiba - (Smart Community Solutions, Energy Management Systems)
Qualcomm - (Smart City Solutions, IoT Platforms)
AWS - (Amazon Web Services) (AWS IoT Core, Smart City Analytics)
NEC Corporation - (Smart City Solutions, Public Safety Solutions)
Fujitsu - (Smart City Services, Urban Infrastructure Solutions)
Veolia - (Smart Water Management, Waste Management Solutions)
Deloitte - (Smart City Advisory Services, Digital Transformation Solutions)
Recent developments
In December 2023, Msheireb Properties (MP) signed a Memorandum of Understanding with Microsoft to create a 'Smart Experience' project for visitors and residents at Msheireb Downtown Doha, enhancing urban interaction and quality of life. Meanwhile, the Smart City Expo World Congress (SCEWC) took place
In November 2023, showcasing innovative urban solutions aimed at transforming cities into sustainable and efficient environments. The congress featured eight key themes, including energy, mobility, housing, and infrastructure, highlighting strategies for improved urban living.
