Market Overview
The smart city market is evolving swiftly, and the market valuation is expected to touch around USD 1933 billion by the end of 2022. The market is presumed to have significant growth throughout the forecast period between 2020 and 2027.
Smart city projects are becoming major initiatives taken by governments for boosting economic growth. The concept reflects the increasing need for smart living. It includes advancements that make people's lives easier and efficient. The increasing innovations for smart cities help improve the local areas, harnessing technology that results in smarter outcomes. With government investments for smart city mission, the economic growth is maximizing, and thus, the smart city market is also expanding. By applying advanced solutions, cities' infrastructure will improve, and people's quality of life will enhance.
Due to rapid urbanization worldwide, the smart city industry has a great demand. Proper electricity supply, solid waste management, affordable housing, and a good environment are the requirements of urban life. Through smart city initiatives, urbanization becomes more prominent. Apart from that, IT connectivity, the security of citizens, and the demand for digitalization all prompt the requirement of smart cities. Better housing solutions are a need for the rising population, and it is putting pressure to elevate the economy in a better way. The demand for smart traffic management and smart street lighting is also escalating. All these things are propelling the smart city market growth.
The report depicts a detailed insight into the smart city market and the expansion of market value in the upcoming years. It includes the various segments of the market and elaborates the regional analysis. In the report, the smart city industry news is well-discussed.
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Market Segmentation
The global smart city market is fragmented into a few segments based on application, component, and region.
The market is categorized into utility, transport, education, government, residential, healthcare, and many more by application. Among all these, the transport segment will have a larger smart city market size during the forecast period.
By component, the smart city market is bifurcated into software, hardware, and service. Hardware and software will have major growth in the forecast years and services. The hardware segment will have a major market share in the coming years.
By region, the market is classified into different geographies such as North America, Asia-Pacific, Europe, and other parts of the world.
Regional Analysis
The smart city market is analyzed in several regions, including North America, Asia-Pacific, Europe, and the remaining parts of the world. North America holds the major market share as it focuses on low energy consumption and high-end infrastructure development. The internet of things implementation and presence of big tech giants boost the smart city market growth.
Europe has the second-largest smart city market share owing to the government initiatives and investment in infrastructure development. With the increased adoption of connected devices and advanced technologies, the market potential is elevating. In the Asia-Pacific region, increased investments by governments for smart cities are boosting the market growth in the region. AI advancements and a rapidly evolving economy are propelling the expansion of market size too.
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Industry News
In 2021, Westminster City Council launched a Digital academy for smart city programs by combating digital exclusion.
In 2021, a tech startup, T.net, develops a smart road system prototype for the digital tourist city of Italy.
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