Global Smart Cities Market to Reach US$ 1,359.8 Bn by end of 2027, Says Coherent Market Insights

SEATTLE, Feb. 7, 2022 /PRNewswire/ -- According to Coherent Market Insights, Global Smart Cities Market was valued at US$ 334.2 Bn in 2018 and is forecasted to reach a value of US$ 1,359.8 Bn by 2027 at a CAGR of 16.3% between 2017 and 2027.

In recent years, the focus has been on creating smarter cities through the deployment of sensors and information analytics in order to provide citizens with enhanced functionality. Smart cities are becoming more popular across the world and are beginning to replace large, costly metropolitan planning projects such as smart cities initiatives in major cities around the world. A smart city is an electronically organized urban region which deploys a range of sensors, voice activation systems and other types of information-gathering devices to collect and deliver specific information to citizens in a user-friendly manner. The most famous of these is the Smart City initiative in Tokyo, which has set the benchmark for other cities around the world to follow. Smart Cities aim at organizing and managing the economic, social and technical resources of an integrated metropolitan area by collecting and disseminating real-time information within a few seconds.

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Market Drivers:

Increasing launch of smart city solutions is expected to propel growth of the global smart cities market over the forecast period. For instance, in October 2021, Vodafone Idea partnered with Larsen and Toubro (L&T), an engineering and Construction Company, for a pilot project to test 5G-based smart city solutions.

Moreover, R&D of new products is also expected to aid in growth of the global smart cities market. For instance, in October 2021, Zyter, IoT product provider, partnered with Juganu, a technology company providing solutions for the professional lighting market, for development of advanced lighting for smart cities.

Market Opportunities

Government initiatives to promote smart city development is expected to offer lucrative growth opportunities for players in the global smart cities market. For instance, in October 2021, The Department of Municipalities and Transport United Arab Emirates partnered with Microsoft to drive SMART City initiatives across Abu Dhabi.

Strategic marketing is also expected to offer lucrative growth opportunities for players in the global smart cities market. For instance, in October 2021, AVEVA, an industrial software company, with its strategic partner, Schneider Electric, presented its AVEVA Unified Operations Center for Smart Cities, at the GITEX Technology Week 2021.

Market Trends

Major players operating in the global smart cities market are focused on adopting partnership strategies to enhance their market share. For instance, in October 2020, Bentley Systems, a provider of infrastructure & engineering software & solutions, and Microsoft Corp. announced an expansion of a strategic alliance focused on advancing infrastructure for smart city urban planning and smart construction.

Major players operating in the global smart cities market are also focused on launching new projects to enhance their market share. For instance, in October 2021, Makedonski Telekom announced the final phase of the Skopje Smart City project.

Africa is expected to witness significant growth in the global smart cities market, owing to increasing funding for smart city projects. For instance, in October 2021, The Department of Trade, Industry and Competition, South Africa, approved US$ 3.45 million in grant funding towards an estimated US$ 103 million smart city in Limpopo.

Similarly, in October 2021, Hilshaw Group, a Dubai-based group, which primarily invests in low supply and finite real estate opportunities, announced to launch nine projects worth more than US$ 40 billion in smart city developments in the Middle East, Africa, and the Commonwealth of Independent States.

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Competitive Landscape:

Major players operating in the global smart cities market include, AT&T, Inc., Cisco Systems, Inc., Ericsson, General Electric, IBM, Hitachi Data Systems Corporation, Huawei Technologies Co., Ltd., Microsoft Corporation, Oracle Corporation, Panasonic Corporation, Philips Lighting, SAP SE, Toshiba Corporation.

Major players operating in the global smart cities market are focused on launching new projects to enhance their market share. For instance, in October 2021, Intracom Telecom, a telecommunication systems and solutions vendor, announced a Smart City project in Belgrade, Serbia.

Market Segmentation:

By Component

• Hardware
• Software
• Services

By Application

• Smart Security
• Smart Building
• Smart Transportation
• Smart Governance
• Smart Energy
• Smart Healthcare
• Smart Water Network System
• Smart Education

By Region:

• North America
• By Country:
• U.S.
• Canada
• Europe
• By Country:
• U.K.
• Germany
• Italy
• France
• Spain
• Russia
• Rest of Europe
• Asia Pacific
• By Country:
• China
• India
• Japan
• ASEAN
• Australia
• South Korea
• Rest of Asia Pacific
• Latin America
• By Country:
• Brazil
• Mexico
• Argentina
• Rest of Latin America
• Middle East & Africa
• By Country:
• GCC Countries
• Israel
• South Africa
• Rest of Middle East & Africa

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About Us:

Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

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SOURCE Coherent Market Insights