Smart city market is set to grow at a CAGR of 24.53% from 2022 to 2027, ABB Ltd., Accenture Plc, Aeris Communications Inc., Alphabet Inc., Cisco Systems Inc., and more among the key companies in the market - Technavio

NEW YORK, Oct. 31, 2023 /PRNewswire-PRWeb/ -- The global smart city market is estimated to grow at a CAGR of 24.53% between 2022 and 2027. The size of the market is forecast to increase by USD 288.7 billion. The global smart city market is fragmented with the presence of many leading global and regional vendors. ABB Ltd., Accenture Plc, Aeris Communications Inc., Alphabet Inc., Cisco Systems Inc., General Electric Co., Hewlett Packard Enterprise Co., Hitachi Ltd., Honeywell International Inc., Huawei Technologies Co. Ltd., International Business Machines Corp., Itron Inc., LG Electronics Inc., Microsoft Corp., Oracle Corp., SAP SE, Schneider Electric SE, Siemens AG, Sierra Wireless Inc., and Signify NV are some of the major vendors in the market. To get the insights yearly growth variance and the Y-O-Y growth rate,historic & forecast 2017 to 2021, 2022 to 2027 - Request a sample report. 

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Key Driver

The market is driven by the increase in IT consolidation and modernization which helps in improving operational efficiency and achieving economies of scale. The ever-increasing consolidation of IT. The frequent advances in technology and the need for IT modernization in numerous industry verticals are driving the adoption of IT services and smart city projects during the forecast period.

Market Challenges 

The high cost of upgrading smart grids is challenging the global smart city market growth. The costs involved in upgrading smart grids include additional investments in distribution systems, replacement of transmission lines, power delivering systems, substation digitalization, and digital controls. Moreover, the aging power infrastructure and the growing need for renewable power grid integration will increase grid renovation budgets. However, power utility providers are reluctant to upgrade their grids due to the high costs involved. This is expected to have a negative impact on the growth of the global smart city market. 

To learn about additional key drivers, trends, and challenges, historic & forecast 2017 to 2021, 2022 to 2027 . Read our Sample Report right now! 

Vendor offerings 

• ABB Ltd.: The company offers smart city solutions such as smart buildings, e-mobility, energy management and data centers.
• Accenture Plc: The company offers smart city solutions such as mobility solutions and 5G on the horizon.
• Alphabet Inc.: The company offers smart city solutions such as IoT Core.

To gain access to some vendor profiles with their key offerings available with Technavio, Click Here 

Technavio's report extensively covers market segmentation by application (smart infrastructure, smart energy, smart mobility, smart security, and others), component (hardware, software, and services), and geography (Europe, North America, APAC, South America, and Middle East and Africa).

For additional insights into the contribution of all the segments, and regional opportunities in the report - View our sample report 

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What are the key data covered in this smart city market report?

• CAGR of the market during the forecast period 2023-2027
• Detailed information on factors that will drive smart city market growth during the next five years
• Precise estimation of the smart city market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the smart city market industry across 
• A thorough analysis of the market's competitive landscape
• Comprehensive details of factors that will challenge the growth of the smart city market

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Related Reports:

The US smart home market size is projected to grow by USD 18.18 billion with a CAGR of 17.90% between 2021 to 2026. The market is segmented by technology (wireless and wired) and application (home entertainment, smart appliances, energy management, lighting control system and HVAC, and safety and security system).

The smart city ICT infrastructure market size is projected to grow by USD 55.89 billion with a CAGR of 15.40% between 2021 to 2026. The market is segmented by components (smart utilities, smart transport, smart home and building, and others) and geography (Europe, North America, APAC, MEA, and South America).

Table of contents

1 Executive Summary

• 1.1 Market overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Component
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 (USD billion)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 (USD billion)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global smart city market 2017 - 2021 
• Exhibit 18: Historic Market Size – Data Table on Global smart city market 2017 - 2021 (USD billion)

• 4.2 Application Segment Analysis 2017 - 2021 
• Exhibit 19: Historic Market Size – Application Segment 2017 - 2021 (USD billion)

• 4.3 Component Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – Component Segment 2017 - 2021 (USD billion)

• 4.4 Geography Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 (USD billion)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 (USD billion)

5 Five Forces Analysis

• 5.1 Five forces summary
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Application

• 6.1 Market segments
• Exhibit 30: Chart on Application - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Application - Market share 2022-2027 (%)

• 6.2 Comparison by Application 
• Exhibit 32: Chart on Comparison by Application
• Exhibit 33: Data Table on Comparison by Application

• 6.3 Smart infrastructure - Market size and forecast 2022-2027 
• Exhibit 34: Chart on Smart infrastructure - Market size and forecast 2022-2027 (USD billion)
• Exhibit 35: Data Table on Smart infrastructure - Market size and forecast 2022-2027 (USD billion)
• Exhibit 36: Chart on Smart infrastructure - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Smart infrastructure - Year-over-year growth 2022-2027 (%)

• 6.4 Smart energy - Market size and forecast 2022-2027 
• Exhibit 38: Chart on Smart energy - Market size and forecast 2022-2027 (USD billion)
• Exhibit 39: Data Table on Smart energy - Market size and forecast 2022-2027 (USD billion)
• Exhibit 40: Chart on Smart energy - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Smart energy - Year-over-year growth 2022-2027 (%)

• 6.5 Smart mobility - Market size and forecast 2022-2027 
• Exhibit 42: Chart on Smart mobility - Market size and forecast 2022-2027 (USD billion)
• Exhibit 43: Data Table on Smart mobility - Market size and forecast 2022-2027 (USD billion)
• Exhibit 44: Chart on Smart mobility - Year-over-year growth 2022-2027 (%)
• Exhibit 45: Data Table on Smart mobility - Year-over-year growth 2022-2027 (%)

• 6.6 Smart security - Market size and forecast 2022-2027 
• Exhibit 46: Chart on Smart security - Market size and forecast 2022-2027 (USD billion)
• Exhibit 47: Data Table on Smart security - Market size and forecast 2022-2027 (USD billion)
• Exhibit 48: Chart on Smart security - Year-over-year growth 2022-2027 (%)
• Exhibit 49: Data Table on Smart security - Year-over-year growth 2022-2027 (%)

• 6.7 Others - Market size and forecast 2022-2027 
• Exhibit 50: Chart on Others - Market size and forecast 2022-2027 (USD billion)
• Exhibit 51: Data Table on Others - Market size and forecast 2022-2027 (USD billion)
• Exhibit 52: Chart on Others - Year-over-year growth 2022-2027 (%)
• Exhibit 53: Data Table on Others - Year-over-year growth 2022-2027 (%)

• 6.8 Market opportunity by Application 
• Exhibit 54: Market opportunity by Application (USD billion)

7 Market Segmentation by Component

• 7.1 Market segments
• Exhibit 55: Chart on Component - Market share 2022-2027 (%)
• Exhibit 56: Data Table on Component - Market share 2022-2027 (%)

• 7.2 Comparison by Component 
• Exhibit 57: Chart on Comparison by Component
• Exhibit 58: Data Table on Comparison by Component

• 7.3 Hardware - Market size and forecast 2022-2027 
• Exhibit 59: Chart on Hardware - Market size and forecast 2022-2027 (USD billion)
• Exhibit 60: Data Table on Hardware - Market size and forecast 2022-2027 (USD billion)
• Exhibit 61: Chart on Hardware - Year-over-year growth 2022-2027 (%)
• Exhibit 62: Data Table on Hardware - Year-over-year growth 2022-2027 (%)

• 7.4 Software - Market size and forecast 2022-2027 
• Exhibit 63: Chart on Software - Market size and forecast 2022-2027 (USD billion)
• Exhibit 64: Data Table on Software - Market size and forecast 2022-2027 (USD billion)
• Exhibit 65: Chart on Software - Year-over-year growth 2022-2027 (%)
• Exhibit 66: Data Table on Software - Year-over-year growth 2022-2027 (%)

• 7.5 Services - Market size and forecast 2022-2027 
• Exhibit 67: Chart on Services - Market size and forecast 2022-2027 (USD billion)
• Exhibit 68: Data Table on Services - Market size and forecast 2022-2027 (USD billion)
• Exhibit 69: Chart on Services - Year-over-year growth 2022-2027 (%)
• Exhibit 70: Data Table on Services - Year-over-year growth 2022-2027 (%)

• 7.6 Market opportunity by Component 
• Exhibit 71: Market opportunity by Component (USD billion)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 72: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 73: Chart on Market share by geography 2022-2027 (%)
• Exhibit 74: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 75: Chart on Geographic comparison
• Exhibit 76: Data Table on Geographic comparison

• 9.3 Europe - Market size and forecast 2022-2027 
• Exhibit 77: Chart on Europe - Market size and forecast 2022-2027 (USD billion)
• Exhibit 78: Data Table on Europe - Market size and forecast 2022-2027 (USD billion)
• Exhibit 79: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 80: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.4 North America - Market size and forecast 2022-2027 
• Exhibit 81: Chart on North America - Market size and forecast 2022-2027 (USD billion)
• Exhibit 82: Data Table on North America - Market size and forecast 2022-2027 (USD billion)
• Exhibit 83: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 84: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.5 APAC - Market size and forecast 2022-2027 
• Exhibit 85: Chart on APAC - Market size and forecast 2022-2027 (USD billion)
• Exhibit 86: Data Table on APAC - Market size and forecast 2022-2027 (USD billion)
• Exhibit 87: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 88: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.6 South America - Market size and forecast 2022-2027 
• Exhibit 89: Chart on South America - Market size and forecast 2022-2027 (USD billion)
• Exhibit 90: Data Table on South America - Market size and forecast 2022-2027 (USD billion)
• Exhibit 91: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 92: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 93: Chart on Middle East and Africa - Market size and forecast 2022-2027 (USD billion)
• Exhibit 94: Data Table on Middle East and Africa - Market size and forecast 2022-2027 (USD billion)
• Exhibit 95: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 96: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.8 US - Market size and forecast 2022-2027 
• Exhibit 97: Chart on US - Market size and forecast 2022-2027 (USD billion)
• Exhibit 98: Data Table on US - Market size and forecast 2022-2027 (USD billion)
• Exhibit 99: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 100: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.9 UK - Market size and forecast 2022-2027 
• Exhibit 101: Chart on UK - Market size and forecast 2022-2027 (USD billion)
• Exhibit 102: Data Table on UK - Market size and forecast 2022-2027 (USD billion)
• Exhibit 103: Chart on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 104: Data Table on UK - Year-over-year growth 2022-2027 (%)

• 9.10 Germany - Market size and forecast 2022-2027 
• Exhibit 105: Chart on Germany - Market size and forecast 2022-2027 (USD billion)
• Exhibit 106: Data Table on Germany - Market size and forecast 2022-2027 (USD billion)
• Exhibit 107: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 108: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.11 Spain - Market size and forecast 2022-2027 
• Exhibit 109: Chart on Spain - Market size and forecast 2022-2027 (USD billion)
• Exhibit 110: Data Table on Spain - Market size and forecast 2022-2027 (USD billion)
• Exhibit 111: Chart on Spain - Year-over-year growth 2022-2027 (%)
• Exhibit 112: Data Table on Spain - Year-over-year growth 2022-2027 (%)

• 9.12 Japan - Market size and forecast 2022-2027 
• Exhibit 113: Chart on Japan - Market size and forecast 2022-2027 (USD billion)
• Exhibit 114: Data Table on Japan - Market size and forecast 2022-2027 (USD billion)
• Exhibit 115: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 116: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 117: Market opportunity by geography (USD billion)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 118: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape
• Exhibit 119: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption
• Exhibit 120: Overview on factors of disruption

• 11.4 Industry risks
• Exhibit 121: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered
• Exhibit 122: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 123: Matrix on vendor position and classification

• 12.3 ABB Ltd.
• Exhibit 124: ABB Ltd. - Overview
• Exhibit 125: ABB Ltd. - Business segments
• Exhibit 126: ABB Ltd. - Key news
• Exhibit 127: ABB Ltd. - Key offerings
• Exhibit 128: ABB Ltd. - Segment focus

• 12.4 Accenture Plc
• Exhibit 129: Accenture Plc - Overview
• Exhibit 130: Accenture Plc - Business segments
• Exhibit 131: Accenture Plc - Key news
• Exhibit 132: Accenture Plc - Key offerings
• Exhibit 133: Accenture Plc - Segment focus

• 12.5 Alphabet Inc.
• Exhibit 134: Alphabet Inc. - Overview
• Exhibit 135: Alphabet Inc. - Business segments
• Exhibit 136: Alphabet Inc. - Key news
• Exhibit 137: Alphabet Inc. - Key offerings
• Exhibit 138: Alphabet Inc. - Segment focus

• 12.6 Cisco Systems Inc.
• Exhibit 139: Cisco Systems Inc. - Overview
• Exhibit 140: Cisco Systems Inc. - Business segments
• Exhibit 141: Cisco Systems Inc. - Key news
• Exhibit 142: Cisco Systems Inc. - Key offerings
• Exhibit 143: Cisco Systems Inc. - Segment focus

• 12.7 General Electric Co.
• Exhibit 144: General Electric Co. - Overview
• Exhibit 145: General Electric Co. - Business segments
• Exhibit 146: General Electric Co. - Key news
• Exhibit 147: General Electric Co. - Key offerings
• Exhibit 148: General Electric Co. - Segment focus

• 12.8 Honeywell International Inc. 
• Exhibit 149: Honeywell International Inc. - Overview
• Exhibit 150: Honeywell International Inc. - Business segments
• Exhibit 151: Honeywell International Inc. - Key news
• Exhibit 152: Honeywell International Inc. - Key offerings
• Exhibit 153: Honeywell International Inc. - Segment focus

• 12.9 International Business Machines Corp. 
• Exhibit 154: International Business Machines Corp. - Overview
• Exhibit 155: International Business Machines Corp. - Business segments
• Exhibit 156: International Business Machines Corp. - Key offerings
• Exhibit 157: International Business Machines Corp. - Segment focus

• 12.10 LG Electronics Inc.
• Exhibit 158: LG Electronics Inc. - Overview
• Exhibit 159: LG Electronics Inc. - Business segments
• Exhibit 160: LG Electronics Inc. - Key news
• Exhibit 161: LG Electronics Inc. - Key offerings
• Exhibit 162: LG Electronics Inc. - Segment focus

• 12.11 Microsoft Corp.
• Exhibit 163: Microsoft Corp. - Overview
• Exhibit 164: Microsoft Corp. - Business segments
• Exhibit 165: Microsoft Corp. - Key news
• Exhibit 166: Microsoft Corp. - Key offerings
• Exhibit 167: Microsoft Corp. - Segment focus

• 12.12 Oracle Corp.
• Exhibit 168: Oracle Corp. - Overview
• Exhibit 169: Oracle Corp. - Business segments
• Exhibit 170: Oracle Corp. - Key news
• Exhibit 171: Oracle Corp. - Key offerings
• Exhibit 172: Oracle Corp. - Segment focus

• 12.13 SAP SE
• Exhibit 173: SAP SE - Overview
• Exhibit 174: SAP SE - Business segments
• Exhibit 175: SAP SE - Key news
• Exhibit 176: SAP SE - Key offerings
• Exhibit 177: SAP SE - Segment focus

• 12.14 Schneider Electric SE 
• Exhibit 178: Schneider Electric SE - Overview
• Exhibit 179: Schneider Electric SE - Business segments
• Exhibit 180: Schneider Electric SE - Key news
• Exhibit 181: Schneider Electric SE - Key offerings
• Exhibit 182: Schneider Electric SE - Segment focus

• 12.15 Siemens AG
• Exhibit 183: Siemens AG - Overview
• Exhibit 184: Siemens AG - Business segments
• Exhibit 185: Siemens AG - Key news
• Exhibit 186: Siemens AG - Key offerings
• Exhibit 187: Siemens AG - Segment focus

• 12.16 Sierra Wireless Inc.
• Exhibit 188: Sierra Wireless Inc. - Overview
• Exhibit 189: Sierra Wireless Inc. - Business segments
• Exhibit 190: Sierra Wireless Inc. - Key offerings
• Exhibit 191: Sierra Wireless Inc. - Segment focus

• 12.17 Signify NV
• Exhibit 192: Signify NV - Overview
• Exhibit 193: Signify NV - Business segments
• Exhibit 194: Signify NV - Key news
• Exhibit 195: Signify NV - Key offerings
• Exhibit 196: Signify NV - Segment focus

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 197: Inclusions checklist
• Exhibit 198: Exclusions checklist

• 13.3 Currency conversion rates for USUSD 
• Exhibit 199: Currency conversion rates for USUSD

• 13.4 Research methodology
• Exhibit 200: Research methodology
• Exhibit 201: Validation techniques employed for market sizing
• Exhibit 202: Information sources

• 13.5 List of abbreviations 
• Exhibit 203: List of abbreviations

About US

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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