The global smart city market is anticipated to grow at a CAGR of around 18.1% during the forecast period (2021-2027). The factors that are driving the smart city market growth include increasing urbanization, adoption of advanced technologies such as AI and IoT, and growing government initiatives towards digital infrastructure development. Advancement in energy and communication infrastructure for economic developments, digitalization in traffic management systems owing to the increased urbanization are the major contributors towards the smart city developments. The growing concern regarding security and safety has generated the demands for advanced technologies such as video surveillance, DNA phenotyping, and real-time license plate and facial recognition. Increasing environmental concerns owing to the increasing carbon emission due to higher energy consumption in urban areas leading to the demand for sustainable and efficient energy systems under smart cities mission. Increasing concerns over global warming and ozone depletion have accelerated the efforts of governments of developed and developing countries to control their carbon footprint, with governments imposing stricter regulations to limit emissions.
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Furthermore, the market players also invest significant resources toward (R&D) activities to establish new technologies and systems for connected infrastructure to be used across smart city projects, which in turn, drives the market growth. Moreover, the partnership collaboration among players to further expand/ development in smart city projects is projected to fulfill the market prospects. For instance, in May 2021, Telefónica, in partnership with Nokia, Ineco, Stellantis, the CTAG (Automotive Technology Centre of Galicia) and SICE, promote the smart city road with the deployment of 5G and sensorisation in the Cereixal tunnel to assist driving. The partnership was taken under the framework of the 5G Galicia pilot project promoted by the Ministry of Economic Affairs and Digital Transformation. Moreover, in November 2019, Quantela Inc. and Cisco have developed a unique, market disruptive Outcome-based Project Financing Model for smart city projects. The model can aid cities to get started on their Smart City projects by converting the upfront CapEx investment to an Outcome-based payment.
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Global Smart City Market Report Segment
By Components
- Hardware
- Software
- Others
By Application
- Building and Infrastructure
- Transportation System And Services
- Safety and Security
- Communication
- Energy Management
- Waste Management
- Healthcare System and Services
- Water Management
- Others
Global Smart City Market Report by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
Company Profiles
- AT&T Inc.
- Cisco Systems, Inc.
- Engie SA
- Telefonaktiebolaget LMEricsson
- Ferrovial, S.A.
- FIWARE
- Hitachi, Ltd.
- Huawei Technologies Co., Ltd.
- IBM Corp.
- Microsoft Corp.
- Oracle Corp.
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
