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Smart Cities Market Size Worth USD 228.4 Billion by 2025 | CAGR: 15.9%

The Smart Cities market is expected to grow at CAGR of 15.9% to reach USD 228.4 billion by 2025.

Smart cities are a framework that has utilized operational and information technologies to develop, deploy and promote sustainable development practices. Also, such technologies help in analysing and managing data in real-time to help enterprises, municipalities, and citizens to improve the quality of life. This model is aimed to improve both the quality of citizen welfare and government services. A growing number of population migrating toward cities support industry development. As per the United Nations Population Division data, more than 50% of the population worldwide live in cities as of 2018 and this proportion is projected to reach 66% by 2050. This would in turn further fuel the demand for smart cities, supporting the industry development.

In addition, in September 2015 at the United Nations, 193 countries have agreed upon the agenda of the Sustainable Development Goals (SDGs) that will further support fast-track progress for many cities, driving the industry growth. Other driving factors for the growth of this industry are; proactive government initiatives for the development of smart cities, increasing the need for a better-quality life coupled with growing urbanization. On the contrary, lack of technology-related skills coupled with concerns regarding data privacy and security will hamper the market growth to a certain extent.

Browse 148 Tables and 68 Figures spread through over 150 Pages and in-depth TOC on “Smart Cities Market, By Application (Smart Governance, Utilities, Healthcare, Transportation, Utilities, Building, and Environmental Solution) and Geography (North America, Europe, Asia Pacific, Middle East & Africa, and Latin America) – Analysis, Share, Trends, Size, & Forecast from 2019 – 2025“
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KEY HIGHLIGHTS

Key parameters that will define a smart city are smart governance, healthcare, utilities, building, transportation, and environmental solution
Smart energy comprises of smart grids, meters, intelligent energy storage among others, whereas, smart healthcare application includes e-Government, e-Education, and disaster management solutions
Smart healthcare application is projected to grow with the decent growth rate in future owing to the increasing advancements in healthcare technologies coupled with the growing demand for remote healthcare
The smart building and transportation application is anticipated to witness promising growth over the study period, owing to rising favorable government activities to improve public transportation systems and enhance generation and consumption of renewable energy.
Europe accounted for the highest revenue share in 2018 due to favorable government initiatives for smart cities development
The Asia Pacific market is projected to be the fastest-growing region owing to the rising demand for smart solutions for energy management, smart mobility, and infrastructure management.
Companies namely Accenture, Intel Corporation, Cisco Systems, Inc., Schneider Electric, IBM Corporation, Siemens AG, Oracle Corporation, ABB Limited, Honeywell International, Hitachi, Microsoft Corporation, and Huawei Technologies are actively operating in this market

The scope of this report covers the market by its major segments, which include as follows:

KEY COMPANIES