Global Smart Cities Market to Reach $2.8 Trillion by 2027

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Global Market for Smart Cities

Global Market for Smart Cities

Dublin, Oct. 19, 2022 (GLOBE NEWSWIRE) -- The "Smart Cities - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.

Global Smart Cities Market to Reach $2.8 Trillion by 2027

Amid the COVID-19 crisis, the global market for Smart Cities estimated at US$680.7 Billion in the year 2020, is projected to reach a revised size of US$2.8 Trillion by 2027, growing at a CAGR of 22.1% over the period 2020-2027. Hardware, one of the segments analyzed in the report, is projected to record a 19.6% CAGR and reach US$1.3 Trillion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Software segment is readjusted to a revised 23.5% CAGR for the next 7-year period.

The U.S. Market is Estimated at $206.5 Billion, While China is Forecast to Grow at 25.6% CAGR

The Smart Cities market in the U.S. is estimated at US$206.5 Billion in the year 2020. China, the world's second largest economy, is forecast to reach a projected market size of US$402.5 Billion by the year 2027 trailing a CAGR of 25.6% over the period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 17.5% and 20.5% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 24.5% CAGR.

Select Competitors (Total 187 Featured)

• ABB Ltd.

• Accenture Plc

• AppyWay

• AVEVA Group plc.

• Cisco Systems, Inc.

• Engie

• General Electric

• Hitachi, Ltd.

• Honeywell International, Inc.

• Huawei Technologies Co., Ltd

• IBM Corporation

• Intel Corporation

• Itron, Inc.

• Johnson Controls International plc

• Kapsch TrafficCom AG

• Libelium Comunicaciones Distribuidas S.L

• Microsoft Corporation

• Nokia Corporation

• Oracle Corporation

• Osram Gmbh

• Panasonic Corporation of North America

• SAP SE

• Schneider Electric SA

• Siemens AG

• Signify Netherlands B.V.

• Tata Consultancy Services - Telefonaktiebolaget LM Ericsson

• Telensa Limited

• Thales Group

• TomTom N.V.

• Urbiotica

• Verizon Communications, Inc.

• Vodafone Group plc

• Worldsensing SL

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

• Advanced Technologies Create Perfect Ground for Transformation of Smart Cities

• Transformational Role of 5G Technology and Wi-Fi 6/6E in Development of Smart Cities

• 5G Brings in Higher Scalability

• Digital Twins to Provide Meaningful Insights in Smart City Projects

• Cyber-Physical Systems & Robotic Process Automatization to Hold Broader Uptake

• Blockchain Technology to Gain Prominence in Resource Sharing and Smart Logistics

• Investment in Smart City Technology Startups a Prudent Decision amid Pandemic

• Focus on Building Crisis Resilient Smart Cities to Drive Demand for Better Internet Infrastructure

• Growing Environmental Footprint of Cities Shifts Focus Onto Smart Cities

• Funding Support: Vital for Smart Cities Initiatives

• Shift Towards Open Governance Model Fuels Interest in Smart Cities

• V2X Communication Seeks Role in Smart City Infrastructure

• C-V2X: The Upcoming Future-Ready V2X Standard

• IoT Lies at the Heart of the Connected Self-Aware Environment Epitomized by Smart Cities

• IoT Implementations in Smart Homes & Buildings

• Rising Significance of Smart City as a Service

• Unified Smart City Platforms Allow Big Data to Become a Reality

• Transformative Role of AI Technologies in Smart Cities Optimizes Urban Services

• Combining IoT and AI Unlocks Opportunities

• Big Data Drives Smart Cities Movement and Data Analytics Enhances Smart City Services

• Intriguing Benefits of Edge Computing Encompasses all Aspects of Smart Cities

• E-Government: Imperative for Transforming Cities into Smart Cities

• Provision of Smart Municipal & Utility Services Gains Momentum

• Smart Grids Vital for Smart Energy Distribution

• Focus on Smart Energy Management Opens Up Opportunities for Smart Meters

• Adoption of Smart Water Meters Spirals in Cities Worldwide

• Laying Strong Foundation for the Digital Transformation of Gas Infrastructure, Smart Gas Solutions Seek to Revolutionize Gas Utility Operations

• IoT-based Smart Metering to Create Smarter and Connected Cities

• Demand Responsive Energy Management: Indispensable for a Low Carbon Smart City Footprint

• Security in Smart Cities Receives Undivided Focus

• Video Surveillance Plays an Important Role in Public Safety in Smart Cities

• Advanced Analytics for Surveillance Systems

• Smart Buildings & Homes Receive Fair Share of Development Focus

• Intelligent Buildings Vital for Constructing a Smart City

• Focus on Net Zero Energy Buildings (NZEB) Awakens Interest in Smart Building Technologies

• With Connectivity Being the Most Critical Element of Smart Buildings, In-Building Wireless (IBW) Emerges Into the Spotlight

• Consumer Spending on Smart Home Technologies Gathers Steam

• Smart Building Analytics Rises in Prominence

• Smart & Connected Lighting Systems Make Cities Smarter, Safer & Help Governments Turn Infrastructure Liabilities into Assets

4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS

IV. COMPETITION

For more information about this report visit https://www.researchandmarkets.com/r/16z1bc

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• Global Market for Smart Cities

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