The latest market research report titled Smart Cities Market Size, Share, Trends, Analysis and Forecasts by Region, Application, Smart Infrastructure, and Segment Forecast 2022-2026 has been added to the report store by GlobalData Plc. The smart cities market size was estimated to value USD 511.1 billion in 2021. The smart cities market growth will be driven by various factors including the migration of the population to the cities and advancements in smart city technologies. However, the smart cities market might expect hindrances from factors such as geopolitical implications on smart cities and the impact of natural calamities and COP26.
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Smart Cities Market Segment Outlook
By Application
- Smart Transportation: The smart transportation segment will account for the highest smart cities market share in 2021. The segment will continue to account for the highest growth throughout the forecast period due to the rising popularity of electric vehicles.
- Smart Infrastructure
- Smart Grid
- Smart Building
- Smart City Platforms
Regional Opportunities
- Europe: Europe’s smart city market value was the highest in 2021, capturing over 30% of the overall market size. The regional demand was led by the implementation of innovative smart city solutions across countries such as the UK, Germany, France, and Spain, among others.
- North America
- Asia Pacific
- South & Central America
- Middle East & Africa
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Smart Cities Market Vendor Landscape
The smart cities industry is moderately consolidated. However, with the growth of start-ups and new venture launches the competition is gradually intensifying. Key players in the smart cities market include Microsoft Corp, Accenture, IBM, and Hitachi, among others. Mergers and acquisitions also form a major part of the smart cities’ competitive environment, since many of the vendors collaborate on a project basis to deliver specific solutions.
Top Smart Cities Market Players.
- Microsoft Corp: The company develops, licenses, and supports software products, services, and devices. In November 2021, the company entered an agreement with L&T Technology Services Ltd (LTTS) to offer LTTS’ Energy & Sustainability Manager Solution on Microsoft Azure to help digitally transform and create sustainable factories of the future.
- Hikvision: The company is a manufacturer and supplier of video surveillance and business intelligence products and services. In October 2022, EZVIZ launched its all-star lineup of battery-powered smart products for the Canadian market.
- Hitachi: The company’s products find applications in various markets, including manufacturing, communications, finance, healthcare, lifesciences, and others. In July 2022, the company carried out trials for a mobility suite to connect Genoa’s transport modes.
- Honeywell: The company is an engineering and technology company. In February 2022, the company signed a memorandum of understanding to develop technology for smart buildings, communities, and cities in Egypt.
- Alibaba Group: The company is a provider of e-commerce and technology infrastructure services. In March 2022, Alibaba Cloud launched smart retail solution, world’s first VR-based acrophobia therapeutic device approved in China, focusing on the two links of antitheft and AI measurement to help the digital transformation.
- Cisco Systems Inc
- International Business Machines Corp (IBM)
- Huawei Technologies Co. Ltd.
- iFlytek
- Johnson Controls
- Nokia
- Schneider Electric
- ZTE Corp.
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