Smart Cities Market - Growth, Trends, and Forecast (2019 - 2024)

The Smart Cities Market is segmented by Solution (Smart Mobility Management, Smart Public Safety, Smart Healthcare, Smart Building, Smart Utilities, Smart Security, Smart Education), and Geography.

Market Snapshot

cagr
Study Period:

2018-2024

Base Year:

2018

Fastest Growing Market:

Asia Pacific

Largest Market:

Europe

CAGR:

18.3%

Key Players:

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Market Overview

The smart cities market was valued at 528.16 billion in 2018 and is expected to reach a value of USD 1,447.87 billion by 2024 at a CAGR of 18.30% over the forecast period 2019 - 2024. The increase in adoption of green technology will drive the market in the forecast period.

  • The technologically advanced cities are using the Internet of Things (IoT) platforms to monitor city infrastructures, managing everything from traffic flows and parking to water and air quality. These cities are using the resulting smart data generated, to tackle longer-term planning decisions focused on environmental sustainability. Thus, with the world's moving towards urbanization, there is an increasing number of smart city initiatives and projects, in the near future.
  • Therefore, with growing urbanization, the need to manage infrastructure and assets is prompting countries across the world to invest in smart city projects. According to the Consumer Technology Association, the worldwide spending on smart city developments is expected to reach USD 34.35 billion, by 2020.
  • Leveraging Artificial Intelligence (AI) through the Internet of Things (IoT) continues to unlock opportunities within cities, including autonomous vehicles, adaptive energy systems, and even smart healthcare.
  • Security concerns over the deployment of smart devices in cities are one of the primary factors restraining the growth of the smart cities market. Like any other connected technologies, smart city systems also depend on networks for data transmissions and are thus, vulnerable for breaching.

Scope of the Report

The concept of a smart city encompasses the optimisation of the efficiency of city operations and services and connected citizens. Smart city technology enables city officials to interact directly with both communities and city infrastructure, and monitor what is happening in the city and how the city is evolving.

By Solution
Smart Mobility Management
Smart Public Safety
Smart Healthcare
Smart Building
Smart Utilities
Smart Security
Smart Education
Other Solutions
Geography
North America
United States
Canada
Europe
United Kingdom
Germany
France
Sweden
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Latin America
Mexico
Brazil
Argentina
Rest of Latin America
Middle East & Africa
Saudi Arabia
United Arab Emirate
South Africa
Rest of Middle East & Africa

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Key Market Trends

Urbanization to Drive the Smart Cities Market Growth

  • According to the United Nations Populations Fund, in 2014, 54% of the world's population lived in urban areas, which is approximately 3.3 billion people. By 2030, roughly 67% of the total population is expected to live in urban areas.
  • Hence, urbanization demands smart technology initiatives driving market growth. With rapid urbanization primarily taking place in developing countries, the growth of cities and economic development are inextricably linked.
  • For example, the rise of China’s middle class, a distinctly urban phenomenon has lifted 500 million people out of poverty in less than 30 years and is a testament to the power cities uniquely possess to elevate living standards.
  • The explosive population growth and dynamic shift in urban sprawl, coupled with the economic growth of megacities in the emerging economies, would pose a variety of opportunities for companies operating in different sectors.
  • The megacities from the emerging economies are expected to become the largest markets for existing premium products and technologies, while their developed counterparts are expected to witness a trend of sustainable measures.
Graph

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Asia-Pacific is Expected to Witness the Fastest Growth Over the Forecast Period

  • The Asia Pacific segment is expected to witness the highest growth rate over the forecast period where China and India are the prominent countries. China has approximately 500 smart city pilot projects, the highest in the world, covering big and small cities.
  • In 2013, MOHURD, China (Ministry of Housing and Urban-Rural Development) announced the first list of national pilot Smart Cities. By 2015, the country had a total of 326 smart city projects. There are a total of 731 smart city projects in India, worth INR 46,366 crore, which have been approved. Implementation has been initiated in 49 (6.7%) projects, with only a meagre completion of 24 (3.3%) projects.
  • The Smart Cities Mission of the Government of India is based on a sustainable and inclusive development approach. The aim of the mission is to create a model that can be replicated, catalyzing the creation of similar Smart Cities in various other parts of the country.
  • These investments by the government and regulations are aimed at sprucing up various departments of a country, such as transportation, energy, and public security,  etc., to build smart cities in various regions, which will boost the smart cities market in the forecast period.
Heatmap

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Competitive Landscape

The major companies include ABB Ltd, Cisco Systems Inc., Emerson Electric Co., IBM Corporation, Ericsson Inc., Schneider Electric SE,  and General Electric Co., among others. The market is highly competitive since the market giants are having cut-throat competition among themselves, they are all investing buttload of amounts in R&D for developing better, reliable smart products. Therefore, the market concentration will be low.

  • February 2018 - Honeywell announced its latest smart building technology, which connects building personnel with data analytics to help drive operational improvements and efficiencies.
  • January 2018 - Siemens building technologies division introduced a dust sensor which can be utilized in buildings, rounding out its product offering for a healthy indoor climate. The sensor can be used to monitor and visualize particle pollution and is easy to integrate into building management systems.

Major Players

  1. ABB Ltd
  2. Cisco Systems
  3. Emerson Electric Co.
  4. IBM Corporation
  5. Schneider Electric SE

* Complete list of players covered available in the table of contents below

MC

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Introduction to Market Drivers and Restraints

    3. 4.3 Market Drivers

      1. 4.3.1 Rising Adoption of Artificial Intelligence (AI) and Internet of Things (IoT)

      2. 4.3.2 Rapidly Growing Urban Population

    4. 4.4 Market Restraints

      1. 4.4.1 Security Concerns Related to IoT and Smart Devices

    5. 4.5 Industry Value Chain Analysis

    6. 4.6 Industry Attractiveness - Porter's Five Force Analysis

      1. 4.6.1 Threat of New Entrants

      2. 4.6.2 Bargaining Power of Buyers/Consumers

      3. 4.6.3 Bargaining Power of Suppliers

      4. 4.6.4 Threat of Substitute Products

      5. 4.6.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Solution

      1. 5.1.1 Smart Mobility Management

      2. 5.1.2 Smart Public Safety

      3. 5.1.3 Smart Healthcare

      4. 5.1.4 Smart Building

      5. 5.1.5 Smart Utilities

      6. 5.1.6 Smart Security

      7. 5.1.7 Smart Education

      8. 5.1.8 Other Solutions

    2. 5.2 Geography

      1. 5.2.1 North America

        1. 5.2.1.1 United States

        2. 5.2.1.2 Canada

      2. 5.2.2 Europe

        1. 5.2.2.1 United Kingdom

        2. 5.2.2.2 Germany

        3. 5.2.2.3 France

        4. 5.2.2.4 Sweden

        5. 5.2.2.5 Rest of Europe

      3. 5.2.3 Asia-Pacific

        1. 5.2.3.1 China

        2. 5.2.3.2 Japan

        3. 5.2.3.3 India

        4. 5.2.3.4 Australia

        5. 5.2.3.5 South Korea

        6. 5.2.3.6 Rest of Asia-Pacific

      4. 5.2.4 Latin America

        1. 5.2.4.1 Mexico

        2. 5.2.4.2 Brazil

        3. 5.2.4.3 Argentina

        4. 5.2.4.4 Rest of Latin America

      5. 5.2.5 Middle East & Africa

        1. 5.2.5.1 Saudi Arabia

        2. 5.2.5.2 United Arab Emirate

        3. 5.2.5.3 South Africa

        4. 5.2.5.4 Rest of Middle East & Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 ABB Ltd

      2. 6.1.2 Cisco Systems Inc.

      3. 6.1.3 Emerson Electric Co.

      4. 6.1.4 IBM Corporation

      5. 6.1.5 Ericsson Inc.

      6. 6.1.6 Schneider Electric SE

      7. 6.1.7 General Electric Co.

      8. 6.1.8 Siemens AG

      9. 6.1.9 Huawei Technologies Co. Ltd

      10. 6.1.10 Honeywell International Inc.

      11. 6.1.11 Hitachi Ltd

      12. 6.1.12 Nokia Corporation

      13. 6.1.13 Koninklijke Philips NV

    2. *List Not Exhaustive
  7. 7. INVESTMENT ANALYSIS

  8. 8. MARKET OPPORTUNITIES AND FUTURE TRENDS

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