Smart Cities Market Insights, Current And Future Market Trends & Forecast Till 2027

The GMI Research expects the smart cities market to expand at a higher rate. From a regional perspective, the Asia-Pacific is anticipated to grow at a higher CAGR due to the growing public-private partnership (PPP) to develop infrastructure and services, increasing urban demographics, and continuous city expansion.

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Smart Cities Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)

Key Drivers

The significant drivers responsible for the growth of the smart cities market include the strong demand for public safety, the increasing urban population, and rising government initiatives in emerging smart utilities, smart transportation, smart education services, and smart buildings. Furthermore, the rising availability of low-cost internet of things (IoT) sensors, artificial intelligence (AI), and distributed hybrid multi-cloud architectures will further drive the growth of the smart cities market size during the forecast period. As per the United Nations, by 2050, about 68% of the world population is predicted to live in urban areas. The growing traffic congestion, public safety, water, and electricity shortage due to the increasing urbanization are projected to fuel the demand for smart cities worldwide. As per smart cities market analysis, smart cities provide various benefits, including decreased environmental footprints, efficient public utilities, enhanced transportation, advanced infrastructure, improved digital equality, and efficient distribution of resources, among other benefits. This factor will lead to an upsurge in the demand of the market. According to the smart cities market research, the factor hindering the growth of the smart cities market include high initial investment needs for the development of smart cities. However, the growing incidences of data theft, rising privacy and security concerns, and high dependency on networks and electronics will further restrain the market growth in the upcoming years.

Solution Segment Drivers

Based on the solution, the smart mobility management segment is projected to lead the market during the forecast period due to the strong demand for effective, secure, and safe public transport systems, combined with mobility-as-a-service (MaaS) at a global level. The increasing concerns pertaining to CO2 emissions of road transport and the high adoption of connected, autonomous, electric, and shared vehicles are further propelling the market growth.

Smart Cities Market’s leading Manufacturers:

  • Honeywell International Inc.
  • SAP SE
  • ABB Ltd.
  • Emerson Electric Co.
  • Schneider Electric SE
  • International Business Machines Corporation
  • Cisco Systems, Inc.
  • Siemens AG
  • Koninklijke Philips N.V.
  • Alphabet, Inc.

Smart Cities Market Segmentation:

Segmentation by Solution:

  • Smart Mobility Management
  • Smart Public Safety
  • Smart Healthcare
  • Smart Building
  • Smart Utilities
  • Smart Security
  • Smart Education
  • Others

Segmentation by Region:

  • North America

o   United States of America

o   Canada

  • Asia Pacific

o   China

o   Japan

o   India

o   Rest of APAC

  • Europe

o   United Kingdom

o   Germany

o   France

o   Spain

o   Rest of Europe

  • RoW

o   Brazil

o   South Africa

o   Saudi Arabia

o   UAE

o   Rest of the world (remaining countries of the LAMEA region)

About GMI Research

GMI Research is a market research and consulting company that provides syndicated research reports, consulting services, and customized market research reports. Our reports are based on market intelligence studies to ensure relevant and fact-based research across numerous sectors, including healthcare, automotive, information technology & communication, FMCG, and other industries. GMI Research’s deep understanding related to the business environment helps us in generating objective strategic insights. Our research teams consisting of seasoned analysts and researchers have hands-on experience in various regions, including Asia-pacific, Europe, North America, and the Rest of the World. The market research report offers in-depth analysis, which contains refined forecasts, a bird’s eye view of the competitive landscape, factors impacting the market growth, and several other market insights to aid companies in making strategic decisions. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to help our clients to stay ahead of the curve.

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