Smart Cities Market: Smart Utilities Segment Is Expected To Witness A Considerable CAGR Of 22.9%

 Smart Cities Industry Overview

The global smart cities market size was valued at USD 1,090.64 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 24.2% from 2022 to 2030. The increasing urbanization, need for efficient management of resource utilization, public safety concerns, and increasing demand for an environment with efficient energy utilization are the major growth drivers. Due to the COVID-19 pandemic, countries followed strict lockdowns and mobility constraints to avoid the spread of the virus. During the pandemic, the dependence of global economies on urban areas and the importance of public healthcare in smart city initiatives have been brought to light. However, organizations are trying to implement emerging technologies such as the Internet of Things (IoT) and Artificial Intelligence (AI) to overcome the challenges faced during the pandemic.

According to reports of World Urbanization Prospects published in 2019, by the UN Department of Economic and Social Affairs (UN DESA), the current urban population of 55.7% is expected to increase to 68.4% in 2050 globally. The need for sustainable structure due to the growing population and urbanization has become significant for the growth of the market.

 

Gather more insights about the market drivers, restrains and growth of the Global Smart Cities market

 

Several regional governments are trying to handle these problems via smart city initiatives across serviceable segments, such as mobility, utility, safety, and management. Further, infrastructure development financing and funding models, and governance systems are playing a major role in fueling the smart cities market growth.

The market growth can be attributed to the rising adoption of nanotechnology, AI, Machine Learning (ML), cloud computing, IoT, cognitive computing, big data analytics, and open data. Moreover, the increasing implementation of Build-Own-Operate (BOO), Build-Operate-Transfer (BOT), Original Brand Manufacturer (OBM), and Bill of Material (BOM) business models is also driving the successful project execution of smart cities.

Asian countries have been pursuing numerous initiatives to encourage the adoption of digital technologies for smart cities while seeking to maintain consumer data privacy. Moreover, several government initiatives worldwide are anticipated to drive the market growth further. For instance, in December 2021, the UAE government achieved a 100% paperless transformation under the Smart Dubai Plan 2021.

Though smart city projects need a diverse set of technologies, such as IoT, AI, and smart sensors, to monitor city infrastructure, its application varies across projects and from city to city. The need to improve resilient cities, reduce energy, and concern over the increase of environmental waste is the key driving factors for implementing smart city solutions.

Additionally, the vendors invest in Research & Development (R&D) to establish new systems and technologies for connected infrastructure across smart city projects. The key players in the market, such as Cisco Systems, Siemens AG, and IBM, are actively investing in R&D activities related to connected infrastructure in smart city development worldwide.

Technological proliferation plays a major role in driving the growth of the smart cities market. Technologies, such as big data, cloud computing, and IoT, have helped in bringing about innovation by integrating the internet into day-to-day human functions, thereby simplifying and improving the quality of life.

For instance, in February 2019, Microsoft Corporation signed an agreement with The Department of Governance Reform of Punjab (India) to offer cloud services within the state. The cloud services provided by Microsoft Corporation will enhance the digital transformation and optimize IT operations in government departments and agencies located in Punjab. Thus, advancements in technology are expected to boost the smart city infrastructure growth prospects over the forecast period.


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Smart Cities Market Segmentation

Grand View Research has segmented the global smart cities market report based on application, smart governance, smart utilities, smart transportation, and region:

  • Application Outlook (Revenue, USD Million, 2017 - 2030)
    • Smart Governance
    • Smart Building
    • Environmental Solution
    • Smart Utilities
    • Smart Transportation
    • Smart Healthcare

 

  • Smart Governance Outlook (Revenue, USD Million, 2017 - 2030)
    • City Surveillance
    • CCS
    • E-governance
    • Smart Lighting
    • Smart Infrastructure

 

  • Smart Utilities Outlook (Revenue, USD Million, 2017 - 2030)
    • Energy Management
    • Water Management
    • Waste Management

 

  • Smart Transportation Outlook (Revenue, USD Million, 2017 - 2030)
    • Intelligent Transportation System
    • Parking Management
    • Smart Ticketing & Travel Assistance

 

  • Regional Outlook (Revenue, USD Million, 2017 - 2030)
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

Market Share Insights

  • October 2021: Siemens acquired Wattsense, a French provider of plug-and-play IoT management systems. This acquisition expanded Siemens’ building automation offering for small and mid-sized buildings.
  • August 2021: a digital automation and energy management company, Schneider Electric introduced EcoStruxureTM Rail in India, to provide a digital environment for metro rail operations in the country.

 

Key Companies profiled:

Some prominent players in the global smart cities market include

  • ABB Limited
  • AGT International
  • AVEVA Group plc.
  • Cisco Systems, Inc.
  • Ericsson
  • General Electric
  • Honeywell International Inc.
  • International Business Machines Corporation
  • Itron Inc.
  • KAPSCH Group
  • Huawei Technologies Co., Ltd.
  • Microsoft Corporation
  • Oracle Corporation
  • Osram Gmbh
  • SAP SE
  • Schneider Electric SE
  • Siemens AG
  • Telensa
  • Verizon
  • Vodafone Group plc

 

Order a free sample PDF of the Smart Cities Market Intelligence Study, published by Grand View Research. 

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