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Smart Cities Market size projected to reach USD 1024.4 Billion By 2027, Growing at 14.9% CAGR | MarketsandMarkets™

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Smart Cities Market size projected to reach USD 1024.4 Billion By 2027, Growing at 14.9% CAGR | MarketsandMarkets™

December 07
16:48 2022
Smart Cities Market size projected to reach USD 1024.4 Billion By 2027, Growing at 14.9% CAGR | MarketsandMarkets™
Cisco (US), IBM (US), Siemens (Germany), Microsoft (US), Hitachi (Japan), Schneider Electric (France), Huawei (China), Intel (US), NEC (Japan), ABB (Switzerland), Ericsson (Sweden), Oracle (US), Fujitsu (Japan), Honeywell (US), Accenture (Ireland), Vodafone (UK), AWS (US), Thales (France), Signify (Netherlands), Kapsch (Austria), Motorola (US), GE (US), Google (US).
Smart Cities Market by Focus Area, Smart Transportation, Smart Buildings, Smart Utilities, Smart Citizen Services (Public Safety, Smart Healthcare, Smart Education, Smart Street Lighting, and E-Governance) and Region – Global Forecast to 2027

The smart cities market is projected to grow from USD 511.6 million in 2022 to USD 1024.4 million by 2027, at a CAGR of 14.9% during the forecast period, fueled by the reduction in energy consumption and concern over the proliferation of environmental wastes.

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By smart transportation solution, passenger information management is expected to register the fastest growth rate during the forecast period.

The passenger information system is an important link between passengers and transit service providers and keeps travelers updated quickly and precisely. It focuses on the current location of the bus, estimated arrival time and departure time, and vacant seats and keeps the passenger updated. It is an electronic operating tool that provides its passengers with, at any given time, visual and acoustic information to passengers on a route, both automatically and programmed manually.

By smart building, commercial type is estimated to account for largest market share in 2022

The HVAC, smart lighting, and monitoring are some of the important factors affecting the comfort and productivity of employees in commercial settings. HVAC control systems provide precise temperature control and improve the air quality in commercial buildings. The automation of building temperature, security, and maintenance increases the overall efficiency of commercial buildings. The energy performance of commercial buildings is a major challenge for the commercial sector as these buildings consume higher energy and generate more waste in the form of carbon and other solid wastes. Therefore, appropriate and tailor-made solutions are needed for optimized energy performance to reduce building energy consumption without compromising comfort or security.

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The major vendors covered in the smart cities market include Cisco Systems, Inc (Cisco), IBM Corporation (IBM), Siemens AG (Siemens), Microsoft Corporation (Microsoft), Hitachi Ltd. (Hitachi), Schneider Electric (Schneider), Huawei Technologies Co., Ltd (Huawei), Intel Corporation (Intel), NEC Corporation (NEC), ABB Group (ABB), Telefonaktiebolaget LM Ericsson (Ericsson), Itron, Oracle Corporation (Oracle), Fujitsu Ltd. (Fujitsu), Honeywell International Inc. (Honeywell), Accenture PLC (Accenture), Vodafone Group PLC (Vodafone), Amazon Web Services (AWS), Thales Group (Thales), Signify Holding (Signify), Kapsch Group (Kapsch), Motorola Mobility LLC. (Motorola), General Electric (GE), Google LLC (Google), Tata Consultancy Services Limited (TCS), AT&T Inc. (AT&T), Nokia Corporation (Nokia), Samsung Group (Samsung), SAP SE (SAP), TomTom International BV (TomTom), and AppyWay and Ketos, Inc. (Ketos). These companies have adopted various strategies to cater to the growing demand for IoT in smart cities and strengthen their position in the market.

Cisco offers hardware, software, networking, and system communication technology-based products and services. The company caters to industry verticals, such as energy, government, education, financial services, retail, sports and entertainment, manufacturing, healthcare, transportation, and hospitality. Cisco has established its market dominance by creating personal distribution channels, employing an aggressive sales force, and strategically collaborating with different channel partners. It caters to large enterprises, commercial businesses, service providers, and consumers. Cisco has major stakes in various global smart city projects. The company supports these projects with the help of its specifically designed smart and connected solutions portfolio. The smart and connected solutions portfolio assists city leaders in addressing urban challenges, such as traffic congestion, overcrowding, pollution, resource constraints, and inadequate infrastructure, by utilizing the company’s intelligent networking capabilities. Cisco offers various products in the smart cities market, such as Cisco Energy Optimization Services, Cisco Connected Grids, Cisco Smart Grid Security Solutions, and Connected Grid Design Suite (CGDS).

Siemens is one of the global market leaders in industrial automation. It specializes in electrical engineering and electronics-related products and services. The company’s principal divisions are industry, energy, healthcare, and infrastructure and cities. It offers a wide array of IoT solutions to the smart cities space. In the arena of smart cities, Siemens provides solutions for smart buildings, smart transportation, and smart grids. It provides various smart transportation products and solutions, including rail automation, automatic train control, Communications-Based Train Control (CBTC), traffic control centers, urban traffic control, parking space management, tolling, and integrated smart parking. It designs and delivers various real-time products by leveraging the benefits of the latest leading-edge technologies in transportation systems and automotive electronics. Siemens is present in over 200 countries across North America, Asia Pacific, the Middle East and Africa, Europe, and Latin America.

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