The global smart city market is anticipated to reach US$2.51 trillion in 2025, experiencing growth at a CAGR of 20.51% during the period spanning from 2021 to 2025. Growth in the market was supported by factors such as increasing technology spending on smart city initiatives, rising global urbanization and surging infrastructural investment. Growing adoption of artificial intelligence is likely to act as a key trend for the market, opposed by rise in privacy & security concerns over IoT that would impose challenges on the market.
The global smart city market can be segmented as follows: governance & education, energy, healthcare, security, infrastructure, building and mobility. The dominant share of the global smart city market in 2020 was held by governance & education system, followed by energy, healthcare, security, infrastructure, building and mobility segment.
The global smart city market on the basis of geography can be segmented into the following segments: the US, Western Europe, China, Asia Pacific (ex. China & Japan) and Japan. In 2020, the largest share of the market was held by the US, which was followed by Western Europe, China and Asia Pacific (ex. China & Japan).
Factors such as increasing economic development, rising investments by governmental authorities and upsurge in urbanization helped in supporting US smart city market growth.
Scope of the report:
• The report provides a comprehensive analysis of the global smart city market with potential impact of COVID-19.
• The major regional markets (the US, Western Europe, China, Asia Pacific (ex. China & Japan) and Japan) have been analyzed.
• The market dynamics such as growth drivers, market trends and challenges are analyzed in-depth.
• The competitive landscape of the market, along with the company profiles of leading players (Microsoft Corporation, Cisco Systems, Siemens, IBM Corporation, General Electric and Schneider Electric) are also presented in detail.
Key Target Audience:
• Smart City Developers
• Raw Material Suppliers
• Consulting Firms
• Investment Banks
• Government Bodies & Regulating Authorities