Smart Cities Market Forecast 2024-2033: Growth Rate, Drivers, And Trends|Microsoft Corporation, AT&T Inc., Huawei Technologies Co Ltd., Hitachi Ltd., Siemens AG

The Smart Cities Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Smart Cities Global Market Report 2024, The smart cities market size has grown exponentially in recent years. It will grow from $667.51 billion in 2023 to $808.46 billion in 2024 at a compound annual growth rate (CAGR) of 21.1%. The growth in the historic period can be attributed to rapid urbanization, environmental sustainability concerns, traffic congestion and mobility issues, energy efficiency and resource management, government initiatives and funding.

The smart cities market size is expected to see rapid growth in the next few years. It will grow to $1652.36 billion in 2028 at a compound annual growth rate (CAGR) of 19.6%. The growth in the forecast period can be attributed to integration of 5G networks, focus on health and safety, resilience and disaster preparedness, citizen engagement and inclusivity. Major trends in the forecast period include citizen engagement platforms, edge computing for real-time processing, smart building automation, public safety and emergency response systems, digital twin technology for city modeling.

The rising urbanization all over the globe is expected to drive the growth of the smart cities market going forward. Urbanization refers to the population movement from rural to an urban setting and increasing human population densities in urban areas. A smart city is a technologically advanced urban area that gathers information using various electronic technologies, voice activation methods, and sensors. For instance, according to the United Nations Department of Economic and Social Affairs, 68% of the world’s population is 2.5 billion people are projected to live in urban areas by 2050. Therefore, rising urbanization all over the globe is driving the decorative coatings market growth.

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The smart cities market covered in this report is segmented –

1) By Component: Solutions, Services
2) By Type: Roadways, Railways, Airways
3) By Application: Smart Governance, Smart Building, Smart Utilities, Smart Transportation, Smart Healthcare, Other Applications

Major companies operating in the smart cities market are forming partnerships to develop new products and strengthen their positions in the market. Collaborations and partnerships in the smart cities market foster innovation, leverage complementary expertise, and accelerate the development and commercialization of advanced therapies by combining resources and capabilities. For instance, in May 2021, Itron Inc. a US-based technology company partnered with Microsoft Corporation a US-based technology company that specializes in the development, licensing, and sale of software, hardware, and other technology-related products and services. This partnership is to offer clients cloud-based meter data management (MDM) services that are highly scalable. The goal of this partnership is to work together to create solutions that will help utility companies address critical challenges such as carbon reporting, energy transition, and distribution automation. Through this partnership, utilities and smart cities will be able to leverage cloud computing technology specifically, edge computing to speed up cloud-native analytics and have access to a more adaptable, scalable infrastructure that supports crucial business operations in the cloud. The partnership will enable mission-critical business activities in the cloud and aid in the administration of huge data volumes, which will aid in the digital transformation of utilities.

The smart cities market report table of contents includes: