Smart Cities Market Trends, Share, Market Size, Growth, Opportunities and Market Forecast to 2027 | COVID-19 Effects

Smart City Market, By Application (Utility (Smart Meters, Smart lighting, Smart Waste Management), Transport (Smart Parking, Smart Ticket), Residential (Smart Building), Healthcare) - Forecast 2027

Market Overview

The smart city market is set to grow at a high CAGR during the forecast period 2016 to 2022. As per the market research report, the market will hit US$1933 billion in terms of valuation by the end of 2022. The market growth will be driven by rapid urbanization across the globe. Based on the research report, solid waste management will accelerate growth in the market till 2022. There will be a negative impact on the global smart city market’s growth during this period. The lack of expertise and proficiencies of users will likely become a threat. The smart cities market report published by expert analysts includes primary and secondary data and suggests that component, application, and region segments are anticipated to witness tremendous growth till 2022. Factors such as efficient mobility public transport will be major growth factors during the forecast period and the rising demand for robust IT connectivity digitalization is also said to be supporting the market globally, however, the growth projected for the forecast period could be affected by it rejuvenates the economy heritage which could negatively affect activities taking place across the market. The low demand from developing countries is another challenge the market could face till 2022.

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Market Segmentation

The smart city market is segregated into different market segments based on component, application, and region. For a comprehensive analysis of the market, the component, application, and region segments are further split into smaller segments. The component segment is categorized into hardware, software, and service. Furthermore, based on application, the global market is also segmented into education, government, healthcare, residential, transport, utility, and others. Based on the market segmentation analysis, the report covers market forecasts.

Adequate and reliable water electricity supply will support the market growth from 2016 to 2022. As per the market research report, the global market for smart cities is anticipated to grow at a healthy rate across all the component, application, and region segments. However, the presence of active threats such as supply and demand gap could affect the market growth. Business activities across urban planning have also been examined and studied by urban planning industry’s experienced analysts. The smart city market report covers findings with predictions and forecasts till 2022.

Regional Overview

The smart city market, with its segments, is present in different parts of the world. urban planning based regional markets are also covered in the market research report. The regional markets are Asia-Pacific, Europe, North America, the Middle East and Africa and the rest of the world. Good governance that promotes e-governance citizen participation is anticipated to be a major factor for growth across the urban planning space during the forecast period. The regional market in North America is classified as the United States, Mexico, Canada, and others. The urban planning sector based regional markets in Europe are split into Italy, Germany, France, and the United Kingdom. In the Asia Pacific region, the market is segmented into China, India, Japan, and others. Urban planning based businesses in these regional markets are anticipated to grow due to the ever-increasing population during the forecast period 2016 to 2022. Concerns regarding high cost as well as the high product and maintenance cost will have a negative impact on the market’s growth. The analysts have also segmented markets of the Middle East, Africa, and the rest of the world.

Competitive Landscape

Urban planning based organizations are profiled in the market research report. The smart city market  along with companies and segments have been studied. The analysis of urban planning based business is also done to identify challenges such as the shortage of professional services and strengths of these companies. The global smart city market research report covers SWOT analysis, Porter’s Five Force analysis of major urban planning related organizations. The strategy and other key details of these companies for the forecast period 2016 to 2022 are covered in the report. The rising industrialization worldwide is anticipated to support the market growth as the market is set to grow at a high CAGR and reach a value of US$1933 billion by 2022.

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Industry News

Honeywell has invested in Trinity Mobility Private Ltd., a smart city tech company headquartered in India. According to the two companies, the agreement would allow operators to properly analyze, run, and maintain the city's linked infrastructure. According to the United Nations Department of Economic and Social Affairs, by 2050, 68 percent of the world's people would be living in cities, up from 55 percent currently. The need for smart city solutions is being driven by overcrowding, traffic congestion, security issues, as well as increasing water and utility demand. Sensors, the Internet of Things, encryption, and cloud-based computing that can collect real-time data are all part of this.

About Market Research Future:

Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.

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