Smart City Market by Application and Geography - Forecast and Analysis 2020-2024

  • Published: Apr 2020
  • Pages: 120
  • SKU: IRTNTR41110

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The smart city market has the potential to grow by USD 2118.14 billion during 2020-2024, and the market’s growth momentum will accelerate at a CAGR of 22.76%.

This smart city market analysis report entails exhaustive statistical qualitative and quantitative data on application (smart governance and education, smart energy, smart healthcare, smart security, and others) and geography (APAC, Europe, MEA, North America, and South America) and their contribution to the target market. View our sample report to gather market insights on the segmentations. Furthermore, with the latest key findings on the post COVID-19 impact on the market, available in this report, you can create successful business strategies to generate new sales opportunities.

What will the Smart City Market Size be in 2020?


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Smart City Market: Key Drivers and Trends

Based on our research output, there has been a neutral impact on the market growth during and post COVID-19 era. The decrease in prices of connected devices is notably driving the smart city market growth. To unlock information on the key market drivers and the COVID-19 pandemic impact on the smart city market get your FREE report sample now.

This post-pandemic smart city market report has assessed the shift in consumer behavior and identified trends and drivers that will help market players outmaneuver challenges. Technology innovations, implementation, and improvisation scope identified in the smart city market trends is essential for building new business opportunities across segmentations and geographies.

Who are the Major Smart City Market Vendors?

The smart city market forecast report provides insights on complete key vendor profiles and their business strategies to reimage themselves. The profiles covered in the report are as follows:


  • ABB Ltd.
  • Accenture Plc
  • Alphabet Inc.
  • Cisco Systems Inc.
  • HP Inc.
  • International Business Machines Corp.
  • LG Electronics Inc.
  • Microsoft Corp.
  • Oracle Corp.
  • SAP SE


From our Porter’s five forces analysis study, get detailed insights on the functional involvement of the buyers and suppliers to form well-rounded knowledge about the supply chain and create cost reduction plans. The smart city market analysis report also contains exhaustive observation on the organic and inorganic growth strategies deployed by the vendors. Click here to uncover details of successful business strategies adopted by the vendors.

Furthermore, to make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. Buy the full smart city market statistics report to understand the magnitude of the economic impact on each segment and recovery expectations.

Download a free sample of the smart city market forecast report for insights on complete key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Which are the Key Regions for Smart City Market?


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The smart city market size, share, & trends analysis report offers an up-to-date study of the geographical composition of the market. 40% of the market’s growth will originate from Europe during the forecast period. Germany and Spain are the key markets for smart cities in Europe.

The report offers an up-to-date analysis of the geographical composition of the market. Europe has been recording significant growth rate and is expected to offer several growth opportunities to market vendors during the forecast period. To garner further competitive intelligence and regional opportunities in store for vendors, view our sample report.

What are the Revenue-generating Application Segments in the Smart City Market?


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The smart city market share growth by the smart governance and education segment has been significant. This report provides insights on the impact of the unprecedented outbreak of COVID-19 on market segments. Through these insights, you can safely deduce transformation patterns in consumer behavior, which is crucial to gauge segment-wise revenue growth during 2020-2024 and embrace technologies to improve business efficiency.

Request for a free sample of the report to get an exclusive glimpse of actionable market insights on post COVID-19 impact on each segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the smart city market size.



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What are the Key Factors Covered in this Smart City Market Report?

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will drive smart city market growth during the next five years
  • Precise estimation of the smart city market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the smart city market across APAC, Europe, MEA, North America, and South America 
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of smart city market vendors

We can help! Our analysts can customize this report to meet your requirements. Get in touch

Smart City Market Scope

Report Coverage


Page number


Base year


Forecast period


Growth momentum & CAGR

Accelerate at a CAGR of 23%

Market growth 2020-2024

$ 2118.14 billion

Market structure


YoY growth (%)


Regional analysis

APAC, Europe, MEA, North America, and South America

Performing market contribution

Europe at 40%

Key consumer countries

Germany and Spain

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

ABB Ltd., Accenture Plc, Alphabet Inc., Cisco Systems Inc., HP Inc., International Business Machines Corp., LG Electronics Inc., Microsoft Corp., Oracle Corp., and SAP SE

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.


Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases


Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts



  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis


  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The smart city market growth will increase by $2118.14 billion during 2019-2024.
The smart city market is expected to grow at a CAGR of 22.76% during 2019-2024.
Technavio has segmented the smart city market by application (Smart governance and education, Smart energy, Smart healthcare, Smart security, and Others) and geographic (Europe, North America, APAC, and South America).
ABB Ltd., Accenture Plc, Alphabet Inc., Cisco Systems Inc., HP Inc., International Business Machines Corp., LG Electronics Inc., Microsoft Corp., Oracle Corp., SAP SE are a few of the key vendors in the smart city market.
Europe will register the highest growth rate of 41.50% among the other regions. Therefore, the smart city market in Europe is expected to garner significant business opportunities for the vendors during the forecast period.
The key factors driving the smart city market growth are:
  • Reduced prices of connected devices
The smart city market vendors should focus on grabbing business opportunities from the smart governance and education segment as it accounted for the largest market share in the base year.
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