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Smart City Market by Application, Component, and Geography - Forecast and Analysis 2023-2027

  • Published: Nov 2022
  • Pages: 183
  • SKU: IRTNTR41110
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The smart city market is estimated to grow at a CAGR of 24.53% between 2022 and 2027. The size of the market is forecast to increase by USD 288.7 billion. The growth of the market depends on serval factors, including the increase in IT consolidation and modernization, enhanced global broadband connectivity, and growing investment in smart cities.

This report extensively covers market segmentation by application (smart infrastructure, smart energy, smart mobility, smart security, and others), component (hardware, software, and services), and geography (Europe, North America, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.

What will be the Size of the Smart City Market During the Forecast Period?

Smart City Market Size

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Parent Market Analysis

Technavio categorizes the smart city market as a part of the global technology hardware, storage, and peripherals market within the overall global information technology market. The parent global technology hardware, storage, and peripherals market covers manufacturers of cellular phones, personal computers, servers, electronic computer components, and peripherals. It also includes data storage components, motherboards, audio and video cards, monitors, keyboards, printers, and other peripherals. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.

Smart City Market: Key Drivers, Trends, Challenges, and Customer Landscape

The increase in IT consolidation and modernization are notably driving the market growth, although factors such as the high cost of upgrading smart grids may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Smart City Market Driver

The increase in IT consolidation and modernization is the key factor driving the global smart city market growth. IT consolidations in organizations help improve operational efficiency and achieve economies of scale. The ever-increasing consolidation of IT infrastructures such as data centers and networking systems in organizations is forcing C-suite executives to implement advanced IT service delivery models like shared and managed IT services.

The continual change in technology and the need for IT modernization in numerous industry verticals, such as the manufacturing, BFSI, telecom, and healthcare sectors, are the key factors driving the adoption of IT services and the deployment of smart city projects for providing better connectivity and sustainability. The growing popularity of social media and mobile devices and organizations' focus on modernizing their IT infrastructure are the other factors driving the market during the forecast period.

Key Smart City Market Trend

The proliferation of smart city projects in emerging economies is the primary trend in the global smart city market. Developed economies in North America and Europe have been working on developing smart cities for a decade and have already implemented many projects. APAC is the fastest-growing region in terms of smart city technologies. Rapid urban growth, fueled by mass migration to the cities, is increasing the urban population in Asia, which is leading to the development of infrastructure in cities, particularly in emerging countries in Asia. Emerging economies like India and China are still in the planning phase and are launching many pilot projects.

Cambodia, Phnom Penh, Battambang, and Siem Reap have been selected to take part in the Association of Southeast Asian Nations (ASEAN's) Smart Cities Network, which is working on developing smart, sustainable urban development in 26 cities around the region by 2025. The rapid rate of urbanization in countries like India is also a major factor responsible for the roll-out of smart city projects, as smart city infrastructure help end-users (such as government agencies, healthcare, and transportation service providers) respond faster to the challenges being faced by urban settlements.

Key Smart City Market Challenge

The high cost of upgrading smart grids is a major challenge to the global smart city market growth. The high cost of upgrading smart grids is expected to hinder the growth of the global smart city market during the forecast period. The costs involved in upgrading smart grids include additional investments in distribution systems, replacement of transmission lines, power delivering systems, substation digitalization, and digital controls. Consequently, power utilities and independent power producers face the prospect of huge initial capital investment.

The aging power infrastructure of these utilities and their growing need for renewable power grid integration will increase their grid renovation budgets in the coming years. This is the consequence of the near-term cost evasion by utilities, and it acts as a barrier to the adoption of smart grid data management solutions. The power utility providers are reluctant to upgrade their power grids to make them compatible with smart grid data management solutions because of the high costs involved. This is expected to have a significant impact on the growth of the global smart city market in the future.

Key Smart City Market Customer Landscape

The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Smart City Market Share by Geography

Global Smart City Market Customer Landscape

Who are the Major Smart City Market Vendors?

Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

abb.com - The company offers smart city solutions such as smart buildings, e-mobility, energy management and data centers.

The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:

  • Accenture Plc
  • Aeris Communications Inc.
  • Alphabet Inc.
  • Cisco Systems Inc.
  • General Electric Co.
  • Hewlett Packard Enterprise Co.
  • Hitachi Ltd.
  • Honeywell International Inc.
  • Huawei Technologies Co. Ltd.
  • International Business Machines Corp.
  • Itron Inc.
  • LG Electronics Inc.
  • Microsoft Corp.
  • Oracle Corp.
  • SAP SE

Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.

What is the Fastest-Growing Segments in the Smart City Market?

The market share growth by the smart infrastructure segment will be significant during the forecast period. Smart infrastructure involves digitalization in energy systems, buildings, and industries to enhance the way people live and work by improving efficiency and sustainability. Smart buildings have advanced installation and technology systems that allow the automation of numerous internal processes, such as heating, ventilation, lighting, security, and other systems in the building. 

Smart City Market Size

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The smart infrastructure segment was valued at  USD 28.67 billion in 2017 and continue to grow by 2021Smart infrastructures are based on their physical structure (cabling, sensors, etc.) and are based on four principles: data, analytics, feedback, and adaptability. Increasing industrial development, commercialization, and awareness of effective utilization of energy and building optimization will drive the adoption of smart infrastructures. Smart infrastructure combines the real and digital worlds in energy systems, buildings, and industries, enhancing the way people live and work and significantly improving efficiency and sustainability.  These factors will positively impact the growth of the market in focus during the forecast period.

Which are the Key Regions for the Smart City Market?

Smart City Market Share by Geography

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Europe is projected to contribute 37% by 2027. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The industrial sector in Europe is well-developed, with a well-settled end-user market base. Europe is well equipped with the latest technologies to lead the development of smart cities. With the presence of some of the most advanced economies in the world, there is a high concentration of top vendors in the region. Advanced economies like Germany and France are the major contributors to the market in Europe. The market is driven by the availability of high-speed wireless networks and increased connected devices such as smartphones and IoT penetration. Telecom vendors in the region, such as BT, Vodafone, and Deutsche Telekom, are competing to release their smart technology products and corresponding package services.

This report forecasts the contribution of all the segments to the growth of the market. In addition, we have included the COVID-19 impact and the recovery strategies for each segment. COVID-19 led to an upsurge in the demand for Europe. In 2020, There was a huge demand for IoT technology in the healthcare industry in 2020. IoT technology helped to track the spread of the disease and control the spread in real-time. In April 2020, Germany's public health authority launched a smartwatch app known as Corona-Datenspende, in partnership with Thryve, a health tech startup, to help monitor the spread of the disease and analyze whether measures to contain COVID-19 are working. The app gathered the vital signs of volunteers wearing the smartwatch and analyzed whether they had flu-like symptoms. The results were further represented in an interactive online map for the review of health authorities. Therefore, the launch of such products, which use IoT technology, is expected to positively impact the growth of the smart city market growth in Europe during the forecast period.

Segment Overview

The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by Application (Smart infrastructure, Smart energy, Smart mobility, Smart security, and Others), Component (Hardware, Software, and Services), and Geography (Europe, North America, APAC, South America, and Middle East and Africa).

  • Application Outlook (USD Billion, 2017 - 2027)
    • Smart infrastructure
    • Smart energy
    • Smart mobility
    • Smart security
    • Others
  • Component Outlook (USD Billion, 2017 - 2027)
    • Hardware
    • Software
    • Service
  • Region Outlook (USD Billion, 2017 - 2027)
    • North America
      • The U.S.
      • Canada
    • Europe
      • The U.K.
      • Germany
      • France
      • Rest of Europe
    • APAC
      • China
      • India
    • South America
      • Chile
      • Argentina
      • Brazil
    • Middle East & Africa
      • Saudi Arabia
      • South Africa
      • Rest of the Middle East & Africa

Smart City Market Scope

Report Coverage

Details

Page number

183

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 24.53%

Market growth 2023-2027

USD 288.7 billion

Market structure

Fragmented

YoY growth (%)

17.79

Regional analysis

Europe, North America, APAC, South America, and Middle East and Africa

Performing market contribution

Europe at 37%

Key countries

US, Japan, UK, Germany, and Spain

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

ABB Ltd., Accenture Plc, Aeris Communications Inc., Alphabet Inc., Cisco Systems Inc., General Electric Co., Hewlett Packard Enterprise Co., Hitachi Ltd., Honeywell International Inc., Huawei Technologies Co. Ltd., International Business Machines Corp., Itron Inc., LG Electronics Inc., Microsoft Corp., Oracle Corp., SAP SE, Schneider Electric SE, Siemens AG, Sierra Wireless Inc., and Signify NV

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the 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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What are the Key Data Covered in this Smart City Market Report?

  • CAGR of the market during the forecast period
  • Detailed information on factors that will drive the growth of the smart city market between 2023 and 2027
  • Precise estimation of the size of the smart city market size and its contribution to the parent market
  • Accurate predictions about upcoming trends and changes in consumer behavior
  • Growth of the market industry across Europe, North America, APAC, South America, and Middle East and Africa
  • Thorough analysis of the market’s competitive landscape and detailed information about vendors
  • Comprehensive analysis of factors that will challenge the growth of smart city market vendors

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1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
    • Exhibit 06: Executive Summary – Chart on Market Segmentation by Component
    • Exhibit 07: Executive Summary – Chart on Incremental Growth
    • Exhibit 08: Executive Summary – Data Table on Incremental Growth
    • Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 10: Parent market
    • Exhibit 11: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 12: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 13: Market segments
  • 3.3 Market size 2022
    • 3.4 Market outlook: Forecast for 2022-2027
      • Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
      • Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

    4 Historic Market Size

    • 4.1 Global smart city market 2017 - 2021
      • Exhibit 18: Historic Market Size – Data Table on Global smart city market 2017 - 2021 ($ billion)
    • 4.2 Application Segment Analysis 2017 - 2021
      • Exhibit 19: Historic Market Size – Application Segment 2017 - 2021 ($ billion)
    • 4.3 Component Segment Analysis 2017 - 2021
      • Exhibit 20: Historic Market Size – Component Segment 2017 - 2021 ($ billion)
    • 4.4 Geography Segment Analysis 2017 - 2021
      • Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ billion)
    • 4.5 Country Segment Analysis 2017 - 2021
      • Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ billion)

    5 Five Forces Analysis

    • 5.1 Five forces summary
      • Exhibit 23: Five forces analysis - Comparison between 2022 and 2027
    • 5.2 Bargaining power of buyers
      • Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
    • 5.3 Bargaining power of suppliers
      • Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
    • 5.4 Threat of new entrants
      • Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027
    • 5.5 Threat of substitutes
      • Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027
    • 5.6 Threat of rivalry
      • Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027
    • 5.7 Market condition
      • Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

    6 Market Segmentation by Application

    • 6.1 Market segments
      • Exhibit 30: Chart on Application - Market share 2022-2027 (%)
      • Exhibit 31: Data Table on Application - Market share 2022-2027 (%)
    • 6.2 Comparison by Application
      • Exhibit 32: Chart on Comparison by Application
      • Exhibit 33: Data Table on Comparison by Application
    • 6.3 Smart infrastructure - Market size and forecast 2022-2027
      • Exhibit 34: Chart on Smart infrastructure - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 35: Data Table on Smart infrastructure - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 36: Chart on Smart infrastructure - Year-over-year growth 2022-2027 (%)
      • Exhibit 37: Data Table on Smart infrastructure - Year-over-year growth 2022-2027 (%)
    • 6.4 Smart energy - Market size and forecast 2022-2027
      • Exhibit 38: Chart on Smart energy - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 39: Data Table on Smart energy - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 40: Chart on Smart energy - Year-over-year growth 2022-2027 (%)
      • Exhibit 41: Data Table on Smart energy - Year-over-year growth 2022-2027 (%)
    • 6.5 Smart mobility - Market size and forecast 2022-2027
      • Exhibit 42: Chart on Smart mobility - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 43: Data Table on Smart mobility - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 44: Chart on Smart mobility - Year-over-year growth 2022-2027 (%)
      • Exhibit 45: Data Table on Smart mobility - Year-over-year growth 2022-2027 (%)
    • 6.6 Smart security - Market size and forecast 2022-2027
      • Exhibit 46: Chart on Smart security - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 47: Data Table on Smart security - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 48: Chart on Smart security - Year-over-year growth 2022-2027 (%)
      • Exhibit 49: Data Table on Smart security - Year-over-year growth 2022-2027 (%)
    • 6.7 Others - Market size and forecast 2022-2027
      • Exhibit 50: Chart on Others - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 51: Data Table on Others - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 52: Chart on Others - Year-over-year growth 2022-2027 (%)
      • Exhibit 53: Data Table on Others - Year-over-year growth 2022-2027 (%)
    • 6.8 Market opportunity by Application
      • Exhibit 54: Market opportunity by Application ($ billion)

    7 Market Segmentation by Component

    • 7.1 Market segments
      • Exhibit 55: Chart on Component - Market share 2022-2027 (%)
      • Exhibit 56: Data Table on Component - Market share 2022-2027 (%)
    • 7.2 Comparison by Component
      • Exhibit 57: Chart on Comparison by Component
      • Exhibit 58: Data Table on Comparison by Component
    • 7.3 Hardware - Market size and forecast 2022-2027
      • Exhibit 59: Chart on Hardware - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 60: Data Table on Hardware - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 61: Chart on Hardware - Year-over-year growth 2022-2027 (%)
      • Exhibit 62: Data Table on Hardware - Year-over-year growth 2022-2027 (%)
    • 7.4 Software - Market size and forecast 2022-2027
      • Exhibit 63: Chart on Software - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 64: Data Table on Software - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 65: Chart on Software - Year-over-year growth 2022-2027 (%)
      • Exhibit 66: Data Table on Software - Year-over-year growth 2022-2027 (%)
    • 7.5 Services - Market size and forecast 2022-2027
      • Exhibit 67: Chart on Services - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 68: Data Table on Services - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 69: Chart on Services - Year-over-year growth 2022-2027 (%)
      • Exhibit 70: Data Table on Services - Year-over-year growth 2022-2027 (%)
    • 7.6 Market opportunity by Component
      • Exhibit 71: Market opportunity by Component ($ billion)

    8 Customer Landscape

    • 8.1 Customer landscape overview
      • Exhibit 72: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    9 Geographic Landscape

    • 9.1 Geographic segmentation
      • Exhibit 73: Chart on Market share by geography 2022-2027 (%)
      • Exhibit 74: Data Table on Market share by geography 2022-2027 (%)
    • 9.2 Geographic comparison
      • Exhibit 75: Chart on Geographic comparison
      • Exhibit 76: Data Table on Geographic comparison
    • 9.3 Europe - Market size and forecast 2022-2027
      • Exhibit 77: Chart on Europe - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 78: Data Table on Europe - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 79: Chart on Europe - Year-over-year growth 2022-2027 (%)
      • Exhibit 80: Data Table on Europe - Year-over-year growth 2022-2027 (%)
    • 9.4 North America - Market size and forecast 2022-2027
      • Exhibit 81: Chart on North America - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 82: Data Table on North America - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 83: Chart on North America - Year-over-year growth 2022-2027 (%)
      • Exhibit 84: Data Table on North America - Year-over-year growth 2022-2027 (%)
    • 9.5 APAC - Market size and forecast 2022-2027
      • Exhibit 85: Chart on APAC - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 86: Data Table on APAC - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 87: Chart on APAC - Year-over-year growth 2022-2027 (%)
      • Exhibit 88: Data Table on APAC - Year-over-year growth 2022-2027 (%)
    • 9.6 South America - Market size and forecast 2022-2027
      • Exhibit 89: Chart on South America - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 90: Data Table on South America - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 91: Chart on South America - Year-over-year growth 2022-2027 (%)
      • Exhibit 92: Data Table on South America - Year-over-year growth 2022-2027 (%)
    • 9.7 Middle East and Africa - Market size and forecast 2022-2027
      • Exhibit 93: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 94: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 95: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
      • Exhibit 96: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)
    • 9.8 US - Market size and forecast 2022-2027
      • Exhibit 97: Chart on US - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 98: Data Table on US - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 99: Chart on US - Year-over-year growth 2022-2027 (%)
      • Exhibit 100: Data Table on US - Year-over-year growth 2022-2027 (%)
    • 9.9 UK - Market size and forecast 2022-2027
      • Exhibit 101: Chart on UK - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 102: Data Table on UK - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 103: Chart on UK - Year-over-year growth 2022-2027 (%)
      • Exhibit 104: Data Table on UK - Year-over-year growth 2022-2027 (%)
    • 9.10 Germany - Market size and forecast 2022-2027
      • Exhibit 105: Chart on Germany - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 106: Data Table on Germany - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 107: Chart on Germany - Year-over-year growth 2022-2027 (%)
      • Exhibit 108: Data Table on Germany - Year-over-year growth 2022-2027 (%)
    • 9.11 Spain - Market size and forecast 2022-2027
      • Exhibit 109: Chart on Spain - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 110: Data Table on Spain - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 111: Chart on Spain - Year-over-year growth 2022-2027 (%)
      • Exhibit 112: Data Table on Spain - Year-over-year growth 2022-2027 (%)
    • 9.12 Japan - Market size and forecast 2022-2027
      • Exhibit 113: Chart on Japan - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 114: Data Table on Japan - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 115: Chart on Japan - Year-over-year growth 2022-2027 (%)
      • Exhibit 116: Data Table on Japan - Year-over-year growth 2022-2027 (%)
    • 9.13 Market opportunity by geography
      • Exhibit 117: Market opportunity by geography ($ billion)

    10 Drivers, Challenges, and Trends

    • 10.1 Market drivers
      • 10.2 Market challenges
        • 10.3 Impact of drivers and challenges
          • Exhibit 118: Impact of drivers and challenges in 2022 and 2027
        • 10.4 Market trends

          11 Vendor Landscape

          • 11.1 Overview
            • 11.2 Vendor landscape
              • Exhibit 119: Overview on Criticality of inputs and Factors of differentiation
            • 11.3 Landscape disruption
              • Exhibit 120: Overview on factors of disruption
            • 11.4 Industry risks
              • Exhibit 121: Impact of key risks on business

            12 Vendor Analysis

            • 12.1 Vendors covered
              • Exhibit 122: Vendors covered
            • 12.2 Market positioning of vendors
              • Exhibit 123: Matrix on vendor position and classification
            • 12.3 ABB Ltd.
              • Exhibit 124: ABB Ltd. - Overview
              • Exhibit 125: ABB Ltd. - Business segments
              • Exhibit 126: ABB Ltd. - Key news
              • Exhibit 127: ABB Ltd. - Key offerings
              • Exhibit 128: ABB Ltd. - Segment focus
            • 12.4 Accenture Plc
              • Exhibit 129: Accenture Plc - Overview
              • Exhibit 130: Accenture Plc - Business segments
              • Exhibit 131: Accenture Plc - Key news
              • Exhibit 132: Accenture Plc - Key offerings
              • Exhibit 133: Accenture Plc - Segment focus
            • 12.5 Alphabet Inc.
              • Exhibit 134: Alphabet Inc. - Overview
              • Exhibit 135: Alphabet Inc. - Business segments
              • Exhibit 136: Alphabet Inc. - Key news
              • Exhibit 137: Alphabet Inc. - Key offerings
              • Exhibit 138: Alphabet Inc. - Segment focus
            • 12.6 Cisco Systems Inc.
              • Exhibit 139: Cisco Systems Inc. - Overview
              • Exhibit 140: Cisco Systems Inc. - Business segments
              • Exhibit 141: Cisco Systems Inc. - Key news
              • Exhibit 142: Cisco Systems Inc. - Key offerings
              • Exhibit 143: Cisco Systems Inc. - Segment focus
            • 12.7 General Electric Co.
              • Exhibit 144: General Electric Co. - Overview
              • Exhibit 145: General Electric Co. - Business segments
              • Exhibit 146: General Electric Co. - Key news
              • Exhibit 147: General Electric Co. - Key offerings
              • Exhibit 148: General Electric Co. - Segment focus
            • 12.8 Honeywell International Inc.
              • Exhibit 149: Honeywell International Inc. - Overview
              • Exhibit 150: Honeywell International Inc. - Business segments
              • Exhibit 151: Honeywell International Inc. - Key news
              • Exhibit 152: Honeywell International Inc. - Key offerings
              • Exhibit 153: Honeywell International Inc. - Segment focus
            • 12.9 International Business Machines Corp.
              • Exhibit 154: International Business Machines Corp. - Overview
              • Exhibit 155: International Business Machines Corp. - Business segments
              • Exhibit 156: International Business Machines Corp. - Key offerings
              • Exhibit 157: International Business Machines Corp. - Segment focus
            • 12.10 LG Electronics Inc.
              • Exhibit 158: LG Electronics Inc. - Overview
              • Exhibit 159: LG Electronics Inc. - Business segments
              • Exhibit 160: LG Electronics Inc. - Key news
              • Exhibit 161: LG Electronics Inc. - Key offerings
              • Exhibit 162: LG Electronics Inc. - Segment focus
            • 12.11 Microsoft Corp.
              • Exhibit 163: Microsoft Corp. - Overview
              • Exhibit 164: Microsoft Corp. - Business segments
              • Exhibit 165: Microsoft Corp. - Key news
              • Exhibit 166: Microsoft Corp. - Key offerings
              • Exhibit 167: Microsoft Corp. - Segment focus
            • 12.12 Oracle Corp.
              • Exhibit 168: Oracle Corp. - Overview
              • Exhibit 169: Oracle Corp. - Business segments
              • Exhibit 170: Oracle Corp. - Key news
              • Exhibit 171: Oracle Corp. - Key offerings
              • Exhibit 172: Oracle Corp. - Segment focus
            • 12.13 SAP SE
              • Exhibit 173: SAP SE - Overview
              • Exhibit 174: SAP SE - Business segments
              • Exhibit 175: SAP SE - Key news
              • Exhibit 176: SAP SE - Key offerings
              • Exhibit 177: SAP SE - Segment focus
            • 12.14 Schneider Electric SE
              • Exhibit 178: Schneider Electric SE - Overview
              • Exhibit 179: Schneider Electric SE - Business segments
              • Exhibit 180: Schneider Electric SE - Key news
              • Exhibit 181: Schneider Electric SE - Key offerings
              • Exhibit 182: Schneider Electric SE - Segment focus
            • 12.15 Siemens AG
              • Exhibit 183: Siemens AG - Overview
              • Exhibit 184: Siemens AG - Business segments
              • Exhibit 185: Siemens AG - Key news
              • Exhibit 186: Siemens AG - Key offerings
              • Exhibit 187: Siemens AG - Segment focus
            • 12.16 Sierra Wireless Inc.
              • Exhibit 188: Sierra Wireless Inc. - Overview
              • Exhibit 189: Sierra Wireless Inc. - Business segments
              • Exhibit 190: Sierra Wireless Inc. - Key offerings
              • Exhibit 191: Sierra Wireless Inc. - Segment focus
            • 12.17 Signify NV
              • Exhibit 192: Signify NV - Overview
              • Exhibit 193: Signify NV - Business segments
              • Exhibit 194: Signify NV - Key news
              • Exhibit 195: Signify NV - Key offerings
              • Exhibit 196: Signify NV - Segment focus

            13 Appendix

            • 13.1 Scope of the report
              • 13.2 Inclusions and exclusions checklist
                • Exhibit 197: Inclusions checklist
                • Exhibit 198: Exclusions checklist
              • 13.3 Currency conversion rates for US$
                • Exhibit 199: Currency conversion rates for US$
              • 13.4 Research methodology
                • Exhibit 200: Research methodology
                • Exhibit 201: Validation techniques employed for market sizing
                • Exhibit 202: Information sources
              • 13.5 List of abbreviations
                • Exhibit 203: List of abbreviations

              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.

              TechnavioINFORMATION SOURCES

              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
              Technavio

              TechnavioDATA ANALYSIS

              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
              Technavio

              TechnavioREPORT WRITING

              Qualitative

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

              Quantitative

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              Smart City market growth will increase by $288.7 billion during 2023-2027.
              The smart city market is expected to grow at a CAGR of 24.53% during 2023-2027.
              Technavio has segmented the smart city market by application (Smart infrastructure, Smart energy, Smart mobility, Smart security, and Others) ,component (Hardware, Software, Services, South America, and MEA) , and geography (Europe, North America, APAC, South America, and Middle East and Africa).
              ABB Ltd., Accenture Plc, Aeris Communications Inc., Alphabet Inc., Cisco Systems Inc., General Electric Co., Hewlett Packard Enterprise Co., Hitachi Ltd., Honeywell International Inc., Huawei Technologies Co. Ltd., International Business Machines Corp., Itron Inc., LG Electronics Inc., Microsoft Corp., Oracle Corp., SAP SE, Schneider Electric SE, Siemens AG, Sierra Wireless Inc., Signify NV are a few of the key vendors in the smart city market.
              Europe will register the highest growth rate of 36.75% 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:
              • Increase in IT consolidation and modernization
              • Proliferation of smart city projects in emerging economies
              The smart city market vendors should focus on grabbing business opportunities from the smart infrastructure segment as it accounted for the largest market share in the base year.
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