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Smart City Market by Application and Geography - Forecast and Analysis 2021-2025

  • Published: Dec 2021
  • Pages: 120
  • SKU: IRTNTR41110
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The smart city market share is expected to increase by USD 151.99 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 19.43%. The smart city market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches.

The smart city market report extensively covers market segmentation by application (smart infrastructure, smart energy, smart mobility, smart security, and others) and geography (Europe, North America, APAC, South America, and MEA).

The smart city market report also offers information on several market vendors, including ABB Ltd., Accenture Plc, Alphabet Inc., Cisco Systems Inc., International Business Machines Corp., LG Electronics Inc., Microsoft Corp., Oracle Corp., SAP SE, and Siemens AG among others.

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

Smart City Market Size

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Smart City Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a neutral impact on the market growth during and post COVID-19 era. The increase in IT consolidation and modernization is notably driving the smart city market growth, although factors such as high cost of upgrading smart grids may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the smart city industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Smart City Market Driver

  • The increase in IT consolidation and modernization is one of the key factors driving the global smart city market growth.
  • 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 modernizations in numerous industry verticals such as manufacturing 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 public sector is adopting IT services and implementing IT service policies, as they help align the operational processes associated with IT and business strategy and reduce the cost.
  • The emerging trends in IT consolidation are creating huge job opportunities for youth around the world, leading to the migration of talent.
  • To avoid overpopulation in metropolitan cities, governments worldwide are focusing on the development of smart cities for better surveillance.

Key Smart City Market Trend

  • 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.
  • Emerging economies like India and China are still in the planning phase and are launching many pilot projects.
  • The rapid rate of urbanization in countries like India is a major factor responsible for the roll-out of smart city projects, as smart city infrastructure help end-users (such as the government agencies, healthcare, and transportation service providers) respond faster to the challenges being faced by urban settlements.
  • A huge amount of data is likely to be generated from the installed smart devices in these cities.
  • The analysis of this data would be required to improve business quality and innovate for a better future with faster connectivity by providing prompt suggestion-based services.

Key Smart City Market Challenge

  • High cost of upgrading smart grids Is one of the key challenges to the global smart city market growth.
  • 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.
  • 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.
  • 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.

This smart city market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

The growth in the global IT spending market will be driven by factors such as increasing government investments in IT infrastructure, growing demand for Internet of Things (IoT) devices, and growing demand for passive electronic components. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the smart city market during the forecast period.

Who are the Major Smart City Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

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

 

This statistical study of the smart city market encompasses successful business strategies deployed by the key vendors. The smart city market is fragmented and the vendors are deploying growth strategies such as M&A and innovations in technology to compete in the market.

Product Insights and News

  • Alphabet Inc. - The company offers Google Cloud IoT solutions for Smart cities.

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.

The smart city market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Smart City Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the smart city market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the IT spending market includes the following core components:

  • Research and development
  • Developers or manufacturers
  • Sales and distribution
  • End-users

The report has further elucidated on other innovative approaches being followed by vendors to ensure a sustainable market presence.

 

Which are the Key Regions for Smart City Market?

Smart City Market Market segmentation by region

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37% of the market's growth will originate from Europe during the forecast period. The UK, Germany, and Spain are the key markets for smart cities in Europe. However, the market growth rate in this region will be slower than the growth of the market in the South American, APAC, and MEA regions.

The availability of high-speed wireless networks and increased connected devices such as smartphones and IoT penetration will facilitate the smart city market growth in Europe over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

In 2020, the outbreak of COVID-19 had a negative impact on the growth of the smart city market in Europe. The lockdown imposed led to the shutdown of many important projects related to smart energy and smart security. However, the focus was on smart education as schools and colleges were shut down during the forecast period. Higher educational institutions adopted online learning platforms, including m-learning, to teach students. Moreover, the increased incidence of COVID-19 in the region increased the demand for smart PPE, such as eyewear, gloves, and clothing, especially for healthcare providers and pharmaceutical manufacturers. Moreover, there was an increase in the adoption of smart healthcare solutions such as remote monitoring, mHealth, and monitoring of hospital supplies in 2020. Thus, the increasing adoption of smart education and healthcare solutions will drive the growth of the regional market during the forecast period.

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

Smart City Market Segmentation

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The smart city market share growth by the smart infrastructure segment will be significant during the forecast period. The growth is attributed to the increasing industrial development, commercialization, and awareness of effective utilization of energy and building optimization. Rapid strides in technology innovation will further propel the adoption of smart infrastructure as the systems can deploy Internet of Things (IoT), analytics, and cloud computing for effective monitoring, controlling, and operating building.

This report provides an accurate prediction of the contribution of all the segments to the growth of the smart city market size and actionable market insights on post COVID-19 impact on each segment.

 

Smart City Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 19.43%

Market growth 2021-2025

$ 151.99 billion

Market structure

Fragmented

YoY growth (%)

18.40

Regional analysis

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

Performing market contribution

Europe at 37%

Key consumer countries

US, UK, Germany, Spain, and Japan

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

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

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 forecast period

Customization purview

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

  • CAGR of the market during the forecast period 2021-2025
  • 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 industry across Europe, North America, APAC, South America, and MEA
  • 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

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1. Executive Summary                         

2. Market Landscape                            

               2.1 Market ecosystem             

                              Exhibit 01:  Parent market

                              Exhibit 02: Market Characteristics

               2.2 Value Chain Analysis          

  •  Research and development
  • Developers or manufacturers:
  • Sales and distribution:
  • End-users:

3. Market Sizing                      

               3.1 Market definition

                              Exhibit 03:  Offerings of vendors included in the market definition

               3.2 Market segment analysis  

                              Exhibit 04:  Market segments

               3.3 Market size 2020 

               3.4 Market outlook: Forecast for 2020 - 2025 

                              3.4.1 Estimating growth rates for emerging and high-growth markets

                              3.4.2 Estimating growth rates for mature markets

                              Exhibit 05:  Global - Market size and forecast 2020 - 2025 ($ billion)

                              Exhibit 06:  Global market: Year-over-year growth 2020 - 2025 (%)

4. Five Forces Analysis                         

               4.1 Five Forces Summary         

                              Exhibit 07:  Five forces analysis 2020 & 2025

               4.2 Bargaining power of buyers            

                              Exhibit 08: Bargaining power of the buyer

               4.3 Bargaining power of suppliers        

                              Exhibit 09: Bargaining power of the supplier

               4.4 Threat of new entrants     

                              Exhibit 10: Threat of new entrants

               4.5 Threat of substitutes          

                              Exhibit 11: Threat of substitutes

               4.6 Threat of rivalry   

                              Exhibit 12: Threat of rivalry

               4.7 Market condition 

                              Exhibit 13: Market condition - Five forces 2020

5. Market Segmentation by Application        

              5.1 Market segments 

                              Exhibit 14:  Application - Market share 2020-2025 (%)

               5.2 Comparison by Application             

                              Exhibit 15:  Comparison by Application

               5.3 Smart infrastructure - Market size and forecast 2020-2025

                              Exhibit 16:  Smart infrastructure - Market size and forecast 2020-2025 ($ billion)

                              Exhibit 17:  Smart infrastructure - Year-over-year growth 2020-2025 (%)

               5.4     Smart energy - Market size and forecast 2020-2025         

                              Exhibit 18:  Smart energy - Market size and forecast 2020-2025 ($ billion)

                              Exhibit 19:  Smart energy - Year-over-year growth 2020-2025 (%)

               5.5 Smart mobility - Market size and forecast 2020-2025          

                              Exhibit 20:  Smart mobility - Market size and forecast 2020-2025 ($ billion)

                              Exhibit 21:  Smart mobility - Year-over-year growth 2020-2025 (%)

               5.6 Smart security - Market size and forecast 2020-2025           

                              Exhibit 22:  Smart security - Market size and forecast 2020-2025 ($ billion)

                              Exhibit 23:  Smart security - Year-over-year growth 2020-2025 (%)

               5.7 Others - Market size and forecast 2020-2025          

                              Exhibit 24:  Others - Market size and forecast 2020-2025 ($ billion)

                              Exhibit 25:  Others - Year-over-year growth 2020-2025 (%)

               5.8     Market opportunity by Application          

                              Exhibit 26:   Market opportunity by Application

6. Customer landscape                        

                              Technavio’s customer landscape matrix comparing Drivers or price sensitivity, Adoption lifecycle, importance in customer price basket, Adoption rate and Key purchase criteria

                              Exhibit 27:  Customer landscape

7. Geographic Landscape                    

               7.1 Geographic segmentation

                              Exhibit 28:  Market share by geography 2020-2025 (%)

               7.2 Geographic comparison    

                              Exhibit 29:  Geographic comparison

               7.3 Europe - Market size and forecast 2020-2025         

                              Exhibit 30:  Europe - Market size and forecast 2020-2025 ($ billion)

                              Exhibit 31:  Europe - Year-over-year growth 2020-2025 (%)

               7.4 North America - Market size and forecast 2020-2025          

                              Exhibit 32:  North America - Market size and forecast 2020-2025 ($ billion)

                              Exhibit 33:  North America - Year-over-year growth 2020-2025 (%)

               7.5 APAC - Market size and forecast 2020-2025             

                              Exhibit 34:  APAC - Market size and forecast 2020-2025 ($ billion)

                              Exhibit 35:  APAC - Year-over-year growth 2020-2025 (%)

               7.6 South America - Market size and forecast 2020-2025          

                              Exhibit 36:  South America - Market size and forecast 2020-2025 ($ billion)

                              Exhibit 37:  South America - Year-over-year growth 2020-2025 (%)

               7.7 MEA - Market size and forecast 2020-2025              

                              Exhibit 38:  MEA - Market size and forecast 2020-2025 ($ billion)

                              Exhibit 39:  MEA - Year-over-year growth 2020-2025 (%)

               7.8 Key leading countries        

                              Exhibit 40:  Key leading countries

               7.9 Market opportunity by geography

                              Exhibit 41:  Market opportunity by geography (4 billion)

8. Drivers, Challenges, and Trends                  

               8.1 Market Driver       

                              8.1.1    Increase in IT consolidation and modernization

                              8.1.2    Enhanced global broadband connectivity

                              8.1.3    Growing investment in smart cities

               8.2 Market challenges              

                              8.2.1    High cost of upgrading smart grids

                              8.2.2    Data privacy and security concerns

                              8.2.3    Technological adaptability

                              Exhibit 42:  Impact of drivers and challenges

               8.3 Market trends      

                              8.3.1    Proliferation of smart city projects in emerging economies

                              8.3.2    Rising adoption of smart healthcare

                              8.3.3    Growing inclination toward integrating AR, VR, and AI in smart classrooms

9. Vendor Landscape                            

               9.1 Overview

               9.2 Vendor Landscape              

                              Exhibit 43:  Vendor landscape

               9.3 Landscape disruption         

                              Exhibit 44: ?Landscape disruption?

                              Exhibit 45: Industry Risk

10. Vendor Analysis               

               10.1 Vendors covered              

                              Exhibit 46: Vendors covered

               10.2 Market positioning of vendors    

                              Exhibit 47: ?Market positioning of vendors?

                              10.3 ABB Ltd.

                              Exhibit 48:  ABB Ltd. - Overview

                              Exhibit 49:  ABB Ltd. - Business segments

                              Exhibit 50:  ABB Ltd. - Key news

                              Exhibit 51:  ABB Ltd. - Key offerings

                              Exhibit 52:  ABB Ltd. - Segment focus

               10.4 Accenture Plc     

                              Exhibit 53:  Accenture Plc - Overview

                              Exhibit 54:  Accenture Plc - Business segments

                              Exhibit 55:  Accenture Plc- Key news

                              Exhibit 56:  Accenture Plc - Key offerings

                              Exhibit 57:  Accenture Plc - Segment focus

               10.5 Alphabet Inc.      

                              Exhibit 58:  Alphabet Inc. - Overview

                              Exhibit 59:  Alphabet Inc. - Business segments

                              Exhibit 60:  Alphabet Inc.- Key news

                              Exhibit 61:  Alphabet Inc. - Key offerings

                              Exhibit 62:  Alphabet Inc. - Segment focus

               10.6 Cisco Systems Inc.            

                              Exhibit 63:  Cisco Systems Inc. - Overview

                              Exhibit 64:  Cisco Systems Inc. - Business segments

                              Exhibit 65: Cisco Systems Inc.- Key news

                              Exhibit 66:  Cisco Systems Inc. - Key offerings

                              Exhibit 67:  Cisco Systems Inc. - Segment focus

               10.7 International Business Machines Corp     

                              Exhibit 68:  International Business Machines Corp. - Overview

                              Exhibit 69:  International Business Machines Corp. - Business segments

                              Exhibit 70:  International Business Machines Corp.- Key news

                              Exhibit 71:  International Business Machines Corp. - Key offerings

                              Exhibit 72:  International Business Machines Corp. - Segment focus

               10.8 LG Electronics Inc.           

                              Exhibit 73:  LG Electronics Inc. - Overview

                              Exhibit 74:  LG Electronics Inc. - Business segments

                              Exhibit 75:  LG Electronics Inc.- Key news

                              Exhibit 76:  LG Electronics Inc. - Key offerings

                              Exhibit 77:  LG Electronics Inc. - Segment focus

               10.9 Microsoft Corp. 

                              Exhibit 78:  Microsoft Corp. - Overview

                              Exhibit 79:  Microsoft Corp. - Business segments

                              Exhibit 80:  Microsoft Corp.- Key news

                              Exhibit 81:  Microsoft Corp. - Key offerings

                              Exhibit 82:  Microsoft Corp. - Segment focus

               10.10 Oracle Corp.     

                              Exhibit 83:  Oracle Corp. - Overview

                              Exhibit 84:  Oracle Corp. - Business segments

                              Exhibit 85:  Oracle Corp.- Key news

                              Exhibit 86:  Oracle Corp. - Key offerings

                              Exhibit 87:  Oracle Corp. - Segment focus

               10.11 SAP SE 

                              Exhibit 88:  SAP SE - Overview

                              Exhibit 89:  SAP SE - Business segments

                              Exhibit 90:  SAP SE- Key news

                              Exhibit 91:  SAP SE - Key offerings

                              Exhibit 92:  SAP SE - Segment focus

               10.12 Siemens AG      

                              Exhibit 93:  Siemens AG - Overview

                              Exhibit 94:  Siemens AG - Business segments

                              Exhibit 95:  Siemens AG.- Key news

                              Exhibit 96:  Siemens AG - Key offerings

                              Exhibit 97:  Siemens AG - Segment focus

12. Appendix                           

               12.1 Scope of the report         

                              12.1.1 ????Market definition

                              12.1.2 ????Objectives

                              12.1.3 ????Notes and caveats

               12.2 Currency conversion rates for US$            

                              Exhibit 98: ?Currency conversion rates for US$?

               12.3 Research Methodology   

                              Exhibit 99: ?Research Methodology

                              Exhibit 100:  Validation techniques employed for market sizing

                              Exhibit 101: ??Information sources

               12.4 List of abbreviations        

                              Exhibit 102: 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
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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
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TechnavioREPORT WRITING

Qualitative

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

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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Smart City Market market growth will increase by $2118.14 billion during 2020-2024.
The smart city market market is expected to grow at a CAGR of 22.76% during 2020-2024.
Technavio has segmented the smart city market market by application (Smart governance and education, Smart energy, Smart healthcare, Smart security, and Others) ,end user (Europe, North America, APAC, South America, and MEA) , 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 market.
Europe will register the highest growth rate of 41.5% among the other regions. Therefore, the smart city market 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 market growth are:
  • Increase in IT consolidation and modernization
  • Proliferation of smart city projects in emerging economies
The smart city market 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.
  • What are the key global market and the regional market share?
  • What are the revenue-generating key market segments?
  • What are the key factors driving and challenging this market’s growth?
  • Who are the key market vendors and their growth strategies?
  • What are the latest trends influencing the growth of this market?
  • What are the variables influencing the market growth in the primary regions?
  • What are the factors influencing the growth of the parent market?
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  • Five-force market analysis

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