Smart Cities - Worldwide
Worldwide- The Smart Cities market worldwide is expected to witness a significant revenue growth, with projected revenue reaching US$******,*******.** in ****.
- This growth is further expected to continue at a compound annual growth rate (CAGR) of ****% from **** to ****.
- As a result, the market volume is anticipated to reach US$*******,*******.** by ****.
- In terms of global comparison, United States is expected to generate the highest revenue in the Smart Cities market, with an estimated revenue of US$******,*******.** in ****.
- In a worldwide market, countries like Singapore and South Korea are leading the way in implementing smart city initiatives.
- Key regions:
- Canada,
- Japan,
- United Kingdom,
- United States,
- India
Definition:
Smart Cities term refers to usage of Internet of Things (IoT) technologies in order to improve the quality of life for its citizens, enhance sustainability, and optimize urban services. In a smart city, various devices and sensors are installed throughout the urban landscape to create the intelligent transportation systems, smart grids and public safety systems.
The Smart cities market is defined by revenues generated specifically from components and services that enable connectivity and intelligence. These include hardware (e.g., sensors, chips, and other IoT-specific components), platforms (e.g., IoT platforms, security software), connectivity solutions (e.g., cellular, LoRa, SigFox), and services (e.g., equipment/system integration and maintenance). As an example, the IoT relevant revenue for a smart security camera is only the component that makes the camera "smart" and connected, not the full product price.
Additional information:
The Internet of Things market compromise of revenue, revenue growth and volume as the key performance indicators. Reported market revenues include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Revenues are allocated to the country where the money is spent.
Some of the key players include Alphabet, Huawei and Cisco.
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- Security cameras
- Smart parking system devices
- Smart lighting devices
- Air quality monitoring devices
- Utility management devices
- Smart home devices
- Vehicle-to-everything (V2X) communication devices
Revenue
Volume
Analyst Opinion
As the world population continues to grow, cities are especially becoming more crowded and in need of more efficient infrastructure and service offerings. Internet of Things (IoT) technologies are improving efficiency, sustainability and livability.
Environmental concerns have been gaining traction in recent years and the citizens are demanding sustainable solutions. Smart energy systems and waste management solutions are adopting IoT technologies and benefiting from the data collected via the connected devices. Smart grids are especially important in increasing reliability and security in the times of outages, security threats and other unexpected occurrences. IoT sensors are used in smart waste management to monitor the garbage cans and optimize waste collection schedules and reduce litter.
The Smart Cities market is expected to continue seeing a fast growth, as governments are seeing the potential they can bring for both sustainable and economic growth. China has made “Smart Cities Development Plan” part of their Made in China 2025, while Germany invested over EUR 1 billion for development and investment of urban technologies.
Global Comparison
Methodology
Data coverage
The data encompasses B2B, B2C and B2G revenues. The revenue only refers to the spending share of the Internet of Things components.
Modeling approach/ Market size:
The market size is determined through a combination of top-down and bottom-up approaches. We use annual financial reports of the market-leading companies and industry associations, as well as third-party studies and reports to analyze the markets. To estimate the segment size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as consumer spending, internet penetration, 4G coverage, and current and historical developments. This data helps us estimate the market size for each country individually.
Forecasts:
In our forecasts, we apply diverse forecasting techniques but primarily exponential smoothing. The selection of forecasting techniques is based on the behavior of the relevant market. The main drivers are the GDP and the level of digitization.
Additional notes:
The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.
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