#Smart Cities Market

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The Asia-Pacific Smart Cities Market is anticipated to reach $1,635.3 billion by 2030, growing at a remarkable CAGR of 38% during the forecast period from 2024 to 2030. This growth is fueled by several factors, including increased government initiatives aimed at addressing the needs of the expanding urban population, a rising demand for fast and efficient transportation systems, heightened public safety concerns driving smart city adoption, and an urgent need for effective resource management and sustainable development. However, substantial initial investment requirements pose a challenge to market growth. Opportunities for expansion are also emerging through the integration of artificial intelligence and the expanding applications of IoT technology. Nonetheless, challenges such as the risk of data misuse by large corporations and a general reluctance to embrace new technologies remain significant hurdles for market players. Current trends in the Asia-Pacific smart cities market include the growing implementation of 5G technology to enhance internet connectivity and the increasing prevalence of connected vehicles and autonomous drones.

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Smart Cities Market Scenario, Size, Outlook and Forecast Report 2024-2030

The global smart cities market size was valued at USD 748.7 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 25.8% from 2023 to 2030. 

The increasing urbanization, the need for efficient management of resource utilization, public safety concerns, and increasing demand for an environment with efficient energy utilization are the major driving factors for the market growth. Due to the COVID-19 pandemic, countries followed strict lockdowns and mobility constraints to avoid the spread of the virus. During the pandemic, the dependence of global economies on urban areas and the importance of public healthcare in smart city initiatives have been brought to light. However, organizations are trying to implement emerging technologies such as the Internet of Things (IoT) and Artificial Intelligence (A.I.) to overcome the challenges faced during the pandemic.

Gather more insights about the market drivers, restrains and growth of the Smart Cities Market

The need for sustainable structure due to the growing population and urbanization has become significant for market growth. Several regional governments are trying to handle these problems via smart city initiatives across serviceable segments, such as mobility, utility, safety, and management. The local governments have also been at the forefront of stimulating organizational and institutional changes, enabling steady investments, and creating a consortium for bringing diverse businesses together. The emergence of a new genre of public-private partnerships is also a particular development attributable to the smart city’s developments. Further, infrastructure development financing and funding models and governance systems are playing a major role in fueling the market.

The smart cities market growth can be attributed to the growing adoption of nanotechnology, Artificial Learning (A.I.), Machine Learning (ML), cloud computing, IoT, cognitive computing, big data analytics, and open data. Moreover, the increasing implementation of Build-Own-Operate (B.O.O.), Build-Operate-Transfer (B.O.T.), Original Brand Manufacturer (O.B.M.), and Bill of Material (B.O.M.) business models is also driving the successful project execution of smart cities. Asian countries have been pursuing numerous initiatives to encourage the adoption of digital technologies for smart cities while seeking to maintain consumer data privacy. Moreover, several government initiatives worldwide are anticipated to drive market growth further.

Though smart city projects need a diverse set of technologies, such as IoT, A.I., and smart sensors, to monitor city infrastructure, their application varies across projects and from city to city. The key driving factors for implementing smart city solutions are the need to improve resilient cities, reduce energy, and concern over the increase of environmental waste. Additionally, the vendors invest in Research & Development (R&D) to establish new systems and technologies for connected infrastructure across smart city projects. The key players in the market, such as Cisco Systems, Siemens AG, and IBM Corporation, are actively investing in R&D activities related to connected infrastructure in smart city development worldwide.

The smart cities concept has been gaining traction in recent years owing to numerous novel advantages smart cities can provide. However, several barriers are affecting the growth of the market. The high initial costs that are the prerequisite for the upheaval of the existing infrastructure of cities may restrain the growth of the market. The sheer number of financial commitments needed for the projects has been an important factor in slowing down market developments. However, the current scenario is expected to change in the coming years as there have been many other investment techniques that are gaining popularity, such as Build Transfer (B.T.), Build Operate Transfer (B.O.T.), Build Own Operate (B.O.O.), and public-private partnerships.

Browse through Grand View Research's Next Generation Technologies Industry Research Reports.

• The global cleaning robot market size was estimated at USD 4.96 billion in 2023 and is anticipated to grow at a CAGR of 22.9% from 2024 to 2030. 

• The global smart highways market size was estimated at USD 57.45 billion in 2023 and is projected to grow at a CAGR of 19.3% from 2024 to 2030.

Smart Cities Market Segmentation

Grand View Research has segmented the global smart cities market report based on application, smart governance, smart utilities, smart transportation, smart healthcare, and region.

Application Outlook (Revenue, USD Billion, 2018 - 2030)

• Smart Governance

• Smart Building

• Environmental Solution

• Smart Utilities

• Smart Transportation

• Smart Healthcare

• Smart Public Safety

• Smart Security

• Smart Education

Smart Governance Outlook (Revenue, USD Billion, 2018 - 2030)

• City Surveillance

• C.C.S.

• E-governance

• Smart Lighting

• Smart Infrastructure

Smart Utilities Outlook (Revenue, USD Billion, 2018 - 2030)

• Energy Management

• Water Management

• Waste Management

• Meter Data Management

• Distribution Management System

• Substation Automation

• Other Smart Utilities Solutions

Smart Transportation Outlook (Revenue, USD Billion, 2018 - 2030)

• Intelligent Transportation System

• Parking Management

• Smart Ticketing & Travel Assistance

• Traffic Management

• Passenger Information

• Connected Logistics

• Other Smart Transportation Solutions

Smart Cities Smart Healthcare Outlook (Revenue, USD Billion, 2018 - 2030)

• Medical Devices

• Systems & Software

Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa (MEA)

Key Smart Cities Company Insights

Some of the key players operating in the market include Microsoft Corporation, and Oracle Corporation.

• Microsoft Corporation provides business software and solutions. The well-known software products from Microsoft are the Microsoft 365 series of productivity programs, Windows series of operating systems, and the Edge browser. Its flagship hardware products are Xbox video game consoles and Microsoft Surface touchscreen computers.

• Oracle Corporation is a provider of IT software and services. The company sells database software and technology, cloud engineered systems, and enterprise software products, such as, human capital management software, enterprise resource planning software, supply chain management software, enterprise performance management software, and customer relationship management software.

• Ericsson, and Telensa are some of the emerging market participants in the smart cities market.

• Ericsson develops the IT products and services for the telecommunications industry and is currently leading the way in 5G. The company sells infrastructure, software and services in the field of information and communication technology for mobile service providers and enterprises, including 3G, 4G and 5G equipment, Internet Protocol (IP) and optical transport systems.

• Telensa offers simple and effective smart lighting solutions for public and district lighting to help cities, utilities and large areas manage their lighting to save money and reduce costs.

Key Smart Cities Companies:

• ABB Limited

• AGT International

• AVEVA Group plc.

• Cisco Systems, Inc.

• Ericsson

• General Electric

• Honeywell International Inc.

• International Business Machines Corporation

• Itron Inc.

• KAPSCH Group

• Huawei Technologies Co., Ltd.

• Microsoft Corporation

Recent Developments

• In December 2023, Msheireb Properties (MP), Qatar based property developer, signed a Memorandum of Understanding (MoU) with Microsoft Corporation, software products developer, to develop a ‘Smart Experience’ project for visitors, retail, residents, and commercial customers in MP’s development, Msheireb Downtown Doha (MDD).The Smart Experience project is revolutionizing the way citizens interact with the urban environment by incorporating new solutions to improve the lives of MDD members.

• In November 2023, Smart City Expo World Congress (SCEWC), the international event on cities and smart urban solutions organized by Fira de Barcelona. It is an exhibition of innovative urban solutions and projects that focus on ways to transform modern cities into more sustainable, efficient and habitable places. The congress program of SCEWC comprises eight main themes, including energy and environment, enabling technologies, mobility, housing and inclusion, management and economy, security and blue economy, and infrastructure and buildings.

• In August 2023, NEC Corporation India, IT services provider, launched Smart City project in Tirupati, India, for Tirupati Smart City Corporation Limited.Under this project, NEC Corporation India would implement ICT solutions across the city and establish a City Operations Center (COC) in Tirupati. ICT solutions, such as, a unified command and control center, and integrated services enable real-time data collection and analysis and two-way communication, helping to provide more effective responses to environmental, and health safety.

• In March 2023, Honeywell International announced the initiation of the first phase of the Bangalore Safe City Project. The initiative seeks to establish a secure, efficient, and empowering environment for girls and women by leveraging advanced safety and security technology. As part of the project, Honeywell plans to deploy over 7,000 video cameras at strategic locations throughout Bengaluru, equipped with cutting-edge artificial intelligence (AI) capabilities. These AI-powered video analytics systems will enable comprehensive analysis of video feeds spanning the city, contributing to enhanced safety and surveillance measures.

• March 2023, Siemens, a smart infrastructure provider, announced the launch of a smart IoT solution called Connect Box to manage smart buildings. Connect Box offers a user-friendly approach for monitoring building performances, helps optimize energy, and substantially improves the air quality inside small to medium buildings such as retail shops, schools, apartments, and small offices in smart city projects. Therefore, The increasing implementation of IoT in smart cities market is expected to drive the market growth.

Order a free sample PDF of the Smart Cities Market Intelligence Study, published by Grand View Research. 

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Smart Cities Market Is Anticipated To Attain Around $3,728.3 Billion By 2030

The global smart cities market size is expected to reach USD 3,728.3 billion by 2030, according to the new reports of Grand View Research, Inc. The market is expected to expand at a CAGR of 25.8% from 2023 to 2030. The market growth can be attributed to rapid favorable government initiatives worldwide and emerging technologies, such as Artificial Intelligence (AI), cybersecurity, big data analytics, and the Internet of Things (IoT). This has encouraged several countries to invest in smart city projects to manage infrastructure and assets. Further, the increasing adoption of Electric Vehicles (EVs) has also created a demand for the development of charging infrastructure in cities globally. Due to this, it provides energy storage and creates new revenue streams from EV batteries. These benefits will further boost the smart cities market's growth during the forecast period.

The smart cities market is witnessing a high investment in smart security, smart metering for utilities, integrated traffic management systems, and smart mobility. Several technologically innovative cities use IoT platforms to monitor their infrastructure, manage traffic flows, water management, parking, and air quality, and use the generated smart data to handle longer-term decisions for environmental sustainability. Market players are establishing strategic partnerships with technology providers to improve their smart cities portfolio. For instance, in February 2022, an electric utility company, E.ON SE, partnered with telecom company Vodafone Group plc to develop smart water, gas, and electricity meters, accrelating the smart cities market growth.

Various country governments, such as India, Germany, Canada, Japan, and Australia, are launching smart city-based projects to improve citizens' lifestyles and create safer communities, propelling smart cities market expansion. Government-authorized associations & organizations are collaborating with market players to develop smart city solutions to assist the government in planning smart city strategies. For instance, in October 2022, the non-profit organization, Accelerator for America partnered with Honeywell International Inc. and launched the Smart City Accelerator Program to help smart city developers define priorities, align key stakeholders, and improve service delivery & operational efficiency of smart cities projects.

 Request a free sample copy or view report summary: Smart Cities Market Report

Smart Cities Market Report Highlights

The environmental solution segment is expected to witness a considerable CAGR of 28.8% over the forecast period. Shifting various government focus towards reducing Greenhouse Gases (GHGs) and preservation and promotion of biodiversity is propelling the segment growth globally

The smart lighting segment is anticipated to register a CAGR of 26.8% over the forecast period. The substantial demand for IoT-enabled lighting fixtures, increasing infrastructure developments, and end-user preference for energy-efficient lighting are propelling the adoption of smart lighting in residential, commercial, and industrial sectors

The waste management segment is estimated to witness a CAGR of 27.0% through 2030. Numerous waste management companies are installing sensors, data visualization platforms, and network infrastructure to generate actionable insights and make informed decisions. Adopting these smart technologies in waste management will supplement the segment's growth during the forecast period

The intelligent transportation system segment is expected to witness a significant CAGR of 26.7% over the forecast period. The rising public and private investments in the transport sector, government initiatives to curb traffic congestion & enhance public safety, and advancements in video surveillance & analytics system is expected to accelerate the segment growth notably through 2030

In Asia Pacific, the market is anticipated to register significant CAGR of 29.2% during the forecast period. The regional growth can be attributed to rapid economic developments, digitalization, globalization, and the rising proliferation of smartphones 

Smart Cities Market Segmentation

Grand View Research has segmented the global smart cities market based on application, smart governance, smart utilities, smart transportation, and region:

Smart Cities Application Outlook (Revenue, USD Billion, 2018 - 2030)

Smart Governance

Smart Building

Environmental Solution

Smart Utilities

Smart Transportation

Smart Healthcare

Smart Cities Smart Governance Outlook (Revenue, USD Billion, 2018 - 2030)

City Surveillance

CCS

E-governance

Smart Lighting

Smart Infrastructure

Smart Cities Smart Utilities Outlook (Revenue, USD Billion, 2018 - 2030)

Energy Management

Water Management

Waste Management

Smart Cities Smart Transportation Outlook (Revenue, USD Billion, 2018 - 2030)

Intelligent Transportation System

Parking Management

Smart Ticketing & Travel Assistance 

Smart Cities Regional Outlook (Revenue, USD Billion, 2018 - 2030)

North America

U.S.

Canada

Europe

Germany

France

U.K.

Italy

Spain

Russia

Nordic Region

Eastern Europe

Asia Pacific

Australia

China

India

Japan

ASEAN

Latin America

Brazil

Mexico

Middle East & Africa

List of Key Players of the Smart Cities Market

ABB Limited

AGT International

AVEVA Group plc.

Cisco Systems, Inc.

Ericsson

General Electric

Honeywell International Inc.

International Business Machines Corporation

Itron Inc.

KAPSCH Group

Huawei Technologies Co., Ltd.

Microsoft Corporation

Oracle Corporation

Osram Gmbh

SAP SE

Schneider Electric SE

Siemens AG

Telensa

Verizon

Vodafone Group plc

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Embark on a journey into the heart of urban innovation. Explore the interconnected realm of the Smart Cities Market, where technology transforms urban living. From sustainable infrastructure to digital solutions, discover the trends shaping the cities of tomorrow. Stay ahead of the curve with expert insights and analysis. Join us in pioneering the path to smarter, more efficient, and livable cities. Trust as your guide in navigating the dynamic landscape of the Smart Cities Market.

The smart cities market size will be valued at $581.89 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 8.1% over the forecast period. The inclination of population to migrate to cities is one of the primary reasons for the world becoming increasingly urban. Cities cover only 2% of the Earth’s surface but account for 50% of its population, which has fueled the growth of smart cities. By 2050, up to 70% of the world’s population will live in cities, making smart city projects necessary to cope with migration pressures.

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According to the report, the global IoT in smart cities industry generated $148.6 billion in 2022, and is anticipated to generate $931.5 billion by 2032, witnessing a CAGR of 20.5% from 2023 to 2032.

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Global Smart Cities Market size is forecast to reach $318.8 billion by 2025, estimated to grow at a CAGR of 25.29% during 2020-2025. 

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Smart Cities: Paving the Way for the Future

In this rapidly advancing era of technology, the concept of smart cities has gained immense popularity and significance. Smart cities are urban areas that leverage cutting-edge technologies to enhance the quality of life for their residents while promoting sustainable growth and efficient resource management. This article delves into the various facets of the smart cities market, exploring its definition, benefits, challenges, and potential future prospects.

Introduction

As the world becomes increasingly interconnected, urbanization poses both opportunities and challenges. Smart cities represent a revolutionary approach to urban living, where innovative technologies are harnessed to create efficient, sustainable, and livable environments. This article explores the concept of smart cities, their benefits, the underlying technologies, and the challenges they face.

Defining Smart Cities

Smart cities are urban areas that utilize information and communication technologies (ICT) to optimize city operations and services. These technologies enable city officials, residents, and businesses to interact in real-time, leading to improved resource allocation, reduced energy consumption, and enhanced quality of life.

The Key Components of a Smart City

Smart Infrastructure

At the heart of any smart city is its infrastructure. This includes smart buildings, waste management systems, and utility networks that are equipped with sensors and automation to streamline operations and minimize resource wastage.

Efficient Transportation Systems

Smart cities prioritize efficient and sustainable transportation. This involves the integration of smart traffic management systems, electric and autonomous vehicles, and the promotion of cycling and walking to reduce congestion and pollution.

Advanced Energy Management

Smart cities focus on optimizing energy consumption and generation. This includes smart grids, renewable energy sources, and real-time monitoring to ensure efficient energy usage and minimize environmental impact.

Seamless Communication Networks

Robust communication networks are vital for smart cities. High-speed internet, 5G connectivity, and IoT-enabled devices ensure efficient data exchange and enable smart services like remote healthcare and digital governance.

Benefits of Smart Cities

Enhanced Quality of Life

Smart cities enhance the well-being of residents by providing efficient public services, improved healthcare, and better education opportunities. Citizens can access information and services easily, leading to a higher overall quality of life.

Sustainable Environmental Practices

By leveraging technologies to manage waste, energy, and resources, smart cities contribute to a greener planet. Reduced carbon emissions, efficient water management, and green architecture promote environmental sustainability.

Improved Urban Planning

Smart cities utilize data-driven insights to make informed urban planning decisions. This results in optimized land use, reduced traffic congestion, and well-designed public spaces that cater to the needs of the community.

Economic Growth and Innovation

The integration of technology attracts businesses and fosters innovation, leading to economic growth. Start-ups and established companies alike thrive in the dynamic ecosystem of a smart city, driving job creation and prosperity.

Challenges and Considerations

Data Security and Privacy Concerns

With the influx of data, protecting personal information becomes crucial. Smart cities must implement robust cybersecurity measures to safeguard against data breaches and privacy infringements.

Digital Divide and Inclusivity

Ensuring equal access to technology is essential. Smart cities need to bridge the digital divide and make their services inclusive for all residents, regardless of their socio-economic backgrounds.

Infrastructure Integration Challenges

Integrating diverse technologies and systems poses challenges. Compatibility issues, standardization, and seamless data sharing among various components require careful planning and execution.

Financial Implications

The implementation of smart city technologies can be costly. Funding models and revenue streams need to be carefully structured to ensure long-term sustainability without burdening citizens with excessive costs.

Technologies Transforming Smart Cities

Internet of Things (IoT)

IoT devices collect and transmit data, enabling real-time monitoring and control of various city functions, from traffic management to waste disposal.

Big Data and Analytics

Smart cities rely on big data analytics to make informed decisions. Analyzing large datasets helps city officials identify trends, optimize resource allocation, and improve service delivery.

Artificial Intelligence (AI)

AI-powered systems enhance efficiency and automation in smart cities. From predictive maintenance of infrastructure to personalized healthcare services, AI plays a crucial role in enhancing urban living.

Renewable Energy Solutions

Smart cities integrate renewable energy sources like solar panels and wind turbines to reduce reliance on fossil fuels, contributing to a more sustainable energy future.

Global Market Trends and Projections

The smart cities market is witnessing rapid growth, driven by increasing urbanization and technological advancements. By 2025, the market is projected to reach billions, with a significant portion of the world's population benefiting from smart city initiatives.

Government Initiatives and Private Sector Involvement

Governments around the world are investing in smart city projects to enhance urban living and drive economic growth. Private sector partnerships bring expertise and innovation to create comprehensive smart city solutions.

Future Prospects of Smart Cities

The future of smart cities holds immense promise. As technology continues to evolve, smart cities will become more integrated, efficient, and sustainable, leading to improved quality of life for residents and a greener planet for generations to come.

View Sample Report for Additional Insights on the Smart Cities Market Forecast, Download a Free Report Sample

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Sustainable Investing in the Smart Cities Industry: An ESG Perspective

Burgeoning urbanization, technology advancements and emphasis on sustainability have opened avenues of growth in the smart cities industry. ESG policies have received an uptake as cities continue to grow in both number and population. According to the World Bank, the global urban population will surge to 6 billion by 2045. Technology advances have furthered digitization and companies expect smart cities to be catalysts for sustainable development. With cities grappling with climate change, ESG has become pivotal in complementing the applications of technologies and data to enhance city planning, accountability and engagement with citizens. 

The need for action against climate change has become imperative for a low-carbon society and to implement sustainable practices across the value chain. For instance, Singapore has implemented Green Plan to minimize the waste sent to landfills by 30% by 2030, plant one million more trees and quadruple solar energy deployment by 2025. 

A bullish ESG policy can provide a robust approach for stakeholders to analyze and address socio-environmental and governance challenges. In essence, strategic planning in line with national objectives, solid ESG regulation and regulatory compliance will remain critical to bolstering the brand position. For instance, real-time IoT data have become sought-after to help city governments in managing and monitoring environmental policies. 

Key Companies in this theme

    • ABB Limited

    • AGT International

    • AVEVA Group plc.

    �� Cisco Systems, Inc.

    • Ericsson

    • General Electric

Discover more regarding the practices and strategies being implemented by industry participants form the Smart Cities Industry ESG Thematic Report, 2023, published by Astra ESG Solutions

Environmental Perspective

The prevalence of greenhouse gas emissions in cities has reinforced the need to strengthen the environmental profile. According to the data cited in the UN specialized agency for ICTs, cities contribute over 70% of carbon emissions globally every year. Digital solutions, such as smart grids, have shown promising signs of reducing emissions and fostering a move towards a clean energy society. Smart grids with predictive analytics and real-time monitoring have gained traction to reduce pressure on aging infrastructure, integrate renewables and lower costs and minimize peak loads.

To illustrate, in December 2022, Siemens won a new contract for grid control and smart metering infrastructure in Egypt. The project, under the aegis of the Japanese International Cooperation Agency (JICA), is valued at EUR 40 million (roughly USD 43 million) and will implement state-of-the-art software to boost the stability, efficiency and reliability of the power grid while minimizing electricity distribution losses. Investments in smart grids could be a significant leap to implementing a sustainable practice across the value chain. 

Social Perspective

While the low-carbon future is paving the way to an environmentally friendly society, social facets, including diversity & inclusion, workplace safety and employee engagement, have become invaluable to leverage social progress. For instance, in ABB, 40.5% of early talent hires were women in 2021, with revised Group-wide guidelines for flexible work practices. Strategies to underpin social performance encompassing gender, age, ethnicity and sexual orientation have become pronounced. It is gearing up to increase the proportion of women in senior management roles by two-fold (as part of its Global Diversity and Inclusion Strategy 2030). 

The Switzerland-headquartered company also rolled out a gender-neutral parental leave program offering four weeks of paid leave for secondary caregivers and 12 weeks for primary caregivers. Besides, it received an employee engagement score of 74 out of 100 in its 2021 employee Engagement Survey. Moreover, over 7,600 ABB managers and other employees completed the “Interrupt Unconscious Bias” program.

Is your business one of participants to the Global Smart Cities Industry? Contact us for focused consultation around ESG Investing, and help you build sustainable business practices.

Governance Perspective

An exponential rise in smart cities has put the spotlight on the governance pillar, including transparency, ecosystem governance, ethical practices, funding and supply chain management policies. Stakeholders are expected to focus on undergirding governance to help employees make ethical and fair decisions and provide a foundation for effective strategic leadership. For instance, AVEVA has an Audit Committee to monitor and oversee risk management & control; a Nomination and Governance Committee to review ESG, board composition and succession planning; a Disclosure Committee to decide if information should be disclosed to the market; and a Remuneration Committee to review board and senior management remuneration. In addition, the CEO regularly updates the board about the culture of wellbeing, inclusivity, developments concerning diversity, equity and inclusion and opportunity for employees and communities. 

Forward-looking companies strive to achieve carbon neutrality in their operations and foster responsible business practices and social cohesion. In October 2021, The City of London chose Nextech AR Solutions to provide a mini-metaverse experience at Harmony at London Wall Place. The AR-powered interactive artwork and music exhibitions will underscore inclusion as the metaverse will provide easy access to these experiences. It is worth noting that the global smart cities market size touched USD 1,090.64 billion in 2021 and will register a 24.2% CAGR from 2022 to 2030. 

About Astra – ESG Solutions By Grand View Research

Astra is the Environmental, Social, and Governance (ESG) arm of Grand View Research Inc. – a global market research publishing & management consulting firm.

Astra offers comprehensive ESG thematic assessment & scores across diverse impact & socially responsible investment topics, including both public and private companies along with intuitive dashboards. Our ESG solutions are powered by robust fundamental & alternative information. Astra specializes in consulting services that equip corporates and the investment community with the in-depth ESG research and actionable insight they need to support their bottom lines and their values. We have supported our clients across diverse ESG consulting projects & advisory services, including climate strategies & assessment, ESG benchmarking, stakeholder engagement programs, active ownership, developing ESG investment strategies, ESG data services, build corporate sustainability reports. Astra team includes a pool of industry experts and ESG enthusiasts who possess extensive end-end ESG research and consulting experience at a global level.

For more ESG Thematic reports, please visit Astra ESG Solutions, powered by Grand View Research

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The South East Asia Smart Cities Market is projected to reach $236.7 billion by 2030, with a robust CAGR of 39.9% during the forecast period from 2024 to 2030. This growth is driven by increasing government initiatives to adopt smart devices, the widespread proliferation of the Internet of Things (IoT), public safety concerns that accelerate smart city adoption, and an urgent need for effective resource management and sustainable development. However, challenges such as consumer reluctance toward technology adoption and significant initial investment requirements could restrain market growth. On a positive note, the integration of artificial intelligence and substantial growth opportunities in emerging Asia-Pacific countries are expected to enhance market potential. Nevertheless, the risk of data abuse by large corporations and resistance to adopting new technologies remain significant challenges for market participants.

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Advancements in Smart City Technologies hold a key to Smart Cities Market Growth 

According to GlobalData’s latest published report, the Smart Cities market was valued at USD 511.1 billion in 2021 and is expected to reach USD 744.5 billion by 2026 over the forecast period (2021-2026). A smart city is an urban area that uses different types of electronic data collection sensors to supply information which is used to manage assets and resources efficiently. This includes data collected from citizens, devices, and assets.  

The world is becoming increasingly urban. Cities cover only 2% of the Earth’s surface but account for 50% of its population, 75% of its energy consumption, and 80% of its carbon emissions. Commercial real estate consumes 53% of the world’s electricity consumption, a figure that will grow to over 80% by 2040. Cities are the powerhouses of the global economy. In 2015, cities generated 85% of global GDP. Yet the growth of the world’s largest cities must be managed in an era where the need to conserve energy and water is near the top of the public agenda.  

Today, 1.5 million people are added to the global urban population every week, with most seeking the employment opportunities that cities can offer. By 2050, up to 70% of the world’s population will live in cities, making smart city projects necessary to cope with migration pressures. Cities are also at the sharp end of coping with climate change.  

Furthermore, cities are facing severe economic difficulties as a result of the pandemic. Cities that were unable to effectively limit infection rates had to resort to lockdowns and stringent social distancing measures, resulting in their GDPs contracting. Taipei and Wellington are examples of cities that had success during 2020 and 2021 in limiting infection rates without resorting to lockdowns, and both recorded GDP growth in 2020. 

Although the world appears, for now, to be exiting the pandemic, nations and cities must now face the prospect of rising inflation rates as a result of furlough schemes funded by quantitative easing. In summary, the pandemic’s economic fallout will cause municipal governments’ budgets to shrink and smart city solutions to become more expensive. Now more than ever, cities will need to choose carefully what smart city initiatives they invest in. 

The smart city concept integrates information and communication technology (ICT) and various physical devices connected to the network (the Internet of Things, or IoT) to optimize the efficiency of city operations and services and connect to citizens. Smart cities represent the potential for ICT (particularly the internet, advanced computational power, cloud storage, sophisticated monitoring systems, and the IoT) to improve management of a city’s assets and quality of life for its residents. As cities grow and demands on space increase, developers and planners will face pressure to integrate new technology and new ways of thinking to ensure cities continue to be desirable places to live and work. 

IoT, 5G, and AI are the most widely implemented smart city technologies. They provide the hardware (such as sensors and cameras), connectivity, and data analysis capabilities that collectively underpin most smart city infrastructures. 

Atlanta is one of several cities making savvy use of IoT. In February 2021, Atlanta renewed its partnership with Olea Edge Analytics to integrate more commercial and industrial water meters with IoT sensors to quickly identify malfunctioning water meters and enable timely repairs. This will ensure water-intensive commercial and industrial facilities' consumption is accurately measured and estimated to save Atlanta tens of millions of dollars in recovered revenue. 

Designed by Toyota, Woven City is a smart city project 60 miles from Tokyo that will use, among other technologies, AI in various capacities. For instance, AI will take care of monotonous domestic tasks like restocking the fridge and disposing of waste. It will also monitor inhabitants’ health, and fleets of autonomous vehicles will provide delivery services. 

Need more information? GlobalData's new report covers more detail, providing an analysis of the following: 

Competitive index dashboard  

Key strategic initiatives 

Market Dynamics including Venture Financing, Mergers & Acquisitions deals, Social Media Analytics, Job Analytics, and Patent Analytics 

The comprehensive report provides global market size estimates, revenue numbers, and coverage of key issues and trends. 

[marketinsight1234]

Smart Cities Market 2022 Analysis by Sales and Consumption Status and Application till 2028

Global Smart Cities Market size is projected to reach USD 3,363 billion by 2028 from an estimated USD 831.13 billion in 2021, growing at a CAGR of 22.1% globally.

The concept of smart cities dates back to the 1960s and 1970s, when the US Office of Community Analysis began collecting data using databases, aerial photography, and cluster analysis to monitor resources, issue reports to direct services, minimize disasters and reduce poverty. As a result of this initiative, the first generation of smart cities was born. The smart city employs information and communication technology (ICT) to streamline operations, improve government service, enhance citizen well-being, and help government share data with the public. Technologies such as the Internet of Things (IoT), cloud computing, cognitive computing, big data analytics, and open data are used to optimize city functions and stimulate economic growth while improving the quality of life for residents.

This Smart Cities Market Report includes information on the manufacturer, such as shipping, pricing, revenue, interview records, gross profit, and company distribution, among other things. These details assist consumers to learn more about their rivals. Likewise, the report outlines the significant difficulties that would have an influence market growth. They also give extensive facts about the industry's potential to key stakeholders, allowing them to expand their industries and increase sales in certain industries.

Read more: -

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Radar Sensors for Smart City Applications: Enhancing Urban Infrastructure and Safety

Radar sensors are emerging as a key technology for smart city applications, providing accurate and reliable data to enhance urban infrastructure and safety. These sensors offer a wide range of capabilities, including traffic monitoring, pedestrian detection, and environmental analysis, all of which contribute to the development of smarter, safer cities. Radar sensors can operate in diverse weather conditions and are capable of detecting objects even in low visibility, making them indispensable for real-time urban monitoring.

Radar-based solutions allow cities to automate traffic management systems, improve public safety, and optimize resource utilization. From monitoring vehicle speeds to tracking the flow of pedestrians, radar sensors are transforming the way cities operate, enabling a data-driven approach to city planning and public services.

The Radar Sensors for Smart City Applications Market was valued at USD 30.58 billion in 2023 and is projected to reach USD 136.71 billion by 2032, registering a CAGR of 18.1% during the forecast period from 2024 to 2032.

Future Scope

The future of radar sensors in smart cities is set to expand significantly with the integration of 5G and the Internet of Things (IoT). As cities adopt more IoT-based infrastructure, radar sensors will play a critical role in enabling communication between connected devices, improving the accuracy and speed of data collection. Enhanced radar technology will also drive advancements in autonomous vehicles, smart traffic lights, and automated public transport systems, providing real-time information for efficient urban mobility.

Trends

Key trends in radar sensor development include the miniaturization of sensors for easy integration into urban infrastructure, as well as the adoption of multi-function radar systems. These systems are capable of performing multiple tasks, such as traffic monitoring and environmental scanning, using a single device. Additionally, there is an increased focus on improving energy efficiency and reducing costs, making radar sensors more accessible for widespread deployment.

Applications

Radar sensors are used in a variety of smart city applications, including traffic control systems, street lighting, and security surveillance. They enable accurate detection of vehicles, cyclists, and pedestrians, providing vital data for managing city traffic and ensuring public safety. In public transportation systems, radar sensors help monitor buses and trains, improving scheduling and reducing congestion.

Solutions and Services

Providers of radar sensor technology offer customized solutions designed for specific smart city applications. These services include installation, system integration, and ongoing support, ensuring that the sensors work seamlessly with existing urban infrastructure. Many solutions are designed to be scalable, allowing cities to expand their smart systems as needed.

Key Points

Radar sensors provide real-time data for traffic management and public safety.

The future of radar sensors includes integration with 5G and IoT networks.

Miniaturized, multi-function radar sensors are a key trend in the market.

Applications include traffic control, street lighting, and security surveillance.

Scalable solutions allow for easy expansion of smart city systems.

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(via UAE Smart Cities Market Research Report 2023)