The global smart city market is expected to register a compound annual growth rate (CAGR) of around 20% from 2021 to 2027. This is mainly due to deepening urbanization, strong IT connectivity, increasing demand for digitalization, and the need for efficient resource management and utilization. In addition, increasing demand for comfortable, fast and efficient transportation, along with increasing attention on public safety, will have a positive impact on the smart city industry. Smart cities are cities that leverage information and communication technology (ICT) to increase operational efficiency and share information with the general public, improving both the quality of government services and citizen welfare.
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The market is bifurcated into hardware, software, and services based on component, however, these hardware sectors accounted for a significant share of the global smart city market in 2020 and are expected to witness robust growth during the forecast period owing to the adoption of IoT-based devices and smart device infrastructure.
Based on application, the market is categorized into smart transportation, smart utilities, smart training, smart healthcare, smart public safety, smart governance, smart lighting solutions, and smart buildings.The smart education segment accounts for a significant share of the global smart city market and is expected to witness high growth during the forecast period, driven by the expansion of smart devices in the education sector, increasing adoption of e-learning solutions, and increasing use of artificial intelligence, machine learning, and big data analytics in the education sector.
To get a better understanding of the adoption of smart city market, we have analyzed the country-wise smart city market status across the globe such as North America (US, Canada, Rest of North America), Europe (Germany, France, Spain, UK, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific), and Rest of the World. The North American region holds a significant proportion of the global smart city market and is expected to witness a steady growth rate due to its readiness to latest technological developments and the presence of key market participants. Moreover, the integration of cloud and IoT into smart city solutions, providing a safe environment for people and building an eco-friendly ecosystem are playing a key role in the growth of this regional market.
Major players operating in the smart city market include Cisco Systems, Inc., International Business Machines Corporation, Microsoft Corporation, Schneider Electric, Siemens AG, ABB Ltd., Vodafone Group PLC, Hitachi Ltd., Oracle Corporation, Honeywell International Inc., and others.
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Global Smart City Market Segmentation
Market Insights by Component
Hardware
·software
·service
Market Insights by Application
・Smart Transportation
・Smart Utilities
・Smart training
・Smart healthcare
・Smart Public Safety
・Smart governance
・Smart lighting solutions
・Smart buildings
Regional Market Insights
·North America
America
Canada
o Rest of North America
·Europe
Germany
France
Spain
United Kingdom
o Rest of Europe
Asia Pacific
China
Japan
India
South Korea
o Rest of Asia Pacific
Rest of the World
Top Company Profiles
・Cisco Systems, Inc.
・International Business Machines Corporation
・Microsoft Co., Ltd.
・Schneider Electric
Siemens AG
・ABB Corporation
・Vodafone Group Inc.
Hitachi, Ltd.
・Oracle Corporation
・Honeywell International Inc.
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