According to a new market research report titled, “Smart Cities Market by Application (Smart Utilities, Smart Transportation, Water Management, Waste Management, Smart Healthcare, Smart Lighting, Smart Education), Component (Hardware, Software, and Services), and Geography- Global Forecast to 2027”, published by Meticulous Research®, the smart cities market is expected to grow at a CAGR of 22.9% from 2019 to 2027 to reach $545.7 billion by 2027.
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The smart cities market is mainly segmented by application (smart transportation, smart utilities, smart education, smart healthcare, smart public safety, governance, smart lighting solutions, and smart building), component (hardware, software, and services), and geography. The study also evaluates industry competitors and analyzes the market at a country level.
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Based on application, the smart utilities segment accounted for the largest share of the overall smart cities market in 2020. The large share of this segment is mainly attributed to the rising adoption of energy storage technologies, smart grids, and smart meters to efficiently utilize energy resources. However, the smart education market is slated to grow at the fastest CAGR during the forecast period. This is attributed to the proliferation of connected devices in the education sector and the adoption of e-learning solutions & digital technologies, such as learning management systems.
Geographically, North America dominated the global smart cities market in 2020. This region's large share is mainly attributed to the fast-developing advanced communication infrastructure and rising IoT-enabled smart cities. According to a survey conducted by the U.S. Conference of Mayors (USCM) and Siemens Corporation (U.S.), in 2020, over 63% of the mayors decided that the virtual and online city services would be their top investment priorities in the post-pandemic world.
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However, Asia-Pacific region is expected to witness rapid growth during the forecast period. This can be attributed to the investments by major companies and strong government initiatives. For instance, in 2020, Japan announced to invest USD 2.4 billion to develop smart city projects in Southeast Asia. Thus, the growing investment in smart city projects will create several growth opportunities for the market in the Asia-Pacific region.