Smart Cities Market is Anticipated to Reach Around USD 826.3 Billion by 2024

February 26, 2020

Press Release

Smart Cities Market is Anticipated to Reach Around USD 826.3 Billion by 2024

According to the latest report the global smart cities market was worth US$ 312.4 Billion in 2018. It's expected to reach US$ 826.3 Billion by 2024, registering a CAGR of 17.6% during 2019-2024.

A smart city is an infrastructural framework based on Information and Communication Technologies (ICT) that collects data through various electronic sensors and optimizes operations to promote sustainable development in urban areas. The software component consists of mobile and web applications, while the hardware component includes sensors, chips and actuators for management and administration through digital devices. The framework of smart cities also promotes automation across healthcare, education, residential, transport, water treatment, security and energy sectors.

Global Smart Cities Market Trends

The global market is driven by the increasing adoption of artificial intelligence (AI)- and Internet of Things (IoT)-based building management systems across the globe. Technologically advanced cities are using software-based tools to ensure the comprehensive development of institutional, social, physical and economic infrastructure. Furthermore, rapid population growth, hyper-urbanization and globalization, are also providing a boost to the market growth. Other factors, including favorable government initiatives promoting sustainable lifestyles, are projected to drive the market further.

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Smart Cities Market Segmentation

Market Breakup by Focus Area:

  • Smart Transportation
  • Smart Buildings
  • Smart Utilities
  • Smart Citizen Services

Market Breakup by Smart Transportation:

  • Smart Ticketing
  • Traffic Management System
  • Passenger Information Management System
  • Freight Information System
  • Connected Vehicles
  • Others

Market Breakup by Smart Buildings:

  • Building Energy Optimization
  • Emergency Management System
  • Parking Management System


Market Breakup by Smart Utilities :

  • Advanced Metering Infrastructure
  • Distribution Management System
  • Substation Automation
  • Others

Market Breakup by Smart Citizen Services:

  • Smart Education
  • Smart Healthcare
  • Smart Public Safety
  • Smart Street Lighting
  • Others

Market Breakup by Region:

  • Europe
  • North America
  • Asia Pacific
  • Middle East and Africa
  • Latin America

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