Smart City Market to Grow by $151.99 Billion Through 2025

Strategic Insights -

The global smart city market is set to experience significant growth, accelerating at a CAGR of 19.43% and reaching a projected $151.99 billion by 2025. This expansion is driven by factors such as IT consolidation and modernization, which are creating opportunities for job growth and talent migration. Governments worldwide are focusing on developing smart cities to address urbanization challenges, with developed economies in North America and Europe leading the way. Emerging economies in the APAC region, such as India and China, are also launching pilot projects to develop smart cities.

Key Takeaways:

  • The global smart city market is expected to grow by $151.99 billion through 2025, driven by IT consolidation and modernization.
  • The market is projected to accelerate at a CAGR of 19.43% during the forecast period.
  • Developed economies in North America and Europe have implemented many smart city projects, while emerging economies like India and China are in the planning phase.
  • The APAC region is the fastest-growing region in terms of smart city technologies.
  • Smart city infrastructure helps end-users (such as government agencies, healthcare, and transportation service providers) to respond faster to urbanization challenges.

Key Players:

  • ABB Ltd.
  • Accenture Plc
  • Alphabet Inc.
  • Cisco Systems Inc.
  • International Business Machines Corp.
  • LG Electronics Inc.
  • Microsoft Corp.
  • Oracle Corp.
  • SAP SE
  • Siemens AG

Statistics:

  • The global smart city market is projected to grow at a CAGR of 19.43% through 2025.
  • The market is expected to reach $151.99 billion by 2025.
  • 37% of the market growth will originate from Europe during the forecast period.
  • The UK, Germany, and Spain are key markets for smart cities in Europe, with a slower growth rate compared to the South American, APAC, and MEA regions.

Sources:

  • Technavio
  • ENPublishing - http://www.enpublishing.co.uk