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Smart City Market to Grow by $151.99 bn by 2025, Accelerating at a CAGR of 19.43%

Strategic Insights

— 1 min read

The global smart city market is expected to experience significant growth over the next few years, driven by factors such as increase in IT consolidation and modernization. According to a recent research report, the market is projected to grow by $151.99 billion, accelerating at a CAGR of almost 19.43% till 2025. This growth will be driven by the increasing demand for smart city technologies, including smart infrastructure, smart energy, smart mobility, and smart security.

Key Takeaways:

  • The global smart city market is expected to grow by $151.99 billion from 2021 to 2025, accelerating at a CAGR of 19.43%.
  • The market is driven by factors such as increase in IT consolidation and modernization, decrease in prices of connected devices, and the increasing demand for smart city technologies.
  • The market is segmented by Application (smart infrastructure, smart energy, smart mobility, smart security, and others) and Geography (Europe, North America, APAC, South America, and MEA).
  • The leading vendors in the market are ABB Ltd., Accenture Plc, Alphabet Inc., Cisco Systems Inc., International Business Machines Corp., LG Electronics Inc., Microsoft Corp., Oracle Corp., SAP SE, and Siemens AG.
  • The market is expected to grow by $2118.14 billion, accelerating at a CAGR of 23% till 2025.
  • The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking.
  • The market is expected to grow significantly in Europe, with 37% growth originating from the region.

Statistics:

  • The global smart city market is expected to grow by $151.99 billion, accelerating at a CAGR of 19.43% till 2025.
  • The market is expected to grow by $2118.14 billion, accelerating at a CAGR of 23% till 2025.
  • Europe is expected to be the leading geographic region, with 37% growth originating from the region.
  • The top drivers for the smart city market size include increase in IT consolidation and modernization, decrease in prices of connected devices, and the increasing demand for smart city technologies.

Sources:

  • ENNewspire-December 8, 2021--Technavio -Smart City: Discover Key Drivers that will Boost Growth (C)2021 ENPublishing - http://www.enpublishing.co.uk
  • Technavio research report
  • ENNewspire-2020--Smart City Market: Growth Segments, Vendor Analysis, and FAQs (C)2020 ENPublishing - http://www.enpublishing.co.uk

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