The Smart City, also commonly known as connected city, digital city, and intelligent city are urban areas that collect electronic data from citizens, devices, and assets to manage available resources more efficiently. Smart City market technology allows city officials to interact directly with both the community as well as city infrastructure and monitor what is happening in the city to cater to the community's needs. The definition of the Smart City market can encompass energy and utility efficiency, resources allocation, physical infrastructure, governance, mobility, transport, safety, security, and healthcare. IoT technology is used to enhance the quality, performance, and interactivity of urban services, to reduce costs and resource consumption. While smart city awareness to the general public is more recent, Smart City trends point to rapidly increasing adoption in the past decade, and in the future.
According to the chart, the global Smart City Market Size will reach $88.7B by 2025 from $50B in 2019 at a 10% average annual growth rate. The fastest growing market is expected to be the Asia-Pacific market, although strong growth is expected across Europe, North America, Latin America, Middle East, and Africa as well. For more information on the Smart City Market, Smart City Statistics, and Smart City Trends like this chart concerning regional Smart City Market Share, you can visit T4's Platform here.
The Physical Infrastructure, Mobility & Transport, as well as Energy & Resource Efficiency, are the top three categories for the Smart City Market with each accounting for almost a quarter of Smart City projects. Smart City Physical Infrastructure leads with 27% of Smart City Market investment, followed by Mobility and Transport with 25% share, Energy and resource efficiency with 24% share, Safety and Security with 11% share, Governance with 10% and Healthcare with 3%. To get more insights such as this on the Smart City Market Size and other Smart City Statistics like Regional Market Share and Vendor share you can visit T4's Market Research Platform here.
Smart City Market Size and the demand for projects in the Smart City Market has been growing rapidly, especially in the large cities of Asia Pacific. This growth has been due to the increase in urbanization, the need to reduce city emissions, the need for better management of resource consumption, and the growing economic and environmental pressure on cities. Technology advances in smart building management systems, growth in Internet of Things (IoT) networks, and the fact that many city governments have transitioned to technology to monitor and optimize their resources have been instrumental in growing the Smart City Market. Smart City trends and Smart City market size will likely continue and may even accelerate with new technological advancements, particularly the implementation of 5G.
The research reports across different firms show a high disagreement on the Smart City market size. This is mainly due to the difference in defining the scope and technologies that constitute the Smart City Market. Data is not uniform as tracking investments for Smart City projects is challenging when public data is not available, which is frequently the case. There is also some disagreement on the regional share for Smart City investments, particularly because different local, state, and national governments provide different levels of data. For further research, T4 recommends exploring and evaluating all available sources. T4 has aggregated and organized the data from these sources on the T4 Industry Research Platform. See each source’s view of the Smart City Market Size, Smart City Market Share, and Smart City Trends on the T4 Platform.
T4 comprehensively aggregated more than 70 reports from more than 25 publishers covering the Smart City Market, Smart City Statistics, and Smart City Trends. The reports include data such as Smart City Market Size, revenues by region, vendor and sub-category, Installed base of Smart City devices, Vendor comparisons, and more than 5 additional statistics. The Industry falls under T4's Industrial Internet of Things (IoT) industry coverage. Industries related to the Smart City Market in the T4 taxonomy include Smart Home, Industrial IoT, IoT Utilities, Smart Parking, and Smart Street Lighting. You can find reports covering these industries and many others on T4’s Platform.
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