Smart Cities Market Report 2024 (Global Edition)

Global Smart Cities Market Report 2024 Market Size Split by focus area type (Smart Transportation, Smart Building, Smart Utilities, Smart Citizen Services), by Smart Transportation (Solutions, Service...

Smart Cities Market Report Description

We have various report editions of Smart Cities Market, hence please contact our sales team and author directly to obtain/purchase a desired Edition eg, Global Edition, Regional Edition, Country Specific Report Edition, Company Profiles, Forecast Edition, etc. Request for your Free Sample PDF/Online Access.

Competitive Landscape of the Smart cities Market

The competitive landscape of the smart cities market is characterized by intense rivalry among numerous players aiming to capture market share through innovation and strategic collaborations. Companies are focusing on developing integrated solutions that encompass IoT, AI, and data analytics to enhance urban infrastructure and services. Partnerships between technology providers and municipalities are common, driving the implementation of comprehensive smart city projects. Continuous advancements and differentiation in offerings are key strategies employed to stay ahead in this rapidly evolving market.

June 2023: Siemens unveiled Egypt's inaugural Smart Cities Experience Center, offering an immersive blend of real-world and digital environments. This cutting-edge facility transitions visitors from conceptual smart city theories to tangible technological implementations. Siemens' diverse technology portfolio not only aligns with Egypt's sustainability agenda but also propels the nation's digital transformation efforts forward. The center integrates both software and hardware components integral to Siemens Xcelerator, showcasing the company's commitment to advancing urban innovation and fostering sustainable development in Egypt. (Source: https://press.siemens.com/middleeast/en/pressrelease/siemens-inaugurates-egypts-first-smart-cities-experience-center)

Top Companies Market Share in Smart Cities Industry: (In no particular order of Rank)

• Cisco (US)
• IBM (US)
• Siemens (Germany)
• Microsoft (US)
• Hitachi (Japan)
• Schneider Electric (France)
• Huawei (China)
• Intel (US)
• NEC (Japan)
• ABB (Switzerland)
• Ericsson (Sweden)
• Oracle (US)
• Fujitsu (Japan)
• Honeywell (US)
• Accenture (Ireland)
• Vodafone (UK)
• AWS (US)
• Thales (France)
• Signify (Netherlands)
• Kapsch (Austria)
• Motorola (US)
• GE (US)
• Google (US)
• TCS (India)
• AT&T (US)
• Nokia (Finland)
• Samsung (South Korea)
• SAP (Germany)
• TomTom (Netherlands)
• AppyWay (UK)
• Ketos (US)
• Gaia (India)
• TaKaDu (Israel)
• FlamencoTech (India)
• XENIUS (India)
• Bright Cities (Brazil)
• Maydtech (Mexico)
• Zencity (Israel)
• ltron (US)
• and IXDen (Israel)
• Confidential Data
• Access The Paid Version
• Data Hidden

*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of the Smart cities Market

Which Region Dominates the Smart cities Market in 2024?

According to Cognitive Market Research, North America dominated the market in 2024 driven by substantial investments in technological infrastructure and innovation. Government initiatives and funding support for smart city projects have accelerated the deployment of advanced technologies such as IoT, AI, and smart grids. Additionally, high urbanization rates and the presence of major technology companies foster rapid development and implementation of smart solutions. The region's focus on sustainability and energy efficiency further fuels market growth, as cities strive to reduce carbon footprints and enhance resource management. Strong collaboration between public and private sectors also plays a critical role in maintaining North America's leading position in the market.

Which Region is Expanding at the Fastest CAGR?

Asia Pacific stands out as the fastest-growing region in the Smart cities market due to its high urbanization rates and burgeoning middle-class population. Government initiatives and substantial investments in smart infrastructure are propelling this expansion. Countries in the region are focusing on developing smart transportation, energy management, and public safety solutions to address the challenges of urbanization. Technological advancements and increased adoption of IoT and AI are further accelerating market growth. Additionally, collaborations between governments and tech companies are fostering innovation and implementation of smart city projects. The region's emphasis on sustainable development and improving quality of life for its citizens significantly contributes to its fast-paced growth.

 

The current report Scope analyzes Smart Cities Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Smart Cities

According to Cognitive Market Research, the global smart cities market size was estimated at USD 552158.6 Million, out of which North America held the major market of more than 40% of the global revenue with a market size of USD 220863.44 million in 2024 and will grow at a compound annual growth rate (CAGR) of 14.2% from 2024 to 2031.

• According to Cognitive Market Research, The United States smart cities market had a market share of USD 174,261.25 million in 2024 and is projected to grow at a CAGR of 14.0% during the forecast period. In the U.S., sales of smart cities solutions will increase due to government initiatives promoting infrastructure development, technological innovation, and the need for sustainable urban solutions to address environmental challenges.
Canada's smart cities market had a market share of USD 26,503.61 million in 2024 and is projected to grow at a CAGR of 15.0% during the forecast period. In Canada, sales of smart cities solutions will rise owing to increasing urbanization, investments in digital infrastructure, and initiatives to improve transportation efficiency, enhancing the quality of urban life for residents. Mexico's smart cities market had a market share of USD 20,098.57 million in 2024 and is projected to grow at a CAGR of 14.7% during the forecast period.

Europe Smart Cities

According to Cognitive Market Research, the global Smart cities market size was estimated at USD 552158.6 Million out of which Europe held the market of more than 30% of the global revenue with a market size of USD 1656432771.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 14.5% from 2024 to 2031.

• United Kingdom's smart cities market had a market share of USD 27,828.79 million in 2024 and is projected to grow at a CAGR of 15.3% during the forecast period. In the UK, sales of smart cities solutions will grow due to the adoption of innovative technologies, government funding for urban development projects, and efforts to enhance public services and infrastructure.
France's smart cities market had a market share of USD 15,239.58 million in 2024 and is projected to grow at a CAGR of 13.7% during the forecast period. Germany's smart cities market had a market share of USD 32,798.22 million in 2024 and is projected to grow at a CAGR of 14.7% during the forecast period. In Germany, sales of smart cities solutions will increase driven by the country's focus on sustainability, investments in renewable energy, and initiatives to improve transportation efficiency and urban mobility. Italy's smart cities market had a market share of USD 14,245.69 million in 2024 and is projected to grow at a CAGR of 13.9% during the forecast period. Russia's smart cities market had a market share of USD 25,675.37 million in 2024 and is projected to grow at a CAGR of 13.5% during the forecast period. Spain's smart cities market had a market share of USD 13,583.10 million in 2024 and is projected to grow at a CAGR of 13.6% during the forecast period. Luxembourg's smart cities market had a market share of USD 5,135.07 million in 2024 and is projected to grow at a CAGR of 14.6% during the forecast period. Portugal's smart cities market had a market share of USD 3,478.60 million in 2024 and is projected to grow at a CAGR of 14.3% during the forecast period. Greece's smart cities market had a market share of USD 1,987.77 million in 2024 and is projected to grow at a CAGR of 14.8% during the forecast period. Rest of Europe's smart cities market had a market share of USD 25,675.37 million in 2024 and is projected to grow at a CAGR of 13.2% during the forecast period.

Asia Pacific Smart Cities

According to Cognitive Market Research, the global Smart cities market size was estimated at USD 552158.6 Million, out of which Asia Pacific held the market of around 23% of the global revenue with a market size of USD 126996.48 million in 2024 and will grow at a compound annual growth rate (CAGR) of 18.0% from 2024 to 2031.

• According to Cognitive Market Research, China's smart cities market had a market share of USD 57,148.42 million in 2024 and is projected to grow at a CAGR of 17.5% during the forecast period. In China, sales of smart cities solutions will rise rapidly due to government support for urban development projects, investments in advanced technologies, and efforts to address urbanization challenges through digital transformation.
Japan's smart cities market had a market share of USD 17,525.51 million in 2024 and is projected to grow at a CAGR of 16.5% during the forecast period. India's smart cities market had a market share of USD 15,239.58 million in 2024 and is projected to grow at a CAGR of 19.8% during the forecast period. In India, sales of smart cities solutions will increase due to rapid urbanization, government initiatives such as Smart Cities Mission, and investments in digital infrastructure to improve urban services and quality of life. South Korea's smart cities market had a market share of USD 12,699.65 million in 2024 and is projected to grow at a CAGR of 17.1% during the forecast period. Australia's smart cities market had a market share of USD 6,603.82 million in 2024 and is projected to grow at a CAGR of 17.7% during the forecast period. South East Asia's smart cities market had a market share of USD 8,762.76 million in 2024 and is projected to grow at a CAGR of 19.0% during the forecast period. Rest of Asia Pacific's smart cities market had a market share of USD 9,016.75 million in 2024 and is projected to grow at a CAGR of 17.8% during the forecast period.

South America Smart Cities

According to Cognitive Market Research, the global Smart cities market size was estimated at USD 552158.6 Million out of which Latin America market of more than 5% of the global revenue with a market size of USD 27607.93 million in 2024 and will grow at a compound annual growth rate (CAGR) of 15.4% from 2024 to 2031.

• According to Cognitive Market Research, Brazil's smart cities market had a market share of USD 11,816.19 million in 2024 and is projected to grow at a CAGR of 16.0% during the forecast period. In Brazil, sales of smart cities solutions will grow as cities invest in infrastructure upgrades, transportation efficiency, and digitalization initiatives to address urban challenges and improve public services.
Argentina's smart cities market had a market share of USD 4,638.13 million in 2024 and is projected to grow at a CAGR of 16.3% during the forecast period. In Argentina, sales of smart cities solutions will rise due to increasing urbanization, investments in digital infrastructure, and efforts to improve transportation systems and urban mobility. Colombia's smart cities market had a market share of USD 2,457.11 million in 2024 and is projected to grow at a CAGR of 15.2% during the forecast period. Peru's smart cities market had a market share of USD 2,263.85 million in 2024 and is projected to grow at a CAGR of 15.6% during the forecast period. Chile's smart cities market had a market share of USD 1,987.77 million in 2024 and is projected to grow at a CAGR of 15.7% during the forecast period. Rest of Latin America's smart cities market had a market share of USD 4,444.88 million in 2024 and is projected to grow at a CAGR of 14.5% during the forecast period.

Middle East and Africa Smart Cities

According to Cognitive Market Research, the global Smart cities market size was estimated at USD 552158.6 Million, out of which the Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 11043.17 million in 2024 and will grow at a compound annual growth rate (CAGR) of 15.7% from 2024 to 2031.

• GCC Countries' smart cities market had a market share of USD 4,726.48 million in 2024 and is projected to grow at a CAGR of 16.5% during the forecast period. In GCC Countries, sales of smart cities solutions will increase driven by government investments in infrastructure development, initiatives to enhance urban sustainability, and adoption of advanced technologies to improve city services and efficiency.
Egypt's smart cities market had a market share of USD 1,159.53 million in 2024 and is projected to grow at a CAGR of 16.0% during the forecast period. South Africa's smart cities market had a market share of USD 1,744.82 million in 2024 and is projected to grow at a CAGR of 16.7% during the forecast period. In South Africa, sales of smart cities solutions will grow due to investments in digital infrastructure, initiatives to improve urban services and mobility, and efforts to address environmental challenges and promote sustainable development. Turkey's smart cities market had a market share of USD 949.71 million in 2024 and is projected to grow at a CAGR of 15.2% during the forecast period. Nigeria's smart cities market had a market share of USD 1,159.53 million in 2024 and is projected to grow at a CAGR of 14.8% during the forecast period. Rest of MEA's smart cities market had a market share of USD 1,303.09 million in 2024 and is projected to grow at a CAGR of 14.7% during the forecast period.

Smart Cities Market Analysis

Smart cities Market Focus Area Type Segment Analysis

According to Cognitive Market Research, smart transportation stands out as the dominating category due to rising urbanization and the need to address traffic congestion and pollution. Investments in intelligent traffic management, smart parking, and advanced public transit systems enhance efficiency and reduce emissions. Governments are prioritizing sustainable mobility solutions, including electric and autonomous vehicles, to improve urban transportation networks. Collaboration between technology firms and city planners leads to the deployment of innovative solutions, further driving market growth. The emphasis on creating safer, more efficient, and eco-friendly transportation systems sustains this segment's dominance.

Smart citizen services emerges as the fastest-growing category in the smart cities market as cities focus on improving the quality of life for their residents. Demand for smart healthcare solutions, such as telemedicine and remote patient monitoring, is increasing due to the need for accessible healthcare. Smart education technologies, including e-learning platforms, are transforming the education sector. Investments in public safety, smart street lighting, and e-governance are enhancing urban living standards. The integration of advanced technologies and data-driven approaches in citizen services is driving significant growth, as cities strive to become more responsive and efficient.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Smart Cities Industry. Request a Free Sample PDF!

Smart cities Market Smart Transportation Segment Analysis

According to Cognitive Market Research, the dominating category is solutions due to the urgent need for efficient traffic management systems and advanced public transit technologies. Cities are investing in smart infrastructure, such as intelligent traffic lights, real-time public transit tracking, and automated toll collection systems, to enhance transportation efficiency. The adoption of electric vehicle (EV) charging stations and autonomous vehicle technologies also contributes to growth. These solutions address critical urban challenges, promoting smoother traffic flow and reducing emissions, thereby driving substantial market demand.

The fastest-growing category in the smart cities market is services due to the rising demand for implementation, maintenance, and consulting services. As cities adopt advanced transportation technologies, they require ongoing support for system integration and optimization. The need for data analysis services to improve traffic management and enhance urban mobility strategies is also increasing. Additionally, the growing complexity of smart transportation systems necessitates specialized training and technical support, further boosting the services market. This growth reflects the essential role of continuous expertise and support in sustaining and advancing smart transportation initiatives.

• Solutions
  • Smart Ticketing
  • Traffic Management
  • Parking Management
  • Traffic Surveillance
  • Passenger Information Management
  • Connected Logistics
  • Other Solutions
• Services
  • Consulting
  • Deployment and Integration
  • Infrastructure Monitoring and Management
• Type
  • Roadway
  • Railway
  • Airway

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Smart Cities Smart Building Segment Analysis

Smart cities Market Smart Building Segment Analysis

According to Cognitive Market Research, the dominating category is commercial due to businesses' need for advanced infrastructure and operational efficiency. Commercial buildings are adopting smart technologies for energy management, security, and automation to reduce operational costs and enhance productivity. Smart solutions in retail, office spaces, and industrial sectors are being implemented to optimize resource usage and improve customer experiences. The demand for sustainable and intelligent commercial environments drives investment in smart systems, maintaining this segment's dominance in the market.

The fastest-growing category in the smart cities market is residential due to the increasing demand for smart home technologies that enhance convenience, security, and energy efficiency. Home automation systems, including smart thermostats, lighting controls, and security cameras, are becoming more popular among homeowners. The trend towards sustainable living and energy conservation is driving the adoption of smart grids and renewable energy solutions in residential areas. The growing awareness of smart home benefits and the integration of IoT devices in everyday life contribute to the fast-paced expansion of this market segment.

• Solutions
  • Building Infrastructure Management
  • Safety and Security Management
  • Energy Management
  • Network Management
  • Integrated Workspace Management System
• Services
  • Consulting
  • Deployment and integration
  • Infrastructure monitoring and management
• Type
  • Residential
  • Commercial
  • Industrial

• Solutions
• Services
• Type

Smart Cities Smart Utilities Segment Analysis

Smart cities Market Smart Utilities Segment Analysis

According to Cognitive Market Research, the dominating category is energy/power due to the growing focus on sustainability and energy efficiency. Smart energy solutions, including smart grids, renewable energy systems, and energy management software, help cities optimize energy usage and reduce carbon emissions. Government mandates and incentives for renewable energy adoption drive market growth. Additionally, businesses and homeowners invest in energy-efficient technologies to lower utility bills and minimize environmental impact. The reliability and scalability of smart energy solutions further contribute to this segment's dominance in the market.

The fastest-growing category in the smart cities market is water due to increasing concerns about water scarcity and environmental sustainability. Smart water management solutions, such as IoT-enabled sensors, leak detection systems, and water quality monitoring devices, help municipalities and industries optimize water usage and reduce waste. Growing regulatory pressure and public awareness of water conservation drive investment in smart water infrastructure. The need to address aging water infrastructure and mitigate the risks of water-related crises further accelerates market growth. This emphasis on efficient water management and conservation propels the water segment to become the fastest-growing category in the smart cities market.

• Solutions
  • Advanced metering infrastructure
  • Distribution management system
  • Substation automation
  • Others
• Services
  • Consulting
  • Deployment and integration
  • Infrastructure monitoring and management
• Type
  • Energy/power
  • Water
  • Gas
  • Others

• Solutions
• Services
• Type

Smart Cities Smart Citizen Services Type Segment Analysis

Smart cities Market Smart Citizen Services Type Segment Analysis

According to Cognitive Market Research, the dominating category is smart healthcare due to several factors. Firstly, advancements in medical technology drive demand for innovative healthcare solutions such as telemedicine, remote patient monitoring, and digital health records. Secondly, aging populations and rising chronic diseases increase the need for efficient healthcare delivery systems. Additionally, government initiatives and regulations promote the adoption of smart healthcare technologies to improve patient outcomes and reduce healthcare costs. Moreover, the COVID-19 pandemic has accelerated the adoption of telehealth and virtual care solutions, further boosting market growth.

The fastest-growing category in the smart cities market is smart education driven by various factors. Firstly, the increasing adoption of digital learning platforms and online education tools, especially in response to the COVID-19 pandemic, fuels market expansion. Secondly, the demand for personalized learning experiences and adaptive teaching methodologies drives investment in smart education technologies. Additionally, governments' initiatives to modernize educational infrastructure and promote digital literacy contribute to market growth. Furthermore, the growing popularity of e-learning among students and educators fosters innovation and development in the smart education sector, propelling it to become the fastest-growing category in the smart cities market.

• Smart healthcare
• Smart Education
• Smart public safety
• Smart street lighting
• E-governance

Author's Detail

Swasti Dharmadhikari

Research associate at Cognitive Market Research

LinkedIn

Profile

Swasti Dharmadhikari, an agile and achievement-focused market researcher with an innate ardor for deciphering the intricacies of the Service & Software sector. Backed by a profound insight into technology trends and consumer dynamics, she has committed herself to meticulously navigating the ever-evolving terrain of digital Services and software solutions.

Author's Conclusion