How big is the Smart Cities Market?

The Smart Cities Market size is expected to reach USD 1.36 trillion in 2024 and grow at a CAGR of 23.21% to reach USD 3.84 trillion by 2029. Read More

What is the current Smart Cities Market size?

In 2024, the Smart Cities Market size is expected to reach USD 1.36 trillion. Read More

Who are the key players in Smart Cities Market?

ABB Ltd, Cisco Systems Inc., Emerson Electric Co., IBM Corporation and Ericsson Inc. are the major companies operating in the Smart Cities Market. Read More

Which is the fastest growing region in Smart Cities Market?

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Smart Cities Market?

In 2024, the Europe accounts for the largest market share in Smart Cities Market. Read More

What years does this Smart Cities Market cover, and what was the market size in 2023?

In 2023, the Smart Cities Market size was estimated at USD 1.04 trillion. The report covers the Smart Cities Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Smart Cities Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

What factors are driving the growth of the Smart Cities Market?

The growth of the Smart Cities Market is driven by: a) Increasing urbanization b) Need for resource management c) Advancement in innovative technologies like Internet of Things, Artificial Intelligence, and big data analytics d) Rising awareness of the benefits of smart cities Read More

What role does IoT play in Smart Cities Market?

The Internet of Things (IoT) is crucial for data collection and analysis, enabling real-time responses in urban management, from traffic control to environmental monitoring and public safety. Read More

Smart Cities Market Share

Statistics for the 2023 & 2024 Smart Cities market share, created by Mordor Intelligence™ Industry Reports. Smart Cities share report includes a market forecast to 2029 and historical overview. Get a sample of this industry share analysis as a free report PDF download.

Market Share of Smart Cities Industry

The smart cities market is semi-consolidated during the forecast period. The major players in the market are ABB Ltd, Cisco Systems Inc., Emerson Electric Co., IBM Corporation, and Ericsson Inc. Players in the market are adopting strategies such as partnerships, innovations, investments, and acquisitions to enhance their product offerings and gain sustainable competitive advantage.

In June 2023, ABB announced the acquisition of Eve Systems, a Munich-based leader in smart home products with operations in the United States and Europe, to strengthen its smart home technology portfolio. Through this acquisition, the company aims to meet the accelerating demand for smart, safe, and sustainable retrofitting of buildings driven by energy prices and climate policies.

In June 2023, Siemens AG announced the opening of Egypt's first Smart Cities Experience Centre to offer customers an immersive experience that combines the digital and real worlds. The center will showcase the latest technologies for creating efficient and sustainable smart city infrastructure, buildings, and industries. Through this concept, visitors can understand the benefits of transforming current communities into smart cities.