Smart City Market Size to Grow by USD 151.99 billion, the increasing government investments in IT infrastructure is one of the factor to drive the market growth

NEW YORK, Oct. 23, 2023 /PRNewswire/ — The Smart City Market Forecast and Analysis 2021-2025″ report has been added to Technavio’s offering. With ISO 9001:2015 certification, Technavio is proudly partnering with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the smart city market between 2020 and 2025 is USD 151.99 billion, as per the latest market analysis report by Technavio. The report predicts the market to witness an accelerating growth momentum at a CAGR of 19.43%. The growth in the global IT spending market will be driven by factors such as increasing government investments in IT infrastructure, growing demand for Internet of Things (IoT) devices, and growing demand for passive electronic components. The analysts predicted a YOY growth of 18.40% in 2021. Our report provides extensive information on the value chain analysis for the smart city market, which vendors can leverage to gain a competitive advantage during the forecast period. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

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Key Market Dynamics:

Market Driver: The increase in IT consolidation and modernization is one of the key factors driving the global smart city market growth. The continual change in technology and the need for IT modernizations in numerous industry verticals such as manufacturing sectors are the key factors driving the adoption of IT services and the deployment of smart city projects for providing better connectivity and sustainability. The public sector is adopting IT services and implementing IT service policies, as they help align the operational processes associated with IT and business strategy and reduce the cost. The emerging trends in IT consolidation are creating huge job opportunities for youth around the world, leading to the migration of talent.
Market Challenge: High cost of upgrading smart grids Is one of the key challenges to the global smart city market growth.

The costs involved in upgrading smart grids include additional investments in distribution systems, replacement of transmission lines, power delivering systems, substation digitalization, and digital controls. The aging power infrastructure of these utilities and their growing need for renewable power grid integration will increase their grid renovation budgets in the coming years. The power utility providers are reluctant to upgrade their power grids to make them compatible with smart grid data management solutions because of the high costs involved. This is expected to have a significant impact on the growth of the global smart city market.

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Key Market Segment Insights:

The smart city market report is segmented by Application (smart infrastructure, smart energy, smart mobility, smart security, and others) and Geography (Europe, North America, APAC, South America, and MEA).

Revenue-generating Segment Analysis: The smart city market share growth in the smart infrastructure segment will be significant during the forecast period. The growth is attributed to the increasing industrial development, commercialization, and awareness of effective utilization of energy and building optimization. Rapid strides in technology innovation will further propel the adoption of smart infrastructure as the systems can deploy Internet of Things (IoT), analytics, and cloud computing for effective monitoring, controlling, and operating building.

Regional Opportunities: 37% of the market’s growth will originate from Europe during the forecast period. The UK, Germany, and Spain are the key markets for smart cities in Europe. However, the market growth rate in this region will be slower than the growth of the market in the South American, APAC, and MEA regions. The availability of high-speed wireless networks and increased connected devices such as smartphones and IoT penetration will facilitate the smart city market growth in Europe over the forecast period

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Some Companies Mentioned with their Offerings

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

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Smart City ICT Infrastructure Market by Component and Geography – Forecast and Analysis 2022-2026

Smart City Market Scope
Report Coverage	Details
Page number	120
Base year	2020
Forecast period	2021-2025
Growth momentum & CAGR	Accelerate at a CAGR of 19.43%
Market growth 2021-2025	USD 151.99 billion
Market structure	Fragmented
YoY growth (%)	18.40
Regional analysis	Europe, North America, APAC, and South America
Performing market contribution	Europe at 37%
Key consumer countries	US, UK, Germany, Spain, and Japan
Competitive landscape	Leading companies, competitive strategies, consumer engagement scope
Companies profiled	ABB Ltd., Accenture Plc, Alphabet Inc., Cisco Systems Inc., HP Inc., International Business Machines Corp., LG Electronics Inc., Microsoft Corp., Oracle Corp., SAP SE, and Siemens AG.
Market Dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, and market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Key Topics Covered:

Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Application
Customer landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix

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