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Smart City Market Size to Grow by USD 151.99 bn | ABB Ltd. and Accenture Plc Among Key Vendors | Technavio
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TMCNet:  Smart City Market Size to Grow by USD 151.99 bn | ABB Ltd. and Accenture Plc Among Key Vendors | Technavio

[December 17, 2021]

Smart City Market Size to Grow by USD 151.99 bn | ABB Ltd. and Accenture Plc Among Key Vendors | Technavio

NEW YORK, Dec. 17, 2021 /PRNewswire/ -- The smart city market is dominated by Europe. The region is expected to account for 37% of the market's growth during the forecast period. The UK, Germany, and Spain are the key countries for the smart cities market in Europe. However, the market growth rate in this region will be slower than the growth of the market in South America, APAC, and MEA. The availability of high-speed wireless networks and increased connected devices such as smartphones and IoT penetration will drive the smart city market growth in Europe during the forecast period.

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The smart city market report has been added to Technavio's catalog. The market is anticipated to grow by USD 151.99 billion from 2020 to 2025 and witness healthy growth at a CAGR of 19.43%.

Access our detailed 120-page report with TOC and Exhibits on "Smart City Market by Application and Geography - Forecast and Analysis 2021-2025". View Our Report Snapshot

Driver and Challenge
The smart city market is driven by factors such as the increase in IT consolidation and modernization. The increasing consolidation of IT infrastructure such as data centers and networking systems in organizations is compelling executives of organizations to implement advanced IT service delivery models such as shared and managed IT services. The continuous change in technology and need for IT modernizations in numerous industry verticals such as the manufacturing, BFSI, telecom, and healthcare 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 to align the operational processes associated with IT and business strategy and reduce the cost. Governments worldwide are also focusing on the development of smart cities for better surveillance.

A major challenge faced by the smart city market during the forecast period will be the high cost of upgrading smart grids. 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. As a result, power utilities and independent power producers face the prospect of huge initial capital investment. 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. This is the consequence of the near-term cost evasion by utilities, and it acts as a barrier to the adoption of smart grid data management solutions. 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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Major Smart City Companies:

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

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Smart City Market Application Outlook (Revenue, USD bn, 2020-2025)

  • Smart infrastructure - size and forecast 2020-2025
  • Smart energy - size and forecast 2020-2025
  • Smart mobility - size and forecast 2020-2025
  • Smart security - size and forecast 2020-2025
  • Others - size and forecast 2020-2025

Smart City Market Geography Outlook (Revenue, USD bn, 2020-2025)

  • Europe - size and forecast 2020-2025
  • North America - size and forecast 2020-2025
  • APAC - size and forecast 2020-2025
  • South America - size and forecast 2020-2025
  • MEA - size and forecast 2020-2025

Grab an Exclusive Sample Report for valuable insights into market segments

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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, South America, and MEA

Performing market contribution

Europe at 37%

Key consumer countries

US, UK, Germany, Spain, and Japan

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

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

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, 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.

About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio


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