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%.

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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

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