Allied Market Research published a new report, titled, ” The Smart City ICT Infrastructure Market Reach USD 5.3 Trillion by 2032 Growing with 17.7% CAGR Globally.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global smart city ICT infrastructure market has grown due to several factors such as urbanization in several countries, government support & initiatives, and increase in adoption of digital solutions. However, the lack of a skilled workforce and indistinct regulatory clarity act as restraints for the smart city ICT infrastructure market. In addition, growing demand for IoT solutions and the integration of smart devices into a variety of industries are expected to provide ample opportunities for the market growth during the forecast period.
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The global smart city ICT infrastructure market size was valued at $1.2 trillion in 2023, and is projected to reach $5.3 trillion by 2032, growing at a CAGR of 17.7% from 2024 to 2032.
The smart city ICT infrastructure market size is segmented into type, application, and region. On the basis of type, the market is divided into smart grid, smart building, smart water network, smart healthcare, smart education, smart security, and smart transport. On the basis of application, the market is bifurcated into communications, transportation, express, government, education & others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
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By type, the smart grid type segment held the highest market share in 2023, as it includes features such as remote monitoring and control of distribution equipment, fault detection and isolation, and self-healing capabilities to minimize outages and optimize power delivery.
By application, the communication segment held the highest market share in 2023. Smart city solutions for communication applications encompass a range of technologies and initiatives aimed at improving connectivity, enhancing communication infrastructure, and fostering digital inclusion within urban environments.
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By region, North America held the highest market share in terms of revenue in 2023 and is expected to boost in terms of revenue throughout the forecast period. The market for smart city in North America is expanding as a result of the escalating technical breakthroughs and digital transformations occurring across several business verticals, including telecommunications, IT, retail, and finance.
The major players operating in the smart city ICT infrastructure market include Microsoft Corporation, IBM Corporation, Oracle Corporation, Cisco Systems, Inc., NTT Communications, ABB, Hitachi, Siemens, Ericsson, and Verizon Communications.
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Key Takeaways
● The smart city ICT infrastructure market study covers 20 countries. The research includes a segment analysis of each country in terms of value ($million) for the projected period 2023-2032.
● More than 1, 500 product literatures, industry releases, annual reports, and other such documents of major smart city ICT infrastructure industry participants along with authentic industry journals, trade associations’ releases, and government websites have been reviewed for generating high-value industry insights.
● The study integrated high-quality data, professional opinions and analysis, and critical independent perspectives. The research approach is intended to provide a balanced view of global markets and to assist stakeholders in making educated decisions to achieve their most ambitious growth objectives.
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Industry Trends:
● In April 2024, the city of Delray Beach in Florida developed smart parking technology from a new partnership between One Parking, Parking Logix, and eleven-x. Under the project, the companies are expected to use Parking Logix’s OpenSpace technology and eleven-x’s eXactpark system to digitize 16 surface lots and 1, 200 on-street parking spaces.
● In December 2023, a “Smarter Together Testbed” document was developed with citizen input with a focus on five priorities: access to transportation, enhanced communication, public safety, upgraded infrastructure, and environmental resilience. Projects under consideration include a mobile app for citizens to access public services, testing drones to target locations in emergencies, and piloting a smart sewer network with sensors to detect water quality.
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