Global Smart City ICT Infrastructure Market Size To Worth USD 6474.89 Billion by 2033 | CAGR of 17.30%

Global Smart City ICT Infrastructure Market Size To Worth USD 6474.89 Billion by 2033

According to a research report published by Spherical Insights & Consulting, The Global Smart City ICT Infrastructure Market Size is to Grow from USD 1312.48 Billion in 2023 to USD 6474.89 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 17.30% during the projected period.

Browse key industry insights spread across 215 pages with 120 Market data tables and figures & charts from the report on the  "Global Smart City ICT Infrastructure Market Size, Share, and COVID-19 Impact Analysis, By Type (Smart Grid, Smart Home and Building, Smart Water Network, Smart Healthcare, Smart Education, Smart Security, and Smart Transport), By Application (Communications Industry, Transportation Industry, Express Industry, Government, Education, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."  Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/smart-city-ict-infrastructure-market

A smart city is a municipality that uses ICT, or information and communication technology, to increase operational efficiency, share information with the public, and improve the quality of government services and citizen welfare. The term 'Smart City' has been widely used since 2009, following the Great Financial Crisis. Smart cities, according to urban practitioners, are new Silicon Valley that has developed via the strong integration of a network of airports, highways, and other lines of communication, resulting in a so-called intellectual metropolis with advanced ICT. Smart cities are those that were constructed using cutting-edge technology and smart, intelligent solutions. Smart cities succeed by implementing smart criteria such as smart energy, smart buildings, smart transportation, smart healthcare, smart government, smart education, and involving smart citizens. For example, on June 25, 2015, the Government of India unveiled the Smart Cities Mission.

The goal is to promote sustainable and inclusive cities that provide basic infrastructure, an adequate standard of living for their citizens, a clean and sustainable environment, and the utilization of 'Smart' solutions. The emphasis is on sustainable and equitable development, with the goal of using compact regions as a replicable model to serve as a light for other ambitious towns. The Smart Cities Mission is to provide examples that can be duplicated both within and outside of the Smart City, resulting in the formation of comparable Smart Cities in other regions and across the country. Governments around the world actively promote smart city plans to improve sustainability, accessibility, and economic development. This includes investing in information and communication technology infrastructure to enable a variety of smart city applications such as e-governance, intelligent transportation systems, and smart electricity networks. The widespread use of networked gadgets and sensors in smart city environments raises worries about data privacy and security. These challenges include cybersecurity, data privacy, and the possible misuse of personal information.

The smart grid segment dominated the market with the largest revenue share of the smart city ICT infrastructure market during the projected timeframe.   

Based on the type, the smart city ICT infrastructure market is categorized into smart grid, smart home and building, smart water network, smart healthcare, smart education, smart security, and smart transport. Among these, the smart grid segment dominated the market with the largest revenue share of the smart city ICT infrastructure market during the projected timeframe. Smart grids are crucial for the development of smart cities because they enable more efficient use of energy resources, the incorporation of renewable energy sources, cheaper energy prices, the prevention of power outages, and enhanced dependability. They utilize cutting-edge technology to monitor and control electricity within, maximizing energy generation, distribution, and consumption.

The communications industry segment is projected to hold a significant market share of the smart city ICT infrastructure market during the projected timeframe.   

Based on the application, the smart city ICT infrastructure market is categorized into communications industry, transportation industry, express industry, government, education, and others. Among these, the communications industry segment is projected to hold a significant market share of the smart city ICT infrastructure market during the projected timeframe. Telecommunications companies, network infrastructure providers, and other service providers are all part of the communication sector. This industry has grown dramatically in response to increased demand for advanced connectivity solutions such as 5G networks, fiber-optic internet, and wireless technologies. Smart cities rely heavily on dependable communication networks to provide fast data transfers, real-time monitoring, and efficient operations.

North America is expected to hold the largest share of the smart city ICT infrastructure market over the forecast period.

North America is expected to hold the largest share of the smart city ICT infrastructure market over the forecast period. The smart city market in North America is expanding as a result of technical advancements and digital revolutions in a variety of industries, including telecommunications, information technology, retail, and finance. North America's information and communication technology (ICT) infrastructure is well-established, and the region's market for smart cities has expanded dramatically in recent years as a consequence of strong relationships between municipal and federal governments, as well as ICT startups and suppliers. As municipal connectivity infrastructure becomes more widely available, the market for smart cities will expand. For example, the US government has planned a $1 trillion investment in infrastructure, which will include smart city solutions.

Asia Pacific is predicted to grow at the fastest pace in the smart city ICT infrastructure market during the projected timeframe. The government's increased emphasis on digital infrastructure and transformation is propelling growth in the Asia Pacific smart city ICT infrastructure market. Over the projected period, the Asia Pacific smart cities market is predicted to grow as a result of increasing urbanization, population expansion, sustained economic growth, and globalization. Increased government expenditure to strengthen a range of industries, including public security, transportation, and energy, is projected to be the key growth drivers soon. The expansion of China's smart infrastructure sector is being fueled by supportive government programs for smart cities and growing worries about building energy use. Furthermore, the region's industries prioritize automation to improve business operations and reduce overhead costs.

Major vendors in the smart city ICT infrastructure market are Cisco Systems, IBM, Huawei Technologies, Siemens AG, Verizon Communications, Vodafone, Accenture, Alcatel-Lucent, Ericsson, HP, Microsoft Corp., Nokia Corp., Oracle Corp., and Schneider Electric., and others.

Recent Developments

• In February 2024, Huawei officially launched ten industrial digital and intelligent transformation solutions, as well as a new line of flagship products, to cater to the needs of customers at different stages of industrial transformation. Huawei specializes in ICT services and technology, building an open ecosystem that brings together partners and developers to create cutting-edge digital and intelligent infrastructure.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the smart city ICT infrastructure market based on the below-mentioned segments: 

Global Smart City ICT Infrastructure Market, By Type

• Smart Grid
• Smart Home and Building
• Smart Water Network
• Smart Healthcare
• Smart Education
• Smart Security
• Smart Transport

Global Smart City ICT Infrastructure Market, By Application

• Communications Industry
• Transportation Industry
• Express Industry
• Government
• Education
• Others

Global Smart City ICT Infrastructure Market, By Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa

About the Spherical Insights & Consulting

Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.

Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements. 

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