Smart Cities Global Market Sees Growth Rate Of 23% Through 2026

The global smart cities market size is expected to grow from $474.95 billion in 2021 to $566.92 billion in 2022 at a compound annual growth rate (CAGR) of 19.4%. The global smart city market size is expected to grow to $1295.89 billion in 2026 at a CAGR of 23.0%.

What is the Global Smart Cities Market?

The smart cities market consists of sales of smart cities solutions and services by entities (organizations, sole traders, and partnerships) that employ technology to provide services and solve municipal issues. A smart city employs information and communication technology (ICT) to boost operational performance, share data with the people, and enhance government service and citizen comfort.

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What drives the Global Smart Cities Market?

The rising urbanization all over the globe is expected to drive the growth of the smart cities market going forward. Urbanization refers to the population movement from rural to an urban setting and increasing human population densities in urban areas. A smart city is a technologically advanced urban area that gathers information using various electronic technologies, voice activation methods, and sensors. For instance, according to the United Nations Department of Economic and Social Affairs, 68% of the world’s population is 2.5 billion people are projected to live in urban areas by 2050. Therefore, rising urbanization all over the globe is driving the growth of the decorative coatings market.

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Global Smart Cities Market Segments
The global smart cities market is segmented:
By Component: Solutions, Services
By Type: Roadways, Railways, Airways
By Application: Smart Governance, Smart Building, Smart Utilities, Smart Transportation, Smart Healthcare, Others
By Geography: The regions covered in the smart cities market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. Among these regions, North America accounts for the largest share in the global smart cities market.

Smart Cities Global Market Report 2022provides market size and growth forecasts for the global smart cities market, global smart cities market share, smart cities market segments and geographies, smart cities market competitive landscape including leading competitors’ revenues, profiles and market shares. The smart cities market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

Global Smart Cities Industry Playersinclude Siemens, Cisco, Hitachi, IBM Corporation, Microsoft, Schneider Electric, Huawei, Intel, ABB, Ericsson, Itron, Oracle, Accenture, Vodafone, Signify, Kapsch, AT&T, Google, TCS, AppyParking, Nokia, Samsung, SAP SE, TomTom N.V., Fujitsu, and Honeywell. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.