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“The Europe Smart Cities to be Worth $489.3 Billion by 2030—Exclusive Report by Meticulous Research®” |
According to a new market research report titled, ‘‘Europe Smart Cities Market by Solutions (Smart Citizen Services, Smart Utilities, Smart Transportation), Component (Software, Hardware, Services), Technology (IoT, AI, Cloud Computing, Machine Learning), and Geography—Forecast to 2030.,’ the Europe smart cities market is projected to reach $489.3 billion by 2030, at a CAGR of 15.5% during the forecast period.
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A smart city is an urban area that uses emerging technologies such as the Internet of Things (IoT), AI, big data, cloud, and data analytics to collect and analyze data on infrastructure utilization and use the insights gained to manage assets, resources, and services more efficiently. The smart cities market is witnessing consistent growth due to government initiatives for urbanization management and the growing need to manage resources efficiently for sustainable development. Several advanced technologies are being incorporated into urban infrastructure to enhance the utilization of city resources and improve residents’ quality of life. These factors have encouraged governments across Europe to launch smart city initiatives.
The growth of this market is driven by the increasing demand for sustainable urban infrastructure, the increasing deployment of advanced technologies such as IoT, AI, and big data analytics, and the growing need for resource management and sustainable development. However, the significant initial investment requirements restrain the growth of this market. Furthermore, the integration of artificial intelligence and increasing use and widening applications of IoT technology are expected to create market growth opportunities. However, the risk of data abuse by large corporations is a major challenge for the players operating in this market. The latest trends in the Europe smart cities market are the increasing use of 5G technology to boost internet connectivity and the proliferation of connected vehicles and autonomous drones.
The Europe smart cities market is segmented by solution (smart citizen services [smart public safety, smart governance, smart street lighting, smart education, and smart healthcare], smart environment [climate monitoring, smart waste management, air quality monitoring, and noise mapping & monitoring], smart buildings [smart building market, by solution and smart building market, by type], smart transportation [smart transportation market, by solution and smart transportation market, by application], smart utilities [smart energy management, smart water management, and smart distribution management], and other smart solutions), component (hardware [endpoint devices, processing devices, network devices, and other devices], software [IoT device software, gateway software, cloud software, computing device software, and other software], and services [consulting services, system integration & deployment services, infrastructure monitoring & management services, network services, and other services]), and technology (IoT, artificial intelligence, cloud computing, machine learning, machine-to-machine communications, and other technologies). The study also evaluates industry competitors and analyzes the market at the region/country level.
Based on solution, in 2023, the smart citizen services segment is expected to account for the largest share of the Europe smart cities market. The large market share of this segment is attributed to the increasing adoption of digital technologies to create a more efficient, sustainable, and livable urban environment for residents and the growing adoption of digital platforms such as social media, mobile apps, and online forums to engage citizens.
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However, the smart utilities segment is projected to register the highest CAGR during the forecast period due to the growing need to improve operational efficiencies and gain insights into utility usage patterns, the increased utilization of digital technologies such as advanced analytics and the Internet of Things (IoT) to develop new business and operating models, and the increasing need to optimize asset performance.
Based on component, in 2023, the services segment is expected to account for the largest share of the Europe smart cities market. The large market share of this segment is attributed to the growing adoption of smart city services to enhance public safety by monitoring CCTV/video/surveillance solutions and the increasing implementation of services to enhance the challenges of mobility, city services, and public safety and promote sustainability.
However, the solutions segment is projected to register the highest CAGR during the forecast period. The growing use of IoT device software enables city planners to track, monitor, and manage physical devices to control real-time analytics and the increasing need for software for collecting, storing, analyzing, and visualizing city data.
Based on technology, in 2023, the IoT segment is expected to account for the largest share of the Europe smart cities market. The large market share of this segment is attributed to the increasing implementation of connected devices such as smart meters, the increasing use of IoT devices by the government to control traffic flow, air quality, noise levels, energy consumption, and waste management, and the growing use of machine-to-machine (M2M) communications.
However, the cloud computing segment is projected to register the highest CAGR during the forecast period due to the growing demand for data storage, processing, and analysis in urban areas and the increasing adoption of cloud computing platforms to manage traffic management systems, public safety systems, and energy management systems.
Based on country/region, in 2023, Germany is expected to account for the largest share of the Europe smart cities market. The large market share of Germany is attributed to the increasing investment in a range of smart city initiatives to improve urban living and sustainability, the growing adoption and implementation of smart city technologies across the country, and the rising initiatives for reducing carbon emissions & improving the quality of life.
However, Italy is projected to register the highest CAGR during the forecast period due to the growing adoption of new technologies, such as the Internet of Things (IoT), AI, and blockchain, the rising government initiatives for promoting smart city initiatives through various policies and funding programs, the growing investment in smart city solutions to improve efficiency, sustainability, and quality of life in cities, and the increasing need for smart parking, waste management, and air quality monitoring.
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The key players operating in the Europe smart cities market include Cisco Systems, Inc. (U.S.), Huawei Investment & Holding Co., Ltd. (China), IBM Corporation (U.S.), Siemens AG (Germany), Cognizant Technology Solutions Corporation (U.S.), Capgemini (France), Schneider Electric SE (France), Intel Corporation (U.S.), Qualcomm Technologies, Inc. (U.S.), Fujitsu Ltd. (Japan), Robert Bosch GmbH (Germany), Atos SE (France), Hon Hai Precision Industry Co. Ltd. (Taiwan), LTIMindtree Limited (India), and General Electric Company (U.S.).
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