Meticulous Research®—a leading global market research company, published a research report titled, ‘Europe Smart Cities Market by Solution (Smart Citizen Services, Smart Utilities, Smart Transportation), Component (Software, Hardware, Services), Technology (IoT, AI, Cloud Computing, Machine Learning), and Geography - Forecast to 2030.’
According to this latest publication from Meticulous Research®, the Europe smart cities market is projected to reach $489.3 billion by 2030, at a CAGR of 15.5% during the forecast period.
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 & sustainable development. However, the significant initial investment requirements restrain the growth of this market. Furthermore, the integration of artificial intelligence and increasing use & 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 Europe's 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, the Europe smart cities market is segmented into smart citizen services, smart utilities, smart transportation, smart buildings, smart environment, and other smart solutions. In 2023, the smart citizen services segment is expected to account for the largest share of the European smart cities market. The large market share of this segment is attributed to the rising adoption of smart public safety technologies to prevent & respond to emergencies & enhance the safety of citizens; the growing adoption of digital platforms such as social media, mobile apps, & online forums to engage citizens; and the increasing adoption of digital technologies to create a more efficient, sustainable, and livable urban environment for residents.
However, the smart utilities segment is projected to register the highest CAGR during the forecast period due to the increased utilization of digital technologies such as advanced analytics and the Internet of Things (IoT) to develop new business and operating models, improve operational efficiencies, and gain insights into utility usage patterns, the rising adoption of utility solutions to make performance improvements and enhance operational transparency, and the increasing need to optimize asset performance.
Based on component, the Europe smart cities market is segmented into services, hardware, and software. 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 rising use of smart services to reduce operational costs by smart infrastructure monitoring and management, the increasing implementation of services to enhance the challenges of mobility, city services, and public safety, and promote sustainability, the growing adoption of smart cities services to enhance public safety by monitoring CCTV/ video/ surveillance solutions, and the growing implementation, installation, and maintenance of advanced hardware and software to connect multiple aspects of smart cities.
However, the software segment is projected to register the highest CAGR during the forecast period due to the increasing need for software for the collection, storage, analysis, and visualization of city data, the rising adoption of software for configuring, managing, and monitoring IoT devices in a city’s infrastructure, the growing use of IoT device software enables city planners to track, monitor, and manage physical devices to control real-time analytics, and the rising adoption of cloud software to store and access data and applications beyond the local network environment.
Based on technology, the Europe smart cities market is segmented into IoT, cloud computing, machine learning, artificial intelligence, machine-to-machine communications, and other technologies. 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 use of IoT devices by the government to control traffic flow, air quality, noise levels, energy consumption, and waste management, the increasing implementation of connected devices such as smart meters, and the growing use of IoT-based software, solutions, and services to enhance communication and control between citizens and governments.
However, the cloud computing segment is projected to register the highest CAGR during the forecast period due to the increasing adoption of efficient and scalable solutions for managing the vast amounts of data generated by smart city applications, the growing demand for data storage, processing, and analysis in urban areas, and the increasing adoption of the cloud computing platform to manage traffic management systems, public safety systems, and energy management systems.
Based on country/region, the Europe smart cities market is segmented into Germany, the U.K., France, Italy, Spain, and the Rest of Europe. 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), artificial intelligence (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, & quality of life in cities, and the increasing need for smart parking, waste management, and air quality monitoring.
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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