Smart Cities Market Size, Share & Trends Report

Smart Cities Market Size, Share & Trends Analysis Report By Application, By Smart Governance, By Smart Utilities, By Smart Transportation, By Smart Healthcare, By Region, And Segment Forecasts, 2024 - 2030

  • Report ID: 978-1-68038-270-9
  • Number of Pages: 180
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2023
  • Industry: Technology

Research Methodology

A three-pronged approach was followed for deducing the smart cities market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for smart cities market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of smart cities market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Smart Cities Market Categorization:

The smart cities market was categorized into five segments, namely application (Smart Governance, Smart Building, Environmental Solution, Smart Utilities, Smart Transportation, Smart Healthcare), smart governance (City Surveillance, C.C.S., E-governance, Smart Lighting, Smart Infrastructure), smart utilities (Energy Management, Water Management, Waste Management), smart transportation (Intelligent Transportation System, Parking Management, Smart Ticketing & Travel Assistance), regions (North America, Europe, Asia Pacific, Latin America, Middle East and Africa).

Segment Market Methodology:

The smart cities market was segmented into application, smart governance, smart utilities, smart transportationand regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The smart cities market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, Middle East and Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into seventeen countries, namely, the U.S.; Canada; Germany; France; the UK; Italy; Spain; Russia; China; India; Japan; Australia; Brazil; Mexico; ASEAN; Nordic Region; Eastern Europe.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Smart cities market companies & financials:

The smart cities market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • ABB Ltd. - Established in 1988 Zurich, Switzerland. ABB Limited is a multinational company primarily engaged in robotics, automation, and power technology. The Corporate and other segment includes central research & development, group treasury operations, Global Business Services (GBS), real estate activities, and other business activities.

  • AGT International - Founded in 2007 Darmstadt, Germany. The company engaged in providing Artificial Intelligence (AI) for Internet of Things (IoT) solutions. It offers various solutions and services such as traffic incident management, energy management, and city safety. The company provides IoTA, an IoT-based AI platform that helps customers with emotional and cognitive computing skills to improve their predictive Smart Cities Market Analysis & Segment Forecasts To 2030 98 < Back to Table of Contents ©Grand View Research, Inc., USA. All Rights Reserved maintenance and services, including traffic management and flood prediction.

  • AVEVA Group plc - AVEVA Group plc is a provider of engineering, design, and information management software. The company was formed in 1967 Cambridge, U.K. he company also provides product support and training services to its customers active in chemical processing and petrochemicals, oil & gas, building and infrastructure, pulp and paper, marine & offshore, power & utilities, mining & mineral, fabrication, pharmaceutical, and processing, among other industries.

  • Cisco Systems, Inc. - Founded in 1884 California, U.S. is a manufacturing company that designs and develops internet-based networking hardware, telecommunication equipment, and high-tech products. The company has seven business segments, namely Networking, Internet of Things (IoT), Mobility & Wireless, Security, Collaboration, Datacenters, and Cloud.

  • Ericsson - Ericsson operates its business through four segments, namely Digital Services, Managed Services, Networks, and Emerging Business & Other. The company was founded in 1876 Stockholm, Sweden. The company offers communication infrastructure, services, and software to the telecom and other sectors.

  • General Electric - General Electric Company operates through eight segments, namely aviation, renewable energy, healthcare, power, transportation, oil and gas, lighting, and capital. Established in 1892 Massachusetts, U.S.General Electric Lighting includes Current and GE Lighting. GE Lighting is primarily focused on consumer lighting applications in the U.S., while Current, powered by General Electric, is focused on offering energy efficiency and productivity solutions for commercial, industrial, and municipal customers.

  • Honeywell International Inc - Founded in 1985, and located in Munich, Germany. The company is a global diversified manufacturing and technology company. It is engaged in inventing and commercializing technologies that address critical challenges around energy, safety, security, productivity, and global urbanization.

  • IBM Corporation -IBM Corporation is involved in the manufacturing and marketing of middleware, computer hardware, and software solutions. The company also provides consulting and hosting services in the field of nanotechnology and mainframe computers. Its operations are classified into five business segments: Global Business Services, Cognitive Solutions, Systems, Technology Services & Cloud Platforms, and Global Financing.

  • Huawei Technologies Co., Ltd. - Huawei Technologies Co., Ltd originated in 1987, Shenzhen, China. It is a global information and communications technology (ICT) solutions provider. The company’s geographical footprint spans 170 countries. It operates through three operating segments, namely carrier business, enterprise business, and consumer business.

  • Microsoft Corporation - Microsoft Corporation is a multinational technology company that is engaged in providing development, software solutions, services, licensing, and supporting, and devices for enhancing business productivity. Founded in 1975 Washington, U.S. and the company’s business segments include Productivity & Business Processes, Intelligent Cloud, and More Personal Computing.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Smart Cities Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Smart Cities Market Report Assumptions:

  • The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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