Global Smart Cities Market for IT Will Reach $774.8 billion in 2021, according to BCC Research

July 13, 2017

Wellesley, Mass., July 13, 2017 –  The global smart cities market for information and communications technologies continues to expand at a rapid pace as the demand for more effective citywide management methods become more popular.  In a new report published today, Smart Cities: Growing New IT Markets,  BCC Research estimates that the market will reach $774.8 billion in 2021 at a compound annual growth rate (CAGR) of 17.7%.  The new report highlights the information and communication technology investment driven by smart city applications and serves as an update to BCC Research’s first smart cities report published in 2015.  Market opportunity is expressed in terms of potential revenue for the addressable market for smart city technologies by geographic region, technology type and end-user segment. 

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According to Michael Sullivan, senior editor, BCC Research, and report author, “The smart cities market opportunity is driven by the convergence of information and communications technology, in particular the development of advanced connectivity and analytic software and hardware. A branch of the Internet of Things (IoT), smart cities leverage the array of connected sensors and analytics platforms to drive stronger coordination within departments and across city agencies and community groups.   Our new research offers a deep dive on the top categories of smart city technologies necessary to build an effective ICT infrastructure and real world use cases from around the world.” 

Smart City Technologies Gain Momentum Around the Globe – Research Highlights:

• North America will continue to dominate the global market for smart city technologies.
• Investment rate in North America will increase from $118.5 billion in 2016 to $244.5 billion in 2021; technology ubiquity, advanced investment and organizational models in cities led by New York, Los Angeles and Chicago in the U.S. and Toronto, Vancouver and Calgary in Canada will drive investment.
• Europe and Asia-Pacific continue to gain momentum as regional and local governments drive smart city technology adoption.
• Early investments in Asia-Pacific will boost market value in the short term, at $91.7 billion in 2016, helped by the aggressive growth investments by major countries.
• Economic climate improvement in the E.U. and major initiatives, such as energy management, will drive a 24.3% CAGR in the region, surpassing Asia-Pacific’s CAGR of 14.7%
• Latin America and Rest of World markets, though small in scale, are expected to exhibit strong growth.

Designed to help manufacturers determine the most effective research and development (R&D), product packaging and marketing and sales strategies, the new report provides updated market sizing and forecasts for smart city information and communication technologies around the globe. Component segments include communications, hardware, sensors and software as well as in-depth market size and forecast for key end-user segments including energy management, water management, transportation management, assisted living, e-government and waste management.

Readers can use this report to:

• Gather market sizing data across geographies, technologies and end user segments for smart city market.
• Get smart, quick with comprehensive smart city market backgrounder.
• Gain a deep understanding of the vendor landscape among veteran ICT players and emerging smart city technology players.
• Get educated on smart city use cases from around the globe.

Company Profiles

Smart City ICT market leaders included in this report: Accenture, Cisco Systems, Nokia, Ericsson AB, Fujitsu, General Electric, Hitachi, Hewlett-Packard, Huawei Technologies Co. LTD, IBM, Intel, Microsoft, Oracle, SAP SE, Schneider Electric SE, Siemens, and Toshiba.

Smart City companies included in this report: ABB Tropos, AGT International, ARUP, AT&T, Atos SE, Autodesk, Capgemini, Cityzenith, Esri, Itron, Orange Group, Sensus, Silver Spring Networks, Telefonica, Trilliant, Urbiotica, Veolia, Verizon, and Vodafone.

Journalists who wish to speak with the author of this report should contact press@bccresearch.com. Qualified members of the press can also request permission to BCC Research library.

Smart Cities: Growing New IT Markets( IFT115B )
Publish Date: Jul 2017    

Data and analysis extracted from this press release must be accompanied by a statement identifying BCC Research LLC as the source and publisher. For media inquiries, email press@bccresearch.com or visit www.bccresearch.com/media to request access to our library of market research.