Market Size in 2021 | Market Forecast in 2028 | CAGR (in %) | Base Year |
---|---|---|---|
USD 1125 Billion | USD 6050 Billion | 26% | 2021 |
FrequentlyAsked Questions
The increasing awareness and focus on a healthy environment with minimal energy consumption drives market growth rapidly. There is also an extra concern over the proliferation of environmental disposable wastes and eventual global warming which drives increased leverage of digital applications that indirectly augments growth for the global market.
According to the report by Zion Market Research, The global smart city market was worth around $630 billion in 2021 and is predicted to grow to around $6050 billion by 2028 at a CAGR rate of over 26% over the forecast period
North America leads as the highest revenue-sharer of the global smart city market. verticals such as telecom, retail, and banking have undergone a digital transformation which triggers market growth in this region.
The key players in the global smart city market are Siemens, Cisco, Hitachi, IBM, Microsoft, Schneider Electric, Intel, NEC, ABB, AGT International, AVEVA Group plc, Ericsson, Honeywell International Inc, Itron Inc, KAPSCH Group, Microsoft Corporation, Huawei Technologies co. ltd., Oracle Corporation, Osram GmbH, SAP SE, Siemens AG, Telensa, Verizon, and Vodafone Group plc
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