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Smart Cities Market Share

Report ID: GMI8595
Published Date: Mar 2024
Report Format: PDF

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Smart Cities Market Share

ABB and Honeywell International Inc. held a significant share of over 21% the smart cities industry in 2023. ABB is a global leader in technology. By combining engineering skills with software tools, the company provides solutions that can optimize various operational aspects such as manufacturing activities.

Honeywell International Inc. is an important participant in the smart cities industry, which is characterized by high levels of urbanization. Honeywell offers integrated services and technologies across multiple areas of city infrastructure & citizen welfare. This includes building automation systems, energy management solutions, and fire safety & security systems for business buildings, homes, and industrial facilities to achieve increased efficiency, lower operating costs & enhanced comfort for their occupants.

Smart Cities Market Companies

Major players operating in the market are:

ABB
Honeywell International Inc.
IBM
Cisco Systems, Inc.
Ericsson
General Electric
AGT International

Authors: Suraj Gujar , Sandeep Ugale

Frequently Asked Questions (FAQ) :

The market size for smart cities was valued at over USD 550 billion in 2023 and is estimated to register a CAGR of over 16% between 2024 & 2032, driven by the increasing global population and rapid urbanization.

Smart infrastructure segment held the largest share of over 35% in smart cities industry in 2023 and is set to generate revenue through 2032, as they ensure efficient utilization of resources in addition to making operations more effective & increasing urban sustainability in general.

North America industry held a significant revenue share of over 30% in 2023 and is set to record a strong CAGR through 2032, driven by urbanization, technological advances, and government efforts to improve urban infrastructure & services.

ABB, Honeywell International Inc., IBM, Cisco Systems, Inc., Ericsson, General Electric, AGT International are some of the major industry contenders.