The global smart cities market size was US$ 511.1 billion in 2021. The global smart cities market is forecast to grow to US$ 1841.9 billion by 2030 by registering a compound annual growth rate (CAGR) of 11.1% during the forecast period from 2022 to 2030. 
A well-connected city, also referred to as a "Smart City," is integrated with a variety of ICTs to promote public welfare initiatives and share information among the people. This method has been gaining traction for many years and is considered the best to ensure public safety as users get hold of services like monitoring high crime rates, sensor-based emergency planning, etc. It incorporates novel ways to increase productivity, economy, control, integration, and sustainability.

Factors Influencing the Market
The need for the safety of public infrastructure is gaining its peak. Thus, smart city projects are expected to increase in the coming years to ensure the required safety for the public. Apart from that, a smart city also allows the easy accessibility to communication platforms, which is one of the prominent benefits driving the growth of the market. 
The rising urban population will accelerate the growth of smart cities as governments are introducing plans to provide a home to a large population. In highly populated countries like India and China, governments are making several efforts to give a home to the people. Apart from that, growing greenhouse gas emissions and raising awareness about its harmful effects will amplify the growth of the smart cities market during the study period. For instance, the government of India unveiled its Smart Cities Mission with the aim to drive economic growth and enhance the quality of living. The government of Nagaland and other countries are also making investments in an effort to bring out the best possible results. Thus, such efforts are projected to fuel the growth of the smart cities market during the study period. 
On the contrary, safety concerns may limit the growth of the smart cities market during the study period.

COVID-19 Impact Analysis
The focus on infrastructure development significantly shifted as healthcare became the primary priority for governments. Moreover, the sudden economic slowdown in various countries highly affected the smart city market. 

Regional Analysis
The Asia-Pacific smart cities market recorded substantial growth due to the growing demand for smart solutions for power management, transport, network maintenance, etc. Apart from that, the mounting deployment of smart solutions and the need to reduce carbon emission is expected to bring lucrative growth opportunities for the market during the study period. The region also holds the highest population, which significantly upscales the demand for a home for people. As a result, it will be opportunistic for the smart cities market during the analysis period.

Competitors in the Market
• Cisco Systems (US)
• Ericsson (Sweden)
• ABB (Switzerland)
• AGT International (Switzerland)
• KAPSCH Group (Austria)
• IBM (US)
• Vodafone (UK)
• Honeywell International Inc. (US)
• Telensa (England)
• Schneider Electric (France)
• Siemens AG (Germany)
• Other Prominent Players

Market Segmentation
The global smart cities market segmentation focuses on Service Building, Smart Utilities, and regions. 
By Service building Type
• Type
• Solutions
• Services deployment and integration
By Smart utilities
• Public Safety
• Smart Healthcare
• Smart Education
• Smart Street Lighting
• e-Governance
By Regional Outlook
● North America
o The U.S.
o Canada
o Mexico
● Europe
▪ Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
▪ Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
● Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
● Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
● South America
o Brazil
o Argentina
o Rest of South America