The global smart city market exhibits impressive growth potential:

• Grand View Research estimates that the market grew to USD 877.6 billion in 2024, with projections to reach USD 3,757.9 billion by 2030, marking a CAGR of 29.4% between 2025 and 2030 Grand View Research+1.

• Mordor Intelligence forecasts growth from USD 1.67 trillion in 2025 to USD 4.04 trillion by 2030, at a CAGR of 19.11% Mordor Intelligence.

• MarketsandMarkets projects an increase from USD 699.7 billion in 2025 to USD 1,445.6 billion by 2030, growing at a CAGR of 15.6% MarketsandMarketsPR Newswire.

• Persistence Market Research expects a rise from USD 620.5 billion in 2025 to USD 1,256.8 billion by 2032, achieving a CAGR of 18% Persistence Market Research.

Key Insight: Despite varying estimates, all reports underline robust double-digit growth through at least 2030–2032.

Driving Forces Behind Market Expansion

• Rapid Urbanization & Government Initiatives: Megacities are investing in smart infrastructure to enhance city management and asset efficiency Grand View ResearchMordor Intelligence.

• Technological Advancements: IoT, AI analytics, edge computing, and 5G are enabling real-time connectivity and automation Grand View ResearchMordor IntelligenceCoherent Market InsightsPR Newswire.

• Sustainability Reimagined: Green infrastructure—like smart grids, waste management, energy-efficient lighting, EV charging networks, and air quality monitoring—is integral to city planning Grand View Research+1Persistence Market Research.

• Rising Urban Mobility Needs: Smart transportation systems, including adaptive traffic, public transit apps, and digital signage, are central growth vectors Grand View ResearchMarketsandMarkets BlogCoherent Market Insights.

• Public Safety & Security: Investments in AI-powered surveillance and emergency systems are increasingly vital Grand View ResearchMordor Intelligence.

Segments & Component Highlights

By Application (MarketsandMarkets)

• Smart Utilities: The largest segment in 2024 (over 27% share) Grand View Research.

• Smart Transportation: Intelligent transportation systems lead within this segment Grand View Research+1Coherent Market InsightsMarketsandMarkets Blog.

By Components (Mordor Intelligence)

• Hardware: Comprised 42.5% share in 2024.

• Cloud Platforms: Held over 62% of the market, growing at a 21.1% CAGR Mordor Intelligence.

• Services: Fastest-growing component (approx. 19.7% CAGR) as cities prefer turnkey, managed solutions Mordor Intelligence.

• End Users: Government and municipal agencies held 32.5% of market share; residential applications growing rapidly at 20.6% CAGR Mordor Intelligence.

Regional Landscape

• Asia-Pacific: Leading region with over 31.7% market share in 2024 and highest projected CAGR (~20.3%) Mordor IntelligenceMarketsandMarkets Blog.

• North America: Strong growth driven by legislative packages like the U.S. Infrastructure Act and smart city pilots

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