Smart Cities Market Size, Share, Trends, & Growth
Report, 2034

The global smart cities market, valued at USD 634 billion in
2024, is projected to expand at a robust CAGR of 15.8% from 2025 to 2034.

This growth is driven by the pressing need to address the
challenges posed by rapid urbanization and population growth. As cities
continue to grow at an unprecedented rate, urban infrastructure is under
immense strain, which in turn fuels the demand for innovative solutions. Smart
cities leverage cutting-edge technologies like the Internet of Things (IoT),
artificial intelligence (AI), and big data analytics to improve urban planning,
streamline public services, and create more sustainable, efficient environments.
With the help of these technologies, smart cities aim to make better use of
resources, reduce costs, enhance the quality of life for citizens, and drive
economic growth.

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The smart cities market is dominated by several key
technologies, including IoT, big data analytics, cloud computing, and AI. Among
these, the IoT segment is expected to lead, with a projected market value of
USD 1.01 trillion by 2034. IoT plays a critical role by connecting various
devices, sensors, and systems, enabling the collection of real-time data. This
integration fosters smarter decision-making, greater operational efficiency,
and optimized public service delivery. Applications of IoT in smart cities span
multiple sectors, such as traffic management, energy monitoring, waste
management, and public safety, making it a key driver in improving overall
urban functionality.

The smart mobility segment within the market is also
experiencing rapid growth, with a strong focus on urban mobility solutions,
traffic surveillance, and management, as well as parking management and
connected logistics. The connected logistics sector is anticipated to see the
fastest growth, expanding at a CAGR of 16.9% between 2025 and 2034.
Technologies like IoT, GPS, and AI are transforming logistics by offering
real-time tracking, route optimization, and improved supply chain management,
making transportation more efficient and reducing environmental impact.

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The US smart cities market accounted for a dominant share of
84.1% in 2024, reflecting its ongoing leadership in this space. This growth is
propelled by substantial government investments and technological advancements
in IoT, AI, and big data analytics. The US continues to spearhead smart city
initiatives, particularly through federal funding and policies that promote the
adoption of smart solutions. These solutions are helping to optimize public
services, such as transportation, energy management, and safety. However,
challenges like high implementation costs and cybersecurity concerns remain.
Despite these obstacles, the market is supported by strong infrastructure
investments, favorable regulatory frameworks, and a clear commitment to the
development of smart city technologies.

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