Smart Cities Engineering & Construction Services Market to Reach US$ 453.07 billion by 2030 – Astute Analytica
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The global smart cities engineering & construction services market is likely to experience a jump in revenue because of the growing era of digitalization. The new revolution of smart cities is driven by the growing deployment of electronic methods, voice activation methods, and sensors. The data gathered from devices, buildings, and assets help authorities analyze water supply networks, traffic and transportation systems, utilities, waste, power plants, crime detection, schools, libraries, hospitals, information systems, and other community services.
Factors Influencing the Market
Drivers
The upscaling deployment of connected and smart technologies, along with the favorable government initiatives to establish smart infrastructure, is expected to have a beneficial impact on the smart cities engineering & construction services market. Apart from that, growing efforts for digitization in public safety and transportation through the use of Artificial Intelligence (AI), 5G network, the Internet of Things (IoT), Blockchain, geospatial technology, Big Data, etc., will contribute to the growth of the smart cities engineering & construction services market.
Growing urbanization is expected to attract potential prospects for market growth. For instance, 65% of the world’s population is expected to reside in cities by 2040, wherein 1.3 million people shift to cities per day, thereby raising the high scope for the smart cities engineering & construction services market.
Restraint
The global smart cities engineering & construction services market may confront challenges due to the lack of digital security funds in smart cities. The lagging efforts on safety are resulting in a vast range of vulnerabilities associated with cybercrimes. Therefore, the evolving security concerns may become an obstacle to market growth. Additionally, the fact that the construction of smart cities needs high capital investment will contribute to the growth of the global smart cities engineering & construction services market.
Segmentation Overview
On the basis of service type, ICT consulting leads with the highest market share and will also exhibit the highest growth rate over the study period because of the fact that high prominence of communication platforms in enhancing public safety.
On the basis of the solution, the infrastructure segment leads with the highest market share, while the software segment exhibits the highest growth rate.
On the basis of application, the citizen services segment is likely to exhibit the highest CAGR in the smart cities engineering & construction services market because of the fact that citizen safety is the utmost priority of every government organization.
On the basis of the project, the urban development project leads with the highest market share because of the rising urbanization and growing incorporation of advanced and digital platforms in cities.
On the basis of region, the Asia-Pacific smart cities engineering & construction services market is likely to exhibit the highest CAGR over the forecast period because of the improving digital infrastructure of the region, combined with the strong contribution of various fast-developing economies. However, the North America smart cities engineering & construction services market is leading in 2021 with the highest market share.
Regional Analysis
The US leads with the highest share in the North America Smart Cities Engineering & Construction Services Market
The US is maintaining a strong foothold in the North America smart cities engineering & construction services market because of the nation's robust ICT infrastructure. On the basis of the project, the infrastructure segment leads in the North American smart cities engineering & construction services market.
Germany is holding dominance in the Western Europe Market
In the Western Europe smart cities engineering & construction services market, Germany is leading with the highest market share and will exhibit the highest CAGR of 11.7%. On the basis of service type, end to end services segment leads with the highest market share, while the ICT consulting segment will exhibit the highest CAGR of 15.3% because of the growing efforts in the safety of the public and the upscaling demand for ICT consulting services.
China is likely to exhibit the highest CAGR in the Asia-Pacific smart cities engineering & construction services market
In the Asia-Pacific smart cities engineering & construction services market, China is likely to exhibit the highest growth rate because of the presence of some of the highly advanced technologies like 5G networks and geospatial technology. On the basis of application, the smart grid segment leads because of the growing support from government bodies aimed at energy conservation.
UAE leads in the Middle East region in the Global Smart Cities Engineering & Construction Services Market
UAE is holding dominance in the Middles East smart cities engineering & construction services market. On the basis of the project, urban development leads with the excellent revenue share of 45.0%, while the buildings segment is likely to exhibit the highest CAGR of 18.7% in the Middle East smart cities engineering & construction services market because of upscaling integration of advanced and digital platform.
South Africa leads in the Africa smart cities engineering & construction services Market
In Africa smart cities engineering & construction services market, South Africa leads with the highest revenue share. On the basis of application, the software segment will exhibit the highest CAGR of 19.5%, while the smart grid application segment is holding dominance in terms of revenue share.
Argentina is likely to exhibit the highest CAGR in the South America smart cities engineering & construction services market
In the South America smart cities engineering & construction services market, Brazil leads with the highest share of 48.9%. On the basis of application, the citizen services segment is likely to exhibit the highest CAGR in the South America smart cities engineering & construction services market due to the fact that smart cities can provide the best-assisted solutions for the residents.
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Competitive Landscape
Some of the key industry giants analyzed in the smart cities engineering & construction services market include Black & Veatch, Accenture, Honeywell International Inc, Mott MacDonald Group, AECOM, Buro Happold, Meinhardt Group, Tata Consulting EngineersTuV Rheinland, McKinsey & Company, Incheon Smart-City Corporation, PWC, Arup Group, and others.
Market Segmentation
By Service Type:
End to end services
Surveying
Master Planning
Conceptual Architecture
Geotechnical Engineering & Material Testing
Design Engineering
Feasibility Studies
ICT Consulting
Environment Impact Assessment
Tenders & Bid Management
Vendor Selection & On-boarding
By Solution:
Design/ Consulting
Network
Infrastructure
Hardware
Software
Equipment
Other Solutions
By Project:
Buildings
o Residential & Commercial Complexes
o Hospitality Building
o IT Parks
o Educational Campuses
o Healthcare Facilities
o Recreation & Training Centers
Urban Development
o Greenfield Smart Cities
o Integrated Townships
o Brownfield City Upgrades
o Industrial
o Townships & Port Cities
o Roads & Highways
Industrial Manufacturing
o FMCG
o Automotive
o Agriculture Machinery
o Energy
o Aerospace & Defense Manufacturing
o Others
By Application:
Housing
Water
Waste
Smart Grid
Energy
Lighting
Transportation
Traffic
Citizen Services
o Healthcare
o Education
o Safety & Security
eGovernance
IoT
By City Topography:
Developed Economies
o New
o Existing
Emerging Economies
o New
o Existing
By Region:
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East
UAE
Saudi Arabia
Rest of MEA
Africa
Kenya
Nigeria
South Africa
Rest of Africa
South America
Argentina
Brazil
Rest of South America
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About Astute Analytica
Astute Analytica is a global analytics and advisory company that has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in-depth, and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well-calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment-wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.
Aamir Beg
Astute Analytica
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