Market Overview:

Canada Smart Cities Market Size Was Valued at USD 1.52 Billion in 2022 and is Projected to Reach USD 3.39 Billion by 2030, Growing at a CAGR of 10.56 % From 2023-2030.

A smart city is a technologically advanced urban environment that employs various electronic methods and sensors to gather specific data. This data is then utilized to efficiently manage assets, resources, and services, leading to enhanced city operations and improved overall urban functionality.

In recent years, Canada has actively invested in smart city projects and recognized the potential of technology to address urban challenges and improve the well-being of citizens. Several Canadian cities such as Toronto, Vancouver, Montreal, and Calgary have been at the forefront of implementing smart city solutions.

One of the main focuses of the Canadian Canada Smart Cities market is sustainability. When cities are strongly committed to protecting the environment and reducing carbon emissions, they adopt smart energy management systems, renewable energy sources, and smart transportation solutions to promote green practices.

Top Key Players Covered In The Canada Smart Cities Market:

• • ABB Limited (Switzerland)
  • Accenture (Ireland)
  • Ericsson (Sweden)
  • GE (USA)
  • Hitachi (Japan)
  • IBM (USA)
  • Intel (USA)
  • Microsoft (USA)
  • Oracle (USA), and Other Major Players

Market Dynamics and Factors:           

One of the main drivers for the Canadian smart city market is the government's strong support and funding for smart city initiatives. Canadian federal, provincial, and municipal governments have demonstrated their commitment to building smarter, more sustainable cities. They recognize the potential of smart technologies to solve urban problems, improve quality of life and improve citizens' overall urban experience.

Through various financial programs and grants, the Canadian government encourages cities to invest in smart city projects and innovative solutions. These funds help municipalities overcome financial obstacles and promote the adoption of smart city technologies. In addition, the government proposes policies and guidelines to support the integration of smart city solutions into urban planning and development.

Canada's commitment to sustainability presents a significant opportunity for the Canada Smart Cities market. With a focus on environmental protection and reducing carbon dioxide emissions, there is a growing demand for smart solutions that promote sustainable infrastructure and energy management. Smart city technology can optimize energy consumption, improve energy efficiency and integrate renewable energy sources in city systems. Smart grids can, for example, monitor and adjust energy distribution based on real-time demand, reducing waste and promoting clean energy.

In addition, energy-efficient buildings and smart lighting systems can minimize energy consumption and reduce greenhouse gas emissions. Smart transport solutions, such as electric vehicle charging infrastructure and intelligent traffic management systems, reduce the carbon footprint and improve air quality.

The Canada Smart Cities Market Report Highlight:

• • By Solution and Service, the Smart Building segment is Anticipated to Dominate the Market Over the Forecast Period. Canada's commitment to sustainability presents a significant opportunity for the Canada Smart Cities market. The demand for smart solutions focused on environmental protection and reducing carbon dioxide emissions is increasing, which promotes a sustainable infrastructure and energy economy.
  • By Component, the Hardware segment is Expected to Dominate the Market Over the Forecast Period. The hardware components of the Canada Smart Cities Market encompass a diverse range of technologies and infrastructure. These include sensor networks for collecting data on traffic, air quality, and energy usage, as well as advanced communication systems like 5G networks to facilitate data transmission.
  • By Country, Ontario is Expected to Dominate the Market Over the Forecast Period. Ontario stands out as the dominant province in Canada's smart city market, housing major Canada Smart Cities like Toronto, Ottawa, and Waterloo. These cities are making substantial investments in smart city technologies, particularly in areas such as smart transportation, energy, and water management.

Key Industry Development:

In March 2023, Wipro Limited, a leading technology services and consulting company, announced the launch of its “5G Def-i” platform. The integrated platform – which empowers businesses to seamlessly transform their infrastructure, networks, and services –debuted during the MWC Barcelona panel “Realizing the Ambitions of the Connected Enterprise.”

In April 2023, Ericsson continued to drive the Open RAN and Cloud RAN ecosystem forward, adding Dell Technologies as a Cloud RAN infrastructure collaborator. Expanding the ecosystem with new collaborators and technologies is one of the key drivers in Open RAN and Cloud RAN architectures. Ericsson is partnering with Dell as a supplier of Dell PowerEdge servers for its Cloud RAN offering.

The Canada Smart Cities Market Segmentation:

By Solution and Service

• • Smart Mobility Management
  • Smart Public Safety
  • Smart Healthcare
  • Smart Building
  • Smart Utilities

By Component

• • Hardware
  • Software
  • Service

By Level

• • Emerging Smart Cities
  • Developing Smart Cities
  • Mature Smart Cities

By End-Users

• • Emerging Smart Cities
  • Developing Smart Cities
  • Mature Smart Cities

For this report, Introspective Market Research has segmented the Canada Smart Cities Market based on region:

Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)

North America

• • The U.S.
  • Canada
  • Mexico

Eastern Europe

• • Russia
  • Bulgaria
  • The Czech Republic
  • Hungary
  • Poland
  • Romania
  • Rest of Eastern Europe

Western Europe

• • Germany
  • UK
  • France
  • Netherlands
  • Italy
  • Spain
  • Rest of Western Europe

Asia Pacific

• • China
  • India
  • Japan
  • Singapore
  • Australia
  • New-Zealand
  • Rest of APAC

Middle East & Africa

• • Turkey
  • Saudi Arabia
  • Qatar
  • UAE
  • Israel
  • South Africa

South America

• • Brazil
  • Argentina
  • Rest of SA