Industry Landscape
The India Smart Cities Market Size Was Valued at USD 8.14 Billion In 2023 And Is Projected to Reach USD 39.47 Billion By 2030, Growing at A CAGR of 4.5% From 2023 To 2030.
A smart city is a concept that involves the integration of various technologies and data-driven solutions to improve the quality of life, sustainability, and efficiency of urban areas. Smart cities use cutting-edge technologies, such as the Internet of Things (IoT), artificial intelligence (AI), and data analytics, to optimize infrastructure, utilities, transportation, and public services.
The Smart Cities Mission was launched by the Government of India in 2015, to develop 100 smart cities across the country. These cities are selected through a competitive process and receive funding and support from the government to implement various smart initiatives. The projects undertaken in these smart cities aim to improve infrastructure, waste management, traffic management, energy efficiency, and citizen services using technology and data-driven solutions.
Major Industry Participants in the India Smart Cities Market
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- Larsen & Toubro (L&T) (India)
- IBM (US)
- Siemens (Germany)
- Cisco Systems (US)
- Schneider Electric (France)
- Honeywell (US)
- Wipro Limited (India)
- Tata Consultancy Services (TCS) (India), And Other Major Players.
Market Dynamics and Contributing Factors
Smart cities can attract domestic and foreign investment. By creating an environment that fosters innovation, businesses, and startups, these cities become more attractive to investors looking for growth opportunities. The development of smart cities leads to a demand for skilled labor in various fields such as technology, infrastructure, and services. This in turn promotes job creation and reduces the unemployment rate in urban areas.
Smart cities create a favorable environment for developing entrepreneurs and start-ups. Thanks to strong infrastructure and technological advances, startups can develop and scale innovative solutions that meet urban challenges and drive economic growth. Integrating technology and data solutions into smart cities can increase overall productivity across sectors. Efficient transportation, logistics, and supply chain management lead to cost savings and better business performance.
Smart cities can use e-government platforms to improve service delivery. Digital portals and mobile applications enable citizens to access government services and information online, reducing paperwork and long waiting times. Digital platforms increase the transparency of administrative processes by making information easily accessible to citizens.
This increases accountability as citizens can monitor government activities and the progress of projects and initiatives. Electronic government tools allow citizens to participate in decision-making processes. Online surveys, town hall meetings, and digital feedback mechanisms allow residents to express their opinion on the city's development plans, public services, and political decisions. Smart cities can use digital communication channels to share real-time information with citizens during emergencies such as natural disasters or public health emergencies.
Key Insights in the Smart Cities Market Report
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- By Solution and Service, the Smart Utilities Segment is Anticipated to Dominate the Market Over the Forecast Period. The Smart Utilities segment was expected to dominate the smart cities market in India during the forecast period. Behind this dominant position are various solutions and services aimed at improving the efficiency and sustainability of urban areas. India's smart cities are focusing on energy management solutions to optimize energy consumption and reduce carbon emissions.
- By End-user, the healthcare segment is projected to lead the India Smart Cities market, driven by the adoption of telemedicine, e-health records, and wearable technologies. This growth is fueled by the demand for efficient healthcare delivery and improved patient care, making it a pivotal area in the transformation of urban centers into smart cities.
- By Country, Gujarat has been one of the leading states in the smart city market in India as it has shown strong investment in smart city development and has already implemented several projects. The aforementioned projects like Gandhinagar Smart City, Ahmedabad Smart City, and Rajkot Smart City reflect the country's commitment to transforming its urban areas into sustainable and technologically advanced cities.
Significant Industry Development
In March 2023, Honeywell announced the launch of its premium range of wiring devices, Blenze Pro for the Indian market. Blenze Pro range is specifically designed to meet the high-end wiring requirements of architects, interior designers, builders, and developers for residential, commercial, and hospitality buildings.
By Solution and Service
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- Smart Mobility Management
- Smart Public Safety
- Smart Healthcare
- Smart Building
- Smart Utilities
- Others
By Component
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- Hardware
- Software
- Service
By Level
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- Emerging Smart Cities
- Developing Smart Cities
- Mature Smart Cities
By End-user
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- Government & Municipalities
- Transportation & Logistics
- Energy & Utilities
- Healthcare
- Education
- Others
For this report, Pristine Intelligence has segmented the India Smart Cities Market based on country.
Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)
North America
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- The U.S.
- Canada
- Mexico
Eastern Europe
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- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
Western Europe
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- Germany
- UK
- France
- Netherlands
- Italy
- Russia
- Spain
- Rest of Western Europe
Asia Pacific
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- China
- India
- Japan
- South Korea
- Malaysia
- Thailand
- Vietnam
- The Philippines
- Australia
- New-Zealand
- Rest of APAC
Middle East & Africa
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- Turkey
- Bahrain
- Kuwait
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
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- Brazil
- Argentina
- Rest of SA
