As of early 2020, ** percent of industry professional surveyed felt that Barcelona and London could be regarded as pioneers of using smart city immersive technologies. A further ** percent of respondents suggested Amsterdam was pioneering in its use of smart city immersive technologies. A smart city is a place where traditional networks and services are made more efficient with the use of digital and telecommunication technologies for the benefit of both residents and businesses.
Catalysts and collaboration
Major technological, economic, and environmental changes have generated increased interest in smart cities, including climate change, the coronavirus (COVID-19) outbreak, ageing populations, urban population growth, and pressures on public finances. In Europe, the European innovation partnership on smart cities and communities (EIP-SCC) is an initiative supported by the European Commission that brings together cities, industry, small business (SMEs), banks, and research institutions. It aims to improve urban life through more sustainable integrated solutions and addresses city-specific challenges from different policy areas such as energy, mobility and transport, and ICT.
Barcelona as a smart city
Barcelona is often regarded as being one of the world’s ‘smartest’ cities. Following a period of economic stagnation and unemployment in the *****, the authorities in Barcelona recognized the need to transform the city’s economy, promoting a new economy based on knowledge industries, modern-city tourism, and quality infrastructure for all. Technology was a key feature of this transformation, supporting the city’s strategy and focus to become properly recognized as a smart city in 2010. To support this, Barcelona played host to the first ‘Smart City Expo and World Congress’ in 2011 which further helped to launch and promote the city’s smart city policy.
Smart City Information And Communication Technologies Infrastructure Market Size 2024-2028
The smart city information and communication technologies (ICT) infrastructure market size is forecast to increase by USD 138.6 billion at a CAGR of 23.74% between 2023 and 2028.
The market is experiencing significant growth due to several key trends and factors. Firstly, the increasing investments in smart cities worldwide are driving market expansion. Secondly, the proliferation of smart city projects in emerging economies is creating new opportunities for market growth. Thirdly, the growing adoption of Machine-to-Machine (M2M) communication in various industries, including transportation, energy, and healthcare, is fueling the demand for advanced ICT infrastructure. Additionally, the integration of Internet of Things (IoT) technologies and the implementation of 5G networks are expected to further boost market growth. Overall, the Smart City ICT infrastructure market is poised for strong growth In the coming years as more cities embrace digital transformation to enhance their livability, sustainability, and efficiency.
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The market encompasses innovative technology solutions for various sectors including Smart Grid, Smart Water Network, Smart Healthcare, Smart Education, Smart Security, Smart Transport, Express Industry, Digital Infrastructure, and more. Population expansion in urban areas, driven by the Smart Cities Mission, necessitates operational efficiency and citizens' welfare. Silicon Valleys and Intellectual Metropolis serve as hubs for technological advancements, propelling the market forward. Smart Grid ensures efficient energy management, while Smart Water Network promotes water conservation. Smart Healthcare facilitates remote patient monitoring and telemedicine services. Smart Education offers digital learning solutions, and Smart Security ensures public safety.
Smart Transportation eases commuting, and Smart Governance enhances city management. Smart Buildings optimize energy usage, and Smart Transportation and Smart Energy contribute to sustainable development. Urban practitioners prioritize the importance of Smart Security, Smart Transport, and Smart Residents in enhancing urban landscapes. Overall, the market is expected to grow significantly, driven by the need for operational efficiency and citizens' welfare In the context of urbanization and sustainable development.
How is this Smart City Information And Communication Technologies (ICT) Infrastructure Industry segmented and which is the largest segment?
The industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
Application
Communication
Transportation
Express
Governement
Education
Component
Smart utilities
Smart transport
Smart home and building
Others
Geography
Europe
Germany
UK
Spain
North America
US
APAC
Japan
Middle East and Africa
South America
By Application Insights
The communication segment is estimated to witness significant growth during the forecast period. The communication segment of the global smart city ICT infrastructure market plays a pivotal role in facilitating seamless interaction between cities and their stakeholders. This segment comprises various technologies and solutions, such as wireless networks and broadband infrastructure. Wireless networks, including 5G networks and fiber-optic internet, serve as the foundation for smart city communications, enabling citizens and businesses to access essential services and information anywhere withIn the city. High-speed broadband connectivity is essential for several smart city applications, such as smart transportation, smart buildings, and smart energy. Additionally, this infrastructure supports the implementation of smart grid, smart water networks, smart healthcare, smart education, smart security, and other innovative technologies that contribute to operational efficiency, citizens' welfare, and sustainable development.
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The communication segment was valued at USD 14.20 billion in 2018 and showed a gradual increase during the forecast period.
Regional Analysis
Europe is estimated to contribute 44% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market is experiencing significant growth due to urbanization and industrial transformation w
Smart City Platform Market Size 2024-2028
The smart city platform market size is forecast to increase by USD 59.1 billion at a CAGR of 23.1% between 2023 and 2028.
The market is experiencing significant growth due to the increasing demand for building automation and government initiatives aimed at developing smart cities. The need for efficient and connected urban infrastructure is driving market expansion. Security systems, powered by artificial intelligence (AI) and machine learning, are crucial for ensuring public safety and managing traffic flow. However, the market faces challenges in the form of high switching and installation costs, which may hinder the adoption of smart city platforms. These costs can be attributed to the complex nature of integrating various technologies and systems, as well as the need for specialized expertise.
Despite this obstacle, companies can capitalize on the market's potential by focusing on cost-effective solutions and collaborating with industry partners to streamline implementation processes. By addressing these challenges, market players can effectively navigate the competitive landscape and capitalize on the opportunities presented by the growing demand for smart city technologies.
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The market continues to evolve, driven by the integration of advanced technologies such as autonomous vehicles, smart city consortia, smart energy solutions, city planning, smart homes, Smart Lighting, real-time data, smart education, public transportation, predictive analytics, government services, open source, and artificial intelligence. renewable energy sources, traffic management, smart parking, smart metering, and smart waste management are also key components of this dynamic market. Smart city initiatives encompass city operations, smart infrastructure, smart mobility, citizen services, smart water, smart grid, electric vehicles, data analytics, smart buildings, edge computing, citizen engagement, data visualization, urban renewal, environmental monitoring, cloud computing, and smart retail.
These technologies are transforming urban areas, improving energy efficiency, enhancing public safety, and promoting digital transformation. Open data, public-private partnerships, big data, green technology, urban planning, and urban development are essential elements of the smart city landscape. machine learning and predictive analytics enable traffic management, energy consumption optimization, and predictive maintenance of city infrastructure. Smart city awards recognize outstanding achievements in this field, fostering innovation and competition. Data privacy and security are critical concerns in the smart city context, ensuring the protection of citizens' personal information. Smart city indexes provide valuable insights into the progress and performance of various cities in implementing smart city initiatives.
The ongoing unfolding of market activities and evolving patterns underscore the continuous dynamism of the market.
How is this Smart City Platform Industry segmented?
The smart city platform industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
Application
Smart infrastructure
Smart building
Smart utilities
Others
Offering
Connectivity management platforms
Integration platforms
Device management platforms
Data management platforms
Security platforms
Services
Professional services
Managed services
Component
Software Platforms
Hardware Solutions
Services
End-User
Government
Commercial Enterprises
Residential Communities
Geography
North America
US
Canada
South America
Brazil
Argentina
Middle East and Africa
UAE
Europe
Germany
Spain
UK
APAC
Japan
Australia
India
Rest of World (ROW)
By Application Insights
The smart infrastructure segment is estimated to witness significant growth during the forecast period.
Smart infrastructures, encompassing energy, public transport, and public safety sectors, represent a harmonious blend of physical and digital systems. These infrastructures collect data through sensors, analyze it using artificial intelligence and machine learning, and provide real-time feedback for adaptability. The adoption of smart infrastructures is driven by the increasing industrial development, commercialization, and growing awareness of energy efficiency and building optimization. Smart cities, fueled by open data and public-private partnerships, are integrating these systems to create a more efficient and sustainable urban environment. Smart energy solutions, such as r
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The Spain Construction Market size was valued to be USD 6.5 Billion in the year 2024, and it is expected to reach USD 14.45 Billion in 2032, at a CAGR of 10.5% over the forecast period of 2026 to 2032.
Key Market Drivers
Infrastructure Investment: Spain’s government has been investing in large infrastructure projects such as transportation networks, smart cities, and renewable energy infrastructure, which has fueled the growth of the construction industry. The Spanish government has allocated €79 billion for infrastructure development under the Recovery, Transformation, and Resilience Plan (2021-2026), with a focus on sustainable mobility, urban renewal, and energy-efficient building renovations. This public investment encourages significant private-sector participation.
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The Spain smart home market is experiencing robust growth, projected to reach €0.83 billion in 2025 and maintain a Compound Annual Growth Rate (CAGR) of 10.38% from 2025 to 2033. This expansion is fueled by several key drivers. Increasing disposable incomes among Spanish households are enabling greater investment in home automation technologies. A growing preference for convenience and enhanced home security is further boosting demand. Furthermore, government initiatives promoting energy efficiency and smart city development are indirectly contributing to market growth. The market's segmentation reveals strong performance across various product categories, including comfort and lighting systems, which are experiencing particularly high demand due to the increasing popularity of smart lighting solutions and programmable thermostats. Control and connectivity solutions, crucial for integrating different smart home devices, are also showing significant growth. Energy management systems are gaining traction due to rising energy costs and awareness of sustainability. Smart appliances are becoming more sophisticated and integrated, broadening their appeal. Key players like Schneider Electric, ABB, Siemens, and Signify are actively contributing to this market expansion through innovative product offerings and strategic partnerships. The competitive landscape is dynamic, with both established multinational corporations and specialized smart home solution providers vying for market share. While the market enjoys strong growth prospects, certain restraints remain. The relatively high initial investment cost of installing smart home systems can hinder widespread adoption, especially among budget-conscious consumers. Concerns about data privacy and cybersecurity are also potential barriers to broader market penetration. However, ongoing technological advancements, leading to more affordable and user-friendly smart home technologies, are mitigating these challenges. Future growth will depend on addressing these restraints through innovative financing options, robust security protocols, and targeted consumer education campaigns. The Spanish smart home market presents a compelling investment opportunity, driven by technological advancements, increased consumer awareness, and supportive government policies. Recent developments include: March 2024: Smart Monkeys Inc. significantly bolstered its European footprint by forging a strategic product distribution alliance with inWO Smart AV. This partnership signifies a significant milestone for Smart Monkeys Inc. and opens up new avenues in the dynamic markets of Spain and Portugal. By tapping into inWO Smart AV's broad network and specialized knowledge, Smart Monkeys Inc. aims to bring cutting-edge management solutions to a broader regional customer base., January 2024: Shelly Group AD, an IoT and smart building solutions provider, unveiled its highly anticipated Gen3 products at the 2024 Consumer Electronics Show. These new IoT devices aim to revolutionize user interactions with their smart environments, boasting enhanced memory, broader compatibility, and extended functionalities. The Gen3 Series debuts "virtual components" that redefine how users oversee and manage third-party devices. Users can seamlessly integrate non-Shelly products through the Shelly Smart Control app, creating a unified control hub for all their smart devices, irrespective of brand.. Key drivers for this market are: Rising Use of Connected Devices and the IoT to Drive the Market, Increasing Inclination Toward Enhancing Quality of Life. Potential restraints include: Rising Use of Connected Devices and the IoT to Drive the Market, Increasing Inclination Toward Enhancing Quality of Life. Notable trends are: Comfort and Lighting Product Segment is Expected to Witness Significant Growth.
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License information was derived automatically
Each record includes pollutant concentrations captured at 5-minute intervals. The pollutants and their corresponding measurement units are as follows:
Pollutant | Unit |
Ozone (O3) | parts per billion |
Nitrogen dioxide (NO2) | parts per billion |
Fine particulate matter (PM2.5) | microgram per cubic meter |
Particulate matter (PM10) | microgram per cubic meter |
Carbon monoxide (CO) | parts per billion |
Sulfur dioxide (SO2) | parts per billion |
Additionally, each measurement contains a topic value, an integer that serves to uniquely identify the monitoring station that produced it.
Data Collection and Processing:
Source of Data:
This dataset contains air quality data originally retrieved via the https://api.aqi.in" target="_blank" rel="noopener">api.aqi.in platform. The data is sourced from public air quality monitoring stations operated by:
Alcaldía de Santiago de Cali for data related to Cali, Colombia (https://www.cali.gov.co/dagma/publicaciones/38365/sistema-de-vigilancia-de-calidad-del-aire-de-cali-svcac/" target="_blank" rel="noopener">https://www.cali.gov.co/dagma/publicaciones/38365/sistema-de-vigilancia-de-calidad-del-aire-de-cali-svcac/)
Ayuntamiento de Madrid for data related to Madrid, Spain (https://airedemadrid.madrid.es/portal/site/calidadaire" target="_blank" rel="noopener">https://airedemadrid.madrid.es/portal/site/calidadaire)
Rights and Usage:
The original data is made available through public monitoring systems by the respective municipal governments listed above. The data was accessed via api.aqi.in, which aggregates publicly available air quality information. This dataset is shared for academic and research purposes only, and to the best of our knowledge, the underlying data is in the public domain.
Funding:
This work was supported by the grant PID2023-148214OB-C21 funded by MICIU/AEI/10.13039/501100011033 and by FEDER/EU. This work was also supported in part by the grants TED2021-129336B-I00 funded by MCIN/AEI/10.13039/501100011033 and by the European Union NextGenerationEU/PRTR. This work was also supported by the grant PCI2024-153485 funded by MICIU/AEI/10.13039/501100011033 and by the European Union. This research was also funded by the PRIMA Programme under Grant Agreement No. 2431 (FUSION: Comprehensive and sustainable solution to minimize food loss and waste and promote food security in the Mediterranean region). This work was also funded by Fundación Séneca (22236/PDC/23). This work was also a result of the ThinkInAzul and AgroAlNext programmes, funded by Ministerio de Ciencia, Innovación y Universidades (MICIU) with funding from European Union NextGenerationEU/PRTR-C17.I1 and by Fundación Séneca with funding from Comunidad Autónoma Región de Murcia (CARM). The work of Francisco-Jose Alvarado-Alcon was supported by the Spain’s Ministry of Universities under Grant FPU22/00316.
Spain Construction Market Size 2025-2029
The spain construction market size is forecast to increase by USD 33.9 billion at a CAGR of 5.4% between 2024 and 2029.
The Spanish construction market is experiencing significant growth, driven by the increasing focus on the development of smart city projects and the in government spending on public infrastructure. These trends are creating lucrative opportunities for both local and international players in the industry. However, the market is not without challenges, as high energy and construction material prices continue to pose significant cost pressures. Despite these challenges, the Spanish construction sector is expected to continue its upward trajectory, with the potential for strong returns for companies that can effectively navigate these market dynamics. The smart city initiatives, which prioritize sustainable and technologically advanced urban development, offer particular opportunities for innovation and differentiation. Companies seeking to capitalize on these trends should consider strategic partnerships and investments in sustainable technologies to stay competitive in the market. Additionally, those able to manage cost pressures through efficient operations and supply chain management will be well-positioned for success. Overall, the Spanish construction market presents a compelling investment opportunity for companies looking to expand their footprint in Europe and contribute to the development of modern, sustainable urban infrastructure.
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The construction industry in the US is experiencing significant growth across various sectors. Specialty trade contractors and residential building activities continue to dominate the market, while commercial building activities and public projects are also gaining momentum. The type of construction is evolving, with a focus on smart infrastructure and advanced materials such as 3D printing. Infrastructure projects are a key area of investment, driven by the need for modernization and efficiency. The use of technology is transforming the industry, with digital tools and advanced materials playing a crucial role in streamlining processes and improving project outcomes. Commercial buildings construction is also embracing innovation, with a shift towards sustainable and energy-efficient designs. Overall, the construction market is dynamic and forward-looking, driven by the need for efficiency, innovation, and sustainability.
How is this market segmented?
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments. ApplicationCommercialResidentialEnd-userLarge contractorSmall contractorTypeRehabilitation and maintenanceNew projectsGeographySpain
By Application Insights
The commercial segment is estimated to witness significant growth during the forecast period.
In Spain's construction market, the commercial segment is experiencing notable growth. This expansion is driven by substantial investments in commercial real estate and the industrial sector. The moderate increase in commercial office space and industrial development is primarily due to the rising demand for new administrative spaces and office buildings. However, the renovation and modernization of existing structures are also significant contributors to market growth. These renovation projects often incorporate advanced energy-efficient technologies, such as low-VOC paints, energy-efficient insulation, and water-saving tech, to reduce environmental impact and improve sustainability. Additionally, the integration of digital technologies, including virtual reality, augmented reality, and digital twins, is transforming the construction process, enabling faster project delivery and more precise planning. Private sector investments in residential building activities, including affordable housing programs and modular construction, are also gaining momentum. The construction industry in Spain is embracing new technologies, such as 3D printing, recycled steel, and renewable energy, to address population growth and economic growth in urban areas. The adoption of smart infrastructure, including autonomous vehicles and solar farms, is further enhancing the sustainability of construction projects. Despite the challenges posed by environmental issues and the need for energy grid modernization, the market remains dynamic and forward-looking.
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The Commercial segment was valued at USD 73.00 billion in 2019 and showed a gradual increase during the forecast period.
Market Dynamics
Our researchers analyze
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5G Internet Of Things Market Size 2024-2028
The 5G Internet of Things (IoT) market size is forecast to increase by USD 253.28 billion at a CAGR of 140.31% between 2023 and 2028.
The 5G IoT market is experiencing significant growth, driven by the increasing adoption of 5G technology and the growth in industrial automation. The implementation of 5G networks offers faster data transfer rates, lower latency, and higher reliability, making it an ideal solution for IoT applications. However, the high cost of 5G installation remains a challenge for market growth. Despite this, the benefits of 5G IoT, such as improved connectivity and increased efficiency, are expected to outweigh the costs In the long run. Additionally, the integration of advanced technologies like AI and machine learning with 5G IoT is expected to further fuel market growth. Overall, the 5G IoT market is poised for strong expansion, offering numerous opportunities for businesses and organizations seeking to leverage the power of IoT and 5G technology.
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The market is experiencing strong growth, driven by the increasing adoption of high-speed 5G network technology in various industries and sectors. With 5G's ability to deliver high reliability, low latency networks, and support for massive M2M connections, it is poised to revolutionize the IoT landscape. Industrial IoT, including sectors such as manufacturing, transportation, and energy, is a significant contributor to this market's growth.
5G's high-speed capabilities enable advanced applications like V2X communication, artificial intelligence, and machine learning, which are transforming industries by improving efficiency, productivity, and safety. IoT devices, including actuators, robots, drones, tablets, and computer programs, are becoming increasingly common in both consumer and enterprise applications. The CTIA predicts that by 2023, there will be over 2.5 billion IoT connections In the US alone. As 5G continues to roll out globally, the IoT market's size and direction are set for continued expansion.
5G connectivity is transforming industries by enabling faster, more reliable communication, which is crucial for the development of Smart Cities. Industrial IoT and Automotive IoT are driving efficiency in manufacturing and transportation, while Edge Computing enhances data processing closer to the source for real-time decision-making. Healthcare IoT is improving patient care through connected devices, and Smart Homes are becoming more intuitive with integrated technology. AI integration is further enhancing automation and optimization across these sectors. Low latency in networks is essential for real-time applications like wearables and smart devices. In the Supply Chain and Agriculture IoT sectors, connectivity enables better monitoring and efficiency. Cloud computing supports scalable storage and computing power, while energy efficiency solutions are reducing environmental impact across industries. Cybersecurity remains critical as IoT adoption expands, ensuring the security of connected devices and data.
How is this 5G Internet Of Things (IoT) Industry segmented and which is the largest segment?
The 5G Internet of Things (IoT) industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2021-2022 for the following segments.
Type
5G non-standalone (SA)
5G standalone (SA)
Component
Hardware
Services
Platform
Connectivity
Geography
APAC
China
South Korea
North America
US
Europe
UK
Spain
Middle East and Africa
South America
By Type Insights
The 5G non-standalone (SA) segment is estimated to witness significant growth during the forecast period.
The market is poised for significant growth as non-SA 5G, the initial phase of 5G, integrates a new 5G radio access network with the existing 4G LTE network core. The increasing deployment of autonomous vehicles and the automation trend In the energy and utilities industry are driving the demand for high-speed, low latency networks. Consequently, the global 5G IoT market is anticipated to experience substantial expansion. Industrial IoT applications, such as high reliability M2M connections in industrial sectors, require high-speed network technology for real-time asset data monitoring and actionable insights. Key players, including Ericsson and NEC, are developing advanced 5G modules, gateways, sensors, chips, and IoT module providers to cater to the growing demand for 5G IoT devices.
Service-Level Agreements (SLAs) and regulatory compliances are crucial considerations for large enterprises and organizations of all sizes. The affordability an
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The Smart Lighting Market size was valued at USD 17.86 billion in 2023 and is projected to reach USD 72.26 billion by 2032, exhibiting a CAGR of 22.1 % during the forecasts period. Smart lighting refers to advanced lighting technology designed to improve energy efficiency, comfort and safety in residential, commercial and industrial environments. This includes a variety of connected lighting solutions, including smart bulbs, smart switches and integrated lighting systems that can be controlled remotely via smartphones, voice assistants or automated systems. Smart lighting often has adjustable brightness, color temperature and the ability to sync with other smart home devices. The smart lighting market has expanded rapidly due to the increasing adoption of smart home technologies, increasing awareness of energy saving and internet of things connections. Recent developments include: In March 2023, Itron, Inc. signed a contract with Duquesne Light Company (DLC) to improve operational efficiency, update infrastructure, and enable smart city applications. Itron plans to supply DLC with its smart street lighting solution, which includes LED lights, sensors, and software for dimming, collecting data, and controlling traffic. The solution is expected to assist DLC in conserving energy, improving safety, and better understanding how its consumers use its services. , In January 2023, YEELIGHT, a smart lighting manufacturer unveiled a new range of products including the Cube Smart Lamp, an Automatic Curtain Opener, and a Smart Scene Panel. These products work with the new smart home standard, Matter, which is expected to be released later this year. , In October 2022,IDEAL INDUSTRIES, INC. announced the sale of Casella, its occupational and environmental monitoring equipment business, to TSI Instruments Ltd., a subsidiary of TSI Incorporated. This strategic divestiture allows IDEAL to focus on its core business and growth ambitions in the professional electrician products, high power density connections, and superior charging solutions markets. , In September 2022, Alcorcón, a city in Spain, launched a smart city pilot project with Itron's intelligent street lighting solution. The project includes upgrading existing streetlights to LEDs and adding Networked Lighting Controllers (NLCs) from Itron. The NLCs provide the ability to dim and control lights, as well as collect health status data and provide advanced configuration options. , In August 2022, Häfele America Co. launched the Loox Illuminated Wireless Adjustable Shelf System, a new LED lighting innovation. This system is meant for frameless cabinets such as closets, entertainment centers, kitchens, and pantries. It comes with wireless controllers, adjustable shelves, and a variety of lighting options to suit the user’s needs. , In July 2022, Signify Holdings. introduced a new line of smart WiZ lighting solutions designed to improve daily comfort and convenience. The new collection adds to the existing line-up with table and floor lamps, a portable light switch, and new ceiling lights and lamps. .
Smart Parking Market Size 2025-2029
The smart parking market size is forecast to increase by USD 15.19 billion, at a CAGR of 20.7% between 2024 and 2029.
The market is experiencing significant growth, driven by the increasing urbanization and population growth worldwide. Cities are expanding, and with this expansion comes the need for efficient parking solutions to accommodate the rising number of vehicles and commuters. One trend that is gaining traction in this market is the adoption of mobile and app-based parking solutions. These technologies offer convenience and ease of use for consumers, allowing them to reserve parking spots, make payments, and receive real-time information on parking availability. However, the market also faces challenges that must be addressed for continued growth. Privacy and data security concerns are becoming increasingly important as more parking data is being collected and stored digitally.
As the use of IoT sensors, cameras, and other data-collecting technologies becomes more prevalent, it is essential for parking operators to ensure that this data is protected and used ethically. Failure to do so could result in reputational damage and loss of customer trust. Additionally, the implementation of these advanced technologies can be costly, requiring significant investment in infrastructure and maintenance. Therefore, parking operators must carefully weigh the benefits against the costs to determine the most effective and efficient solutions for their businesses.
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The market continues to evolve, driven by the integration of advanced technologies and innovative solutions that enhance parking experience, sustainability, and efficiency. Parking guidance displays provide real-time information on available spots, while dynamic pricing adjusts fees based on demand and occupancy. Traffic flow management and parking analytics dashboards optimize parking space utilization, enabling better asset utilization and revenue generation. Parking regulations and mobility services cater to the evolving needs of diverse customer segments, including electric vehicle charging and autonomous vehicle integration. Sustainability practices, such as parking lot design and infrastructure upgrades, reduce carbon emissions and promote eco-friendly parking solutions.
Parking industry partnerships and solution providers collaborate to develop cloud-based parking solutions, parking app development, and license plate recognition systems, ensuring seamless access and convenience for users. Parking lot optimization and occupancy monitoring improve parking equity and safety, while parking enforcement and payment solutions streamline parking operations. Smart city initiatives and transportation management systems leverage parking data analytics and parking space reservation to optimize parking infrastructure and enhance urban mobility. Continuous innovation and technology adoption shape the future trends of the parking industry, ensuring a more accessible, efficient, and sustainable parking experience for all.
How is this Smart Parking Industry segmented?
The smart parking industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.
Component
Hardware
Software
Services
Solution
Security and surveillance
Parking reservation management
Valet parking management
License plate recognition
Type
Off-street
On-street
End-user
Commercial space
Government
Geography
North America
US
Canada
Europe
France
Germany
Spain
UK
APAC
China
India
Japan
South Korea
Rest of World (ROW)
.
By Component Insights
The hardware segment is estimated to witness significant growth during the forecast period.
The market is witnessing significant advancements, driven by the integration of technology into traditional parking systems. Parking integration platforms facilitate seamless communication between various parking components, enabling real-time data exchange and efficient management. This integration encompasses parking space allocation, revenue management, and customer experience. Future trends in parking include sustainability practices, such as electric vehicle charging, and mobility apps for enhanced user convenience. Parking infrastructure upgrades focus on optimizing parking space utilization and improving safety and security. Smart city initiatives prioritize the integration of parking systems with transportation management systems and traffic
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As of early 2020, ** percent of industry professional surveyed felt that Barcelona and London could be regarded as pioneers of using smart city immersive technologies. A further ** percent of respondents suggested Amsterdam was pioneering in its use of smart city immersive technologies. A smart city is a place where traditional networks and services are made more efficient with the use of digital and telecommunication technologies for the benefit of both residents and businesses.
Catalysts and collaboration
Major technological, economic, and environmental changes have generated increased interest in smart cities, including climate change, the coronavirus (COVID-19) outbreak, ageing populations, urban population growth, and pressures on public finances. In Europe, the European innovation partnership on smart cities and communities (EIP-SCC) is an initiative supported by the European Commission that brings together cities, industry, small business (SMEs), banks, and research institutions. It aims to improve urban life through more sustainable integrated solutions and addresses city-specific challenges from different policy areas such as energy, mobility and transport, and ICT.
Barcelona as a smart city
Barcelona is often regarded as being one of the world’s ‘smartest’ cities. Following a period of economic stagnation and unemployment in the *****, the authorities in Barcelona recognized the need to transform the city’s economy, promoting a new economy based on knowledge industries, modern-city tourism, and quality infrastructure for all. Technology was a key feature of this transformation, supporting the city’s strategy and focus to become properly recognized as a smart city in 2010. To support this, Barcelona played host to the first ‘Smart City Expo and World Congress’ in 2011 which further helped to launch and promote the city’s smart city policy.