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Smart City Market to grow by USD 332.5 Billion from 2025-2029, driven by IT consolidation and modernization, AI’s impact on market evolution – Technavio

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NEW YORK, Jan. 30, 2025 /PRNewswire/ — Report on how AI is driving market transformation – The global smart city market size is estimated to grow by USD 332.5 billion from 2025-2029, according to Technavio. The market is estimated to grow at a CAGR of  21.5%  during the forecast period. Increase in IT consolidation and modernization is driving market growth, with a trend towards proliferation of smart city projects in emerging economies. However, high cost of upgrading smart grids  poses a challenge. Key market players include ABB Ltd, Accenture PLC, Aeris Communications Inc., Alphabet Inc., Cisco Systems Inc., General Electric Co., Hewlett Packard Enterprise Co., Hitachi Ltd., Honeywell International Inc., Huawei Technologies Co. Ltd., International Business Machines Corp., Itron Inc., LG Corp., Microsoft Corp., Oracle Corp., SAP SE, Schneider Electric SE, Semtech Corp., Siemens AG, and Signify NV.

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Smart City Market Scope

Report Coverage

Details

Base year

2024

Historic period

2019 – 2023

Forecast period

2025-2029

Growth momentum & CAGR

Accelerate at a CAGR of 21.5%

Market growth 2025-2029

USD 332.5 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

19.4

Regional analysis

Europe, North America, APAC, South America, and Middle East and Africa

Performing market contribution

APAC at 32%

Key countries

US, Germany, UK, France, Canada, China, Spain, Brazil, Japan, and India

Key companies profiled

ABB Ltd, Accenture PLC, Aeris Communications Inc., Alphabet Inc., Cisco Systems Inc., General Electric Co., Hewlett Packard Enterprise Co., Hitachi Ltd., Honeywell International Inc., Huawei Technologies Co. Ltd., International Business Machines Corp., Itron Inc., LG Corp., Microsoft Corp., Oracle Corp., SAP SE, Schneider Electric SE, Semtech Corp., Siemens AG, and Signify NV

Market Driver

Developed economies in North America and Europe have led the way in creating smart cities for over a decade, implementing numerous projects. The Asia-Pacific region is currently the fastest-growing market for smart city technologies. Urbanization, driven by mass migration to cities, is increasing population growth in Asia, necessitating infrastructure development, particularly in emerging countries. India and China are in the planning stages and have initiated pilot smart city projects, such as the Indian government’s plan to implement these projects in 100 cities nationwide. 

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Market Challenges

In the smart city market, environmental sustainability is a major challenge. Cities worldwide are investing in smart city technologies to improve resource management and environmental monitoring. Solutions include facial recognition for public safety, surveillance for crime-fighting capabilities, and traffic safety through data-driven policing and emergency response protocols. However, tight budgets and integration complexities can hinder the adoption of cost-effective systems. Smart city initiatives in major functions like Amsterdam and Chengdu are backed by governments. Technologies like video cameras, gunshot detection sensors, and drones are used for public safety, with rapid video analytics and AI access for quick response times. Traffic signal management and congestion-free routes save energy and operational costs. Smart healthcare solutions offer transformative potential in the digital era, with advanced metering solutions and smart grids for energy savings. Business leaders seek innovative business models and cybersecurity for data stewardship and ownership. Existing infrastructure and large-scale investments require networking, software integration, and interoperability for cross-border portability and metrics. Smart city challenges include reducing crime rates, managing urban sources, and improving response times for emergency vehicles. Building owners and facility managers seek cost savings through smart city initiatives, while city managers make decisions based on extensive data. Smart healthcare market growth includes patient care delivery, caregiving, and healthcare organizations using smart metering data and utilities-related information in centralized hubs. Network operators invest in telecommunications infrastructure and cloud edge computing for network slicing and urban management. In the digital era, smart city solutions face challenges like cybersecurity, data ownership, and interoperability. Businesses and governments must navigate these complexities to achieve long-term cost savings and sustainable urban development. Novel technologies like gunshot detection, intelligent surveillance, home security systems, and smart healthcare solutions offer opportunities for improvement in public safety, resource management, and healthcare delivery.The global smart city market growth may be hindered due to the significant expenses required to upgrade smart grids. These upgrades involve additional investments in distribution systems, transmission line replacements, power delivery systems, substation digitalization, and digital controls. Power utilities and independent power producers face substantial initial capital investments as a result. The aging power infrastructure of these utilities and their increasing demand for renewable power grid integration will escalate their grid renovation budgets in the upcoming years. This financial burden stems from utilities’ earlier reluctance to invest in smart grid data management solutions, acting as a barrier to their adoption.

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Segment Overview 

This smart city market report extensively covers market segmentation by  

Application 1.1 Smart infrastructure1.2 Smart energy1.3 Smart mobility1.4 Smart security1.5 OthersComponent 2.1 Hardware2.2 Software2.3 ServicesGeography 3.1 Europe3.2 North America3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 Smart infrastructure-  Smart infrastructure refers to the digitalization of energy systems, buildings, and industries to enhance efficiency and sustainability. This includes advanced installations and technology systems in buildings for automating processes like heating, ventilation, lighting, security, and more. Smart infrastructure is built on four principles: data collection, analytics, feedback, and adaptability. Factors such as industrial development, commercialization, and energy optimization are driving the adoption of smart infrastructure. Technology innovation, including IoT, analytics, and cloud computing, is also playing a significant role. Governments worldwide are promoting smart city projects to improve living standards and economic growth. For instance, Japan’s plan for an autonomous, self-sorting cargo highway showcases this trend. These factors will positively impact the growth of the global smart city market.

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Research Analysis

Smart Cities are urban areas that leverage technology to enhance environmental sustainability and resource management. These cities integrate smart city technologies such as environmental monitoring, traffic safety, and public safety solutions to create a livable, efficient, and secure environment for citizens. Environmental monitoring includes the use of sensors for air quality, water management, and waste disposal. Facial recognition and video cameras are used for public safety and surveillance, while gunshot detection sensors enhance crime-fighting capabilities. Data-driven policing and emergency response protocols ensure rapid response times, and AI access enables rapid video analytics. Integration complexities and cost-effective systems are key considerations for large-scale investments in smart city solutions. Cities like Amsterdam and Chengdu have made significant strides in implementing smart city technologies with government backing. Existing infrastructure and urban sources provide opportunities for cost-effective systems, while drones offer new possibilities for urban surveillance and emergency response.

Market Research Overview

In the digital era, Smart City Market is revolutionizing urban living by integrating environmental sustainability into smart city technologies. Resource management and environmental monitoring are major functions, with facial recognition and public safety solutions ensuring a congestion-free and safe environment. Surveillance, traffic safety, data-driven policing, and emergency response protocols are essential crime-fighting capabilities. First responders, call centers, and field operations leverage real-time data and AI access for rapid response. Smart city initiatives in Amsterdam and Chengdu demonstrate government backing, with video camera and gunshot detection sensors, drones, and intelligent surveillance systems. Rapid video analytics and AI enable swift decision-making for city managers, building owners, and facility managers, leading to cost savings and operational efficiency. Existing infrastructure and large-scale investments require networking and software integration, with cost-effective systems offering long-term cost savings. Urban sources, such as vehicle traffic, electrical grids, and commute times, are optimized for smart grid efficiency, reducing energy consumption and operational costs. The transformative potential of smart city solutions extends to healthcare, with smart healthcare solutions enhancing patient care delivery, caregiving, and decision-making through extensive data analysis. Cybersecurity and data stewardship are crucial considerations in this digital age, ensuring data ownership, interoperability, and cross-border portability. Business leaders and innovative business models drive digitalization and connectivity, shaping the modern healthcare landscape with advanced metering solutions and novel technologies. Network operators and telecommunications infrastructure providers enable cloud edge computing and network slicing for urban management. Ultimately, smart city initiatives aim to improve citizens’ lives, ensuring a sustainable urban development that balances environmental sustainability, public safety, and cost savings.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ApplicationSmart InfrastructureSmart EnergySmart MobilitySmart SecurityOthersComponentHardwareSoftwareServicesGeographyEuropeNorth AmericaAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Crab2B Makes AsiaWorld-Expo Debut, Connecting Hong Kong’s Mobile Wholesalers with Global Buyers

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3 hours ago

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October 18, 2026

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HONG KONG, Oct. 18, 2026 /PRNewswire/ — Crab2B, a pioneering B2B trading platform dedicated to mobile devices and digital products, will make its debut at the HKICEC Global Mobile Exchange Pavilion during the Global Sources Hong Kong Shows, opening at AsiaWorld-Expo on October 18, 2026.

Hong Kong has long been a major hub for electronics wholesale trade, but buyers still often rely on fragmented channels to identify suppliers. Crab2B was created to bridge this gap, bringing Hong Kong-based mobile and digital product wholesalers together on one dedicated B2B platform. Headquartered in Hong Kong, Crab2B combines the manufacturing strength of mainland China and the Greater Bay Area’s extensive supply chain capabilities with Hong Kong’s established global trading network. Together, these strengths enable Crab2B to simplify cross-border sourcing, connect buyers directly with suppliers and make international trade more accessible and efficient.

For its first appearance at a major industry trade show, Crab2B is bringing together more than 200 merchants already registered on the platform, marking a significant milestone in its development. The Crab2B booth is expected to attract electronics traders from Southeast Asia, Europe, the Middle East and beyond. Visitors will be able to discover the app’s capabilities through live demonstrations, register on the platform and connect directly with participating merchants to explore business opportunities.

A buyer who experienced the Crab2B app shared: “With Crab2B, we no longer have to search far and wide for reliable suppliers. The platform brings Hong Kong’s mobile phone wholesalers together in one place, giving us greater visibility into available products and sourcing opportunities. Whether I’m at my desk or on the move, I can find products and connect with suppliers whenever I need to. For businesses like ours that source across borders, that kind of access makes a real difference. It saves time, reduces transaction costs and helps us do business more efficiently.”

Crab2B CEO Luo Yaohong said, “We want to be pioneers in cross-border B2B trading for digital products, creating new opportunities for Hong Kong’s wholesale industry. As Hong Kong places greater emphasis on developing digital trade, we’re addressing a longstanding gap in the market with a dedicated digital platform that connects Hong Kong’s electronics suppliers directly with buyers around the world. Our ambition is to make cross-border trading easier, faster and more accessible, while helping Hong Kong businesses reach new markets.”

The platform’s trade show debut is also attracting attention from international merchants, with exhibitors expressing interest in joining Crab2B to expand their reach into overseas markets. Meanwhile, merchants already registered on the platform are looking forward to the launch of its planned online marketplace, which will create further opportunities for sustained collaboration and business growth.

Building on this debut, Crab2B will remain firmly rooted in Hong Kong while expanding its connections with businesses around the world. The company will continue to enhance its platform with smarter sourcing tools, more comprehensive trading capabilities and an increasingly connected network of suppliers and buyers. By making it easier to discover products, establish business relationships and conduct cross-border transactions, Crab2B aims to open new opportunities for merchants of all sizes and help shape the next chapter of Hong Kong’s digital trade industry.

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SOURCE Crab2B

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Canton Fair Buyers Alliance Launched as the 140th Edition Opens

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7 hours ago

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October 18, 2026

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GUANGZHOU, China, Oct. 17, 2026 /PRNewswire/ — On October 15, the Canton Fair Buyers Alliance was officially launched at the Canton Fair Complex, marking a significant milestone as the fair celebrates the 70th anniversary of its founding.

More than 140 overseas buyers attended the launch ceremony, highlighting the fair’s enduring role as a bridge connecting global commerce with China’s export sector.

Speaking at the ceremony, Luís Vilariça, CEO of Joinco, Import & Export, Ltd., discussed his company’s long-standing relationship with the Canton Fair. Drawing on years of participation, he reflected on the growth opportunities created through cooperation with Chinese suppliers and highlighted the fair’s role in supporting international business development and global trade exchanges.

The ceremony also featured a joint declaration by alliance members. Representatives from five member companies read the statement in their respective native languages, underscoring the international character of the new organization. Additional members sent video congratulatory messages, joining the celebration and witnessing the official launch of the alliance.

The Canton Fair Buyers Alliance represents one of the fair’s key service innovations. Designed primarily for Fortune Global 500 companies, buyers from the world’s top 250 retailers and leading sourcing enterprises across a diverse range of markets, the alliance aims to offer members a platform for information sharing and resource coordination. The first cohort of alliance members includes 58 companies from 32 countries and regions across 5 continents. Through the alliance, members will gain access to a range of priority benefits spanning four major areas: services, events, resources and information.

 For more convenient attendance, please click here for pre-registration:

https://buyer.cantonfair.org.cn/register/buyer/email?source_type=16

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SOURCE Canton Fair

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Bioethanol from human hair – Indian start-up’s solution to rising prices of grains and sugar

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8 hours ago

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October 18, 2026

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GUJARAT, India, Oct. 17, 2026 /PRNewswire/ — In what could be called the beginning of the 5G (fifth-generation) of bioethanol or non-cellulosic bioethanol or non-sugar-based biofuels, an Indian start-up, Techofest Global, based out of Gujarat, has developed its own, indigenous, and patented technology for the production of bioethanol from waste human hair. Such processes would significantly reduce the employment of sugars, grains, and agricultural residues, which form the classical first- and second-generation bioethanol feedstocks. As a result, the rising fuel-vs.-food/fodder debate is anticipated to reduce, and instead, ethanol produced from municipal/industrial waste, after trials, can supplement the current supply being used as blends with presently retailed fossil fuels (E20, E27, etc.). 

As stated by Dr. Ravi, the founder-CEO of Techofest Global, the strategic priority and the USP of the start-up is industrial symbiosis, which, typically, involves an ecosystem of up-cycling/valorising the effluents of an industry, thereby creating a value-chain for residues often lacking an end-of-life. With more than three decades of experience in designing customized nuclear fusion reactors for international programmes, such as ITER, JET/UKAEA and SST-1, Dr. Ravi, a seasoned mechanical engineer, spearheads the start-up’s patented technologies’ scale-up and commercialization.

Two biochemical engineers, Dr. Navnit – the former CTO, and Dr. Kabilan – the former CEO of Biomakerz, Chennai, are the brains behind the current technology/process portfolio of the joint-venture between Techofest Global and Biomakerz. They have been working on biorefineries’ process intensification for more than a decade. “Having foreseen the fuel-vs-fodder/food competition as early as the year 2015, we began developing techno-economically feasible and viable in-vitro metabolically-engineered bioprocesses for scaling-up ethanol production from municipal waste streams between 2019–2021”, says Navnit. After developing operational technologies for international biofuel organizations, serving process engineer roles with certain biorefineries-related OMC R&D’s of India, Dr. Navnit, presently works for a premier academic institution.

An on-going fermentation trial at the Techofest Global-Biomakerz JV’s R&D facility

Techofest Global has developed and tested, in its R&D JV’s pilot-facility of ~100-L, 3 innovative and cost-effective technologies, such as 5G ethanol production using human hair, used cooking oil (UCO), and enriched bio-methane production from disposed sanitary napkins.

“With massive CapEx and OpEx, 2G ethanol technology is facing a major commercialization bottleneck, owing to competition with food/livestock fodder, requirement of a cost-intensive pre-treatment procedure, and the requirement of cellulolytic cocktails, which have a poor recycle efficiency. The proprietary 5G SAFE process developed for the start-up circumvents the mentioned constraints, and instead, utilizes a single-stage saccharification followed by fermentation, and records over 85–90% biocatalyst recovery. Likewise, the proprietary SIM process for bio-methane production, exclusively developed for the start-up, is 2x faster with improved intermittent feeding cycles and continuous gas harvest”, says Navnit.

“With on-going pre-commercialization trials, the proprietary ethanol and bio-methane processes of ours are soon being commercialized”, says Ms. Bhumika, the co-founder and the corporate advisor of the start-up. Furthermore, Mr. Ronak pilots the organization’s global market entry and commercialization frontier.

Techofest Global’s veteran Principal Technology Advisors include: Dr VS Tripathi, former Joint Director, DRDE Gwalior, Dr B S Munjal, former Director, Structures and Thermal group, SAC/ISRO, Academician and Advisor CIKS-Dharohar, GTU, and Dr AV Santhanababu, former Scientist at Satish Dhawan Space Centre. With on-going R&D activities, Dr. Munjal says, “the start-up is striving to provide a unique solution along the lines of the Atmanirbhar and Viksit Bharat Vision 2047”.

Media Contact: www.techofestglobal.com; e-mail: info@techofestglobal.com; contact person: The PR team of Techofest Global.

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