Global Smart Cities Engineering & Construction Services Market is estimated to witness a major jump in revenue from US$ 114.27 Bn in 2021 to US$ 453.07 Bn by 2030. The market is registering growth at a CAGR of 16.5% over the forecast period 2022-2030. A smart city is a technologically modern urban area that uses different types of electronic methods, voice activation methods, and sensors to collect specific data. It includes data collected from citizens, devices, buildings, and assets which are processed and analyzed to monitor and manage traffic and transportation systems, power plants, utilities, water supply networks, waste, crime detection, information systems, schools, libraries, hospitals, and other community services. Smart city's engineering and construction services are used for the development and building of smart cities. 

The growing impetus of the global smart cities engineering & construction services market is attributed to factors such as the rising adoption of connected and smart technologies in smart cities, favorable government initiatives promoting smart cities, and increasing digitization in public safety and transportation. The world is getting more and more urbanized. By 2040, 65% of the world’s population will be living in cities. 1.3 million people move into cities every day, and this has further insisted many governmental and corporate bodies utilize smart city services. For instance, the United Nations initiated the United Smart Cities Program to develop and scale up this concept. Moreover, roughly 500 Chinese cities started their transition to smart cities in 2018. Furthermore, increasing digitization across the world is also paving the way for smart cities, which in turn is expected to propel market growth. However, the high capital expenditure in smart city construction and rising security concerns over the Internet of Things (IoT) are hindering the market growth. 

Report Summary

The study of the global smart cities engineering & construction services market considers various market determinants, industry value chain analysis, and competitor analysis of the market. The report discusses the analysis of the smart cities & construction services industry for the period 2017-2030, where the base year is 2021 and the forecast period is 2022-2030. The report provides a detailed analysis of the global smart cities engineering & construction services market across 19 Chapters and, 307 pages. The report includes data presentation across 72 tables and 151 statistical figures. 

The report provides PESTLE analysis, which is a tool to examine the external market environment factors that have an impact on the industry. The PESTLE analysis examines the Political, Economic, Social, Technological, Environmental, and Legal factors in the external environment. Thus, sufficiently examining the threats and weaknesses of the industry. The research report also provides a SWOT analysis and Porter’s five forces analysis wherein bargaining power of buyers and threat of substitutes is low. 

The subsequent section provides details of the market analysis based on different segments such as service type, solution, project, application, city topography, and region. The report includes a detailed study of the value chain of the industry. It includes system integrators, EPC firms, and delivery partners. The report also covers extensively the key competitors in the market for super abrasives. 

Key Takeaways from the Global Smart Cities Engineering & Construction Services Market Report

• In terms of service type, ICT consulting holds the highest share in 2021 and is further expected to continue its dominance over the forecast period. This is due to the efficiency of communication platforms in improving public safety.
• Based on solution, the infrastructure segment has the highest market share in 2021, however, the software segment has the fastest CAGR in the Global Smart Cities Engineering & Construction Services Market over the forecast period 2022-2030. The rise in the software segment is due to the increasing demand for advanced software technologies globally.
• In terms of application, citizen services have the highest CAGR in the smart cities engineering & construction services market. This is because citizen safety is the major priority for every government organization. People are highly dependent on safety services that are offered by the government at different levels.
• Urban development projects hold the highest share in the market in 2021 owing to rising urbanization coupled with the increasing integration of advanced and digital platforms in urban areas.
• The Asia Pacific is the highest shareholder region in the Global Smart Cities Engineering & Construction Services Market in 2021 and is further expected to continue its dominance over the forecast period. This is due to rising digital infrastructure and the presence of fast-developing economies like China and India. North America is the second-highest shareholder region in the market.

Impact of COVID-19

During the COVID-19 pandemic, the global demand for smart city engineering and construction service market slightly declined due to the reduced spending by government and private companies in smart city development, which led to cutbacks in service infrastructure. Furthermore, strict lockdown due to Covid-19 led to the shutdown of the manufacturing industry thereby disrupting the supply chains. This has created stress on the supplies of several products and services offered by this industry. 

Competitive Landscape 

The key players in the global smart cities engineering & construction services market are AECOM, Arup Group, Black & Veatch, TuV, Bleak & Veatch Singapore, PWC, Accenture, Tata Consulting Engineers, and Gaia Smart Cities Solutions Pvt. Ltd among others. Through extensive research, it is found that big players have adopted various competitive strategies such as mergers & acquisitions in order to have a grip in the stabilized market scenarios. Furthermore, leading companies are expanding their geographical boundaries by acquiring small brands and domestic companies.

Segmentation Overview 

The following are the different segments of the global smart cities engineering & construction services market.

By Service Type segment of the Global Smart Cities Engineering & Construction Services Market is sub-segmented into:

• 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 segment of the Global Smart Cities Engineering & Construction Services Market is sub-segmented into:

• Design/ Consulting
• Network
• Infrastructure
• Hardware
• Software
• Equipment
• Other Solutions

By Project segment of the Global Smart Cities Engineering & Construction Services Market is sub-segmented into:

• Buildings
  • Residential & Commercial Complexes
  • Hospitality Building
  • IT Parks
  • Educational Campuses
  • Healthcare Facilities
  • Recreation & Training Centers
• Urban Development
  • Greenfield Smart Cities
  • Integrated Townships
  • Brownfield City Upgrades
  • Industrial
  • Townships & Port Cities
  • Roads & Highways
• Industrial Manufacturing
  • FMCG
  • Automotive
  • Agriculture Machinery
  • Energy
  • Aerospace & Defense Manufacturing
  • Others

By Application segment of the Global Smart Cities Engineering & Construction Services Market is sub-segmented into:

• Housing
• Water
• Waste
• Smart Grid
• Energy
• Lighting
• Transportation
• Traffic
• Citizen Services
  • Healthcare
  • Education
  • Safety & Security
• eGovernance
• IoT

By City Topography segment of the Global Smart Cities Engineering & Construction Services Market is sub-segmented into:

• Developed Economies
  • New
  • Existing
• Emerging Economies
  • New
  • 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