Nordic Countries Smart Cities Market Size & Outlook
Nordic Countries smart cities market, 2018-2030 (US$B)
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Nordic Countries smart cities market highlights
- The Nordic Countries smart cities market generated a revenue of USD 20.1 billion in 2023 and is expected to reach USD 92.9 billion by 2030.
- The Nordic Countries market is expected to grow at a CAGR of 24.4% from 2024 to 2030.
- In terms of segment, smart utilities was the largest revenue generating application in 2023.
- Environmental Solution is the most lucrative application segment registering the fastest growth during the forecast period.
Smart cities market data book summary
| Market revenue in 2023 | USD 20.1 billion |
| Market revenue in 2030 | USD 92.9 billion |
| Growth rate | 24.4% (CAGR from 2023 to 2030) |
| Largest segment | Smart utilities |
| Fastest growing segment | Environmental Solution |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD billion |
| Market segmentation | Smart Governance, Smart Building, Environmental Solution, Smart Utilities, Smart Transportation, Smart Healthcare |
| Key market players worldwide | ABB Ltd, Schneider Electric SE, Cisco Systems Inc, Telefonaktiebolaget L M Ericsson ADR, Honeywell International Inc, International Business Machines Corp, Itron Inc, Kapsch Group, Huawei Technologies, Microsoft Corp, Oracle Corp, Ams-OSRAM AG, SAP SE, Siemens AG, Telensa, Verizon Communications Inc, Vodafone Group PLC |
Other key industry trends
- In terms of revenue, Nordic Countries accounted for 2.7% of the global smart cities market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Europe, UK smart cities market is projected to lead the regional market in terms of revenue in 2030.
- Spain is the fastest growing regional market in Europe and is projected to reach USD 60.9 billion by 2030.
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Smart Cities Market Scope
Smart Cities Market Companies
| Name | Profile | # Employees | HQ | Website |
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Nordic Countries smart cities market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to smart cities market will help companies and investors design strategic landscapes.
Smart utilities was the largest segment with a revenue share of 28.86% in 2023. Horizon Databook has segmented the Nordic Countries smart cities market based on smart governance, smart building, environmental solution, smart utilities, smart transportation, smart healthcare covering the revenue growth of each sub-segment from 2018 to 2030.
The rising adoption of innovative solutions across the Nordic Region owing to its potential of improving the quality of life, safety, and security, and incorporate ease of living capabilities in the cities. For instance, Oslo in Norway initiated the adoption of adaptive street solutions which automatically adjust brightness depending upon real-time usage.
Further, the use of smart solutions such as smart lighting, and street sensors is helping authorities in improving safety along with reducing crime rates. The monitoring sensors in the streets and smart lights in public spaces may become less attractive for criminals with the intention to commit crimes.
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Our clientele includes a mix of smart cities market companies, investment firms, advisory firms & academic institutions.
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Horizon Databook provides a detailed overview of country-level data and insights on the Nordic Countries smart cities market , including forecasts for subscribers. This country databook contains high-level insights into Nordic Countries smart cities market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Nordic Countries smart cities market size, by application, 2018-2030 (US$B)
Nordic Countries Smart Cities Market Outlook Share, 2023 & 2030 (US$B)
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