Market Insights Technology Internet of Things

Smart Cities - Ireland

Ireland

In Ireland, the Smart Cities market is expected to experience significant growth in the coming years.
By 2024, the projected revenue for this market market is estimated to reach US$289.90m.
This impressive figure is a reflection of the increasing demand for smart city solutions and technologies.
Furthermore, the Smart Cities market in Ireland is forecasted to maintain a steady growth rate in the following years.
With an annual growth rate of 10.84% (CAGR 2024-2029), the market volume is projected to reach US$485.00m by 2029.
This growth is indicative of the country's commitment to adopting smart city initiatives and investing in the necessary infrastructure.
However, it is important to note that in global comparison, United States will continue to dominate the Smart Cities market.
In 2024 alone, United States is expected to generate an impressive revenue of US$25,160.00m.
This highlights the significant market potential and opportunities that exist United States compared to other countries.
As in Ireland continues to develop and invest in its smart city infrastructure, it has the potential to become a key player in the global Smart Cities market.
With its strong commitment to innovation and technological advancements, in Ireland is well-positioned to capitalize on the growing demand for smart city solutions and contribute to the overall growth of the market.
Ireland's smart cities are leveraging advanced technology and data analytics to enhance energy efficiency and optimize transportation systems.

Key regions: Canada, Japan, United Kingdom, United States, India

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Analyst Opinion

As the world population continues to grow, cities are especially becoming more crowded and in need of more efficient infrastructure and service offerings. Internet of Things (IoT) technologies are improving efficiency, sustainability and livability.

Environmental concerns have been gaining traction in recent years and the citizens are demanding sustainable solutions. Smart energy systems and waste management solutions are adopting IoT technologies and benefiting from the data collected via the connected devices. Smart grids are especially important in increasing reliability and security in the times of outages, security threats and other unexpected occurrences. IoT sensors are used in smart waste management to monitor the garbage cans and optimize waste collection schedules and reduce litter.

The Smart Cities market is expected to continue seeing a fast growth, as governments are seeing the potential they can bring for both sustainable and economic growth. China has made “Smart Cities Development Plan” part of their Made in China 2025, while Germany invested over EUR 1 billion for development and investment of urban technologies.

Methodology

Data coverage

The data encompasses B2B, B2C and B2G revenues. The revenue only refers to the spending share of the Internet of Things components.

Modeling approach/ Market size:

The market size is determined through a combination of top-down and bottom-up approaches. We use annual financial reports of the market-leading companies and industry associations, as well as third-party studies and reports to analyze the markets. To estimate the segment size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as consumer spending, internet penetration, 4G coverage, and current and historical developments. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques but primarily exponential smoothing. The selection of forecasting techniques is based on the behavior of the relevant market. The main drivers are the GDP and the level of digitization.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.