India Smart Cities Market size is anticipated to grow at a CAGR of 17.4% during 2024-2030F

Hardware segment by component accomplished the largest revenue share in India Smart Cities Market – 6Wresearch

In 2023, the hardware segment dominated the Indian Smart City market by components as Smart city initiatives heavily rely on interconnected devices and sensors, leading to increased demand for hardware components like sensors, gateways, and communication modules. Moreover, deploying smart mobility solutions, such as intelligent traffic signals, smart grids, and connected vehicles, requires robust hardware infrastructure.

According to 6Wresearch, India Smart Cities Market size is anticipated to grow at a CAGR of 17.4% during 2024-2030F. India Smart Cities Industry has experienced significant growth due to rapid urbanization, increasing population, and government initiatives. The introduction of 5G technology, which began in October 2022 and reached a notable 29.9 percent availability by September 2023, has spurred significant progress in India's telecommunications sector. This advancement is expected to drive India's 5G subscriptions to reach 860 million by 2029, which would play a crucial role in laying the foundation for advanced networking technologies, serving as a cornerstone for the development of smart cities. Moreover, The Union Budget 2021 announced allocation of Rs. 2,87,000 crore (US$ 39.36 billion) over the next five years for Jal Jeevan Mission (Urban). This will entail providing tap connections in 2.86 crore households, universal water supply in all 4,378 urban local bodies and liquid waste management in 500 AMRUT (Atal Mission for Rejuvenation and Urban Transformation) cities.

Additionally, the government is advancing its 'Smart India Mission' to develop a sustainable transport network in 100 Indian cities. With the goal of reducing vehicular emissions and subsequent pollution levels, it aims to lead India towards achieving 100% Electric Vehicle (EV) usage by 2030. This initiative is expected to significantly boost the demand for smart city solutions in the coming years.

According to Vasudha, Research Analyst, 6Wresearch, by applications, Smart environment garnered the maximum revenue share in 2023 propelled by government initiatives targeting environmental issues and fostering sustainability. For instance, the Indian government launched CITTIS 2.0, funded by multilateral agencies through loans and grants, aiming to promote sustainable waste management coupled with targeted climate reform practices, implemented through various government investments in the sector.

India Smart Cities Market (2024-2030) report provides an in-depth analysis with 8 figures and 4 tables, covered in 90 pages. The report comprehensively covers the market by component and application. The report provides a detailed as well as unbiased analysis of the ongoing drivers, opportunities/high growth areas, and trends of the sector which are projected to support the stakeholders to align as well as devise their market strategies as per the latest and future market dynamics.