Canada Smart Cities Market Research Report 2023

Canada Smart Cities Market Synopsis

Canada Smart Cities Market Size Was Valued at USD 1.52 Billion in 2022 and is Projected to Reach USD 3.39 Billion by 2030, Growing at a CAGR of 10.56 % From 2023-2030.

A smart city is a technologically advanced urban environment that employs various electronic methods and sensors to gather specific data. This data is then utilized to efficiently manage assets, resources, and services, leading to enhanced city operations and improved overall urban functionality.

• In recent years, Canada has actively invested in smart city projects and recognized the potential of technology to address urban challenges and improve the well-being of citizens. Several Canadian cities such as Toronto, Vancouver, Montreal, and Calgary have been at the forefront of implementing smart city solutions.
• One of the main focuses of the Canadian Canada Smart Cities market is sustainability. When cities are strongly committed to protecting the environment and reducing carbon emissions, they adopt smart energy management systems, renewable energy sources, and smart transportation solutions to promote green practices.
• Data analytics and the Internet of Things will be key to Canada's Canada Smart Cities, enabling real-time monitoring and analysis of various aspects of cities. From traffic management and waste collection to healthcare and public safety, data-driven decision-making enables city authorities to respond quickly and effectively to changing circumstances.
• Public-private collaboration is a key driver of Canada's Canada Smart Cities market. Public-Private Partnerships (PPP) allow cities to leverage private sector expertise, funding, and innovative technologies, accelerating the implementation of smart city projects.
• As in all smart city markets, privacy and security are important in Canada. Ensuring the protection of citizen data and maintaining trust in smart city technology remain priorities for city planners and decision-makers.
• As in any smart city market, privacy and security concerns are also crucial in Canada. Ensuring the protection of citizens' data and maintaining trust in smart city technologies remain top priorities for city planners and policymakers.

Top Key Players Involved Are:

"ABB Limited (Switzerland), Accenture (Ireland), Ericsson (Sweden), GE (USA), Hitachi (Japan), IBM (USA), Intel (USA), Microsoft (USA), Oracle (USA), Google LLC (US), Cisco (US), Panasonic (Japan), Siemens (Germany), Smart City Systems (Canada), Thales (France), Verizon (USA), Waterloo Innovation Centre (Canada), Wipro (India), Clevest Solutions Inc (Canada), Ecopia Tech Corporation (Canada), and Other Major Players"

The Canada Smart Cities Market Trend Analysis

Government Support and Funding

• One of the main drivers for the Canadian smart city market is the government's strong support and funding for smart city initiatives. Canadian federal, provincial, and municipal governments have demonstrated their commitment to building smarter, more sustainable cities. They recognize the potential of smart technologies to solve urban problems, improve quality of life and improve citizens' overall urban experience.
• Through various financial programs and grants, the Canadian government encourages cities to invest in smart city projects and innovative solutions. These funds help municipalities overcome financial obstacles and promote the adoption of smart city technologies. In addition, the government proposes policies and guidelines to support the integration of smart city solutions into urban planning and development.
• Focusing on state support and funding promotes a collaborative environment where the public and private sectors jointly develop and implement smart city projects. Public-Private Partnerships (PPP) allow cities to leverage the expertise and resources of private companies, leading to more comprehensive and effective smart city deployment.

Sustainable Infrastructure and Energy Management

• Canada's commitment to sustainability presents a significant opportunity for the Canada Smart Cities market. With a focus on environmental protection and reducing carbon dioxide emissions, there is a growing demand for smart solutions that promote sustainable infrastructure and energy management.
• Smart city technology can optimize energy consumption, improve energy efficiency and integrate renewable energy sources in city systems. Smart grids can, for example, monitor and adjust energy distribution based on real-time demand, reducing waste and promoting clean energy.
• In addition, energy-efficient buildings and smart lighting systems can minimize energy consumption and reduce greenhouse gas emissions. Smart transport solutions, such as electric vehicle charging infrastructure and intelligent traffic management systems, reduce the carbon footprint and improve air quality.
• The option of sustainable infrastructure and energy management is consistent with Canada's commitment to combating climate change and transitioning to a low-carbon economy. Smart city initiatives focused on sustainability not only help cities achieve environmental goals, but also provide financial benefits by reducing long-term operating costs and attracting investment in green technologies.

                                                                                                                                                                                                   Source: Statista

According to the Graph, the revenue of Canada's smart city market from 2019 to 2022, with figures increasing from 0.62 billion US dollars in 2019 to 1.1 billion US dollars in 2022. The consistent revenue growth of Canada's smart city market, from 0.62 billion US dollars in 2019 to 1.1 billion US dollars in 2022, signifies the steady progress and increasing maturity of the smart city initiatives in the country." The revenue growth over the years suggests that there has been a steady increase in investment and implementation of smart city technologies and solutions in Canada. As the revenue has risen year after year, it indicates that more cities and municipalities in Canada are embracing smart city projects to enhance their infrastructure, services, and overall urban living experiences.

Segmentation Analysis of The Canada Smart Cities Market

Canada Smart Cities market segments cover the Solution and Service, Component, Level, and End-user. By Solution and Service, the Smart Building segment is Anticipated to Dominate the Market Over the Forecast Period.

• Canada's commitment to sustainability presents a significant opportunity for the Canada Smart Cities market. The demand for smart solutions focused on environmental protection and reducing carbon dioxide emissions is increasing, which promotes a sustainable infrastructure and energy economy.
• Smart city technology can optimize energy consumption, improve energy efficiency and integrate renewable energy sources in city systems. For example, smart grids can monitor and adjust energy distribution based on real-time demand, reduce waste, and promote clean energy.
• In addition, energy-efficient buildings and smart lighting systems can minimize energy consumption and reduce greenhouse gas emissions. Smart transport solutions, such as electric vehicle charging infrastructure and intelligent traffic management systems, reduce the carbon footprint and improve air quality.

Country Analysis of The Canada Smart Cities Market

Ontario is Expected to Dominate the Market Over the Forecast Period.

• Ontario stands out as the dominant province in Canada's smart city market, housing major Canada Smart Cities like Toronto, Ottawa, and Waterloo. These cities are making substantial investments in smart city technologies, particularly in areas such as smart transportation, energy, and water management.
• The growth potential for Ontario's smart city market is considerable due to several favorable factors. Its large population of over 14 million provides a substantial market for smart city solutions. Additionally, the province's strong economy, boasting a GDP of over $1 trillion, enables significant resources to be allocated for smart city initiatives.
• Moreover, the Ontario government actively supports the development of Canada Smart Cities, evident through various initiatives, including the Canada Smart Cities Challenge. This supportive stance from the government encourages further advancements in smart city technologies and their integration into urban planning and development.
• While other provinces, such as British Columbia, Quebec, and Alberta, are also investing in smart city technologies, Ontario's combination of a large population, robust economy, and favorable government support establishes it as the primary leader in the smart city market across Canada.

Covid-19 Impact Analysis on Canada Smart Cities Market

• The pandemic has accelerated the pace of digital transformation in Canadian cities. With the need for remote work, online services, and contactless communication, cities have quickly adopted digital technologies to maintain essential services and support business continuity.
• COVID-19 has highlighted the importance of health and public safety in smart city planning. Cities are exploring smart solutions for contact tracing, social distancing, and deploying IoT-enabled devices to support healthcare and first aid.
• The pandemic has disrupted traditional transportation systems, causing changes in movement patterns. Canadian cities have turned to smart mobility solutions, including bike-sharing programs, micro-mobility options and integration of real-time traffic data to respond to changing driving patterns.
• The pandemic has highlighted the importance of resilience and crisis management in Canada Smart Cities. Cities are evaluating and improving their emergency response systems, leveraging data analytics and the Internet of Things to more effectively allocate resources during emergencies.

Top Key Players Covered in The Canada Smart Cities Market

• ABB Limited (Switzerland)
• Accenture (Ireland)
• Ericsson (Sweden)
• GE (USA)
• Hitachi (Japan)
• IBM (USA)
• Intel (USA)
• Microsoft (USA)
• Oracle (USA)
• Google LLC (US)
• Cisco (US)
• Panasonic (Japan)
• Siemens (Germany)
• Smart City Systems (Canada)
• Thales (France)
• Verizon (USA)
• Waterloo Innovation Centre (Canada)
• Wipro (India)
• Clevest Solutions Inc (Canada)
• Ecopia Tech Corporation (Canada), and Other Major Players

Key Industry Developments in the Canada Smart Cities Market

In March 2023, Wipro Limited, a leading technology services and consulting company, announced the launch of its “5G Def-i” platform. The integrated platform – which empowers businesses to seamlessly transform their infrastructure, networks, and services –debuted during the MWC Barcelona panel “Realizing the Ambitions of the Connected Enterprise.”

In April 2023, Ericsson continued to drive the Open RAN and Cloud RAN ecosystem forward, adding Dell Technologies as a Cloud RAN infrastructure collaborator. Expanding the ecosystem with new collaborators and technologies is one of the key drivers in Open RAN and Cloud RAN architectures. Ericsson is partnering with Dell as a supplier of Dell PowerEdge servers for its Cloud RAN offering.