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Zillow Group Reports Third-Quarter 2024 Financial Results

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SEATTLE, Nov. 6, 2024 /PRNewswire/ — Zillow Group, Inc. (NASDAQ: Z and ZG), which is transforming the way people buy, sell, rent and finance homes, today announced its consolidated financial results for the three months ended September 30, 2024.

Complete financial results for the third quarter and outlook for the fourth quarter of 2024 can be found in our shareholder letter on the Investor Relations section of Zillow Group’s website at https://investors.zillowgroup.com/investors/financials/quarterly-results/default.aspx

“Zillow had another strong quarter, with 17% total revenue growth year over year. I’m proud of how we are executing our strategy to serve renters, buyers, sellers, agents and the broader residential real estate industry,” Zillow CEO Jeremy Wacksman said. “We continue to invest in tech solutions to build the integrated transaction experience consumers demand and deserve. These investments give Zillow an advantage as we connect high-intent movers with high-performing agents, driving adoption of our services and contributing to increased revenue.”

Recent highlights include:

Zillow Group’s third-quarter results exceeded the company’s outlook for revenue and Adjusted EBITDA.

Q3 total revenue was $581 million, up 17% year over year and above the midpoint of the company’s outlook range by $28 million. Q3 revenue outperformed the residential real estate industry total transaction value1 growth of 2%, as well as total industry purchase loan origination volume, which the company estimates declined in the low single digits in Q3.

Residential revenue was up 12% year over year in Q3 to $405 million, benefiting from continued conversion improvements as more buyers and sellers transacted with Zillow agent partners.

Rentals revenue increased 24% year over year to $123 million, primarily driven by multifamily revenue growing 38% year over year in Q3.

Mortgages revenue increased 63% year over year to $39 million, primarily due to an 80% year-over-year increase in purchase loan origination volume to $812 million in Q3.

On a GAAP basis, net loss was $20 million, or 3% of total revenue, in Q3.

Q3 Adjusted EBITDA was $127 million, or 22% of total revenue, $24 million above the midpoint of the company’s outlook range, driven primarily by higher-than-expected Residential revenue.

Cash and investments at the end of Q3 were $2.2 billion, down from $2.6 billion at the end of Q2.

Traffic to Zillow Group’s mobile apps and sites in Q3 was 233 million average monthly unique users, up 1% year over year. Visits during Q3 were 2.4 billion, up 3% year over year.

1 National Association of Realtors® existing homes sold during Q3 2024 multiplied by the average selling price per home for Q3 2024,

compared with the same period in 2023.

Third Quarter 2024 Financial Highlights

The following table sets forth Zillow Group’s financial highlights for the periods presented (in millions, except percentages, unaudited):

Three Months Ended
September 30,

2023 to 2024
% Change

Nine Months Ended
September 30,

2023 to 2024
% Change

2024

2023

2024

2023

Revenue:

Residential

$                405

$                362

12 %

$             1,207

$             1,103

9 %

Rentals

123

99

24 %

337

264

28 %

Mortgages

39

24

63 %

104

74

41 %

Other

14

11

27 %

34

30

13 %

Total revenue

$                581

$                496

17 %

$             1,682

$             1,471

14 %

Other Financial Data:

Gross profit

$                441

$                386

$             1,289

$             1,165

Net loss

$                 (20)

$                 (28)

$                 (60)

$                 (85)

Adjusted EBITDA (1)

$                127

$                107

$                386

$                322

Percentage of Revenue:

Gross profit

76 %

78 %

77 %

79 %

Net loss

(3) %

(6) %

(4) %

(6) %

Adjusted EBITDA (1)

22 %

22 %

23 %

22 %

(1) Adjusted EBITDA is a non-GAAP financial measure; it is not calculated or presented in accordance with U.S. generally accepted

accounting principles, or GAAP. See below for more information regarding our presentation of Adjusted EBITDA, including a 

reconciliation of Adjusted EBITDA to the most directly comparable GAAP financial measure, which is net loss, for each of the

periods presented.

Conference Call and Webcast Information

Zillow Group will host a live webcast to discuss these results today at 2 p.m. Pacific Time (5 p.m. Eastern Time). Please register for the live event at https://zillow-q3-24-financial-results.open-exchange.net. A shareholder letter and link to both the live webcast and recorded replay of the call may be accessed in the Quarterly Results section of Zillow Group’s Investor Relations website.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that involve risks and uncertainties, including, without limitation, statements regarding the future performance and operation of our business, and our business strategies and ability to translate such strategies into financial performance. Statements containing words such as “may,” “believe,” “anticipate,” “expect,” “intend,” “plan,” “project,” “predict,” “will,” “projections,” “continue,” “estimate,” “outlook,” “guidance,” “would,” “could,” “strive,” or similar expressions constitute forward-looking statements. Forward-looking statements are made based on assumptions as of November 6, 2024, and although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee these results. Differences in Zillow Group’s actual results from those described in these forward-looking statements may result from actions taken by Zillow Group as well as from risks and uncertainties beyond Zillow Group’s control.

Factors that may contribute to such differences include, but are not limited to: the current and future health and stability of the economy and United States residential real estate industry, including changes in inflationary conditions, interest rates, housing availability and affordability, homeowners insurance rates, labor shortages and supply chain issues; our ability to manage advertising and product inventory and pricing and maintain relationships with our real estate partners; our ability to establish or maintain relationships with listing and data providers, which affects traffic to our mobile applications and websites; our ability to comply with current and future rules and requirements promulgated by National Association of Realtors®, multiple listing services, or other real estate industry groups or governing bodies, or decisions to repeal, amend, or not enforce such rules and requirements; our ability to navigate industry changes, including as a result of past, pending or future class action lawsuits, settlements or government investigations, which may include lawsuits, settlements or investigations in which we are not a named party, such as the National Association of Realtors® settlement agreement entered into on March 15, 2024; uncertainties related to the November 2024 elections in the United States; our ability to continue to innovate and compete to attract customers and real estate partners; our ability to effectively invest resources to pursue new strategies, develop new products and services and expand existing products and services into new markets; our ability to operate and grow Zillow Home Loans, our mortgage origination business, including the ability to obtain or maintain sufficient financing to fund its origination of mortgages, meet customers’ financing needs with its product offerings, continue to grow the origination business and resell originated mortgages on the secondary market; the duration and impact of natural disasters, geopolitical events, and other catastrophic events (including public health crises) on our ability to operate, demand for our products or services, or general economic conditions; our ability to maintain adequate security measures or technology systems, or those of third parties on which we rely, to protect data integrity and the information and privacy of our customers and other third parties; the impact of past, pending or future litigation and other disputes or enforcement actions, which may include lawsuits or investigations to which we are not a party; our ability to attract, engage, and retain a highly skilled workforce; acquisitions, investments, strategic partnerships, capital-raising activities, or other corporate transactions or commitments by us or our competitors; our ability to continue relying on third-party services to support critical functions of our business; our ability to protect and continue using our intellectual property and prevent others from copying, infringing upon, or developing similar intellectual property, including as a result of generative artificial intelligence; our ability to comply with domestic and international laws, regulations, rules, contractual obligations, policies and other obligations, or to obtain or maintain required licenses to support our business and operations; our ability to pay our debt, settle conversions of our convertible senior notes, or repurchase our convertible senior notes upon a fundamental change; our ability to raise additional capital or refinance our indebtedness on acceptable terms, or at all; actual or anticipated fluctuations in quarterly and annual results of operations and financial position; actual or perceived inaccuracies in the assumptions, estimates and internal or third-party data that we use to calculate business, performance and operating metrics; and volatility of our Class A common stock and Class C capital stock prices.

The foregoing list of risks and uncertainties is illustrative but not exhaustive. For more information about potential factors that could affect Zillow Group’s business and financial results, please review the “Risk Factors” described in Zillow Group’s publicly available filings with the United States Securities and Exchange Commission. Except as may be required by law, Zillow Group does not intend and undertakes no duty to update this information to reflect future events or circumstances.

About Zillow Group, Inc.

Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make home a reality for more and more people. As the most visited real estate website in the United States, Zillow and its affiliates help people find and get the home they want by connecting them with digital solutions, dedicated partners and agents, and easier buying, selling, financing, and renting experiences.

Zillow Group’s affiliates, subsidiaries and brands include Zillow®, Zillow Premier Agent®, Zillow Rentals®, Zillow Home Loans℠, Trulia®, Out East®, StreetEasy®, HotPads®, ShowingTime+SM, Spruce® and Follow Up Boss®.

All marks herein are owned by MFTB Holdco, Inc., a Zillow affiliate. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org). © 2024 MFTB Holdco, Inc., a Zillow affiliate.

Please visit https://investors.zillowgroup.com, www.zillowgroup.com/news, and www.x.com/zillowgroup, where Zillow Group discloses information about the company, its financial information and its business that may be deemed material.

The Zillow Group logo is available at https://zillowgroup.mediaroom.com/logos-photos

(ZFIN)

Use of Non-GAAP Financial Measures

To provide investors with additional information regarding our financial results, this press release includes references to Adjusted EBITDA, a non-GAAP financial measure. We have provided a reconciliation below of Adjusted EBITDA to net loss, the most directly comparable GAAP financial measure. We have not provided a quantitative reconciliation of forecasted GAAP net income (loss) to forecasted Adjusted EBITDA within this press release because we are unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include but are not limited to: income taxes that are directly impacted by unpredictable fluctuations in the market price of the company’s capital stock; depreciation and amortization from new acquisitions; impairments of assets; gains or losses on extinguishment of debt; and acquisition-related costs. These items, which could materially affect the computation of forward-looking GAAP net income (loss), are inherently uncertain and depend on various factors, many of which are outside of our control. We have not provided a reconciliation of forecasted Adjusted EBITDA margin to net income (loss) margin, the most directly comparable GAAP financial measure, for the same reasons.

Adjusted EBITDA is a key metric used by our management and board of directors to measure operating performance and trends and to prepare and approve our annual budget. In particular, the exclusion of certain expenses in calculating Adjusted EBITDA facilitates operating performance comparisons on a period-to-period basis.

Our use of Adjusted EBITDA has limitations as an analytical tool, and you should not consider this measure in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are:

Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs;

Adjusted EBITDA does not consider the potentially dilutive impact of share-based compensation;

Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditures or contractual commitments;

Adjusted EBITDA does not reflect impairment and restructuring costs;

Adjusted EBITDA does not reflect acquisition-related costs;

Adjusted EBITDA does not reflect loss on extinguishment of debt;

Adjusted EBITDA does not reflect interest expense or other income, net;

Adjusted EBITDA does not reflect income taxes; and

Other companies, including companies in our own industry, may calculate Adjusted EBITDA differently from the way we do, limiting its usefulness as a comparative measure.

Because of these limitations, you should consider Adjusted EBITDA alongside other financial performance measures, including various cash-flow metrics, net loss and our other GAAP results.

Adjusted EBITDA

The following table presents a reconciliation of Adjusted EBITDA to net loss for each of the periods presented (in millions, unaudited):

Three Months Ended
September 30,

Nine Months Ended
September 30,

2024

2023

2024

2023

Reconciliation of Adjusted EBITDA to Net Loss:

Net loss

$             (20)

$             (28)

$             (60)

$             (85)

Income taxes

4

1

Other income, net

(34)

(34)

(101)

(108)

Depreciation and amortization

63

49

178

134

Share-based compensation

108

109

329

342

Impairment and restructuring costs

1

6

9

Acquisition-related costs

1

1

1

2

Loss on extinguishment of debt

1

Interest expense

9

9

28

27

         Adjusted EBITDA

$            127

$            107

$            386

$            322

 

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SOURCE Zillow Group, Inc.

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Shipshape Solutions Announces First Partner to Offer It’s Private Label App for Home Maintenance, Rescon Basement Solutions

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Shipshape Solutions launches Private Label App for Rescon Basement Solutions to offer customers home maintenance monitoring and alerts. This partnerships combines Rescon’s home services expertise with Shipshape’s smart home technology to enhance the customer experience in the trades.

AUSTIN, Texas, Nov. 6, 2024 /PRNewswire-PRWeb/ — Shipshape Solutions, a pioneer in smart home maintenance technology, today announced its partnership with Rescon Basement Solution (RBS), an industry leader in basement and foundation repair, to launch an innovative Private Label App for home maintenance monitoring. Designed to empower homeowners with proactive solutions, this first-of-its-kind app brings cutting-edge technology directly to RBS customers, allowing them to protect and maintain their homes with unprecedented ease.

“By partnering with Shipshape to launch this first-of-its-kind RBS app, we’re equipping our customers with the best tools available to keep their homes safe, efficient, and well-maintained.” – Christopher Brown, CEO and Founder of Rescon Basement Solutions

“At Rescon, we are committed to staying at the forefront of innovation in our industry, and Shipshape’s cutting-edge monitoring technology represents the future of home maintenance,” said Christopher Brown, CEO and Founder of Rescon Basement Solutions. “By partnering with Shipshape to launch this first-of-its-kind private label app, we’re equipping our customers with the best tools available to keep their homes safe, efficient, and well-maintained.”

The Rescon Private Label App, powered by Shipshape, allows RBS to integrate the latest smart home technology into their services, offering homeowners unprecedented control and insight into their home’s critical systems. The app’s key features include:

Real-time monitoring of critical systems, such as sump pumps and dehumidifiers, to detect issues before they become costly repairs.
Automated maintenance alerts to help ensure each system runs smoothly, extending the life of essential home components.
24/7 remote access to home system data, allowing users to monitor their homes from anywhere and make informed decisions.
Seamless service integration with RBS technicians, simplifying repairs and inspections to maintain peak home performance.

Adam Morrisey, Chief Growth Officer at Shipshape Solutions, emphasized the importance of this partnership: “Rescon is an industry leader partnering with Shipshape to transform the customer experience in home services.”

This partnership combines RBS’s home services expertise with Shipshape’s technological innovations to redefine the approach in the home maintenance industry by reducing the risks associated with unexpected home repairs and making it easier for homeowners to access their trusted service providers.

About Shipshape Solutions
Shipshape Solutions is on a mission to make homes smart enough to take care of themselves. The company’s predictive maintenance platform integrates smart home technology to provide homeowners with actionable insights that improve system performance, safety, and efficiency. Based in Austin, TX, Shipshape is revolutionizing the home services industry with its innovative solutions. For more information, visit http://www.shipshape.ai

About Rescon Basement Solutions
Rescon Basement Solutions is a trusted leader in basement waterproofing, foundation repair, and crawl space encapsulation in New England. Known for their commitment to quality and customer satisfaction, Rescon delivers innovative and reliable solutions to protect homes from water damage and foundation issues. Learn more at resconsolutions.com.

Media Contact

Adam Morrisey, Shipshape Solutions, Inc., (205) 207-5775, adam@shipshape.ai, www.shipshape.ai

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SOURCE Shipshape Solutions, Inc.

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Indium Tin Oxide (ITO) Market to Grow by USD 239.8 Million from 2024-2028, Driven by Rising Renewable Energy Dependence and AI-Powered Market Evolution – Technavio

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NEW YORK, Nov. 6, 2024 /PRNewswire/ — Report with the AI impact on market trends – The Global Indium Tin Oxide (ITO) market size is estimated to grow by USD 239.8 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  5.6% during the forecast period. Increasing dependency on renewable energy sources is driving market growth, with a trend towards increased deposition of silver nanoparticles on it. However, shortage in indium production poses a challenge.Key market players include Amalgamated Metal Corp. PLC, American Elements, Diamond Coatings Inc., ENAM OPTOELECTRONIC MATERIAL CO. LTD., ENEOS Holdings Inc., Guangxi Crystal Union Photoelectric Materials Co. Ltd., Indium Corp., Knight Optical Ltd., Kurt J Lesker Co., Merck KGaA, MITSUI MINING and SMELTING CO. LTD., NANOGRAFI Co. Inc., Nanoshel LLC, Nitto Denko Corp., NYACOL Nano Technologies Inc., OPCO Laboratory Inc., Otto Chemie Pvt. Ltd., Tosoh Corp., Ulvac Inc., and Umicore SA.

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Indium Tin Oxide (ITO) Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 5.6%

Market growth 2024-2028

USD 239.8 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

5.2

Regional analysis

APAC, North America, Europe, South America, and Middle East and Africa

Performing market contribution

APAC at 53%

Key countries

China, Japan, South Korea, US, and Canada

Key companies profiled

Amalgamated Metal Corp. PLC, American Elements, Diamond Coatings Inc., ENAM OPTOELECTRONIC MATERIAL CO. LTD., ENEOS Holdings Inc., Guangxi Crystal Union Photoelectric Materials Co. Ltd., Indium Corp., Knight Optical Ltd., Kurt J Lesker Co., Merck KGaA, MITSUI MINING and SMELTING CO. LTD., NANOGRAFI Co. Inc., Nanoshel LLC, Nitto Denko Corp., NYACOL Nano Technologies Inc., OPCO Laboratory Inc., Otto Chemie Pvt. Ltd., Tosoh Corp., Ulvac Inc., and Umicore SA

Market Driver

Indium Tin Oxide (ITO) is a transparent conducting oxide material widely used in various industries due to its superior optical and electrical properties. One method to enhance these properties is by depositing noble metal nanoparticles, such as silver, onto ITO surfaces. Silver nanoparticles, in particular, exhibit unique properties like large surface energies and quantum confinement effect, leading to strong responses in the visible light region. The plasma-assisted hot-filament evaporation (PAHFE) technique is used to produce high-density crystalline silver nanoparticles on ITO, controlling their size and distribution. This improvement in ITO’s properties opens up new applications, including touchscreens, solar cells, and sensors, driving the growth of the Indium Tin Oxide market during the forecast period. 

Indium Tin Oxide, or ITO, is a transparent semiconductor made from Indium, Tin, and Oxygen. It’s produced using methods like electron beam evaporation and sputter deposition. ITO is known for its high transparency and conductivity, making it ideal for various applications. These include touch panels, sensors, flat panels, electroluminescent displays, photovoltaic cells, and heat reflective coatings. ITO’s physical properties make it excellent for electromagnetic induction shielding, ultraviolet resistance, and colorfastness. In electronics, ITO is used in touchscreens, shield glass, and advanced driver assistance systems in smart devices, screens (televisions, tablets, smartphones, cameras, computer monitors), and even in smart automobiles. Its uses extend to construction with applications in gas sensors and LCD displays. ITO is a versatile material, contributing significantly to the semiconductor industry. 

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Market Challenges

Indium tin oxide (ITO) is a crucial material in the electronics industry, accounting for 90% of its composition. However, the availability of indium, the primary component of ITO, is uncertain due to trade restrictions and quotas imposed by major producers like China. These policies have resulted in indium supply shortages, potentially impacting the ITO market and downstream industries. Recycling and advanced refining technologies offer potential solutions to restore the supply-demand balance. Despite minor imbalances, the long-term indium supply is expected to pose challenges to the ITO market growth during the forecast period.Indium Tin Oxide (ITO) is a transparent conducting oxide widely used in various industries, including electronics, construction, and energy. In flat panels, ITO is essential for LCD displays, electroluminescent displays, and touchscreens. In the photovoltaic sector, it’s used in solar cells. ITO also finds applications in heat reflective coatings, shield glass, and RF interference shielding. However, challenges persist. Flat panels face intense competition from OLED and QLED technologies. In electroluminescent displays and photovoltaic cells, ITO’s high cost is a concern. ITO’s use in touchscreens and heat reflective coatings is threatened by alternatives like IZO and FTO. ITO’s physical properties, such as UV resistance and electronic conductivity, make it valuable in various sectors. In electronics, it’s used in semiconductors and smart devices like televisions, tablets, smartphones, cameras, computer monitors, and smart automobiles. In construction, ITO is used in energy-efficient windows. In the semiconductor industry, low-temperature vacuum deposition is a potential solution to reduce ITO’s production costs. Despite these challenges, the growing demand for mobile phones, flexible electronics, and energy-efficient technologies is expected to drive the ITO market forward.

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Segment Overview 

This indium tin oxide (ito) market report extensively covers market segmentation by  

Technology 1.1 Sputtering1.2 Vacuum evaporation1.3 Chemical vapor deposition1.4 Spray pyrolysis1.5 OthersApplication 2.1 Electrochromic displays and LCDs2.2 Touch panels2.3 Photovoltaics2.4 Transparent electrodes2.5 OthersGeography 3.1 APAC3.2 North America3.3 Europe3.4 South America3.5 Middle East and Africa

1.1 Sputtering-  ITO (Indium Tin Oxide) films are primarily produced using sputtering techniques due to their high-quality, homogeneous, and pure nature. Among these techniques, traditional sputtering offers adaptability in depositing ITO films on substrates. However, it has drawbacks such as substrate overheating and low deposition rates due to secondary electron bombardment from the target. In response, magnetron sputtering has emerged as a preferred method, delivering superior film quality, homogeneity, and adhesive strength. This trend is particularly prominent in APAC markets, including South Korea, Japan, and China, driven by the expanding touch panel manufacturing industry. The ITO market growth is primarily influenced by the sputtering segment’s increasing demand due to its crucial role in downstream industries.

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Research Analysis

Indium Tin Oxide (ITO) is a transparent conducting oxide made from the elements Indium, Tin, and Oxygen. It is widely used in various industries due to its unique physical properties. ITO is produced through techniques such as electron beam evaporation and sputter deposition, resulting in a thin protective coating with high transparency and conductivity. ITO is known for its excellent electromagnetic induction shielding and ultraviolet resistance, making it ideal for use in electronic devices, construction materials, and touch panels. Its colorfastness and heat reflective properties also make it suitable for use in gas sensors and other applications. ITO is a semiconductor, with the chemical formula In2O3:Sn, and is made up of alternating layers of Indium Oxide and Tin Oxide. Its high transparency and conductivity make it a popular choice for applications requiring transparent semiconductors. ITO is used in various industries, including electronics, construction, and automotive, due to its ability to enhance the performance of various materials and devices.

Market Research Overview

Indium Tin Oxide (ITO) is a transparent semiconductor material made by combining Indium, Tin, and Oxygen. ITO is known for its high transparency and electrical conductivity, making it an essential component in various electronic devices. It is typically produced using techniques such as electron beam evaporation and sputter deposition. ITO functions as a thin protective coating in various applications, including touch panels, sensors, flat panels, electroluminescent displays, photovoltaic cells, and heat reflective coatings. ITO provides benefits such as colorfastness, electromagnetic induction shielding, and ultraviolet resistance. It is used extensively in the electronics industry for touchscreens, shield glass, and advanced driver assistance systems in smart devices like televisions, tablets, smartphones, cameras, computer monitors, and smart automobiles. ITO’s physical properties make it suitable for various applications, including energy-efficient windows, gas sensors, LCD displays, electrochromic displays, field emission displays, and electroluminescent displays. With the increasing demand for flexible electronics and energy-efficient devices, ITO is undergoing research for alternatives with lower-temperature vacuum deposition methods. ITO’s applications extend beyond electronics to construction, where it is used in various coatings for energy efficiency and radiation shielding.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

TechnologySputteringVacuum EvaporationChemical Vapor DepositionSpray PyrolysisOthersApplicationElectrochromic Displays And LCDsTouch PanelsPhotovoltaicsTransparent ElectrodesOthersGeographyAPACNorth AmericaEuropeSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Smart City ICT Infrastructure Market to Grow by USD 138.6 Billion from 2024-2028, Driven by Rising Smart City Investments and AI-Driven Market Transformation – Technavio

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NEW YORK, Nov. 6, 2024 /PRNewswire/ — Report with the AI impact on market trends – The global smart city information and communication technologies (ict) infrastructure market  size is estimated to grow by USD 138.6 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  23.74%  during the forecast period. Growing investments in smart cities is driving market growth, with a trend towards proliferation of smart city projects in emerging economies. However, growing adaption of machine-to-machine in various industries  poses a challenge.Key market players include ABB Ltd., Accenture Plc, AT and T, China Mobile Ltd., Cisco Systems Inc., Deutsche Telekom AG, Hitachi Ltd., Honeywell International Inc., Huawei Technologies Co. Ltd., International Business Machines Corp., Microsoft Corp., Nokia Corp., NTT Communications Corp., Oracle Corp., Schneider Electric SE, Siemens AG, Telefonaktiebolaget LM Ericsson, Telefonica SA, Verizon, and Vodafone Group Plc.

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Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Application (Communication, Transportation, Express, Governement, and Education), Component (Smart utilities, Smart transport, Smart home and building, and Others), and Geography (Europe, North America, APAC, Middle East and Africa, and South America)

Region Covered

Europe, North America, APAC, Middle East and Africa, and South America

Key companies profiled

ABB Ltd., Accenture Plc, AT and T, China Mobile Ltd., Cisco Systems Inc., Deutsche Telekom AG, Hitachi Ltd., Honeywell International Inc., Huawei Technologies Co. Ltd., International Business Machines Corp., Microsoft Corp., Nokia Corp., NTT Communications Corp., Oracle Corp., Schneider Electric SE, Siemens AG, Telefonaktiebolaget LM Ericsson, Telefonica SA, Verizon, and Vodafone Group Plc

Key Market Trends Fueling Growth

In developed economies of North America and Europe, smart city projects have been underway for over a decade, with numerous implementations. The Asia-Pacific region is the fastest-growing market for smart city technologies, driven by urban population growth and infrastructure development in emerging countries like India and China. For instance, India plans to implement pilot smart city projects in 100 cities, while China aims to build 500. The Association of Southeast Asian Nations (ASEAN) also supports smart urban development in 26 cities by 2025. Rapid urbanization, particularly in India, necessitates the deployment of smart city infrastructure to help governments, healthcare, and transportation providers respond effectively to urban challenges. With the increasing number of smart devices in these cities, a substantial amount of data will be generated, necessitating analysis for business improvement and innovation. Urban population growth, fueled by mass migration, will continue to expand the smart city market in emerging economies. 

At Spherical Insights & Consulting, we’re excited about the trends shaping the Smart City ICT Infrastructure market. With the Smart Cities Mission, urban areas are transforming into Intellectual Metropolises, integrating Digital Infrastructure for Smart Grid, Water Network, Healthcare, Education, Security, Transport, Express Industry, and more. Telecommunications are advancing with 5G Networks and Fiber-Optic Internet, while Wireless Technologies ensure Operational Efficiency and Citizens’ Welfare. Urban Practitioners leverage Innovative Technology for Smart Energy, Buildings, and Governance. Sustainable Development is at the core, focusing on Clean Environment, Water Supply, Sanitation, and Solid Waste Management. Urban Mobility and Public Transportation are essential for Urbanization and Affordable Housing. Smart Home, Digital Transformation, Cybersecurity, and Data Privacy are key areas of Economic Development. Let’s work together to create Sustainable, Connected, and Efficient Cities. 

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Market Challenges

•         The Smart City Information and Communication Technologies (ICT) market, specifically Machine-to-Machine (M2M) solutions, holds significant potential in various industries such as automotive, manufacturing, energy, healthcare, and military. Operators are challenged to provide unique M2M platforms catering to distinct use cases due to market fragmentation. M2M devices and applications necessitate different connectivity requirements than conventional mobile data devices, leading to potential network overload during emergencies or disasters with millions of connected devices. High signaling traffic from numerous small devices operating on and off the network further complicates matters. However, by optimally utilizing existing spectrum and network assets, profits can be maximized, resulting in reduced customer acquisition and support costs and increased revenue through the integration of new wireless devices and business processes. Integrating M2M devices with cellular M2M techniques is intricate for vendors, requiring redesigning of devices and integration with back-end infrastructure using middleware and enterprise application software. Factors like network overload, poor protocol implementation, and emergencies or disasters can impact the growth of the M2M market during the forecast period.

•         The Smart City ICT infrastructure market is a dynamic and growing industry focused on enhancing operational efficiency and improving citizens’ welfare in urban areas. This involves the deployment of innovative technology in sectors such as energy, buildings, transportation, governance, and residential living. Key challenges include ensuring a clean environment with sustainable solutions for water supply, sanitation, and solid waste management. Urban mobility and public transportation are also crucial, as is the provision of affordable housing, health, and education. Digital transformation is at the heart of this revolution, with cybersecurity and data privacy essential for protecting citizens’ information. Economic development, urbanization, and industrial transformation are also major drivers, with energy solutions, value-added resellers, investors, consulting firms, and venture capitalists playing key roles in driving innovation. Silicon Valleys and Intellectual Metropolises are hubs for this technological urban evolution, shaping the future of our cities.

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Segment Overview 

This smart city information and communication technologies (ict) infrastructure market report extensively covers market segmentation by

Application 1.1 Communication1.2 Transportation1.3 Express1.4 Governement1.5 EducationComponent 2.1 Smart utilities2.2 Smart transport2.3 Smart home and building2.4 OthersGeography 3.1 Europe3.2 North America3.3 APAC3.4 Middle East and Africa3.5 South America

1.1 Communication-  The communication segment of the global smart city ICT infrastructure market encompasses wireless networks, broadband infrastructure, IoT, smart grid, digital signage and displays, and public safety and emergency management technologies. Wireless networks serve as the foundation for modern smart city communications, enabling citizens and businesses to access information and services citywide. High-speed broadband connectivity is essential for numerous smart city applications, such as smart transportation, buildings, and energy. The IoT connects various devices and sensors, allowing city officials to monitor and manage city functions. The smart grid optimizes energy consumption, while digital signage and displays offer interactive communication channels. Public safety and emergency management technologies enhance response capabilities during crises. Overall, these communication solutions facilitate effective city-stakeholder interaction and enable city officials to manage various city aspects, fueling the demand for communication systems in the smart city market.

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Research Analysis

The Smart City Information and Communication Technologies (ICT) infrastructure market refers to the advanced digital systems and networks that enable the development of smart cities. These cities leverage ICT to optimize urban services and improve the quality of life for residents. Key areas of focus include Smart Grid for energy management, Smart Water Network for water conservation, Smart Healthcare for efficient healthcare delivery, Smart Education for digital learning, Smart Security for public safety, Smart Transport for efficient mobility, and the Express Industry for logistics optimization. Digital Infrastructure, Population Expansion, and the Smart Cities Mission are driving the demand for these technologies. Urban practitioners, Silicon Valleys, Intellectual Metropolis, and Innovative Technology are at the forefront of this transformation. Smart Energy, Smart Buildings, Smart Transportation, Smart Governance, Smart Residents, Sustainable Development, and Urban Landscapes are other essential components of a smart city. The ultimate goal is to create a city that is operationally efficient, citizen-centric, and sustainable.

Market Research Overview

The Smart City Information and Communication Technologies (ICT) infrastructure market refers to the deployment of advanced technologies and digital solutions to enhance urban living and promote sustainable development. Spherical Insights & Consulting reports that the market is witnessing significant growth due to the integration of various sectors such as Smart Grid, Smart Water Network, Smart Healthcare, Smart Education, Smart Security, and Smart Transport. The express industry, digital infrastructure, and telecommunications are also playing a crucial role in this transformation. Population expansion and government initiatives like the Smart Cities Mission are driving the demand for ICT infrastructure. Innovative technologies like 5G networks, fiber-optic internet, and wireless technologies are being adopted to ensure operational efficiency and improve citizens’ welfare. Urban practitioners and Silicon Valleys are collaborating to create Intellectual Metropolises, where smart energy, smart buildings, and smart transportation are becoming the norm. Smart Governance, smart residents, sustainable development, and urban landscapes are other areas where ICT infrastructure is making a significant impact. Infrastructure development, clean environment, water supply, sanitation, solid waste management, urban mobility, public transportation, affordable housing, health and education, smart home, and digital transformation are all benefiting from this technological revolution. Value-added resellers, investors, consulting firms, and venture capitalists are also showing interest in the market, recognizing the potential for economic development and industrial transformation. However, challenges such as cybersecurity, data privacy, and affordability remain, requiring ongoing attention and innovation.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ApplicationCommunicationTransportationExpressGovernementEducationComponentSmart UtilitiesSmart TransportSmart Home And BuildingOthersGeographyEuropeNorth AmericaAPACMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

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