The Smart Cities Market is segmented on the basis of focus areas (smart transportation, smart buildings, smart utilities, and smart citizen services) and regions. MarketsandMarkets forecasts the global smart cities market size to grow from USD 308.0 billion in 2018 to USD 717.2 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 18.4% during the forecast period. The factor driving the growth of the smart cities market is companies’ need to get government smart city projects for maintaining their positions in the market.
The major factor expected to drive the growth of the smart cities market is the growing demand and need for public safety and communication infrastructure, as every city needs to ensure that communications platforms are established and accessible to realize the concept of smart cities in an open and resource-efficient manner. The growing adoption rate of cloud and IoT, increasing demand for a clean and safe environment, and rising criminal activities are the major factors that are driving the public safety and communications segment, which in turn, are positively increasing the growth of smart cities market
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The connected vehicle segment is expected to grow at the highest CAGR during the forecast period. Connected vehicles offer data, such as vehicles’ location, engines’ performance, drivers’ behavior, and route planning. The safety of vehicles and drivers is one of the popular factors driving the market growth.
The market size of the advanced metering infrastructure segment is expected to record the highest market share during the forecast period. It is also expected to witness the highest CAGR, due to the growing rollout of smart grids that are increasing the demand for the advanced metering infrastructure solution.
The smart cities market has been witnessing tremendous growth in countries, such as China and Singapore, which are currently in the growing phase. This strong growth has offered huge growth opportunities for smart cities solution providers in these countries. The market in APAC is expected to gain momentum, owing to the increasing demand for parking management, emergency management, distribution management, and other components of smart cities.
The high-speed network connectivity has created many opportunities across sectors, such as energy, healthcare, transportation, utilities, and others, for smart cities solution providers so that they can better monitor and manage the entire infrastructure. The healthcare sector has already initiated the implementation of IoT across application areas, including remote consultation and monitoring, virtual health kiosks and portals, and electronic personal health records. The IoT in the transportation sector helps in congestion control, safety maintenance, city traffic surveillance, and crime reduction by implementing intelligent surveillance tools, such as intelligent cameras.
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In the smart cities market, the key and emerging market players include Cisco Systems (US), IBM (US), Siemens AG (Germany), Schneider Electric (France), Ericsson (Sweden), Vodafone (UK), Itron Inc. (US), Verizon (US), Telensa (England), ABB (Switzerland), Honeywell International Inc. (US), SAP SE (Germany), KAPSCH Group (Austria), and AGT International (Switzerland). These players have adopted various strategies to grow in the global smart cities market.
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