Global Smart Cities Market Projected to Surge at a Notable CAGR of 28.7% during Forecast Period 2018-2023

Many cities are experiencing exponential growth as people move from rural areas in search of better jobs and education. In recent years, the need for effective solutions for managing cities is leading to the growth of smart cities around the world. Market Research Hub (MRH) has announced the inclusion of a study titled “Global Smart Cities Market (2018-2023)” to its massive database, which study presents a complete perspective on global smart cities market’s evolution throughout the above-mentioned forecast period in terms of revenue (in US$ Mn) and CAGR. The readers will further gain access to vital information regarding current trends and future propositions of the market across various geographies.

Initially, the research study presents market preface which talks about market definition, key research objectives, and research highlights. Further, the readers can access data about the executive summary that covers market snapshot of smart cities to enlighten them about the motive of the study. On the basis of regions, the market is categorized into North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa.

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Key Highlights from the Report

As the name implies, smart cities refer to cities built on smart and intelligent solutions and new technologies. According to the study evaluations, the global smart cities market is anticipated to reach a valuation of USD 2,276.03 billion by 2023 and grow at a remarkable CAGR of 28.7% during the forecast period of 2018-2023.

It has been analyzed during the research that the development of cities and rapid urbanization are the major drivers for the adoption of intelligent and smart solutions. Moreover, rising demand for smart city solutions is anticipated to be driven by factors such as growing urban population, need to efficiently manage limited natural resources, and increasing focus on environmental sustainability. Further, the study finds that the market for smart cities is also gaining interest due to advancement in automation technology and adoption of internet of things across various industries.

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The market has been further categorized on the basis of component into solutions and services. Major applications include smart industry automation, smart power supply system, smart security, smart education, smart living and building, smart medicare, smart transport, and smart water network and others. As per the report, rapid adoption of novel technologies which complements management of cities of the future is a major catalyst of industry growth. Increasing installation of smart meters is one of the key factors contributing to the growth of the market.

Later, the authors of the report have decoratively profiled the key players in order to provide a sound understanding of how the competitive landscape could shape in the near future. Presently, active players dominant in the smart cities market include International Business Machines (IBM) Corporation, CISCO Systems Inc., General Electric (GE), Hitachi Ltd., and Schneider Electric, among others

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This release was published on openPR.