Smart Cities Market to Perceive Substantial Growth due to Technological Innovations and Digitalization During Forecast Period

The Global Smart Cities Market is expected to reach a mark of USD 3,000 million by 2024, at a CAGR over 21% during the forecast period. Significant growth in next-generation technologies such as artificial intelligence (AI), personalized healthcare, sustainable energy generation and robotics are driving the smart cities’ future. Moreover, increase in residential preference towards adoptionof advanced information and communication technologies (ICT) escalates the future market growth.

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With the rise of innovation and digitalization of industry applications, particularly in the residential sector, countries across the globe are actively looking for solutions to balance economic, technological and social development. With increase in population, data is also becoming more readily available now-a-days. Communities are turning to innovative information communication technologies (ICT) to re-imagine the way in which people of the residents live, work or play. IoT is playing a significant role in driving safer and smarter cities from changing the vision into reality.

The market overview section of the report demonstrates market dynamics such as drivers, restraints, and opportunities that talks about the current nature and future scenario of the said market, key market indicators, end-user adoption analysis. Further, key market indicators included in the report provide the significant factors which are capable to define the market position of global smart cities market.

IoT as a Key Smart City Enabler is driving the global Smart Cities market
Globally, communities are turning to innovative information communication technologies (ICT) to re-imagine the way in which residents live, work and play, and the IoT is playing a growing role in driving safer and smarter cities from just a vision into reality.

• Since in an IoT solution, devices and sensors are connected to a network so that they can communicate with each other, or send data to a cloud-based platform where it is combined with data from other peripherals to be processed, with the value coming from the resulting analytics; rapid technological changes across these three elements are helping to further accelerate the global smart cities market to new level. Further, smart cities which are in process to get developed across the world are using innovative IoT solutions to decrease costs across services provided: that is in electricity by using smart grids and meters, and water by using sensors to reduce wastage, and in refuse collection to enhance delivery and fleet utilization. Also, connected street lamps are now helping municipalities save up to 80% in lighting energy costs and 90% in maintenance costs through the adoption advance IoT practices, thereby strengthening the positive growth of IoT in smart cities.

Global Smart Cities Market: Key Stakeholders

• Educated Citizens
• Business Owners
• Public Interest Group
• Municipal Authorities
• Professional Service Providers
• Utility / Service Providers
• Academic and Research Institutes
• Security Equipment Providers
• Software & Hardware Providers
• Telecommunication Providers
• Cloud Service Providers
• Real Estate Builders
• Safety Standard Providers
• Investors

Global Smart Cities Market: Research Summary

According to BlueWeave Consulting, the key findings of the report “Global Smart Cities Market Size, Share, Development, Growth and Demand Forecast to 2024” are:

• As per the research, hardware components have been the largest revenue generators in the global smart cities market, as compared to others. Also, among various types of applications, smart governance was the largest revenue contributor in 2017. Moreover, among the smart utilities category, smart energy applications is expected to continue contributing the largest revenue, during the forecast period

• Europe has been the largest revenue contributor to this market. According to the research, the region is expected to lead this market over a longer period. Cities in Europe such as Italy and the U.K. have been deploying smart cities solutions from ages, which makes the region forerunner in this industry

• However, the markets in Asia-Pacific, particularly cities in the Asian region are expected to witness fastest growth during the forecast period. The upsurge in urbanization, along with purposed investment in smart cities coupled with changing consumer preferences, is expected to boost the growth rate of smart cities market in the region

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Global Smart Cities Market: Competitive Dynamics

Many new players have entered into this market along with several small and medium players. The leading players are focusing especially on technological improvements through organic and inorganic growth strategies. Some of the major companies operating in this industry include IBM Corporation, The ADT Corporation, Cisco Systems Inc., Oracle Corporation, AT&T Inc., SAP SE, Intel Corporation, General Electric, Schneider Electric SE, and Xerox Corporation.

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