News Live: IOT as a Key Smart City Enabler Is Driving the Global Smart Cities Market | Market Value $ 3,180,358.5 Mn and expand at a CAGR of 21.5% from 2018 to 2025

Smart Cities Market: Overview
According to a new market report, the global Smart Cities market was valued at US$ 824,774.8 Mn in 2017 and is expected to expand at a CAGR of 21.5% from 2018 to 2025, reaching US$ 3,180,358.5 Mn by the end of the forecast period. According to the report, Europe was the largest contributor in terms of revenue to the Smart Cities market in 2017.

Global Smart Cities Market: Competitive Dynamics
Companies, such as IBM Corporation, The ADT Corporation, Cisco Systems, Inc., AT&T, Inc., SAP SE, and Intel Company are the key players in manufacturing Smart Cities. In terms of product offerings, IBM Corporation and Intel Company are the major players in the market, providing various Services in Smart Cities.

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Scope of the Report:
The global Smart Cities market is segmented on the basis of Component, and Application. On the basis of Component, the market is segmented into Hardware and Software. Hardware was the largest segment in the global smart cities market in 2017, and is estimated to witness the highest growth during 2018-2024.On the application basis, the market is segmented into Smart Governance, Smart Infrastructure, Smart Education, Smart Healthcare, Smart Security & Threats, Smart Utility, Smart Building, Smart Transportation, and Others. Smart Governance accounted for the largest segment in the global Smart Cities market in 2017.
On the basis of region the market is segmented into five parts namely North America, Europe, Asia Pacific, Middle-East & Africa and Latin America. Europe was the largest region in the global Smart Cities market in 2017 and it is estimated to grow over a CAGR of 19.3% during 2018-2024

The global Smart Cities market is segmented as below:
Global Smart Cities Market, by Types/Component
Hardware, Software

Global Smart Cities Market, by Applications
Smart Governance, Smart Utility, Smart Infrastructure, Smart Healthcare, Smart Security & Threat, Smart Education, Smart Building OTHER

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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.

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