Press release
Global Smart Cities Market is Estimated to Grow at a CAGR of 28.7% Forecast by 2023 | Top Key Players – CISCO Systems Inc., Hitachi Ltd., International Business Machines (IBM) Corporation, General Electric (GE)
Smart cities represent the incorporation of information and communication technologies (ICT) to enhance the performance and quality of urban services such as transportation, energy and utilities, to reduce resource consumption, overall costs and wastage. Smart city solutions can be incorporated in diverse areas of urban living, be it major tourism hubs or small communities striving to become sustainable. The global smart cities market is anticipated to reach USD 2,276.03 Bn by 2023 and grow at a CAGR of 28.7% during the forecast period of 2018-2023.
Smart cities are developed and applied to a huge number of different domains and applications, integrated with technological advancements and their effective usage in providing services to people. The need for effective solutions for managing cities is leading to the growth of smart cities around the world. The market is classified into two primary segments.
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Based on component: solutions and services
Based on application: 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
On the basis of regions, the market is segmented into North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa.
Key growth factors
The expansion of cities and rapid urbanization are the major drivers for the adoption of intelligent and smart solutions. 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. Soaring adoption of novel technologies that complement 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. Smart meters can be integrated with an IHD or in-home display, to provide instant information on gas and electricity usage in a household. Rising popularity of smart industrial automation in a variety of manufacturing industries is expected to fuel the market.
Threats and key players
The nascent nature of many smart cities solutions and the need to verify ROI prior to wider execution of plans by budget-conscious cities create obstacles for the growth of this market. Cities delaying the development of cohesive smart cities’ visions and strategies, lack of multi-stakeholder buy-in to support smart cities initiatives and a shortage of adequate and compelling funding models and resources are some of the challenges faced by the market.
Some of the prominent competitors in smart cities market are :-
CISCO Systems Inc.
Hitachi Ltd.
International Business Machines (IBM) Corporation
General Electric (GE)
Schneider Electric
among others
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Table Of Content@
Chapter 1: Executive summary
1.1. Market scope and segmentation
1.2. Key questions answered in this study
1.3. Executive summary
Chapter 2: Global smart cities market - market overview
2.1. Market definitions
2.2. Global market overview- market trends, market attractiveness analysis, geography wise market revenue (USD)
2.3. Global - market drivers and challenges
2.4. Value chain analysis – Global smart cities market
2.5. Porter’s Five Forces Analysis
2.6. Market size- By component (smart cities solution revenue, smart cities services revenue)
2.6. a. Smart cities’ solution- Historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), key observations
2.6. b. Smart cities’ services- Historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), key observations
2.7. Market size- By application (smart industry automation revenue, smart power supply system revenue, smart security revenue, smart education revenue, smart living and building revenue, smart medicare revenue, smart transport revenue, smart water network revenue)
2.7. a. Smart industry automation - Historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), key observations
2.7. b. Smart power supply system - Historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), key observations
2.7. c. Smart security - Historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), key observations
2.7. d. Smart education - Historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), key observations
2.7. e. Smart living and building - Historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), key observations
2.7. f. Smart medicare - Historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), key observations
2.7. g. Smart transport - Historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), key observations
2.7. h. Smart water network - Historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), key observations
2.7. i. Others - Historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), key observations
Continue…@
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