China Smart Cities Market to 2023 – Growing Steady at 14.5% CAGR and Projected to Reach US$ 59.9 Billion

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The China Smart Cities Market is projected to reach US$ 59.9 Billion by 2023 from US$ 30.4 Billion in 2018, at a Compound Annual Growth Rate (CAGR) of 14.5%. The China smart cities market is driven by various factors, such the increase in population, need for rapid urbanization, and governments’ investments and several policies to speed up the successful implementation and development of smart cities projects.

“The smart infrastructure segment has the largest market share during the forecast period”
The Government of China is supporting policies under the “Made in China 2025” initiative to assist industrial R&D and strive for Fifth Generation (5G) commercialization by 2020.The country is more intended toward implementing the 5G technology for a multitude of life-transforming applications, such as 3D video to immersive media, autonomous vehicles, and the enablement of smart cities with ultra-high data rates, enhanced capacity, and reduced latency. China is expecting to reach576 million 5G connections by 2025, which covers almost 40% of the 5G connections globally.

Another technology, i.e., cloud computing, is able to fulfill the need for rapid processing of massive data required during the construction of smart cities. It improves the computing capabilities and storage use by leveraging virtual technologies to perform dynamic allocation of computing requests. Cloud computing offers complete cyber security by monitoring and protecting the stored data. This technology is widely used across various sectors in smart cities, specifically in healthcare, insurance, and government.

The breakdown of the profiles of the primary participants is as follows:
• By Company Type: Tier 1: 20%, Tier 2: 55%, and Tier 3: 25%
• By Designation: C-level Executives: 45%, Directors: 36%, and Others:19%

The Study Objectives of this report are:

• To analyze market opportunities for the stakeholders and provide details of the competitive landscape for key players

• To profile the key players and comprehensively analyze their core competencies in terms of key market developments, product portfolios, and financials

• To provide detailed information about the factors influencing market growth (drivers, restraints, opportunities, and challenges)

• To define, describe, segment, and forecast the smart cities market in China by smart transportation, smart infrastructure, and video

• To track and analyze competitive developments, such as acquisitions, product developments, partnerships, agreements, collaborations, and business expansions in the smart cities market in China

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#Top Key Players in the “China Smart Cities Market” include are Advantech (China), Kontron (Germany), CRRC (China), Hollysys (China), Nari Technology (China), China Railway Electrification Engineering Group (China), Hikvision (China), Dahua Technology (China), and Seavo Technology (China).

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