Smart Cities Market: Potential and Niche Segments, Geographical Regions and Trends 2025

Smart cities use different information and communication technologies to fuel sustainable economic growth. They are focused to provide enhanced urban services to reduce overall resource costs and energy consumption. The factor that drives the global smart cities market includes continuous growth in urbanization resulting in increasing demand for smart technology for efficient day-to-day services for better resource management. In addition, proactive government solutions for smart cities deployment due to the wide adoption of Internet of Things (IoT) devices is expected to boost the growth of the global market. Based on functional area, the smart infrastructure segment dominated the global smart cities market in 2017 due to demand of advanced security and safety devices among public organizations. Furthermore, the smart energy segment is expected to grow at the highest CAGR during the forecast period due to increase in demand for energy efficient solutions driving the adoption of smart energy meters to meet the unique challenges associated with the increasing demand of energy for continuously growing population.

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According to a recent report published by Allied Market Research, titled,"Smart cities Market by Functional Area and Region: Global Opportunity Analysis and Industry Forecast, 2018 - 2025,"the global smart cities market was valued at $517,629 million in 2017 and is projected to reach $2,402,123 million by 2025, registering a CAGR of 21.28% from 2018 to 2025. In 2017, smart infrastructure segment accounted for the highest revenue in the market.

China is expected to grow at the highest CAGR during the forecast period due to significant growth in adoption of smart cities solutions on account of large number of smart cities pilot projects in the country.

The smart infrastructure segment dominated the overall smart cities market share in 2017 due to its significant adoption of security and transportation solutions among its users. Moreover, smart energy is expected to attain the highest growth rate during the forecast period.

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Key Findings of the Smart cities Market:
By end user, the smart infrastructure segment dominated the global smart cities market during the forecast period.
In 2017, North America accounted for the highest revenue among the other regions.
By region, Asia-Pacific is anticipated to exhibit substantial growth during the forecast period.

Key Market Players

AT&T, Inc.

Cisco Systems Inc.

Ericsson

General Electric

Hitachi Ltd.

Huawei Technologies Co., Ltd.

IBM Corporation

Intel Corporation

Microsoft Corporation

Schneider Electric SE

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We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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