Global Smart Cities Market Expected to Reach US$ 3,180,358.5 Million by 2024 – BWC Research

According to a new market report published by BlueWeave Consulting, 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 2024, reaching US$ 3,180,358.5 Mn by the end of the forecast period.

Greater involvement of the corporates and growing public-private partnerships are some of the major trends observed in this market. From past decade, electric vehicle (EV) concept has gained popularity for smart and sustainable development of urban as well as non-urban grounds due to a number of reasons, which is further firming the growth of this market.

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Europe contributed the largest revenue to the global smart cities market

Globally, accounting for nearly 50% of the Smart Cities market total revenues in 2017, and is expected to remain the largest market during the forecast period as well. The market in APAC is anticipated to witness the fastest growth in the coming years as the region sees rising demand for smart cities solutions due to change in consumer preferences and rising technology development. Potential growth is also expected from the market in Latin America during the forecast period

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.

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

Smart Cities Market: 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 craft beer 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 19.9% during 2018-2024.

Smart Cities Market: Competitive Dynamics

The research states that the global smart cities market is highly competitive, with players developing new smart cities applications and offering them through quick go-to-market strategy for higher market penetration. 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. In the recent past, partnerships have been the major recent activities in the smart cities industry.

For instance, in February 2018, Cisco and AT&T have announced a partnership for smart cities, with the networking giant to integrate its Cisco Kinetic for cities platform into various AT&T smart cities solutions, including the smart cities operations center (SCOC). The small players prevailing in this industry are focusing especially on technological improvements, and integrated and joint innovation practices to build an entirely new ecosystem for new upcoming smart cities. This would further strengthen small and medium players’ position and market presence, globally.

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