Global Smart Cities Market To Expand With Favoring Initiatives Of The Government Of Nations By A CAGR Of Around 18.05% Throughout 2019-2027

Research Nester has released a report titled “Smart Cities Market – Global Demand Analysis & Opportunity Outlook 2027” which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter’s five force model.

The International Organization for Standardization (ISO) have formed the ISO 37100 (Sustainable cities and communities) family of standards which provides cities with an overall framework for defining sustainable development objectives as well as a roadmap to achieve them. The International Telecommunication Union (ITU), in partnership with IEC and ISO, along with the Government of the Province of Santa Fe and Universidad Tecnologica Nacional, Argentina, held The World Smart City Forum event on 29th of November 2018 and the event focused on the challenges in smart city development and how to solve those issues together.

The data portrays the strong inter-relationship between the two principal stakeholders, i.e. government and the private sector who are contributing significantly towards the growth of the global smart cities market by following a three-tier continuum that focuses on reshaping how the smart city digital infrastructure will develop, financed and delivered in the upcoming years. Favoring initiatives by the government across nations in the world along with the numerous consortiums held worldwide to promote the implementation of smart cities and the way forward to fight the challenges acknowledged with the implementation of smart city network, all of these factors are anticipated to contribute significantly towards the growth of the global smart cities market.

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The global smart cities market is anticipated to record a CAGR of around 18.05% during the forecast period, i.e. 2019-2027. The market is segmented by functional area into smart transportation, building, utilities, and citizen services. Citizen services is further sub-segmented into education, healthcare, public safety and street lighting, out of which, smart healthcare sub-segment is anticipated to hold the largest market share on account of rise in the health expenditure by the government of various nations. World Health Organization (WHO), in one of its statistics stated that domestic general government health expenditure per capita in the world reached to 762.5433 (current USD) in the year 2016 from 556.2394 (current USD) in the year 2010.

Geographically, the global smart cities market is segmented by five major regions into North America, Europe, Asia-Pacific, Latin America and Middle East & Africa region, out of which, Asia-Pacific is anticipated to hold largest market share owing to the increasing investments for smart city projects by the government of nations, such as, China and India. A total of USD 28612.31 million (in current USD) have been spent on Smart Mission Project under the Smart Cities Mission of the Ministry of Housing and Urban Affairs of the Government of India. Moreover, for area-based development a sum of USD 22916.31 million (in current USD) have been invested and for pan city solution, a sum of USD 5430.83 million (in current USD) have been invested.

However, concerns for high cybercrimes, data breach and theft of data lying over the deployment of smart devices in cities is estimated to act as a barrier to the growth of the global smart cities market.

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This report also studies existing competitive scenario of some of the key players of the global smart cities market, which includes profiling of ABB Ltd. (SWX: ABBN), Cisco Systems, Inc. (NASDAQ: CSCO), Emersion Electric co. (NYSE: EMR), IBM Corporation (NYSE: IBM), Telefonaktiebolaget LM Ericsson (STO: ERIC-B), Schneider Electric SE (EPA: SU), GE Current (NYSE: GE), Siemens AG (ETR: SIE), Huawei Technologies Co. Ltd., and Honeywell International Inc (NYSE: HON).

The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “Roofing Tiles Market – Global Demand Analysis & Opportunity Outlook 2027”, analyses the overall global smart cities industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the global smart cities market in the near future.

Get more information on this report: https://www.researchnester.com/reports/smart-cities-market/2156

AJ Daniel
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