Doubts Related to the Smart Cities Explained in the Report with Major Key Companies like Microsoft Corporation, Toshiba Corporation, AT&T, Inc., SAP SE, Cisco Systems, Inc., Philips Lighting, Ericsson, Huawei Technologies

Rapid urbanization has congested landscapes and given rise to issues including high energy consumption, climate change, water capacity issues, and other socio-economic challenges. According to the United Nations (UN), the global urban population in 2015 was 54%, which is expected to increase to 66% by 2050. This rapid rate of urbanization is expected to dwindle available resources. According to Coherent Market Insights’ analysis, the annual rate of change in urbanization for the period 2010–2015 for China was 3.0% and for India, it was 2.38%. Thus, the developed and emerging economies are focused on smart city projects to implement new technologies, which ensure optimal utilization of available resources. Therefore, these factors are expected to drive the market growth in the near future.

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Market Trends

Collaborations and partnerships between government and service providers
Governments of various countries are focused on collaboration and partnerships with private service providers, in order to collect more data and make well-informed decisions. For instance, in June 2016, Boston municipality partnered with Uber, a taxi service provider. Through this collaboration, Uber is expected to share its data such as traffic flow and congestion in the city, helping the municipality to improve traffic planning, solving parking issues, expand transit lines and improve road infrastructure.

Increasing adoption of green building is a major trend in the market
Green buildings is a growing trend in the global smart cities market. Constructing eco-friendly infrastructure facilities can provide sustainable environment in the cities. Moreover, governments are focused on constructing energy-efficient buildings, in order to minimize costs and achieve sustainable growth and development.

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Competitive Section

Key players involved in the global smart cities market are Microsoft Corporation, Toshiba Corporation, AT&T, Inc., SAP SE, Cisco Systems, Inc., Philips Lighting, Ericsson, Huawei Technologies Co., Ltd., Panasonic Corporation, General Electric, Oracle Corporation, Hitachi Data Systems Corporation, and IBM.

Key Development

Key companies in the market are focused on agreement, partnerships, and collaborations, in order to enhance their market presence. For instance, in November 2019, Microsoft Corporation entered into a three-year agreement with City of Charlotte, North Carolina (NC) to create regional center focused on STEM workforce development, IoT technology and innovation.

Key players in the market are involved in product launches, in order to expand their product portfolio. For instance, in January 2018, AT&T Inc. introduced new structure monitoring solutions for the U.S. Railways and Roadways.

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