Smart Cities Market Is Expected To Witness CAGR Of 17.3% With Global Leading Key Players Philips Lighting, Ericsson, Huawei Technologies, Panasonic , General Electric

United States,Washington: The “Global Smart Cities Market, by Component (Hardware, Software, and Services), by Application (smart Security, Smart Building, Smart Transportation, Smart Governance, Smart Energy, Smart Healthcare, Smart Water Network System, and Smart Education), and by Geography (North America, Europe, Asia Pacific, and Latin America, Middle East & Africa) - Global Forecast to 2027”, is expected to be valued at US$ 3,830.4 billion by 2027, witnessing a CAGR of 17.3% during the forecast period (2019-2027)

The global smart cities market is accounted US$ 1069.4 Bn in terms of value in 2019.

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.

Global Smart Cities Market and Competitive Analysis

Know your current market situation! Not only a vital element for brand new products but also for current products given the ever-changing market dynamics. The study allows marketers to remain involved with current consumer trends and segments where they'll face a rapid market share drop. Discover who you actually compete against within the marketplace, with Market Share Analysis know market position, to push Share and Segmented Revenue of Smart Cities Market

“Final Report will add the analysis of the impact of COVID-19 on this industry.”

The Leading Key Players during this Industry: 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

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This report includes the estimation of market size for value (million USD) and volume (K Units). Both top-down and bottom-up approaches have been used to estimate and validate the market size of Smart Cities market, to estimate the size of various other dependent submarkets in the overall market. Key players in the market have been identified through secondary research, and their market shares have been determined through primary and secondary research. All percentage shares, splits, and breakdowns have been determined using secondary sources and verified primary sources.

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Coherent Market Insights: The research report on Smart Cities is a deep analysis of the market. This is a latest report, covering the current COVID-19 impact on the market. The pandemic of Coronavirus (COVID-19) has affected every aspect of life globally. This has brought along several changes in market conditions. The rapidly changing market scenario and initial and future assessment of the impact is covered in the report. Experts have studied the historical data and compared it with the changing market situations. The report covers all the necessary information required by new entrants as well as the existing players to gain deeper insight.

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