Smart Cities Market Disclosing Latest Developments and Technology Advancements - 2026 | ABB Ltd, Schneider Electric SE, General Electric Co., Siemens AG

MarketInsightsReports has published a report entitled Global Smart Cities Market Research Report 2021 that is a detailed observation of several aspects, including the rate of growth, technological advances and various strategies implemented by the main current market players. The report is based on a collective analysis of data, which is obtained through primary and secondary research. It provides a systematic approach to the current and prospective scenario of this market.

The smart cities market was valued at USD 739.78 billion in 2020 and is expected to reach USD 2036.10 billion by 2026 and grow at a CAGR of 18.22% over the forecast period (2021 - 2026).

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https://www.marketinsightsreports.com/reports/02082591795/smart-cities-market-growth-trends-covid-19-impact-and-forecasts-2021-2026/inquiry?Mode=68

Key Players:

ABB Ltd, Cisco Systems Inc., Emerson Electric Co., IBM Corporation, Ericsson Inc., Schneider Electric SE, General Electric Co., Siemens AG, Huawei Technologies Co. Ltd, Honeywell International Inc., Hitachi Ltd, Nokia Corporation, Koninklijke Philips NV and others.

Key Market Trends

Urbanization to Drive the Smart Cities Market Growth

- According to the United Nations Populations Fund, in 2014, 54% of the world's population lived in urban areas, which is approximately 3.3 billion people. By 2030, roughly 67% of the total population is expected to live in urban areas.
- Hence, urbanization demands smart technology initiatives driving market growth. With rapid urbanization primarily taking place in developing countries, the growth of cities and economic development are inextricably linked.
- For example, the rise of Chinas middle class, a distinctly urban phenomenon has lifted 500 million people out of poverty in less than 30 years and is a testament to the power cities uniquely possess to elevate living standards.
- The explosive population growth and dynamic shift in urban sprawl, coupled with the economic growth of megacities in the emerging economies, would pose a variety of opportunities for companies operating in different sectors.
- The megacities from the emerging economies are expected to become the largest markets for existing premium products and technologies, while their developed counterparts are expected to witness a trend of sustainable measures.

Asia-Pacific is Expected to Witness the Fastest Growth Over the Forecast Period

- The Asia Pacific segment is expected to witness the highest growth rate over the forecast period where China and India are the prominent countries. China has approximately 500 smart city pilot projects, the highest in the world, covering big and small cities.
- In 2013, MOHURD, China (Ministry of Housing and Urban-Rural Development) announced the first list of national pilot Smart Cities. By 2015, the country had a total of 326 smart city projects. There are a total of 731 smart city projects in India, worth INR 46,366 crore, which have been approved. Implementation has been initiated in 49 (6.7%) projects, with only a meagre completion of 24 (3.3%) projects.
- The Smart Cities Mission of the Government of India is based on a sustainable and inclusive development approach. The aim of the mission is to create a model that can be replicated, catalyzing the creation of similar Smart Cities in various other parts of the country.
- These investments by the government and regulations are aimed at sprucing up various departments of a country, such as transportation, energy, and public security, etc., to build smart cities in various regions, which will boost the smart cities market in the forecast period.

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https://www.marketinsightsreports.com/reports/02082591795/smart-cities-market-growth-trends-covid-19-impact-and-forecasts-2021-2026?Mode=68

Important Features that are under Offering and Key Highlights of the Reports:

– Detailed overview of Smart Cities Market
– Changing market dynamics of the industry
– In-depth market segmentation by Type, Application etc
– Historical, current and projected market size in terms of volume and value
– Recent industry trends and developments
– Competitive landscape of Smart Cities Market
– Strategies of key players and product offerings
– Potential and niche segments/regions exhibiting promising growth.

Finally, the Smart Cities Market report is the believable source for gaining Market research that will exponentially accelerate your business. The report gives the principle locale, economic situations with the item value, benefit, limit, generation, supply, request, and Market development rate and figure, and so on. This report additionally Present a new task SWOT examination, speculation attainability investigation, and venture return investigation.

Note: All the reports that we list have been tracking the impact of COVID-19. Both upstream and downstream of the entire supply chain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check for with the sales team.

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Irfan Tamboli (Head of Sales) – Market Insights Reports
Phone: + 1704 266 3234 | +91-750-707-8687
sales@marketinsightsreports.com | irfan@marketinsightsreports.com

ABOUT US:
MarketInsightsReports provides syndicated market research on industry verticals including Healthcare, Information, and Communication Technology (ICT), Technology and Media, Chemicals, Materials, Energy, Heavy Industry, etc. MarketInsightsReports provides global and regional market intelligence coverage, a 360-degree market view which includes statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

This release was published on openPR.