Smart Cities Market Estimated to Rise at 18.8% CAGR by 2026

A study conducted by Persistence Market Research (PMR) identifies that the global market for smart cities is set to reach US$ 3.48 Tn, reflecting a CAGR of over 18.8% during 20 16 to 2026.

Highlights: Key Drivers

Robust urbanization and encouraging government policies will continue to promote the concept of smart cities across the globe.

Factors such as growing concerns over energy wastage and exploding vehicular parc are also pushing for smart city infrastructure to be deployed at various common vicinities.

While challenges such as lack of network infrastructure and poor funding will continue to hamper the adoption rate in developing countries, integration of advanced technologies in existing facilities and rapid digitization are likely to prove beneficial for the overall growth of the market.

Stronger investment through crowdfunding, public-private partnerships, and other new funding options will further propel the market growth.

Highlights: Segmentation

Based on application, in 2015, the smart energy segment accounted for over 18% share of the market in terms value owing to the installation of a massive number of smart grid systems. However, the segment is expected to witness a dip during the closing end of the assessment period.

In 2016, smart governance and smart transport accounted for 11% and 14% market share respectively in terms of revenues. The popularity of other segments including water network systems, smart education, and smart healthcare is rising steadily.

In 2015, the smart security segment registered for a market value share of more than 15%, which is expected to growth higher over the forecast period, possibly reaching as US$ 780 Billion by 2026.

The smart building and smart security will witnesses a relatively higher Y-o-Y growth with 20% and 23% respectively in 2017 over 2016.

Base on components, the hardware segment will retain its dominant position in the market with more than 35% value share, however, the segment is anticipated to lose ground to other segments post-2021.

The service segment is expected to claim for more than 30% revenue share by the end of the assessment period,

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Highlights: Regional Outlook

The market in North America will reach US$ 750 Billion, surging at 14.5% CAGR over 2016 to 2026. However, the region is anticipated to witness a slump during the closing end of the forecast period.

In Asia Pacific excluding Japan (APEJ), will witness a robust CAGR of 22.6%, crossing US$ 1 Tn by 2026 end. APEJ, led by China, is looking at a possible 790+ BPS gain and account for more than 29% market share in revenues over 2026.

The market in Western Europe is majorly dominated by the UK, France and Germany, expanding at a CAGR of over 21%, while, Mexico and Brazil will predominantly drive the overall growth of the Latin America smart cities market, which is set to increase at more than 18% CAGR.

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Highlights: Trends & Opportunities

Governments in various countries are coordinating with smart city technology and service providers in order to deploy such as infrastructure.

Increasing demand for environmental-friendly alternative and rapid adoption of concepts such as green building technologies fall under some of the major trends in the market.

Increasing demand for smart lighting is also observed as an emerging trend which is expected to influence market growth over the next couple of years.

Several clean and green technology firms are gearing up to launch a wide range of products and services including smart apps, to tap on discernible market opportunities expected to come up in the near future.

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Competitive Landscape
Key players operating in the global market for smart cities include Philips Lighting, SAP SE, Cisco Systems, Inc., IBM Global Business Services, Ericsson, Hitachi Data Systems Corporation, Microsoft, AT&T, GE and Huawei Technologies Co., Ltd.

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This release was published on openPR.