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Smart Cities Market | Growth Opportunities | Challenges | Industry Analysis | Technological Trend | Demand Forecast by 2023
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Hardware component has been the larger revenue contributor to the smart cities industry. The hardware components used in the smart cities market includes physical devices such as sensors, actuators, and chips. With the deployment of a combination of such hardware devices with software applications, traditional networks which are present in the city infrastructure are made more flexible, efficient and sustainable. This is achieved by efficient use of information, digital and telecommunication technologies to improve the overall operation of the city, benefitting its inhabitants.
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The intensity of rivalry in the global market is comparatively moderate. Most of the major vendors prevailing in the smart cities market are actively focused on enhancing their offerings to meet the ongoing demand for smart cities solutions. This includes advance software developments, new hardware integrations, and advancement in automation technology areas.
Some of the key players operating in the smart cities market are Cisco Systems Inc., Microsoft Corporation, IBM Corporation, Oracle Corporation, Google, Inc., General Electronics (GE), and ABB Group.
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