Global Smart Cities Market

Author : rakhi dutt | Published On : 21 Sep 2021

Global Smart Cities Market was valued US$ 302.0 Bn in 2019 and is expected to reach US$ 1,520 Bn by 2027 at a CAGR of 23.3 %. To know about the Research Methodology :- Request Free Sample Report The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding the global smart cities market dynamics, structure by identifying and analysing the market segments and project the global market size. Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, and SWOT analysis to address questions of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in the global smart cities market. The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis. The smart city solutions in various sectors for instance construction, transportation, citizen services, and utilities in order to improve the living standard, efficiency, environmental protection, energy optimization and economic stability may boost the global market in future. The other factors driving the smart cities market are the use of technology in the IoT, mobility and sensor field, growing energy consumption, government initiatives, cost-effective building infrastructure, limitations in capacity expansion, and increasing renewable energy share. Governing bodies have played the best influential role in the development of smart cities as they are instrumental in making the right choices and facilitating changes. It is motivating to note the prescient role the city and local governments have taken in smart city initiatives, compared to national and regional governing bodies. They have been undertaking a rising number of diverse roles such as strategists, solutions enablers, and stewards by creating and providing effective ecosystems for building solutions. Smart security sub-segment based on application is dominating the global smart cities market. An increasing need for safety and security solutions, because of the increase in natural calamities and terrorist attacks, implementation of regulatory policies for public safety, and necessity of emergency preparedness are anticipated to drive the growth of the emergency management segment. The demand for public safety requires sophisticated computerized systems, which can deliver the right information needed for an effective and safe response from law enforcement officers, firefighters, and emergency medical support providers. The Asia Pacific region is expected to witness the highest growth rate during the forecast period where China and India are the projecting countries. China has approximately 500 smart city pilot projects, the highest in the globe, covering big and small cities. The deployment of smart cities solutions in different segments, that are smart transportation, smart buildings, smart utilities, and smart citizen services, is already on the rise in APAC.

Scope of the Global Smart Cities Market: Inquire before buying

Global Smart Cities Market, by Application

• Smart Education • Smart Governance • Smart Buildings • Smart Mobility • Smart Healthcare • Smart Utilities • Smart Security • Water Network System

Global Smart Cities Market, by Component

• Solution • Services o Consulting o Deployment & Integration o Infrastructure Monitoring & Management

Global Smart Cities Market, by Region

• North America • Europe • Asia Pacific • Middle East and Africa • South America

Key players operating in Global Smart Cities Market

• Cisco Systems • Schneider Electric • IBM • Microsoft • Hitachi • Siemens AG • Huawei • NEC • Intel • Oracle • GE • AT&T • Ericsson • Nokia • Vodafone • Itron • Verizon • Toshiba Corporation • SAP SE • ABB • Alstom SA • Kapsch Group • Honeywell • Agt International • Bentley Systems