Global Smart Cities Market to Reach $25,78,063.5 Million by 2023

1
Global Smart Cities Market to Reach 25,78,063.5
Million by 2023
2
Global Smart Cities Market
According to a new research report Global Smart
Cities Market Size, Share, Development, Growth
and Demand Forecast to 2023 - Industry Insights
by Component (Hardware and Software), by
Application (Smart Governance, Smart Utility,
Smart Infrastructure, Smart Healthcare, Smart
Security Threat, Smart Education, Smart
Building, Smart Transportation, and Others)
published by PS Market Research, the global
smart cities market is projected to grow at a
CAGR above 20 during 2017 - 2023. Explore
Report Description at https//www.psmarketresearc
h.com/market-analysis/smart-cities-market
3
Global Smart Cities Market
Global smart cities market to reach 2,578,063.5
million by 2023
Due to significant growth in automation
technologies such as internet of things (IoT) and
adoption of cloud based technologies, the global
smart cities market is gaining huge traction. In
addition, effective city asset management for
public welfare, substantial operational cost
savings, and automated public data generation
applications contribute to the growth of global
smart cities market. Apart from this, the rapid
growth in global smart cities market is owned by
increase in demand for systems that help local
and national bodies in designing various public
interest policies, such as implementation of
public safety measures, appropriate guidelines
for pollution control, and public health
parameters.
4
Global Smart Cities Market
Insights on market segments
As per the findings of the research, hardware
component generated larger revenue as compared to
the software component, in the global smart
cities market. Further, among applications, smart
governance segment leads the global smart cities
market. However, the market is expected to
witness highest growth for smart building, during
the forecast period. Traffic management category
contributed largest revenue for smart
transportation, however, the market is expected
to grow fastest for transport data management,
during the forecast period. Hardware component
has been the larger revenue contributor to the
global smart cities market. The hardware
components used in the global 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. One of the key factors driving the
demand for hardware component is the growing
adoption of IoT enabled devices globally. Most of
the IoT applications gather critical information
pertaining to the physical world either through
sensors or actuators to manipulate the physical
world around it. With the emerging growth in the
global smart cities market, the adoption of
sophisticated hardware components is expected to
increase.
5
Global Smart Cities Market
Asia-Pacific market set for accelerated growth
Geographically, Europe has been the largest smart
cities market, whereas Asia-Pacific is expected
to witness the fastest growth among all regions,
during the forecast period. The anticipated
growth of the market in Asia-Pacific can be
attributed to factors such as advancement in
automation technologies, growing industry
digitalization, rapid growth in advance software
development industry, and increasing adoption of
data analytics services by real estate builders,
and improving IT infrastructure in the region.
The various initiatives by the government of
various countries across the region to invest in
various smart city projects is also expected to
drive the smart city market in Asia-Pacific
region. For instance, Government of India (GoI)
has also invested in smart city initiatives
recently to enhance the city sustainability
across the country.
6
Global Smart Cities Market
Increase in demand for smart governance fosters
market growth
Factors driving the growth of global smart cities
market includes significant increase in demand
for smart governance, surge in demand for smart
utility such as smart meters, decreasing cost and
availability of automation technology and
services, and growing adoption of IoT enabled
devices and related technology by public
private smart city developers, globally. Further,
IoT technology as a major enabler toward smart
governance helps in remote city monitoring,
detection of explicit acts, and public day to day
routine works. Factors such as improvement in
democratic processes, increasing transparency in
governance, and citizen centric development is
driving the need for smart governance in the
global smart cities market. Further, with the
increasing application of e-governance, smart
governance has emerged as an evolution in context
with modernization of city infrastructure,
integration of information and communication
technology (ICT) in public administration, and
urban sustainability.
7
Global Smart Cities Market
Demand for smart healthcare and smart utility are
also the key factors driving the growth of global
smart cities market. The advancement in mobile
and digital technologies are escalating the
demand for smart healthcare in smart cities
market. Local authorities in several countries
are also focusing towards enhancing the
communication with its citizens to ensure public
healthcare as a priority, through regular health
checkups and analysis of past public health data
for policy formation. Advancement and adoption in
smart utilities such as smart grids, smart
meters, and smart waste management system has
gained huge interest from public policy makers to
integrate next generation smart utility
applications, right from the lowest level of
smart city development.
8
Global Smart Cities Market
Moderate competition among key players
The research states that the global smart cities
market is moderately competitive, with players
investing in research development of new
automated solutions.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. Most of
the major vendors in the global smart cities
market are actively focusing on enhancing their
product offerings to meet the demand for smart
cities solutions. The strategic developments by
major players includes advance software
developments, new hardware integrations, and
advancement in automation technology areas.
9
Global Smart Cities Market
Download report sample at
https//www.psmarketresearch.com/market-analysis/s
mart-cities-market/report-sample
10
GET IN TOUCH
THANK YOU!
For information regarding permissions and other
queries Kindly write to
US/Canada Toll-Free 1-888-778-7886