Global Smart Cities Market is Set to Grow at a CAGR of 21% Over the Forecast Period (2019 - 2027), Owing to Rising Emphasis on Sustainable Urban Development from Governments Across the World: Says Absolute Markets Insights
Global Smart Cities Market is expected huge growth of 21% CAGR and is anticipated to reach US$ 506,580.1 Million by 2027
PUNE, March 19, 2019 /PRNewswire/ -- Governments around the world are striving to implement solutions in creation of sustainable cities. Various smart cities technologies and solutions are proving vital for improving the urban planning sustainability measures in cities. Sustainable development goals highlighted in the UN summit of 2015 enlisted sustainable cities and communities as a goal for the period (2015-2030). The recent Conference on Housing and Sustainable Urban Development hosted by the United Nations in Quito, Ecuador, emphasized on the planning of cities for the future and the importance of cities for a sustainable future. Rapid urbanization across the world is creating challenges in delivery of public services and is one of the major factors for the adoption of smart cities concept. The smart cities solutions are focusing in the direction of basic services provided to citizens which include energy, security, transportation, economy and education amongst others. For instance, companies such as AT&T Intellectual Property and CURRENT, POWERED BY GE have collaborated to provide solutions for smart cities using Internet of Things. The primary applications for the collaborative effort include traffic monitoring and security amongst others. Also, this helps in planning for roads that can lead to minimal instances of accidents thereby, ensuring citizen safety. In terms of revenue, the global smart cities market stood at US$ 88,303.0 Mn in 2018 and is anticipated to reach US$ 506,580.1 Mn by 2027, expanding at a CAGR of 21% during the forecast period.
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"Governments are actively investing in technology with an aim to improve the quality of living for their citizens. The inclusion of smart city solutions across the world are allowing the creation of sustainable cities for the future. This in turn is also creating opportunities for various players active in the smart cities market, providing various hardware, software and solutions needed to support smart cities architecture".
The detailed research study provides qualitative and quantitative analysis of the global smart cities market. The market has been analyzed from demand as well as supply side. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East, Africa, and Latin America.
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Key Findings of the Report:
- In terms of application, the energy segment is holding the major share in the global smart cities market. The growing emphasis on energy management with respect to urban planning is driving the growth for the market.
- Asia Pacific is expected to be a major adopter of the smart cities offerings, growing at a CAGR of 22%. The rising initiatives from governing authorities in the region with respect to smart cities is helping the growth of the market.
- The software segment is expected to hold a significant share in the global smart cities market growing at a CAGR of 22.4%. Increasing technological capabilities which are integrated in software is propelling the growth of the market.
- Key players operating in the global smart cities market are AT&T Intellectual Property, Cisco, Hitachi Vantara Corporation, Huawei Technologies Co., Ltd., IBM Corporation, and Intel Corporation amongst others
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Smart Cities Market:
- By Application
o Energy
o Security
o Transportation
o Building and Infrastructure
o Healthcare
o Education
o Governance
o Utilities
o Others (Smart Manufacturing, Smart Tourism, Etc.)
- By Components
o Hardware
o Software
o Services
o Consulting
o Deployment and Integration
o Others
- By Region
o North America
o U.S.
o Canada
o Mexico
o Rest of North America
o Europe
o France
o The UK
o Spain
o Germany
o Italy
o Nordic Countries
o Denmark
o Finland
o Iceland
o Sweden
o Norway
o Benelux Union
o Belgium
o The Netherlands
o Luxembourg
o Rest of Europe
o Asia Pacific
o China
o Japan
o India
o New Zealand
o Australia
o South Korea
o Southeast Asia
o Indonesia
o Thailand
o Malaysia
o Singapore
o Rest of South Asia
o Rest of Asia Pacific
o Middle East and Africa
o Saudi Arabia
o UAE
o Egypt
o Kuwait
o South Africa
o Rest of Middle East & Africa
o Latin America
o Brazil
o Argentina
o Rest of Latin America
About Us:
Absolute Markets Insights assists in providing accurate and latest trends related to consumer demand, consumer behavior, sales, and growth opportunities, for the better understanding of the market, thus helping in product designing, featuring, and demanding forecasts. Our experts provide you the end-products that can provide transparency, actionable data, cross-channel deployment program, performance, accurate testing capabilities and the ability to promote ongoing optimization.
From the in-depth analysis and segregation, we serve our clients to fulfill their immediate as well as ongoing research requirements. Minute analysis impact large decisions and thereby the source of business intelligence (BI) plays an important role, which keeps us upgraded with current and upcoming market scenarios.
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SOURCE Absolute Markets Insights
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