DUBLIN, May 11, 2020 /PRNewswire/ -- The "Smart Cities Market by Application (Smart Utilities, Smart Transportation, Water Management, Waste Management, Smart Healthcare, Smart Lighting, Smart Education), Component (Hardware, Software, and Services), and Geography - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The Smart Cities Market is Expected to Grow at a CAGR of 22.9% from 2019 to Reach $545.7 Billion by 2027

The global smart cities market is expected to witness significant growth in the upcoming years due to growing government initiatives for overpopulation and urbanization management and growing requirement of resource management for sustainable development. Moreover, the factors such as rise in adoption of IoT and its market application, 5G connectivity, and increasing adoption of connected vehicles & autonomous drones further support the growth of the smart cities market.

The overall smart cities market is primarily segmented by application (smart transportation, smart utilities, smart education, smart healthcare, smart public safety, governance, smart lighting solutions, and smart building), component (hardware, software, and services), and by geography.

Based on the component, the hardware segment commanded the largest share of the overall smart cities market. However, the services segment is anticipated to grow with the highest growth rate in the overall smart cities market during the forecast period. The high growth of smart city services is attributed to the consistent growth in the processes such as installation, maintenance, and up-keeping of smart city hardware and software in the coming years.

Based on the application, smart education market is slated to grow at the fastest CAGR during the forecast period. This is attributed to the proliferation of connected devices in education sector, adoption of e-learning solutions, growing use of artificial intelligence, and adoption of machine learning. Moreover, growing emphasis on e-learning and digital technologies such as learning management systems is also further expected to support the fastest growth of the smart education sector in the coming years.

An in-depth analysis of the geographic scenario of the market provides detailed qualitative and quantitative insights about the five regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. In 2019, North America commanded the largest share of the global smart cities market, followed by Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

The large share of this region is mainly attributed to the fast-developing advanced communication infrastructure, stringent measures for public safety and data privacy, growing focus on reducing carbon footprints using innovative ICT technologies, and prioritizing the development of smart cities by many local and national government authorities. Furthermore, the government initiatives for overpopulation and urbanization management have boosted the overall smart cities market in the region.

Market Dynamics

Drivers

• Government Initiatives for Managing Rising Urban Population
• Growing Requirement of Resource Management for Sustainable Development

Restraints

• Need of Significant Initial Investment
• Rising Cases of Data Theft

Opportunities

• Emergence of Artificial Intelligence
• Rise of IoT and its Market Application

Challenges

• Risk of Data Abuse by Large Corporations
• Reluctance from Citizens to Adopt New Technologies

Trends

• 5G Technology to Boost Internet Connectivity
• Connected Vehicles & Autonomous Drones
  

Case Studies

• City of Seoul
• Smart City London
• Singapore: Intelligent Transport System
  

Scope of the Report

Smart Cities Market, by Application

• Smart Transportation
• Parking Management
• Ticketing & Travel Management
• Traffic Management
• Passenger information management system
• Freight information system
• Smart Utilities
• Energy management
• Smart Meters
• Meter Data Management
• PV Monitoring
• Smart Grid
• Power electronics
• Energy Storage
• Water Management
• Waste Management
• Distribution Management
• Smart Education
• Smart Healthcare
• Connected Healthcare Solutions
• Telemedicine
• Smart Public Safety
• Surveillance
• Command & Control Solutions
• Smart Governance
• E-Governance Solutions
• Emergency Management
• Law Enforcement
• City Planning
• Smart Lighting Solutions
• Smart Building
• Lighting Control Systems
• Energy Management Systems
• Facility Management Systems

Smart Cities Market, by Component

• Hardware
• Software
• Services

Smart Cities Market, by Geography

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Italy
• Spain
• Rest of Europe
• Asia-Pacific
• China
• India
• Japan
• Singapore
• Rest of Asia-Pacific
• Latin America
• Middle East & Africa

Companies Profiled

• ATOS SE
• CISCO Systems Inc.
• Capgemini
• Cognizant
• Foxconn Electronics Inc.
• Fujitsu Ltd.
• General Electric Company
• Huawei Technologies
• IBM Corporation
• INTEL Corporation
• L&T Infotech
• Qualcomm Technologies Inc.
• Robert Bosch GmbH
• SIEMENS AG
• Schneider Electric SE

For more information about this report visit https://www.researchandmarkets.com/r/nd8mql

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SOURCE Research and Markets

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