Smart Cities Market 2020: Find Out Top Impacting Factor of Market Growth By Opportunity and Major Market Players
Pune, Maharashtra, Feb 11, 2020 (Wired Release) Allied Analytics Global smart cities market is segmented on the basis of functional area and geography. Based on the functional area, the market is segmented into smart infrastructure, smart governance smart education, smart energy, smart mobility, smart healthcare, smart building, and others. The smart infrastructure segment held the largest share in the market in 2017, contributing about 21% of the total market. However, the smart energy segment is projected to manifest the fastest CAGR of 24.7% during the forecast period.
Proactive government initiatives for smart cities, rapid urbanization, and need for better lifestyle drive the growth of the market. However, security and privacy concerns of smart cities hamper the market growth. On the contrary, increase in adoption of artificial intelligence solution among smart city projects is expected to create lucrative opportunities for the market players in the coming years.
The global smart cities market was pegged at $517.63 billion in 2017 and is expected to reach $2,402.12 billion by 2025, registering a CAGR of 21.28% through 2025.
The major market players analyzed in the report, include ATT Inc., Ericsson, Hitachi Ltd., IBM Corporation, Microsoft Corporation, Cisco Systems Inc., General Electric, Huawei Technologies Co., Ltd., Intel Corporation, and Schneider Electric SE. These leading companies have adopted several strategies such as partnerships, product launch, and merger acquisitions to maintain the leading position in the global market.
In 2017, North America region dominated the global smart cities market in terms of revenue, contributing about 40% share of the total revenue, owing to high adoption of connected solutions on account of rapid urbanization. However, Asia-Pacific region is expected to witness the fastest CAGR of 24.3% during the study period, owing to rise in government initiatives toward smart cities and large number of pilot projects among developing countries such as China and Singapore. The other regions analyzed in the report include Europe and Latin America, Middle East and Africa (LAMEA).
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The smart energy segment is projected to register the fastest CAGR of 24.7% during the forecast period, owing to increase in adoption of smart grids in applications such as smart energy meters, network management system, and other communication networks to control and manage digital assets. However, smart infrastructure segment held the largest share in 2017, contributing about 22% of the total revenue, owing to significant adoption of public safety security and transportation solution among governments. The other segments analyzed in the report include smart governance smart education, smart mobility, smart healthcare, smart building, and others.
Top Impacting Factors Such as
1. Government smart city initiatives
2. Rise in need of better natural resource management
3. Growth in need of public safety and security
Key Findings of the Smart cities Market:
By end-user, the smart infrastructure segment dominated the global smart cities market during the forecast period.
In 2017, North America accounted for the highest revenue among the other regions.
By region, Asia-Pacific is anticipated to exhibit substantial growth during the forecast period.
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