The Objective of the “Global Smart Cities Market” report is to depict the trends and upcoming for the Smart Cities industry over the forecast years. Smart Cities Market report data has been gathered from industry specialists/experts. Although the market size of the market is studied and predicted from 2018 to 2025 mulling over 2017 as the base year of the market study. Attentiveness for the market has increased in recent decades due to development and improvement in the innovation.
Allied Market Research recently published a report, titled, “Smart Cities Market by Functional Area (Smart Governance & Smart Education, Smart Energy, Smart Infrastructure, Smart Mobility, Smart Healthcare, Smart Building, and Others): Global Opportunity Analysis and Industry Forecast, 2018 – 2025”. According to the report, the global smart cities market was pegged at $517.62 billion and is expected to reach $2.402 Trillion by 2025, registering a CAGR of 21.28% during the period from 2018 to 2025.
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.
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On the basis of geography, the market is divided into Europe, North America, Asia-Pacific, and Latin America, Middle East and Africa (LAMEA). The North America region dominated the market in terms of revenue in 2017, contributing about two-fifths of the total market. However, the Asia-Pacific region is estimated to portray the fastest CAGR of 24.3% during the forecast period.
Key Market Players
- AT&T, Inc.
- Cisco Systems Inc.
- General Electric
- Hitachi Ltd.
- Huawei Technologies Co., Ltd.
- IBM Corporation
- Intel Corporation
- Microsoft Corporation
- Schneider Electric SE
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Driving factors for the market
- Government smart city initiatives
- Rise in need of better natural resource management
- Growth in need of public safety and security
Market Restraints and Opportunities:
- Security concerns associated with smart cities
- Lack of funding and adequate infrastructure
- Emergence of artificial intelligence in smart cities
- Rise in IoT market and its application in smart cities
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Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.