Global Smart Cities Market Trends, Applications, Analysis, Growth, and Forecast to 2027
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March 2023
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This report was compiled by Vishwa Gaul Vishwa is an experienced market research and consulting professional with over 8 years of expertise in the ICT industry, contributing to over 700 reports across telecommunications, software, hardware, and digital solutions. Correspondence Team Lead- ICT Linkedin | Detailed Market research Methodology Our methodology involves a mix of primary research, including interviews with leading mental health experts, and secondary research from reputable medical journals and databases. View Detailed Methodology Page
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MarketResearch.biz, in its upcoming report titled, “Global Smart Cities Market Trends, Applications, Analysis, Growth, and Forecast to 2027”, offers in-depth insights, revenue details, and other vital information regarding the global smart cities market and the various trends, drivers, restraints, opportunities, and threats in the target market till 2027. The report also offers insightful and detailed information regarding the various key players operating in the global smart cities market, and their financials, apart from strategies, acquisitions & mergers, and market footprint. The global smart cities market is segmented on the basis of application, and region. The global smart cities market was valued at US$ X billion in 2016, and is expected to reach US$ XX billion over the forecast period at a CAGR of X.X%.
Smart cities are an urban development initiated by governments to integrate information and communication technology (ICT) and Internet of Things (IoT) to increase operational efficiency, share information with public, drive economic growth and improve quality of government services and citizen welfare globally. Smart cities focus on development of robust and smart infrastructure, smart grid networks, advance communication systems, intelligent transportation system, and citizen safety. The concept of smart cities may differ from city to city, and country to country depending on the government and the pace of development.
Various initiatives and funding by governments towards development of national infrastructure and rapid urbanization are key factors contributing towards growth of the global smart cities market. Increasing installation of smart meters provides instantaneous information on electric and gas usage is another factor attributing to growth of the global smart cities market. In addition, integration of smart meters and smart grids will help in reducing operational cost, energy management, and provide energy efficient solution. Furthermore, integration of mobile technology with cloud based Internet of Things is further expected to drive growth of the global smart cities market. Smart security segment is expected to register a CAGR of XX% during the forecast. Moreover, concerns related to carbon footprints, traffic flow, and fuel consumption is boosting development of smart transportation services and technologies.
The smart cities concept is still in the nascent stage and uses internet connection for communication and data transfer owing to which concerns related to security of personal and private information, data theft, and cyber-attacks are major factors hampering growth of the global smart cities market. In addition, smart cities require huge initial and capital investments and return on investment is long term.
North America market accounts for highest share in terms of revenue, and is expected to increase at a CAGR of XX% during the forecast period. Availability of high speed networks, early adoption of Internet of Things, and huge investments by governments in this region are major factors contributing to rapid growth of the market. Asia Pacific market is expected to witness relatively high growth during the forecast period owing to rapid urbanization and increasing investments in IT and telecommunication sector.
Global Smart Cities Market Segmentation:
Global smart cities market segmentation by application:
- Smart security
- Smart infrastructure
- Smart energy
- Smart governance and smart education
- Smart building
- Smart healthcare
- Smart mobility
Global smart cities market segmentation by region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn -
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- Huawei Investment & Holding Co
- Cisco systems
- General Electric Company
- IBM Corporation
- Microsoft Corporation
- Oracle Corporation
- Schneider Electric
- Ericsson, Siemens AG
- Hitachi Ltd.
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