The Global Smart Cities Market is expected to reach a mark of USD 3,000 million by 2024, at a CAGR over 21% during the forecast period. Significant growth in next-generation technologies such as artificial intelligence (AI), personalized healthcare, sustainable energy generation and robotics are driving the smart cities’ future. Moreover, increase in residential preference towards adoption of advanced information and communication technologies (ICT) escalates the future market growth.
With the rise of innovation and digitalization of industry applications, particularly in the residential sector, countries across the globe are actively looking for solutions to balance economic, technological and social development. With increase in population, data is also becoming more readily available now-a-days. Communities are turning to innovative information communication technologies (ICT) to re-imagine the way in which people of the residents live, work or play. IoT is playing a significant role in driving safer and smarter cities from changing the vision into reality.
The market overview section of the report demonstrates market dynamics such as drivers, restraints, and opportunities that talks about the current nature and future scenario of the said market, key market indicators, end-user adoption analysis. Further, key market indicators included in the report provide the significant factors which are capable to define the market position of global smart cities market.
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IoT as a Key Smart City Enabler is driving the global Smart Cities market Globally, communities are turning to innovative information communication technologies (ICT) to re-imagine the way in which residents live, work and play, and the IoT is playing a growing role in driving safer and smarter cities from just a vision into reality.
Since in an IoT solution, devices and sensors are connected to a network so that they can communicate with each other, or send data to a cloud-based platform where it is combined with data from other peripherals to be processed, with the value coming from the resulting analytics; rapid technological changes across these three elements are helping to further accelerate the global smart cities market to new level. Further, smart cities which are in process to get developed across the world are using innovative IoT solutions to decrease costs across services provided: that is in electricity by using smart grids and meters, and water by using sensors to reduce wastage, and in refuse collection to enhance delivery and fleet utilization. Also, connected street lamps are now helping municipalities save up to 80% in lighting energy costs and 90% in maintenance costs through the adoption advance IoT practices, thereby strengthening the positive growth of IoT in smart cities.
Scope of the Report The global Smart Cities market is segmented on the basis of Component, and Application. On the basis of Component, the market is segmented into Hardware and Software. Hardware was the largest segment in the global craft beer market in 2017 and is estimated to witness the highest growth during 2018-2024. On the application basis, the market is segmented into Smart Governance, Smart Infrastructure, Smart Education, Smart Healthcare, Smart Security & Threats, Smart Utility, Smart Building, Smart Transportation, and Others. Smart Governance accounted for the largest segment in the global Smart Cities market in 2017.
On the basis of region the market is segmented into five parts namely North America, Europe, Asia Pacific, Middle-East & Africa and Latin America. Europe was the largest region in the global Smart Cities market in 2017 and it is estimated to grow over a CAGR of 19.3% during 2018-2024.
Research Methodology Extensive secondary research was conducted using paid data sources including Bloomberg, Factiva, Capital IQ, OneSource, and Hoovers. Additionally, several publicly-available data sources were used including journals, statistics articles, and industry associations. These data sources were used to gather relevant information to develop an understanding on the global smart cities market. The research was conducted covering the desk research and primary research. Data sources used for primary research included online forums and blogs, CATI/CAWI, CAPI interviews, and video conferences. Additionally, interviews were conducted through connecting with various industry respondents including C-level executives, directors, divisional heads, regional heads, expert consultants, and independent consultants. The primary research was conducted to gain market insights from industry respondents and validate the gathered information through desk research.
Competitive Dynamics Companies, such as IBM Corporation, The ADT Corporation, Cisco Systems, Inc., AT&T, Inc., SAP SE, and Intel Company are the key players in manufacturing Smart Cities. In terms of product offerings, IBM Corporation and Intel Company are the major players in the market, providing various Services in Smart Cities.
Market Segmentation: Global Smart Cities Market
By Component • Hardware • Software
By Application • Smart Governance • Smart Infrastructure • Smart Education • Smart Healthcare • Smart Security & Threats • Smart Utility • Smart Building • Smart Transportation • Others
In addition, the report provides analysis of the baby Smart Cities diapers market with respect to the following geographic segments: • North America • Europe • Germany • Asia Pacific (APAC) • Middle East & Africa (MEA) • Latin America
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