Smart Cities Market Global Trends, Market Share, Industry Size, Growth, Opportunities, and Market Forecast 2019 to 2026
Global Smart Cities Market is predicted to value over USD 231 billion by 2026 end
and grow at a CAGR of over 18% during the
forecast period 2019 to 2026.
A well-connected city
deploying various communication and information technologies and sharing this
information publically is called a smart city. Smart city initiative also
improves the efficiency of government services along with citizen welfare. This
concept is being widely adopted by developed as well as emerging economies for
improving public welfare. This ranges from monitoring high crime rate areas to
improve in the preparation of an emergency using advanced technology. Concepts
like artificial intelligence, automation, machine learning that are trending
these days also drive the smart city market in a positive direction. Having a
smart city has advantages of its own like enhanced homes and buildings, better
administrative services, efficient mobility and optimum energy utilization.
Smart city system covers a large number of applications and domains areas from a
small community striving for sustainability to a tourism hub which has helped
boost the overall smart city market globally. An infrastructure that is ageing
due to lack of adoption of innovative technology along with a need for an
improved life quality due to a rapid rate of urbanization are some of the
driving forces for the smart city market.
Insights
on Global Smart Cities Market:
North
America to Lead Global Smart Cities Market
North America dominates
the global smart city market due to a rapid adoption of solutions offered by
smart cities and this initiative was supported by huge ICT spending among
organizations of the government and it is expected that North America will gain
even more traction during the forecast period. However, Asia Pacific region is
also expected to experience a high growth rate due to high IT spending along
with the support from the governmental initiatives in countries like India,
Singapore, South Korea and China. Europe has also adopted the concept of smart
city mainly for smart lighting, city surveillance, e-governance and is
therefore likely to gain a significant amount of traction in the market during
the forecast period.
Utilities
Segment Market to Account for Highest Market Share
Utilities segment
dominates the market due to the adoption of digital technologies for
distribution and billing of water, Liquefied Petroleum Gas (LPG) and
electricity to residents to enable effective usage and improve delivery,
analysis and monitoring and it is expected that this segment will continue its
good run during the forecast period as well. Governance is another segment that
is on a meteoric rise due to the introduction of e-governance in not only
developed economies like the U.S but also in emerging economies like India.
Therefore, it is expected to see a rise in the market growth rate during the
forecast period. The transportation and construction segment are also expected
to see a rise in the market growth rate during the forecast period owing to
governments initiating for smart public transportation and also due to an
emphasis on consuming renewable energy. Smart driverless cars and public
transport is one of the prospect that will bring a drastic change in the
transportation segment in the near future.
Request a Sample Report @ https://www.futurewiseresearch.com/request-sample.aspx?id=101&page=requestsample
Smart Cities Market
Segmentation
1. By Region
· North
America
· Europe
· Asia
Pacific
· Latin
America
· Rest
of the World
2. By Application
· Utilities
· Education
· Governance
· Construction
· Transportation
· Healthcare
3. By Component
· Solutions
· Services
o Professional
o Integration and
development
Purchase
a Copy of this Premium Research Report & Ask For Discount: https://www.futurewiseresearch.com/request-sample.aspx?id=101&page=askfordiscount
Competitive Landscape:
· Tier
1 players- established companies in the market with a major market share
· Tier
2 players
· Emerging
players which are growing rapidly
· New
Entrants
Tier 1 companies have a market
share of 35% while tier 2 and tier 3 companies account for a market share of
40% and 25% respectively.
FutureWise Key Takeaways:
• Growth prospects
• SWOT analysis
• Key trends
• Key data-points
affecting market growth
Objectives of the Study:
• To provide with an
exhaustive analysis on the global smart cities market by region, by
application, by component
• To cater comprehensive
information on factors impacting market growth (drivers, restraints,
opportunities, and industry-specific restraints)
• To evaluate and
forecast micro-markets and the overall market
• To predict the market
size, in key regions (along with countries)—North America, Europe, Asia Pacific
and rest of the world
• To record evaluate and
competitive landscape mapping- product launches, technological advancements,
mergers and expansions
• Profiling of companies
to evaluate their market shares, strategies, financials and core competencies
About FutureWise Research:
We
specialise in high-growth niche markets, assuring flexibility, agility and
customised solutions for our clients. Through in-depth market insights and
consultancy, we present our clients with the tools they need to be at the
forefront of their industry – a position secured for far more than the near
future.
Contact Us:
Company Name: FutureWise
Research
Contact Person: Vinay Thaploo
Email: sales@futurewiseresearch.com
Phone: +44 141 628 9353 / +1 970 279 4295
City: Leeds
Country: United Kingdom
Website: www.futurewiseresearch.com
Contact Person: Vinay Thaploo
Email: sales@futurewiseresearch.com
Phone: +44 141 628 9353 / +1 970 279 4295
City: Leeds
Country: United Kingdom
Website: www.futurewiseresearch.com
Comments
Post a Comment