Global Smart Cities Market Report Description:
Global smart cities market report gives comprehensive outlook on smart cities across the globe with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The report on global smart cities market gives historical, current, and future market sizes (US$ Mn) on the basis of focus area, smart transportation, smart building solutions, smart utilities solutions and region. This report studies global market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, global market report includes human demographics; regulatory scenario, and competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed global smart cities market to better equip clients with possible investment opportunities across the regions (regional Investment Hot-Spots) and market unmet needs (Product opportunities). Key stakeholders of the global market report include suppliers, manufacturers, marketers, policy makers, and healthcare service providers engaged in global smart cities products.
Global Smart Cities Market:
The global smart cities market estimated to be valued around US $ 289.6 Bn in 2018 and poised to grow at significant CAGR of 16.9% over 2019-2025. Due to the increase in the population and rapid urbanization in several regions has led to the widespread use smart technology to enhance and improve the quality of the living conditions of the residential. In addition, population growth has led to increasing demand for such as efficient transportations, enhanced residential and commercial buildings, optimum energy utilization and better administrative services boost the growth of the smart cities device market. However, high funds & investments, lack of systemic approach, major concern of privacy and security and need for merging different departments and sectors are the major factors that hinder the growth of the smart cities market.
Technological Advancements to Enhance the Living Conditions are fueling the Market Growth of the Smart Cities Market
In the recent years, Due to increasing in the population and rapid urbanization necessity of the public safety and security, development of smart transportation to avoid the traffic congestion. Implement of artificial intelligence installation of CCTV and facial recognizing devices to get help during any emergency situation. Additionally, AI applications in the traffic and parking management. The demand for public safety requires advanced computerized systems, which can deliver the right information needed for quick and safe response from government officers, fire fighters, and emergency medical professionals.
North America Accounts for Larger Market Revenue Share in Global Smart Cities Market
North America accounted for larger revenue share in global smart cities market with considerable CAGR. The growth in this region can be attributed to increasing scarcity of water, inefficient recycling of industrial wastewater for reuse, rapidly increasing population & urbanization, increasing government emphasis for water conservation and reuse are some of the major key factors rising in the awareness of the conservation of water which boosting the market growth. In this region, countries like India are undergoing severe water scarcity thus, the demand for smart cities systems is increasing. In North America, the expansion of the smart cities tank market can also be attributed to the massive oil and gas production activities that require freshwater and also recycle & reuse.
Key player’s profiles in the global smart cities market include:
- Cisco Systems (US)
- IBM (US)
- Siemens AG (Germany)
- Schneider Electric (France)
- Ericsson (Sweden)
- Vodafone (UK)
- Itron Inc. (US)
- Verizon (US)
- Telensa (England)
- ABB (Switzerland)
- Honeywell International Inc. (US)
- SAP SE (Germany)
- KAPSCH Group (Austria)
- Microsoft Corporation (US)
- Intel Corporation (US)
- Hitachi Ltd. (Japan)
- Huawei Technologies Co., Ltd. (China)
- Cisco Systems Inc. (US)
- AGT International (Switzerland)
Global market is surging owing to frequent acquisitions and launchings by the market players. In January 2018 – Siemens technologies introduced a dust sensor which can be utilized in residential and non-residential buildings for a healthy indoor climate. The sensor can be easily incorporate into building management systems and used to monitor and visualize particle pollution.
Key Findings of the Report:
- Global market expanding at significant CAGR over 2019 to 2025 due to increase in the awareness of conservation of water.
- Based on material type, storage capacity, installation type, application, end user and region smart cities segment accounted for larger market revenue share in 2018 and projected gain market revenue share over the forecast period.
- Players focusing on innovation of newer products and collaboration strategies to retain market position in global market.
By Focus Area
- Smart Buildings
- Smart Citizen Services
- Smart Transportation
- Smart Utilities
By Smart Transportation
- Connected Vehicles
- Freight Information System
- Passenger Information Management System
- Smart Ticketing
- Traffic Management System
- Others (transport data management, ride sharing and integrated mobility solutions)
By Smart Buildings Solution
- Building Energy Optimization
- Emergency Management System
- Parking Management System
By Smart Utilities Solution
- Advanced Metering Infrastructure
- Distribution Management System
- Substation Automation
- Rest of Europe
- Australia & New Zealand
- ASEAN (Includes Indonesia, Thailand, Vietnam, Philippines, Malaysia, and Others)
- South Korea
- Rest of Asia-Pacific
- Rest of Latin America
Middle East and Africa (MEA)
- Gulf Cooperation Council (GCC) Countries
- South Africa
- Rest of MEA
Key Features of the Report:
- The report provides granular level information about the market size, regional market share, historic market (2014-2018) and forecast (2019-2025).
- The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies.
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market.
- The report tracks recent innovations, key developments and startup’s details that are actively working in the market.
- The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario.
- The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market.