Market Research Report
Smart Cities Market by Smart Transportation (Type, Solutions and Services), Smart Buildings (Type, Solutions and Services), Smart Utilities (Type, Solutions and Services), Smart Citizen Services, and Region - Global Forecast to 2023
|Published by||MarketsandMarkets||Product code||239914|
|Published||Content info||256 Pages
Delivery time: 1-2 business days
|Smart Cities Market by Smart Transportation (Type, Solutions and Services), Smart Buildings (Type, Solutions and Services), Smart Utilities (Type, Solutions and Services), Smart Citizen Services, and Region - Global Forecast to 2023|
|Published: January 4, 2019||Content info: 256 Pages||
The increasing government initiatives, and rising adoption of connected and smart technologies are major factors expected to drive the growth of the smart cities market
The global smart cities market size is expected to grow from USD 308.0 billion in 2018 to USD 717.2 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 18.4% during the forecast period. There is an upsurge in the adoption rate of advanced technologies across businesses. The development in 5G and NB-IoT technologies is expected to drive the growth of the smart cities market. With advancements, smart governments and other sectors would become highly intelligent and self-governing. For smart transportation, the 5G and NB-IoT technologies-based solutions would collect data from multiple sources and share it with a centralized control center by leveraging the benefits of cloud. Such advanced technologies are not only used to enrich the lives of citizens, but also in other areas such as security, privacy, and environmental sustainability.
Among focus areas, the smart citizen services segment is expected to account for the highest market share during the forecast period
The smart citizen services segment is expected to account for the highest market share during the forecast period. Under smart citizen services, the smart healthcare segment is expected to hold the highest CAGR during the forecast period. Currently, smart/connected medical devices are driving traffic over the internet across regions. This traffic has considerably affected the growth of the smart healthcare segment, resulting in the increased deployment of smart solutions across the globe. This demand is mainly attributed to the growing IoT deployment in healthcare devices.
Among smart transportation, the passenger information management system segment is expected to dominate the market during the forecast period.
The rising demand for real-time transit information solutions for passengers, increasing adoption of smartphones, rising penetration of IoT solutions in the transportation sector have boosted the adoption of the passenger information management system for providing easy transport access to citizens. Furthermore, advanced communication infrastructure solutions offered by key players, such as Verizon and Vodafone, are expected to drive the passenger information management system segment
Among regions, Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period
APAC is expected to hold the highest CAGR among all regions, owing to the increasing adoption rate of IoT and rising demand for intelligent and smart solutions, while North America is expected to be the major contributor to the smart cities market. The increasing citizen empowerment and engagement is the major growth factor expected to drive the growth of the smart cities market.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from various key organizations operating in the smart cities market.
The smart cities market has been segmented based on focus areas (smart transportation, smart buildings, smart utilities, and smart citizen services) and region. A detailed analysis of the key industry players has been undertaken to provide insights into their business overviews; services; key strategies; new service launches; partnerships, agreements, and collaborations; business expansions; and competitive landscape associated with the global smart cities market.
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(Business Overview, Solutions & Services, Key Insights, Recent Developments, MnM View)*
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