Smart Cities Market Overview:
Smart cities are aimed for sustainable economic development and high quality of life by using information and communication technologies in multiple areas such as economy, environment, mobility, healthcare, living, and government. Adoption of smart cities solutions, rapid urbanization, and demand for better quality of life are the key factors that drive the growth of the global smart cities market. The main purpose of the smart cities mission is to drive economic growth and to improve the quality of life of individuals by empowering local area development and harnessing technology, particularly the technology which leads to smart outcomes. Therefore, it has been estimated that cities which will deploy smart mobility applications are expected to reduce commuting time by 15?20% by 2025, which shows the benefits of smart cities applications and motivates the governments to adopt it.
Increasing demand for smart city solutions supported by government initiatives, rising need to manage limited natural resources in a better way, increasing urban population, and growing focus on environmental sustainability are the major factors that fuel the growth of the global smart cities market. However, data security and privacy concerns associated with smart devices are some of the major factors that hamper the growth of the global market. Furthermore, the factor such as emergence of AI in smart cities the market is expected to provide lucrative opportunities for smart cities market growth in the coming years.
The global smart cities market is segmented based on functional area and region. In terms of functional area, the market is divided into smart governance & smart education, smart energy, smart infrastructure, smart mobility, smart healthcare, smart building, and others. As per region, the smart cities market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global smart cities market is dominated by key players such as AT&T Inc., Cisco Systems Inc., Ericsson, General Electric, Hitachi Ltd., Honeywell International Inc., Microsoft Corporation, Oracle Corporation, Schneider Electric SE, and others.
Key Benefits for Smart Cities Market:
The study presents an in-depth analysis of the global smart cities market along with the current trends & future estimations to elucidate the imminent investment pockets.
Information about the key drivers, restraints, and opportunities and their impact analysis on the market size is provided.
Porter's five forces analysis illustrates the potency of the buyers and the suppliers operating in the industry.
The quantitative analysis of the global market from 2018 to 2025 is provided to determine the market potential.
Smart Cities Key Market Segments:
By Functional Area
Smart Governance & Smart Education
Smart Energy
Smart Infrastructure
Smart Mobility
Smart Healthcare
Smart Building
Others
By Region
North America
U.S.
Canada
Europe
UK
Germany
France
Rest of Europe
Asia-Pacific
China
India
Japan
Singapore
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market Players
AT&T Inc.
Cisco Systems Inc.
Ericsson
General Electric
Hitachi Ltd.
Huawei Technologies Co., Ltd.
IBM Corporation
Intel Corporation
Microsoft Corporation
Schneider Electric SE
