Industry Outlook and Trend Analysis
The global Smart Cities Market was worth USD 215.81 billion in 2014 and is expected to reach approximately USD 1408.17 billion by 2023, while registering itself at a compound annual growth rate (CAGR) of 23.17% during the forecast period. Various cities are quickly embracing advanced information and communication technologies (ICT), for example, Internet-of-Technology (IoT), big data analytics, and big data analytics. These have been major empowering agents of consistent network and digitization crosswise over organizations, establishing the framework of smart cities. Driven by a wide range of lucrative patterns, the smart cities market is anticipated to ascend at a great CAGR of 14.0% from 2014 to 2019 and the market valuation is foreseen to create at a significant rate in the upcoming years.
Application Outlook and Trend Analysis
On the basis of application the market is segmented into smart homes, smart security, smart industrial automation, smart buildings, smart transportation, smart energy management, smart water management, smart education, and smart healthcare. Of these, the smart security segment is anticipated to develop at a considerable in the upcoming years. The rising demand for smart security technologies is bolstered by the increasing requirement for insure the privacy of citizen’s information from cyber-attacks and unauthorized use of these data by the third parties to meet their business goals. On the other hand, smart transportation was one of the leading segments in 2016 and is foreseen to develop at a significant rate over the forecast period. The rising requirement for enhancing fuel consumption, curbing travel displays, and enhancing traffic flow across inter-urban road networks has driven the growth of smart transportation technologies and services. The increasing issues to curb carbon footprint is anticipated to provide opportunities for alternative and advanced modes of transportation.
Regional Outlook and Trend Analysis
North America is the leading regional market for smart cities and is foreseen to dominate throughout the forecast period. The development of the regional market is attributable to the increasing focus of governments in developed countries to curtail the emission of greenhouses gases. The governments in many countries of North America are encouraging the implementation of renewable power for fulfilling the burgeoning requirements of the people. The rising popularity of smart industrial automation in a wide range of manufacturing industries is foreseen to boost the market growth. Additionally, the growing prominence of cloud-based services and the introduction of reasonable sensors are the major factors driving the regional market.
The leading players in the market are Microsoft, Toshiba, Oracle India Private Limited, Cisco Systems, IBM, Schneider Electric, Siemens and Huawei Investment & Holding Co Ltd. The major players in the market are profiled in detail in view of qualities, for example, company portfolio, business strategies, financial overview, recent developments, and share of the overall industry.
The smart cities market is segmented as follows-
Smart industrial automation
Smart energy management
Others (smart education, smart water management, so on)
Rest of Europe
Rest of Asia Pacific
Rest of the World
United Arab Emirates
Some of the key questions answered by the report are:
What was the market size in 2014 and forecast from 2015 to 2023?
What will be the industry market growth from 2015 to 2023?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?