Smart Cities Market 2019 Global Leading Players, Industry Updates, Future Growth, Business Prospects, Forthcoming Developments and Future Investments by Forecast to 2025
Aug 22, 2019 11:09 AM ET
Global “Smart Cities Market” was valued at US$ 824,774.8 Mn in 2017 and is expected to expand at a CAGR of 21.5% from 2018 to 2024, reaching US$ 3,180,358.5 Mn by the end of the forecast period. Greater involvement of the corporates and growing public-private partnerships are some of the major trends observed in this market. From past decade, electric vehicle (EV) concept has gained popularity for smart and sustainable development of urban as well as non-urban grounds due to a number of reasons, which is further firming the growth of this market.
On the basis of region, the market is segmented into five parts namely North America, Europe, Asia Pacific, Middle-East and Africa, and Latin America. Europe was the largest region in the global Smart Cities market in 2017 and it is estimated to grow over a CAGR of 19.9% during 2018-2024.
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Scope of the Report:
The global Smart Cities market is segmented on the basis of Component, and Application. On the basis of Component, the market is segmented into Hardware and Software. Hardware was the largest segment in the global craft beer market in 2017 and is estimated to witness the highest growth during 2018-2024. On the application basis, the market is segmented into Smart Governance, Smart Infrastructure, Smart Education, Smart Healthcare, Smart Security and Threats, Smart Utility, Smart Building, Smart Transportation, and Others. Smart Governance accounted for the largest segment in the global Smart Cities market in 2017.
Top Key Players of Smart Cities Market Are:
- IBM Corporation
- The ADT Corporation
- Cisco Systems Inc.
- Oracle Corporation
- ATandT Inc.
- SAP SE
- Intel Corporation
- General Electric
- Schneider Electric SE
- Xerox Corporation
Smart Cities Market Dynamics:
- The research states that the global smart cities market is highly competitive, with players developing new smart cities applications and offering them through quick go-to-market strategy for higher market penetration.
- For instance, in February 2018, Cisco and ATandT have announced a partnership for smart cities, with the networking giant to integrate its Cisco Kinetic for cities platform into various ATandT smart cities solutions, including the smart cities operations center (SCOC). The small players prevailing in this industry are focusing especially on technological improvements, and integrated and joint innovation practices to build an entirely new ecosystem for new upcoming smart cities. This would further strengthen small and medium players’ position and market presence, globally.
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Market Segmentation: Global Smart Cities market
By Component
- Hardware
- Software
By Application
- Smart Governance
- Smart Infrastructure
- Smart Education
- Smart Healthcare
- Smart Security and Threats
- Smart Utility
- Smart Building
- Smart Transportation
- Others
Regional Analysis:
- North America
- Asia
- Europe
- Middle East and Africa
- Latin America
Europe contributed the largest revenue to the global smart cities market
Globally, accounting for nearly 50% of the Smart Cities market total revenues in 2017, and is expected to remain the largest market during the forecast period as well. The market in APAC is anticipated to witness the fastest growth in the coming years as the region sees rising demand for smart cities solutions due to change in consumer preferences and rising technology development. Potential growth is also expected from the market in Latin America during the forecast period
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