Overview

Smart Cities Market Introduction

Global Smart Cities Market is predicted to value over USD 231 billion by 2027 end and grow at a CAGR of over 18% during the forecast period 2020 to 2027.

Smart city is a system that uses information and communication technologies to increase operational efficiency and share information with the public domain to improve both the quality of government services and citizen welfare. Emerging trends such as automation, artificial intelligence and machine learning are driving factors of smart cities adoption. There are some components which play a significant role in smart city development, those are energy conservation & efficiency, sanitation, traffic control and smart farming. Smart city initiates aim to improve the living standards of the general population. Smart technology will help cities to sustain growth and improve efficiency for public welfare & government efficiency in urban areas.

Rising living standards of the general population and increasing per capita expenditure of individuals led to the potential growth of global market. Changing economies of developing countries are expected to boost the growth of the market. Along with this, government agencies are taking a direct part in advancing the cities fuelled the growth of the market. Further, increasing population and urbanization created to potential opportunities for the market. Additionally, changing demographics and increasing living standards boosted the burgeoning growth of the market. Other factors rising awareness among the general population led to the rapid development of the market. It is further augmented by the accelerated advancement of technologies and changing government policies to encourage the advancement of the IT sector. All these fuelled the growth of the market.

Developed economies like North America and Europe region witnessed a slow rate during the forecast period due to the maturation of the market. These regions remain dominant throughout the forecast period in the global market. Changing economic standards of developing regions like the Asia Pacific and Latin America represents the most lucrative market space due to the increasing economy of the countries. Further, these regions witness highest growth rate during the forecast period. Rest of the world represented a significant growth rate due to the advancement of technologies in this region.

Smart Cities Market Segmantation:

By Component

Solutions
Services

- Professional Services

- Integration & Deployment

By Application

Education
Governance
Buildings
Mobility
Healthcare
Utilities

By Region

Europe
North America
APAC
Latin America
Rest of World

Competitive Landscape:

Tier 1 players- established companies in the market with a major market share
Tier 2 players
Emerging players which are growing rapidly
New Entrants

FutureWise Takeaways

Growth prospects
SWOT analysis
Key trends
Key data-points affecting market growth

Objectives of the Study:

To provide with an exhaustive analysis on the global smart cities market, by component, application and region
To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
To evaluate and forecast micro-markets and an overall market
To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the Middle East
To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
Profiling of companies to evaluate their market shares, strategies, financials and core competencies