Smart City Market Overview:
The growing need for rapid transformation of the urban landscape due to the increase in global populace and their inclination towards a comfortable lifestyle, resulted in the next phase of urban development as smart cities. Market Research Future (MRFR), in its latest report, reveals that the global market for global smart cities is poised to reach a valuation of USD 1933 Billion by 2022.
As per findings of MRFR, the worldwide Global smart city market is likely to be influence by several factors. The growing urban populace is identified as the chief factor that is expected to gain substantial traction for the global Smart City Market Analysis. Elevation in the comfort threshold of people is responsible for the growing demand for smart cities solutions.
This is expected to bolster the rapid expansion of the smart city market. In addition, rigorous initiatives by governments across the globe and hefty funding and investment made by them in research and developmental activities to present more effective innovations supporting smart city development can also promote the growth of the smart cities market. The availability of better internet connectivity and fast-paced adoption of all thing digital are expected to play a crucial role in the progress of the smart city.
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Smart City Market Key Players:
MRFR listed companies that are operating in the global smart city market. They are; IBM Corporation (U.S.), Huawei Technologies Co Ltd. (China), AT&T Inc. (U.S), Cisco Systems, Inc. (U.S.), Microsoft Corporation (U.S), Oracle Corporation (U.S.), Siemens AG (Germany), and others.
Smart City Market Segmentation:
The worldwide smart cities market is assessed by application and component. By component, the market is sectioned into software, service, and hardware. The hardware segment is expected to hold a sizable share of the global smart cities during the review period.
The hardware segment is expected to expand at about 30.65% CAGR through the forecast period. By application, the market is segmented into transport, utility, residential, government, healthcare, education, and others. The transport segment is likely to generate a decent revenue for the global smart city market trends. It is expected to thrive at a nearly 30.34% CAGR across the review period.
Detailed Regional Analysis:
Rigorous developments and emergence of new growth strategies are expected to encourage a high growth rate for the global smart cities market. New projects for the development of smart cities are being launched and their successful implementation is expected to generate a decent revenue for the market. The smart city market in North America is expected to expand at a high pace. The increase in demand for better transportation connectivity is expected to contribute to the expansion of the smart city size in the North America region.
In addition, the high rate of adoption of technologies, such as internet of things and artificial intelligence is also noted to support the regional market progress. In Asia Pacific, the growing need for development of high end infrastructure can propel the regional market. Increase in focus towards energy saving and provision of efficient network connectivity are other factors that can boost the expansion of the smart city market. Moreover, the increase in initiatives APAC governments and high investment made by them for providing smart facilities for smart cities can propel the regional market.
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The market players are effectively utilizing their resources to gain long term growth. It is due to the volume-driven developments of varieties of product types these key players are observed to contribute largely to the growth of the market. Existence of potential growth opportunities and growing competition among companies are likely to benefit the market.