Meticulous Research® – a leading global market research company published a research report titled “Smart Cities Market by Application (Smart Utilities, Smart Transportation, Water Management, Waste Management, Smart Healthcare, Smart Lighting, Smart Education), Component (Hardware, Software, and Services), and Geography- Global Forecast to 2027”.
According to this latest publication from Meticulous Research®, the Smart Cities Market is expected to grow at a CAGR of 22.9% from 2019 to reach $545.7 billion by 2027. The substantial growth in the global smart cities market is mainly attributed to the growing demand from the education, utilities, public safety, and transportation sectors. Besides, the government initiatives for overpopulation and urbanization management and growing requirement of resource management for sustainable development provide significant opportunities for the growth of the smart cities market. However, requirement for significant initial investment and rising cases of data theft and cybercrimes may limit the growth of the smart cities market to some extent during the forecast period. Moreover, reluctance shown by citizens to adopt new technologies is the major challenging factor observed in this market.
The global smart cities market study presents historical market data in terms of values (2017, 2018), estimated current data (2019), and forecasts for 2027 - by application (smart transportation, smart utilities, smart education, smart healthcare, smart public safety, governance, smart lighting solutions, and smart building), component (hardware, software, and services), and by geography. The study also evaluates industry competitors and analyzes the market at a country level.
Based on application, the smart utilities segment commanded the largest share of the overall smart cities market in 2019. The introduction of smart grids, smart meters, and new ways of generating and transporting energy are being driven by the IoT. Smart water and electricity monitoring can help save money by giving people more control over their home utilities, while efficient refuse management will help to keep cities cleaner. The utility companies have started integrating with smart cities to generate new revenue opportunities.
Based on component, the services segment is anticipated to grow with the fastest growth rate in the overall smart cities market during the forecast period. The high growth of smart city services is primarily attributed to the consistent growth in the processes such as installation, maintenance, and up-keeping of smart city hardware and software in the coming years.
Geographically, North America commanded the largest share of the overall smart cities market in 2019 and is expected to maintain its dominance throughout the forecast period. The large share of this region is mainly attributed to the fast-developing advanced communication infrastructure, stringent measures for public safety and data privacy, growing focus on reducing carbon footprints using innovative ICT technologies, and prioritizing the development of smart cities by many local and national government authorities. Furthermore, the government initiatives for overpopulation and urbanization management have boosted the overall smart cities market in the region. However, the Asia-Pacific region is expected to register the fastest growth during the forecast period.
Some of the key players operating in global smart cities market are CISCO Systems Inc. (U.S.), Huawei Technologies (China), IBM Corporation (U.S.), ATOS SE (France), Foxconn Electronics, Inc. (Taiwan), Robert Bosch GmbH (Germany), General Electric Company (U.S.), SIEMENS AG (Germany), L&T Infotech (India), Cognizant (U.S.), Capgemini (France), Schneider Electric SE (France), INTEL Corporation (U.S.), Qualcomm Technologies, Inc. (U.S.), and Fujitsu Ltd. (Japan), among others.
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