Accelerated urbanization, demand for a better quality of life, and acceptance of artificial intelligence solutions in smart city projects propel the growth of the global smart cities market.
As per the report published by Allied Market Research, the global smart cities industry generated $517.63 billion in 2017 and is anticipated to reach $2,402.12 billion by 2025, manifesting a CAGR of 21.28% from 2018 to 2025. The report provides a detailed analysis of major drivers & opportunities, key segments, investment pockets, competitive landscape, and key players.
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Pramod Borasi, a Research Associate, ICT at Allied Market Research, stated, “China is anticipated to grow at the highest CAGR during the forecast period attributing to a rise in adoption of smart cities solutions for smart cities projects in the country. Accelerated smart city initiatives, increase in need for improved natural resource management, and rise in need of public safety and security fuel the growth of the global smart cities market. On the other hand, security concerns toward smart cities and lack of funding and adequate infrastructure hinder the market growth. On the contrary, emergence and application of artificial intelligence and IoT market in smart cities create several opportunities.”
- Governments across the world deployed smart technologies to fight against the COVID-19 outbreak. Smart city projects can help to track the spread of the injection and the application of medical strategies. This positively affected the market.
- Several cities have used smart city platforms such as heat maps, GPS systems, and aerial surveillance to monitor the COVID-19 patients.
- Smart cities solutions helped to collect data from various sensors and cameras through advanced contact tracing systems. This reduces the infection rate without having to impose complete lockdown.
The global smart cities market is segmented on the basis of functional area and region.
The smart energy segment is anticipated to exhibit the fastest CAGR of 24.7% during the forecast period. On the other hand, the smart infrastructure segment held the largest share in 2017, attributing to nearly 22% of the total revenue. The other segments analyzed in the report include smart mobility, smart governance & smart education, smart building, smart healthcare, and others.
In 2017, North America dominated the global smart cities market, holding around two-fifths share of the total revenue. On the other hand, Asia-Pacific is anticipated to witness the fastest CAGR of 24.3% during the forecast period. The other regions studied in the report include Europe and LAMEA.
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Key leading players of the global smart cities market include Cisco Systems Inc., AT&T Inc., Microsoft Corporation, Ericsson, Hitachi Ltd., General Electric, Huawei Technologies Co., Ltd., Intel Corporation, IBM Corporation, and Schneider Electric SE.
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.