Smart Cities Market – Industry Growth, Drivers and Top Key Players by 2024

Global Smart Cities Market: Overview

An urban region fully advanced in the infrastructure, communication, sustainable real estate and market viability sector is known as a ‘smart city’. The main infrastructure is the information technology, which provides services to the residents. The economic development and activity are maintainable and incremental depending on the supply and demand. The focus of the smart city is improving the standard of living, economic growth, service efficiency and meet residential needs using urban technology and informatics. The sectors such as transportation and traffic management, government services, healthcare, energy, water, waste management, and advanced urban agriculture are expected to adopt the smart city technology. The smart city programs and technologies have been implemented in Southampton, Madrid, Stockholm, Amsterdam, Milton Keynes, and Barcelona so far.

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Global Smart Cities Market: Growth Factors

The growing infrastructure, technological advancements in the information and communication technology along with the increasing urbanization are the factors driving the global smart cities market growth. The smart city solutions in various sectors such as construction, transportation, citizen services, and utilities in order to improve the living standard, efficiency, environmental protection, energy optimization and economic stability may boost the global market in future. The other factors driving the smart cities market are the use of technology in the IoT, mobility and sensor field, increasing energy consumption, government initiatives, cost-effective building infrastructure, limitations in capacity expansion, and rising renewable energy share.

Global Smart Cities Market: Segmentation

The global smart cities market is bifurcated on the basis of focus area, services, and geography. The focus area segment is further categorized into transportation, buildings, utilities, and smart citizen services. The transportation sub-segment is grouped into rails and roads. The buildings sub-segment is further bifurcated into commercial and residential. The utility sub-segment of the global smart cities market is further divided into water, gas, and energy. The smart citizen services sub-segment is categorized into healthcare, education, and security. The services segment includes management and planning, consulting, infrastructure monitoring and integration. The geographical segmentation of the global smart cities market includes Asia Pacific, Europe, the Middle East and Africa, Latin America, and North America.

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Global Smart Cities Market: Regional Analysis

The highest growth is seen in Asia-Pacific region followed by Europe. The global smart cities market is expected to grow in the Middle East and African, and Latin American regions. These regions have high scope for development as smart cities. The high return on investments in the smart cities boosts the global market.

Global Smart Cities Market: Competitive Players

The major players in the global smart cities market include Microsoft, Cisco, IBM, Oracle, Toshiba, Huawei Technologies, Hitachi, Siemens, Ericsson, Alstom SA, SAP SE, Alcatel-Lucent SA, and Schneider Electric. The other players in the global market include ABB Ltd., General Electric, Silver Spring Networks, Inc., AGT International, Itron, Inc., Honeywell International, Inc., Kapsch Group Beteiligungs GmbH, and Maven Systems Pvt. Ltd. Some of the prominent market players are GE, Google, Accenture, Nokia, HCL, Jasper technologies, Aeris Communications, KORE Wireless, Novatel Wireless, Mercedes-Benz, Telefonica, Wipro, Vodafone, NEC, NTT DATA, Sierra Wireless, Digi International, HP, and LG.

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Martin Glenn

Martin Glenn is an accomplished digital marketing professional. He tracks the most recent patterns and happenings in the advanced showcasing scene, additionally offering his feeling on their effect on organizations. He has involvement in both B2C and B2B markets. His side interests incorporate perusing books and voyaging.

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