DUBLIN–(BUSINESS WIRE)–The “Smart Cities Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026” report has been added to ResearchAndMarkets.com’s offering.
The global smart cities market exhibited strong growth during 2015-2020. Looking forward, the global smart cities market is expected to grow at a CAGR of around 20% during the forecast period (2021-2026).
A smart city refers to a framework that utilizes information and communication technology (ICT) to deploy, develop and promote sustainable development in urban areas. It also helps in sharing information with the public, improving operational efficiency and increasing the quality of citizen welfare. A smart city relies on both hardware components, such as chips, sensors and actuators, and software solutions like user interfaces (UIs), communication networks and the Internet of Things (IoT) devices to promote mixed-land use for unplanned areas, which offers a wide range of facilities at one location and aids in the optimum utilization of the available space. The data collected from these solutions is analyzed to monitor power plants, water supply, detect crime, manage waste and offer various other municipality services.
According to the ‘World Population Prospects 2019’ report prepared by the Population Division of the Department of Economic and Social Affairs of the United Nations (UN) Secretariat, the world’s population is anticipated to increase by 2 Billion in the next 30 years, from 7.7 Billion to 9.7 Billion by 2050. Thus, the escalating demand for sustainable infrastructure due to increasing population and urbanization represents one of the key factors propelling the growth of the smart cities market. As a result, governing agencies of both the developed and emerging economies are implementing policies and regulations for the deployment of cloud-based services to develop, facilitate and track their smart city initiatives. These agencies are also investing in smart city technology to fight against the coronavirus diseases (COVID-19) outbreak as it can be employed to track the spread of the pandemic, monitor patients, reduce the infection rate, and implement different medical strategies. Additionally, as the establishment of smart cities helps utilize technologies and connect data sensors to ensure quality economic and environmental development, countries around the world are investing in smart city development.
The rising adoption of artificial intelligence (AI) solutions is providing a boost to the market growth. The utilization of AI-based CCTV cameras for facial recognition, sensors for smart parking assistance and smart traffic management systems are creating lucrative opportunities for the leading players in the smart cities industry. Besides this, intensifying urban migration and the rise in unplanned development is also fueling the need for smart cities worldwide. Advancements in energy infrastructure are also impelling market growth as numerous countries are facing threats in terms of grid reliability and maintenance of aging energy infrastructures. Smart cities provide improved infrastructure for the optimal utilization of energy and improve efficiency by implementing smart energy grids and related technologies. Furthermore, governance structures, technology ecosystems, advancements in infrastructure, and funding and financing models are some of the other factors anticipated to strengthen the growth of the smart cities market in the upcoming years.
- ABB Group
- Cisco Systems Inc.
- Alphabet Inc.
- International Business Machines (IBM) Corporation
- Microsoft Corporation
- Oracle Corporation
- Schneider Electric
- Hitachi Ltd
- Siemens AG
- Huawei Technologies Co. Ltd
- Intel Corporation
- General Electric (GE) Company
- Telefonaktiebolaget L M Ericsson
- Toshiba Corporation
- Honeywell International Inc.
- AT&T Communications LLC
Key Questions Answered in This Report:
- How has the global smart cities market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global smart cities industry?
- What are the key regional markets in the global smart cities industry?
- What is the breakup of the market based on the focus area?
- What is the breakup of the market based on the smart transportation?
- What is the breakup of the market based on the smart building?
- What is the breakup of the market based on the smart utilities?
- What is the breakup of the market based on the smart citizen service?
- What are the various stages in the value chain of the global smart cities industry?
- What are the key driving factors and challenges in the global smart cities industry?
- What is the structure of the global smart cities industry and who are the key players?
- What is the degree of competition in the global smart cities industry?
Key Topics Covered:
2 Scope and Methodology
3 Executive Summary
5 Global Smart Cities Market
6 Market Breakup by Focus Area
7 Market Breakup by Smart Transportation
8 Market Breakup by Smart Buildings
9 Market Breakup by Smart Utilities
10 Market Breakup by Smart Citizen Services
11 Market Breakup by Region
12 SWOT Analysis
13 Value Chain Analysis
14 Porter’s Five Forces Analysis
15 Price Analysis
16 Competitive Landscape
For more information about this report visit https://www.researchandmarkets.com/r/1auyom
Laura Wood, Senior Press Manager
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