A “Smart City” is a combination of advanced technology and smart environment. In smart cities, IT technology is used to develop critical infrastructure of a city, including various facilities such as smart transportation, smart water, smart building, smart energy, smart security, smart education, smart healthcare and smart governance. Smart city initiatives basically plans and organize services to enhance sustainability and livability in the city.
Persistence Market Research (PMR) offers an 8-year forecast for global Smart Cities market between 2018 and 2026. In terms of value, market is expected to register a CAGR of 19.8% during forecast period. This study demonstrates the market dynamics and trends globally across seven regions North America, Latin America, Europe, SEA and others in Asia Pacific, Japan, China and MEA which influence the current nature and future status of the Smart Cities market over the forecast period. Revenue generated by global smart cities market is estimated to exhibit a double digit CAGR and hence, reach US$ 3,822.8 Bn by 2026.
On the basis of application, smart security segment is estimated to hold the largest share in 2026, in the global smart cities market. In addition to this, the same segment is expected to exhibit the highest CAGR, during the forecast period. On the basis of component, software segment is estimated to hold approximately 37.4% of smart cities market share in 2026. Smart Cities market in China is expected to witness the highest growth in the global market owing to the increasing initiations of smart city projects, in the region.
In the final section of the report, we include a competitive landscape to provide clients with a dashboard view, based on categories of provider in the value chain, presence in smart cities portfolio and key differentiators. This section is primarily designed to provide clients with an objective and detailed comparative assessment of key providers specific to a market segment in the smart cities supply chain and the potential players for the same. Report audiences can gain segment-specific vendor insights to identify and evaluate key competitors based on in-depth assessment of capabilities and success in the marketplace. Detailed profiles of providers are also included in the scope of the report to evaluate their long-term and short-term strategies, key offerings and recent developments in the smart cities market space. Key competitors covered are include AT&T, Cisco, Ericsson, GE, Hitachi Vantara, Huawei Technologies Co., Ltd., International Business Machines (IBM) Corporation, Microsoft, Oracle Corporation, Panasonic Corporation, SAP, Schneider Electric, Siemens AG, Signify and Toshiba Corporation.
In October 2014, Ericsson acquired Ambient, which is a smart grid communication technology provider. This acquisition helped to expand Ericsson’s presence in the smart grids market.
This research report provides detailed analysis of Smart Cities market and offers insights on the various factors driving popularity of Smart Cities and its features. The report includes an extensive analysis of key industry drivers, restraints, market trends and market structure. The market study provides comprehensive assessment of stakeholder strategies and imperatives for succeeding in the business. The report segregates the market based on application, and component across different regions globally.
The Smart Cities market is anticipated to witness moderate revenue growth during the forecast period, owing to the Increasing transition towards urbanization, governmental initiatives, and the increasing penetration of advanced technologies such as IoT, cloud computing, big data etc.
The report starts with an overview of the smart cities market in terms of value. In addition, this section includes analysis of key trends, drivers and restraints from the supply, demand and economy side, which are influencing the smart cities market.
On the basis of application, smart cities market is segmented into smart security, smart building, smart transportation, smart governance, smart energy, smart healthcare, smart water network system, and smart education.
On the basis of component, smart cities market is segmented into hardware, software and services
A detailed analysis has been provided for every segment in terms of market size analysis for smart cities market across the different regions. The section provides a detailed analysis covering key trends.
The next section highlights detailed analysis of smart cities market across various countries in the region. It provides a market outlook for 2018–2026 and sets the forecast within the context of smart cities market, including latest technological developments as well as offerings in the market. This study discusses key trends within countries contributing to growth of the market, as well as analyses degree at which drivers are influencing this market in each region. Key regions and countries assessed in this report include North America (U.S., Canada), Latin America (Brazil, Argentina, Mexico and Rest of Latin America), Europe (Germany, France, UK, Italy, Spain, Russia, and Rest of Western Europe), SEA and others in Asia Pacific (India, Australia & New Zealand, ASEAN, and Rest of APAC), Japan, China and MEA (GCC Countries, Turkey, South Africa, North Africa and Rest of MEA). This report evaluate the present scenario and the growth prospects of the smart cities market across various regions globally for the period 2018 –2026. We have considered 2017 as the base year and provide data for the trailing 12 months.
In order to offer an accurate forecast, we started by sizing the current smart cities market, which forms the basis of how the smart cities market will grow in the future. Given the characteristics of the market, we triangulated the outcome of different types of analyses, based on the technology trends.
As previously highlighted, the global smart cities market is split into a number of segments. All segments in terms of application, component and different regions are analysed in terms of basis point to understand individual segment’s relative contributions to smart cities market growth. This detailed level of information is important for identification of various key trends of the global smart cities market. Also, another key feature of this report is the analysis of all key segments in terms of absolute dollar opportunity. This is traditionally overlooked while forecasting the market. However, absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales and delivery perspective in the global smart cities market.
Key Segments Covered in the report smart cities market are:
Key Regions covered: