Global smart cities market to reach $2,578,063.5 million by 2023
Due to significant growth in automation technologies such as internet of things (IoT) and adoption of cloud based technologies, the global smart cities market is gaining huge traction. In addition, effective city asset management for public welfare, substantial operational cost savings, and automated public data generation applications contribute to the growth of global smart cities market.
Apart from this, the rapid growth in global smart cities market is owned by increase in demand for systems that help local and national bodies in designing various public interest policies, such as implementation of public safety measures, appropriate guidelines for pollution control, and public health parameters.
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Insights on market segments
As per the findings of the research, hardware component generated larger revenue as compared to the software component, in the global smart cities market. Further, among applications, smart governance segment leads the global smart cities market. However, the market is expected to witness highest growth for smart building, during the forecast period. Traffic management category contributed largest revenue for smart transportation, however, the market is expected to grow fastest for transport data management, during the forecast period.
Asia-Pacific market set for accelerated growth
Geographically, Europe has been the largest smart cities market, whereas Asia-Pacific is expected to witness the fastest growth among all regions, during the forecast period. The anticipated growth of the market in Asia-Pacific can be attributed to factors such as advancement in automation technologies, growing industry digitalization, rapid growth in advance software development industry, and increasing adoption of data analytics services by real estate builders, and improving IT infrastructure in the region.
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Increase in demand for smart governance fosters market growth
Factors driving the growth of global smart cities market includes significant increase in demand for smart governance, surge in demand for smart utility such as smart meters, decreasing cost and availability of automation technology and services, and growing adoption of IoT enabled devices and related technology by public & private smart city developers, globally. Further, IoT technology as a major enabler toward smart governance helps in remote city monitoring, detection of explicit acts, and public day to day routine works.
Moderate competition among key players
The research states that the global smart cities market is moderately competitive, with players investing in research & development of new automated solutions. Some of the key players operating in the smart cities market are Cisco Systems Inc., Microsoft Corporation, IBM Corporation, Oracle Corporation, Google, Inc., General Electronics (GE), and ABB Group.
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