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(Transportation-News.com, July 06, 2018 ) The Global Smart City Market accounted for US$ 773.19 Bn in 2016 and is expected to grow at a CAGR of 19.08% during the forecast period 2017 – 2025, to account for US$ 3651.49 Bn in 2025.
The smart infrastructure technology has significantly changed over time, and various disciplines such as building automation for facility and emergency response management, building energy optimization, parking management, and in-building communication systems, are now being widely adopted. Furthermore, Green building initiatives have taken up a center stage across many countries, especially across the Europe, North America, and APAC region. Focus on reduction in energy consumption and concerns over proliferation of environmental wastes are the major driving factors for development of smart cities. Transportation is another major growing focus area during the forecast period.
The report focuses on an in-depth segmentation of this market based by industry verticals. The geographic segmentation of the report covers six major regions including; North Americas, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America (SA). The regional market has been further bifurcated by respective countries. By industry vertical smart infrastructure sector accounted for the largest share of the smart cities market in 2015; whereas, APAC region is expected to grow at the highest CAGR during the forecast period.
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The report aims to provide an overview of global smart cities market with detailed market segmentation. Also, it analyzes the current smart cities market scenario and forecasts the market till 2025. The report covers market dynamics effecting the market during the forecast period. Furthermore, the report analyzes the competitive scenario, geographic trends, and opportunities in the markets with respect to all geographic regions. The report also includes the detailed company profiles of the key players in the market along with their market strategies. The report also provide PEST analysis for all regions, and SWOT analysis for all company profiled in the report.
North America is one of the prominent regions in smart cities market which will contribute highest revenue globally due to technological developments and considerable implementation of smart cities concept in different industry vertical segment. Rapidly growing economies in Asia-Pacific (APAC) with significant growth in IT sector will pave the path for increasing adoption and propel the market for smart cities. The region is expected to lead the market with highest CAGR during the forecast period. Some of the key players of smart cities market include ABB, Accenture, Cisco, Ericsson, GE, IBM, Oracle, Microsoft, Schneider Electric and Siemens, among others.
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