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Smart cities market forecast to 2022 just published

Consumer Market Research

The global smart cities market size is projected to grow from USD 424.68 Billion in 2017 to USD 1,201.69 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 23.1%. The base year considered for the study is 2016, and the market size is forecast from 2017 to 2022. Across regions, the smart cities market has been segmented into 4 major focus areas: transportation, utilities, buildings, and smart citizen services.

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Rapid Connectivity, fast telecommunication provision, growing population, and hyper-urbanization are the major driving factors for the smart cities market. Many Cities around the world are rapidly adopting smart solutions in their various sectors, such as transportation, utilities, buildings, and citizen services to attain better standards of living, economic stability, optimal utilization of energy, and advanced environmental protection depending on technologies including IoT, sensors, mobile and cloud.

The market for smart cities is also gaining interest due to advancement in automation technology and adoption of internet of things across various industries, globally. Further, increasing adoption of advance technologies helps in enhancing the country’s infrastructure components, including urban mobility, public security and safety, efficient energy management, and waste management.

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The global smart cities market is expected to grow at a CAGR above 20% during the forecast period, to reach $2,578,063.5 million by 2023. A significant growth in demand for smart cities is anticipated due to growth in automation technologies such as internet of things (IoT), and adoption of cloud based technologies.

In addition, development of cost effective and easily available automation solutions, substantial operational cost savings, and public data management are further fueling growth in smart cities market, globally.

Global smart cities market is driven by factors such as 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, the increasing adoption of IoT augments in developing the monitoring systems across remote and less developed areas.

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Demand for smart healthcare and smart utility are also the key factors driving the growth of global smart cities market. Latest mobile and digital technologies are escalating the demand for smart healthcare in smart cities market.

Local authorities of the respective areas are also focusing on enhancing the communication with its citizens to ensure priority to public healthcare, through regular health checkups and analysis of past public health data for policy formation. In addition, advancement and adoption in smart utilities such as smart grids, smart meters, and smart waste management system has gained huge interest from public policy makers to integrate next generation smart utility applications, right from the lowest level of smart city development.

These elements of smart cities would also help in reducing the wastage and enhancing the city sustainability.

Growing concerns for land scarcity and traffic congestion are some the key opportunities for the global smart cities market. Rapid growth in the global population, particularly in developing countries like India, has already impacted the settlement patterns of some of the large metropolitan cities.

Uneven housing plan, absence of structured transportation, and lack of communication has resulted in high level of congestion and wastage of resources. With the introduction of smart applications, there lies an opportunity for cities to be built on new approach and technologies, such as proper land utilization, effective inner and outer communication, and adequate transportation facilities.

Apart from this, availability of clean water through pipelines, for domestic and industrial purpose, and urban sanitization management are some of the major factors creating ample growth opportunity for the global smart cities market.

Successful implementation of IT & communication technology within a city infrastructure is another opportunity for the growth of global smart cities market. Development of wired and wireless broadband network would allow significant improvement in the quality of life of citizens by providing basic citizen services over these networks, such as smart education and parking management, and smart security.

The primary focus of smart cities market is reducing dependence on non-renewable resources for fuel and improving energy efficiency, which is expected to favor market growth through the forecast period. In addition, the need for green infrastructures, big cyber data and the associated need for security, energy consciousness and increasing urbanization are estimated to positively impact the smart cities market.

Lack of stakeholder engagement and funding & capital expenditure and investments in legacy systems are expected to restrain the smart cities market over the next six years.

The major players in global market include
Schneider electric
Hewlett Packard Enterprise
GE Power

Geographically, this report split global into several key Regions, with, revenue (million USD), market share and growth rate of Smart Cities for these regions, from 2012 to 2022 (forecast)
United States
Southeast Asia

On the basis of product, the Smart Cities market is primarily split into
Urban Planning
Environmental Sensors
Water Usage/Quality
Waste Managements
Health Care

On the basis on the end users/Application, this report covers
Non-Profit Organization

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