Global Smart City Market Report 2017-2025 has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
The global Smart cities 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.Smart cities was invented towards the end of 20th century. It has been expanded to relate to the future of cities and their development.
Smart city are progressive, forward-looking and resources-efficient and providing high quality of life. Smart cities exist on the intersection of digital, urban environment and disruptive technology.
Smart city uses information and communication technology (ICT) to increase its workability, sustainability and livability. They include new energy, traffic and transport concept that goes easy with the environment.
One of the driving factor fueling the growth of smart city market is increasing urbanization. Urban areas are transform into smart cities, while transformation, disruptive digital technologies is one of the major driver.
Advancement in technology is driving the digital economy because digital technology is showing a remarkable growth in capacity and performance. In addition to this there are several other factors fueling the growth of smart city such as inadequate infrastructure, growing urbanization, growing stress & growing economic competition, growing expectation and rapidly improving technology capabilities.
However, the factors hindering the growth of smart city is high initial investment. Growing demand for integrated security and safety system for improving public safety and increasing demand for system integrators is expected to boost the market over coming years.
Smart City Market Key Players
Key Insight of Smart City Market
- Historical and Future Market
- Supply and Demand
- Price and Cost
- Drivers and Challenges
- Key Vendors
- Market Strategies
- Industry Value Chain
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