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Smart cities market to hit 23% CAGR according to new research report

Industrial Market Research

Professional details on global Smart cities market, future trends, forecast, Industry size. According research report on smart cities market, industry will be growing at a 23.1% CAGR to grab $1201.69 Billion by 2022; India will be major demanding country globally.

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North America, Europe, APAC, MEA, and Latin America. Along with the focus areas, such as smart transportation, smart utilities, and smart buildings, which are segmented further by types, solutions, and services? Whereas, the smart citizen services are segmented based on their types–smart education, smart healthcare, and security and threat management.

Key Target Audience

  • National/State Governments
  • Municipal Authorities
  • Real Estate Developers
  • IT Solution Providers
  • System Integrators
  • Telecom Service Providers
  • Networking Solution Providers
  • Utilities
  • Transportation Service Providers

The increasing need for a centralized system for the controlling and monitoring of various devices, such as lighting; Heating, Ventilation, and Air Conditioning (HVAC); surveillance, and emergency response to reduce energy usages and enhance security in the building premises, is driving the market for smart cities.

Report at www.rnrmarketresearch.com/contacts/80151 .

Growing energy consumption and requirements to achieve optimum energy usage during peak hours; growing trends in Artificial Intelligence (AI) and Big Data analytics; and increasing demand for integrated security and safety system in enhancing public safety are expected to drive the market growth.

Various key smart city solution and service providers profiled in the report are as follows:

  1. IBM Corporation (US)
  2. Cisco Systems, Inc. (US)
  3. Microsoft Corporation (US)
  4. Schneider Electric SE (France)
  5. Siemens AG (Germany)
  6. Oracle Corporation (US)
  7. Huawei Investment & Holding Co. Ltd. (China)
  8. Ericsson (Sweden)
  9. Toshiba Corporation (Japan)
  10. Hitachi, Ltd. (Japan)

In the smart cities market, the building segment is projected to be the fastest growing focus area. Among smart building by type, the residential section is expected to be the fastest growing segment.

The increasing need for a centralized system for the controlling and monitoring of various devices, such as lighting; Heating, Ventilation, and Air Conditioning (HVAC); surveillance, and emergency response to reduce energy usages and enhance security in the building premises, is driving the market for smart cities.

Report at www.rnrmarketresearch.com/contacts/?rname=80151 .

Europe gives a great opportunity to smart city solution vendors to develop innovative smart city solutions, particularly energy, mobility, and governance. The European Commission initiated the European Innovation Partnership (EIP) on Smart Cities and Communities in 2012.

The important targets of EIP are better public transits, more energy efficient buildings and transportation, reduced carbon emissions, and sustainable environment. Asia Pacific is projected to grow at the fastest CAGR and will dominate the market by 2022.

In the process of determining and verifying the market size for several segments and sub segments gathered through secondary research, extensive primary interviews have been conducted with key people.

  1. By Company: Tier 1- 36%, Tier 2- 21% and Tier 3- 43%
  2. By Designation: C level- 75%, Director Level- 15% and others- 10%
  3. By Region: North America- 70%, Europe- 15%, and APAC- 15%.

The report segments the smart cities market on the basis of focus areas: transportation, utilities, building, and smart citizen services.

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