Smart City Market Research Report by Forecast to 2022

Posted by Kiran on December 3rd, 2019

Smart City Market Overview:

The global smart city market, according to the report published by Market Research Future (MRFR), is poised to expand at a substantial CAGR over the review period (2016-2022) and record a market valuation of 1933 billion by 2022.

The market for smart cities is poised to advance exponentially, driven by the increasing urbanization, growing adoption of Internet of Things (IoT), and the rising deployment of big data analytics and artificial intelligence for data management. The growing government initiatives towards the development of smart cities, along with the consumer need for enhanced quality of life, are also driving the demand for smart cities. The shifting focus of regulatory authorities towards energy saving and sustainable living are also expected to fuel the Smart Citiesgrowth over the review period.

On the other hand, privacy and security concerns regarding smart city solutions are poised to impede the market growth over the review period. Moreover, the lack of telecommunication and network infrastructure, especially in developing countries, coupled with higher capital investment, are also expected to hinder the market growth in the foreseeable future.

Browse Full Report Details @ https://www.marketresearchfuture.com/reports/smart-city-market-2624

Smart City Market Competitive Analysis:

The key players in Global Smart City Market include Huawei Technologies Co Ltd. (China), IBM Corporation (U.S.), Cisco Systems, Inc. (U.S.), AT&T Inc. (U.S), Siemens AG (Germany), Oracle Corporation (U.S.) Microsoft Corporation (U.S), among others.

Smart City Market Segmental Analysis:

The global smart cities has been segmented on the basis of components and applications.

On the basis of components, the global smart city market is segmented into hardware, software, and service. The hardware segment is likely to record a substantial CAGR of nearly 30.65% over the review period. The services segment is also expected to reach a considerable market share by 2022.

On the basis of application, the market is segmented into utility, government, transport, residential, healthcare, education, and others. The transport segment is expected to rise at a CAGR of about 30.34% by the end of 2022.

Smart City Market Regional Analysis:

The geographical analysis of the global smart city Trends has been conducted in four major regions, namely, the Asia Pacific, North America, Europe, and the rest of the world (including Latin America and the Middle East and Africa).

North America is assessed as the largest regional market for smart city solutions. The early adoption of advanced technologies such as artificial intelligence, big data analytics, and the internet of things contributes substantially towards the market growth in this region. North America is slated to record the largest market share over review period. The presence of major market players in a higher concentration, along with the availability of adequate capital investments, is also expected to fuel market growth over the forecast period.

North America is closely followed by Europe, wherein fast development and innovative technological integration are taking place. Moreover, the presence of efficient network connectivity and suitable infrastructure are expected to contribute to the regional market share over the assessment period. The presence of stable economic dynamics in technologically advanced countries such as Germany, France, Denmark, and the Netherlands, is also expected to drive the global market for smart city solutions by the end of the forecast period.

The Asia Pacific is accounted for the fastest growing regional market for smart city solutions over the forecast period. This is attributed to the growing government initiatives and growth in foreign investment towards the infrastructural development of various emerging economies such as China, India, Japan.

Smart City Industry News:

November 2019: Tumkur district of Karnataka, India, signed a Memorandum of Understanding (MoU) with Aalborg, Denmark, under a smart city initiative for the infrastructural development of Tumakuru and mutual benefit of both cities.