The Global Smart Cities market has fuelled the market demand

Posted by marsh on March 13th, 2020

The global smart cities market expected to bolster the market growth with 18% CAGR in the forecast period from 2020-2027. The advancement in technology like cloud computing, IoT, and a massive amount of data emergence due to increasing smartphones internet has allowed the users to transfer the data on the cloud and accessed anywhere around the world.

Moreover, with the increasing speed of the mobile internet has laid the foundation for the application of smart cities. Smart cities will help in building an integrated ecosystem that helps in managing all the sensors, alarm, and meters with one control center through the support of data centers. Additionally, sustainable urbanization and cities have faced severe resource and environmental and transportation pressures, and the urban construction model urgently needs to be transformed.

Furthermore, the increasing market demand for smart city construction will be a significant development opportunity for companies providing "smart city" technologies, products, and services. These opportunities include construction, design, urban master planning; engineering and efficiency consulting; technologies that promote efficient and cost-effective creation; green building materials, systems, and equipment. The development of people's livelihood and industry has become the goal for many cities to choose to build smart cities. More and more smart city planners and builders realize that sustainable urban development is the best choice for urban development. It is not only the path of urban development but also the ultimate goal of urban development.

Smart Transportation Overview in the Global Smart Cities Market

Based on smart transportation, the global smart cities market classified into types, solutions, services. Under the types segment, the airways segment has fueled the market growth owing to, affordability of air tickets as it is available on discounts and offers, which thereby can be afforded by most of the people. Moreover, with an increasing internet connection has given access to the users that earlier people avoid meeting brokers or agencies for flight booking.

Smart Building Overview in the Global Smart Cities Market

Based on the smart building, the global smart cities market segmented into types, solutions, services. Under the solution segment, emergency management has dominated the demand of the global smart cities market. In the wake of an emergency like a natural disaster, fire, theft, crime, and any other factor that can harm the people. Therefore, smart cities are majorly focusing on emergency management to avoid any such incident by connecting alarm, sensors in the cities.

Smart Utilities Overview in the Global Smart Cities Market

Based on smart utilities, the global smart cities market classified into types, solutions, and services. Under solutions, the distribution segment expected to propel the market demand for smart cities. Owing to the demand response program that manages all the distribution that takes place in the cities and controls it by reducing the load of different meters attached in the smart utility segment.

Smart Citizens Overview in the Global Smart Cities Market

Based on smart citizens, the global smart cities market classified into services only. Under this, the public safety segment expected to emerge as the most influential segment in the forecast period. Like people, a significant concern is to provide safety to them and their family members living in the city. Integrating technologies in the smart cities minimize the risk of an accident, which can be controlled from the sensors, and the control center and police can give immediate help.

Region Overview in the Global Smart Cities Market

Based on geography, the global Smart Cities market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia Pacific region is going to bolster its growth in the forecast period from 2020-2027. Owing to rising development, economic stability, and the growing industrial sector have fueled the demand for expansion of the overseas business, advanced technology, and increasing disposable income will fuel the need for the global smart cities market.

Global Smart Cities Market: Competitive Landscape

Companies such as Cisco Systems, IBM, Siemens AG, Schneider Electric, Ericsson, Vodafone, Itron Inc., Verizon, Telensa, ABB, Honeywell International Inc., SAP SE, KAPSCH Group, AGT International and others are the key players in global Smart Cities market.

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Joined: February 19th, 2020
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