Rising technological developments will escalate the Smart Cities Market at a CAGR of 19.08%Published Date: May 2017
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. The report include key understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments.
The global smart cities market for the industry verticals is fragmented into smart healthcare, smart infrastructure, smart governance, smart transportation, smart energy, and smart education. The segmentation is based upon various aspects of smart cities. Smart infrastructure accounts largest market share of smart cities industry verticals market and is expected to continue its dominance throughout the forecast period. The concept of smart infrastructure is an approach that is contemporary in urban planning and design for sustainable infrastructure development because of its integrated ICT approach adopted for sustainable development. As the adoption and deployment of smart objectives wide spreads across the globe, the market for each individual industry vertical in smart cities market is also anticipated to grow.
Technology integration helps cities to improve efficiency, enhance their economic potential, reduce costs, open the door to new business and services, and improve the living conditions of its citizens. A key condition for value creation through integration is the compatibility of technologies; which is best achieved through common and consensus-based standards that ensure interoperability.
Some of the major players influencing smart cities market are ABB, Accenture, Cisco, Ericsson, GE, IBM, Oracle, Microsoft, Schneider Electric and Siemens, among others.
The report segments the global smart cities market as follows:
Global Smart Cities Market – By Industry Verticals
Global Smart Cities Market – By Geography
Rest of Europe
Asia Pacific (APAC)
Rest of APAC
Middle East & Africa (MEA)
Rest of MEA
South America (SAM)
Rest of SAM