Research Nester has released a report titled “Smart Cities Market – Global Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the smart cities market in terms of market segmentation by functional area, by solutions and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global smart cities market is segmented by functional area into smart transportation, building, utilities, and citizen services. Citizen services is further sub-segmented into education, healthcare, public safety and street lighting, out of which, smart healthcare sub-segment is anticipated to hold the largest market share owing to focus of the government on healthcare and the increasing health expenditure by the governments of various nations. In the statistics by the World Health Organization (WHO), domestic general government health expenditure per capita in the world peaked to 762.5433 (current USD) from 556.2394 (current USD) in-between 2010-16.
The global smart cities market is anticipated to record a CAGR of around 18.05% during the forecast period, i.e. 2019-2027. Several technological advancements in domains, for instance, healthcare, transport, energy, governance and intelligence gathering among others, coupled with the rise in the adoption of technologies, for instance, Internet of Things (IoT), cloud computing, big data, cognitive computing and open data among others, along with advancements in smart railways, smart lighting technologies, and others are some of the factors that are anticipated to drive the growth of the global smart cities market.
Regionally, the global smart cities market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, Asia-Pacific is expected to hold the largest market share on account of growing investments by nations such as China and India for smart city mission projects. In the statistics by the Ministry of Housing and Urban Affairs of the Government of India (Smart Cities Mission), USD 28612.31 million (in current USD) have been spent on Smart Mission Project. Additionally, 80.80% of the share of expenditure was provided for area-based developments and rest 19.20% share was provided for pan city solutions.
Favoring Initiatives Of The Government to Promote Growth of the Global Smart Cities Market
Rise in the urban population worldwide, which is inextricably linked with the growth of the cities and the economic development, is demanding for smart technology initiatives from the government and private sectors. Governmental organizations along with the private sectors are promoting the implementation of smart cities by arranging various events which promotes sustainable living for the citizens of the nation. Organizations such as International Organization for Standardization (ISO) have also provided the ISO 37100 (Sustainable cities and communities) family of standards which focuses on the framework for defining sustainable development objectives as well as a roadmap to achieve them. Additionally, other events, for instance, The World Smart City Forum event, organized by International Telecommunication Union (ITU), in partnership with IEC and ISO, along with the Government of the Province of Santa Fe and Universidad Tecnologica Nacional, Argentina (held on 29th of November 2018), focused on the challenges in smart city development and how to solve those issues together. All of these factors are anticipated to promote significantly towards the growth of the global smart cities market.
However, concerns regarding data breach, cyber threats and increasing cybercrimes lying over the deployment of smart devices in cities is considered to operate as key restraints to the growth of the global smart cities market.
This report also provides the existing competitive scenario of some of the key players of the global smart cities market, which includes company profiling of ABB Ltd. (SWX: ABBN), Cisco Systems, Inc. (NASDAQ: CSCO), Emersion Electric co. (NYSE: EMR), IBM Corporation (NYSE: IBM), Telefonaktiebolaget LM Ericsson (STO: ERIC-B), Schneider Electric SE (EPA: SU), GE Current (NYSE: GE), Siemens AG (ETR: SIE), Huawei Technologies Co. Ltd., and Honeywell International Inc (NYSE: HON). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global smart cities market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.