London, March 19, 2020 (GLOBE NEWSWIRE) -- According to a new market research report “Smart Cities Market by Application (Smart Utilities, Smart Transportation, Water Management, Waste Management, Smart Healthcare, Smart Lighting, Smart Education), Component (Hardware, Software, and Services), and Geography- Global Forecast to 2027”, published by Meticulous Research®, the smart cities market is expected to grow at a CAGR of 22.9% from 2019 to reach $545.7 billion by 2027.
The global smart cities market is witnessing a consistent growth owing to the government initiatives for overpopulation and urbanization management and growing requirement of resource management for sustainable development. However, significant initial investment requirements and rising cases of data theft and cybersecurity is hampering the growth of the global smart cities market.
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The global smart cities market study presents historical market data in terms of values (2017 & 2018), estimated current data (2019), and forecasts for 2027 - by application (smart transportation, smart utilities, smart education, smart healthcare, smart public safety, governance, smart lighting solutions, and smart building), component (hardware, software, and services), and by geography. The study also evaluates industry competitors and analyses the market at country level.
Based on application, the smart utilities segment commanded the largest share of the overall smart cities market in 2019. The introduction of smart grids, smart meters, and new ways of generating and transporting energy are being driven by the IoT. Smart water and electricity monitoring can help save money by giving people more control over their home utilities, while efficient refuse management will help to keep cities cleaner. The utility companies have started integrating with smart cities to generate new revenue opportunities. However, smart education is expected to grow at the fastest CAGR during the forecast period. The growth is attributed to the rapidly evolving learning infrastructure and incorporation of disruptive technologies into the educational sector. Moreover, as governments recognize the advantages of smart education for their people, many countries are promoting the use of information and communications technology in education and investing in devices that enable new ways of learning, further supporting rapid growth of this segment.
Based on component, the hardware segment commanded largest share of the overall smart cities market. For any smart city initiative to flourish, hardware forms the backbone of infrastructure support, which will lead to a rising demand for connected hardware devices. However, the services segment is anticipated to grow with the highest growth rate in the overall smart cities market during the forecast period. The high growth of smart city services is mainly attributed to the consistent growth in the processes such as installation, maintenance, and up-keeping of smart city hardware and software in the coming years.
The smart city market scope varies greatly across different continents. The reason for this lies in the rate of technological developments in different parts of the world. North America commanded the largest share of the overall smart cities market in 2019 and is expected to maintain its dominance throughout the forecast period. The large share of this region is attributed to the fast-developing advanced communication infrastructure, stringent measures for public safety and data privacy, growing focus on reducing carbon footprints using innovative ICT technologies, and prioritizing the development of smart cities by many local and national government authorities. Furthermore, the government initiatives for overpopulation and urbanization management have boosted the overall smart cities market in the region.
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However, the Asia-Pacific region is expected to register the fastest growth during the forecast period. The factors such as rapid growth in population, increasing economic development, and technological advancements for resource management and sustainable development are supporting the fastest growth of this region in the overall smart city market. The countries in this region, such as China, India, Japan, and South Korea are among the most technologically developing countries across the globe, providing strong growth opportunities for players operating in this market. Rise in adoption of IoT and its market application, 5G connectivity, and increasing adoption of connected vehicles & autonomous drones are the few factors that are expected to drive the market during the forecast period.
The report also includes an extensive assessment of the key strategic developments adopted by leading market participants in the industry over the past 4 years. The smart cities market has witnessed several partnerships & agreements in the recent years. For instance, in January 2020, Muscat Electricity Distribution Company entered in partnership with Huawei technologies to use its UHF-DSA technology to establish wireless communication between various elements of electricity network and improve network response time. Similarly, in December 2019, Siemens AG partnered with Bajaj Energy to provide digital solutions for improved operational efficiency at the Lalitpur Power plant.
The global smart cities market is consolidated and dominated by few major players, namely CISCO Systems Inc. (U.S.), Huawei Technologies (China), IBM Corporation (U.S.), ATOS SE (France), Foxconn Electronics, Inc. (Taiwan), Robert Bosch GmbH (Germany), General Electric Company (U.S.), SIEMENS AG (Germany), L&T Infotech (India), Cognizant (U.S.), Capgemini (France), Schneider Electric SE (France), INTEL Corporation (U.S.), Qualcomm Technologies, Inc. (U.S.), and Fujitsu Ltd. (Japan), among others.
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Scope of the Report:
Smart Cities Market, by Application
- Smart Transportation
- Parking Management
- Ticketing & Travel Management
- Traffic Management
- Passenger information management system
- Freight information system
- Smart Utilities
- Energy management
- Smart Meters
- Meter Data Management
- PV Monitoring
- Smart Grid
- Power electronics
- Energy Storage
- Water Management
- Waste Management
- Distribution Management
- Energy management
- Smart Education
- Smart Healthcare
- Connected Healthcare Solutions
- Telemedicine
- Smart Public Safety
- Surveillance
- Command & Control Solutions
- Smart Governance
- E-Governance Solutions
- Emergency Management
- Law Enforcement
- City Planning
- Smart Lighting Solutions
- Smart Building
- Lighting Control Systems
- Energy Management Systems
- Facility Management Systems
Smart Cities Market, by Component
- Hardware
- Software
- Services
Smart Cities Market, by Region
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Singapore
- Rest of Asia-Pacific
- Latin America
- Middle East & Africa
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