Smart Cities Market to Garner $2.402 Trillion By 2025 With CAGR of 21.28%, Globally: Allied Market Research

Increase in proactive government smart cities initiatives, rise in urbanization, and inclination toward improving quality of life have boosted the growth of the global smart cities market. However, the security and privacy concerns of smart cities solutions hamper market growth. On the contrary, the rise in the adoption of artificial intelligence solutions among smart city projects expected to create lucrative opportunities in the near future.

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Portland, OR, March 04, 2019 (GLOBE NEWSWIRE) -- Allied Market Research recently published a report, titled, Smart Cities Market by Functional Area (Smart Governance & Smart Education, Smart Energy, Smart Infrastructure, Smart Mobility, Smart Healthcare, Smart Building, and Others): Global Opportunity Analysis and Industry Forecast, 2018 – 2025”. According to the report, the global smart cities market was pegged at $517.62 billion and is expected to reach $2.402 Trillion by 2025, registering a CAGR of 21.28% during the period from 2018 to 2025.

Global smart cities market is segmented on the basis of functional area and geography. Based on the functional area, the market is segmented into smart infrastructure, smart governance & smart education, smart energy, smart mobility, smart healthcare, smart building, and others. The smart infrastructure segment held the largest share in the market in 2017, contributing about 21% of the total market. However, the smart energy segment is projected to manifest the fastest CAGR of 24.7% during the forecast period.

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On the basis of geography, the market is divided into Europe, North America, Asia-Pacific, and Latin America, Middle East and Africa (LAMEA). The North America region dominated the market in terms of revenue in 2017, contributing about two-fifths of the total market. However, the Asia-Pacific region is estimated to portray the fastest CAGR of 24.3% during the forecast period.

The report includes an analysis of the major market players such as AT&T Inc., Ericsson, Hitachi Ltd., IBM Corporation, Microsoft Corporation, Cisco Systems Inc., General Electric, Huawei Technologies Co., Ltd., Intel Corporation, and Schneider Electric SE.

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