In terms of revenue, the global smart cities market stood at US$ 88,303.0 Mn in 2018 and is anticipated to reach US$ 506,580.1 Mn by 2027, expanding at a CAGR of 21% during the forecast period (2019 – 2027).
The dependence on energy across various applications is expected to drive the demand for various energy management solutions in the smart cities market. With rising focus towards sustainable cities across the world, governing authorities have to develop plans to provide citizens with the required utilities, major amongst them is energy. Energy in the form of electricity is utilized in cities on an extensive scale, amounting for around two-third of the total global energy consumption.
A smart city is a well-connected city that deploys various information and communication technologies to share information among public and improve the quality of government services as well as citizen welfare. This technology has been widely adopted in recent years to improve public safety which can range from monitoring areas of high crime rates to improving emergency preparedness with sensors and many more.
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Companies such as Intel Corporation and CURRENT, POWERED BY GE amongst others are providing solutions for energy management focused towards smart cities. Coupled with energy management initiatives, governing authorities are encouraging people to adopt renewable energy sources. This encouragement allows the reduction of dependence on fossil fuels for energy generation in turn, reducing the negative impact on the environment. The implementation of these measures are considered to be imperative for the creation of sustainable cities for the future.
“In coming years, smart cities market would be fueled by rising adoption of sustainable energy solutions. Innovative solutions deployed across public and private grids would help in controlling energy usage and lead towards development of smarter cities.”
The detailed research study provides qualitative and quantitative analysis of the global smart cities market. The market has been analyzed from demand as well as supply side. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East, Africa, and Latin America.
The primary market participants in smart cities market include AT&T Intellectual Property, Cisco, CURRENT, POWERED BY GE, Hitachi Vantara Corporation, Huawei Technologies Co., Ltd., IBM Corporation, Intel Corporation, Itron Inc., Microsoft, NEC Technologies India Private Limited, Nokia, Oracle, Rolta India Limited., Schneider Electric, Siemens, Telefonaktiebolaget LM Ericsson, TOSHIBA CORPORATION, Verizon, Vodafone Limited, amongst several others.
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Smart Cities Market:
Smart Cities Market By Components
- Building and Infrastructure
- Others (Smart Manufacturing, Smart Tourism, Etc.)
- Deployment and Integration
- North America
- Rest of North America
- The UK
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of Middle East and Africa
- Latin America
- Rest of Latin America
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