DUBLIN--(BUSINESS WIRE)--The "Global Smart Cities Market - Segmented by Type of Building (Residential, Commercial, Data Center), Smart Utilities (Smart Energy, Smart Grid, Smart Meter), Solution, and Region - Growth, Trends, and Forecast (2018 - 2023)" report has been added to ResearchAndMarkets.com's offering.
The global smart cities market was valued at USD 529.55 billion in 2017, and is forecasted to reach USD 1944.67 billion by the end of 2023, with a CAGR of 24.21%, during the forecast period (2018-2023).
The expanding population living in urban areas (58% by 2025), and the overall growth of urban population (81% of total population that are living in cities), are the major drivers for the adoption of intelligent and smart solutions. The main reason behind the growth of smart cities is the need for effective solution for managing the cities.
Governments of various countries are expected to collaborate and partner with each other, in order to transform into a collaborative and integrated service delivery model, from the traditional silo based model. The expansion of cities and urbanization, widespread adoption of green technology, increasing telecom penetration, and rising adoption of Artificial Intelligence (AI) and Internet of Things, are the factors driving the demand for smart cities.
Key Developments in the Market
- January 2018 - Emerson Electric Company introduced a technology to control multiple smart thermostats on single dashboard to help ensure human comfort and energy efficiency.
- December 2017 - ABB introduced 20-second flash charging technology that allows a bus to connect to a charging point and top up its batteries in less than 1 second, while passengers embark and disembark.
- December 2017 - Schneider Electric introduced EcoStruxureTM Grid in Hyderabad, India to generate higher efficiency in power generation and distribution.
Key Topics Covered
2. Research Approach and Methodology
3. Market Insights
4. Market Dynamics
5. Global Smart Cities Market Segmentation
6. Competitive Intelligence - Company Profiles
- ABB Ltd.
- Alcatel-Lucent S.A
- CISCO Systems Inc.
- Delta Controls
- Emerson Electric Company
- General Electric (GE)
- Hitachi Ltd.
- Huawei Investment & Holding Co., Ltd.
- IBM (International Business Machines) Corporation
- Novartis International AG
- Oracle Corporation
- Schneider Electric SE
- Siemens AG
7. Investment Analysis
8. Future Outlook of Smart Cities Market
For more information about this report visit https://www.researchandmarkets.com/research/6gqhzc/global_smart?w=4