The global smart cities market is anticipated to reach USD 2,276.03 Bn by 2023 and grow at a CAGR of 28.7% during the forecast period of 2018-2023.
The expansion of cities and rapid urbanization are the major drivers for the adoption of intelligent and smart solutions. Rising demand for smart city solutions is anticipated to be driven by factors such as growing urban population, need to efficiently manage limited natural resources, and increasing focus on environmental sustainability.
Soaring adoption of novel technologies that complement management of cities of the future is a major catalyst of industry growth. Increasing installation of smart meters is one of the key factors contributing to the growth of the market. Smart meters can be integrated with an IHD or in-home display, to provide instant information on gas and electricity usage in a household. Rising popularity of smart industrial automation in a variety of manufacturing industries is expected to fuel the market.
The nascent nature of many smart cities solutions and the need to verify ROI prior to wider execution of plans by budget-conscious cities create obstacles for the growth of this market. Cities delaying the development of cohesive smart cities' visions and strategies, lack of multi-stakeholder buy-in to support smart cities initiatives and a shortage of adequate and compelling funding models and resources are some of the challenges faced by the market.
- CISCO Systems Inc.
- Hitachi Ltd.
- IBM Corporation
- General Electric (GE)
- Schneider Electric
- Huawei Technologies Co. Ltd.
- Oracle Corporation
- Siemens AG
- ABB Ltd.
Key Topics Covered
Chapter 1. Executive Summary
Chapter 2. Global Smart Cities Market - Market Overview
Chapter 3. North America Smart Cities Market - Market Overview
Chapter 4. Europe Smart Cities Market - Market Overview
Chapter 5. Asia-Pacific Smart Cities Market - Market Overview
Chapter 6. Latin America Smart Cities Market - Market Overview
Chapter 7. Middle East & Africa Smart Cities Market - Market Overview
Chapter 8. Competitive Landscape
Chapter 9. Conclusion
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