Albany, NY -- (SBWire) -- 01/09/2019 --Smart cities represent the incorporation of information and communication technologies (ICT) to enhance the performance and quality of urban services such as transportation, energy and utilities, to reduce resource consumption, overall costs and wastage. Smart city solutions can be incorporated in diverse areas of urban living, be it major tourism hubs or small communities striving to become sustainable. 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.

Smart cities are developed and applied to a huge number of different domains and applications, integrated with technological advancements and their effective usage in providing services to people. The need for effective solutions for managing cities is leading to the growth of smart cities around the world.

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The market is classified into two primary segments.

Based on component: solutions and services

Based on application: smart industry automation, smart power supply system, smart security, smart education, smart living and building, smart medicare, smart transport, and smart water network and others

Key growth factors

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.

Threats and key players

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.

Some of the prominent competitors in smart cities market are CISCO Systems Inc., Hitachi Ltd., International Business Machines (IBM) Corporation, General Electric (GE) and Schneider Electric, among others

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Whats covered in the report?

1. Overview of the global smart cities market.
2. Market drivers and challenges of the global smart cities market.
3. Market trends in the global smart cities market.
4. Historical, current and forecasted market size data for the segment based on component.
5. Historical, current and forecasted market size data for segment based on application.
6. Historical, current and forecasted regional (North America, Europe, Asia-Pacific, Latin America, the Middle East & Africa) market size data for global smart cities market.
7. Historical, current and forecasted market size data for region-wise segments.
8. Analysis of company profiles of major competitors operating in the market.

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