Princeton, NJ -- (SBWIRE) -- 06/18/2018 -- SUMMARY
The global Smart Cities market is expected to grow from USD 424.68 Billion in 2017 to USD 1,201.69 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 23.1%. Growing energy consumption and requirements to achieve optimum energy usage during peak hours; growing trends in Artificial Intelligence (AI) and Big Data analytics; and increasing demand for integrated security and safety system in enhancing public safety are expected to drive the market growth.
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In the smart cities market, the building segment is projected to be the fastest growing focus area. Among smart building by type, the residential section is expected to be the fastest growing segment. The increasing need for a centralized system for the controlling and monitoring of various devices, such as lighting; Heating, Ventilation, and Air Conditioning (HVAC); surveillance, and emergency response to reduce energy usages and enhance security in the building premises, is driving the market for smart cities.
Deploying technologies, such as smart grids, smart metering for energy management; electric vehicle and traffic management with smart transportation; and smart security are high growth areas within the smart cities market. Smart transportation, smart security, and smart energy management are the most important components in smart cities. As citizens and governments are becoming more environment conscious, there is a push for stringent regulations aimed at reducing carbon footprint in urban areas.
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Among regions, APAC is projected to have the largest market share by 2022 and is expected to lead the smart cities market, in terms of growth, from 2017 to 2022. Correspondingly during the same period, APAC is expected to have significant growth potential and is projected to grow at the highest CAGR in the market owning to a large population, increasing customer awareness, developing technology hubs, and major countries, such as China, South Korea, Japan, Singapore, Thailand, India, and Australia. With low levels of operational efficiency in emerging countries, and the lack of standardized regulatory frameworks especially for energy sectors, most organizations struggle to optimally utilize the full potential of smart cities technologies. This would be a major restraint for the market growth.
The technological giants, such as Huawei, Juniper, and Cisco Systems, have adopted various growth strategies such as new product launches, partnerships, contracts, collaborations, and expansions to expand their global presence and increase their market shares in the global smart cities market.
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