Northrook, IL -- (SBWIRE) -- 12/19/2019 -- This report "Smart Cities Market by Smart Transportation (Type, Solutions and Services), Smart Buildings (Type, Solutions and Services), Smart Utilities (Type, Solutions and Services), Smart Citizen Services, and Region - Global Forecast to 2023", states that the global Smart Cities Market size is estimated to grow from a value of USD 308 .0 billion in 2018 to reach USD 717.2 billion by the year 2023, with a Compound Annual Growth Rate (CAGR) of 18.4% for the forecasted period. Factors contributing to the smart cities industry development are rising urban population, an increase in demand for public safety and communication software, and a high number of citizen empowerment.

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The services segment will grow at the highest CAGR for the period 2018-2023

Services that include smart healthcare, smart education, smart street lighting, and smart public safety are expected to grow at the highest rate for the forecasted duration in the smart cities market. Smart education solutions are continuously evolving and have shown remarkable transformation in moving towards mobile technologies. New-age technologies such as real-time license plate and facial recognition, DNA phenotyping, and video surveillance are used extensively for public safety. Drones now have a very high demand in the market as part of safe city technologies. For instance, the Los Angeles Fire Department dispatched drones to track and analyze the Skirball fire in December 2017.

Connected vehicle segment has the fastest growth in the smart cities market

Connected vehicles or vehicle telematics is among one of the technologies to undergo the highest growth in the forecasted period. This technology uses informatics and telecommunications in buses, passenger cars, light commercial vehicles (LCVs), and medium & heavy commercial vehicles (M&HCVs) to relay accurate information regarding a vehicle's behavior.

Telematics solutions allow for communication and data transfer over long distances via a wireless medium. This has led to the high demand for smart solutions from consumers. This high-tech solution leverages the benefits of interconnected embedded technology with mobile and telematic systems and gives proficient control for the moving vehicles.

The smart transport segment is expected to grow at a rapid pace as they provide the right infrastructure projects to boost public transport. Several factors were used to analyze and market estimation that includes regulations, urbanization, smart city adoption, start-up ecosystem, tier 1 companies contribution, collaborations, IT spending, and recent development in a given area.

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Asia Pacific (APAC) region is expected to have the largest market size for the forecasted duration

Asia Pacific (APAC) region is among the highest gainer for smart cities market development. Numerous factors are driving the growth of the market in APAC regions, such as building energy optimization, connected vehicles, and distribution management systems. However, there are quite a large number of small players that are contributing to APAC, thus, making it the leading smart cities industry. Almost every segment of smart cities market solutions, for instance, smart buildings, smart utilities, smart transportation, and smart citizen services, have already shown promise in the APAC countries. China is among the largest marketplace for developing smart cities in the APAC region. In the APAC region alone, 311 cities were selected in 2013 for transforming into smart cities, out of which only 80 have shown significant progress.

In the Smart Cities Market, key players are Cisco Systems (US), IBM (US), Itron Inc. (US), Verizon (US), Honeywell International Inc. (US), Vodafone (UK), Telensa (England), SAP SE (Germany), KAPSCH Group (Austria), AGT International (Switzerland) Siemens AG (Germany), Schneider Electric (France), Ericsson (Sweden) and ABB (Switzerland).

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