San Francisco, CA -- (SBWIRE) -- 08/21/2018 -- Global Smart Cities Market: Overview

A smart city is a coherent system that combines a number of diverse technologies such as smart grid, smart home, smart building, smart healthcare, smart transportation, and smart education. Overall, the concept of smart cities aims at offering its inhabitants a high quality lifestyle in terms of their economic progress, sustainability, and well-being, while also reducing the impacts of such setup on the environment. In the past few years, the significant rise in availability of connected devices in urban spaces and the considerable volume of data generated by these devices is paving the way for the development of new and more enhanced services for managing a vast number of functions undertaken by these digital entities.

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With the help of internet-of-thing (IoT) principles, sensors, more effective networking infrastructures, and smart electronics, delivering services to operate and manage urban functions in an optimized manner has become more plausible and operational. This report aims at giving the reader a thorough overview of the market, starting with the introduction of the concept of smart cities, before progressing to the various applications of the concept of smart cities, the key components of a typical smart city, key enabling technologies, the competitive landscape, and a thorough forecast for the market over the years 2018 to 2028.

Global Smart Cities Market: Trends and Opportunities

In the next few years, the global smart cities market is expected to expand at a significant pace. The market will significantly benefit from the perfect combination of available technologies, support from a strengthening digital infrastructure across the globe, and increased funds being invested by governments across developed as well as developing economies into the establishment of smart cities. Rising awareness regarding the vast sets of benefits of connected cities, the increased rate of adoption of home security and safety systems, and the vast technological advancements witnessed in areas such as cloud computing, sensors, big data, and artificial intelligence in the past few years are also likely to help the market grow at a healthy pace.

Constant reductions in costs of enabling technologies, improved state of networking infrastructure in a number of emerging and less-developed economies, steady rise in the number of networking service providers in emerging economies, and rise in government initiatives aimed at promoting digitization in commercial and residential sector are also driving the market. The smart city market is increasingly spanning areas such as city traffic management, public transport, citizen information management, urban planning, utilities management, risk management, health, education, mobile payment, retail business, and tourism. More areas of application in digitally advanced ecosystems are expected to increasingly come under the umbrella of smart city in the next few years.

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Global Smart Cities Market: Regional and Competitive Analysis

From a geographical standpoint, the market for smart cities in North America is presently the dominant revenue contributor to the global market. Backed by strong growth potential in the U.S., the North America smart cities market is expected to exhibit a promising CAGR over the report's forecast period. However, the Asia Pacific market will lead in terms of untapped and new growth opportunities and emerge as one of the most lucrative regional markets in the near future. The Asia Pacific market is likely to benefit from factors such as rising awareness, large population base, increased focus of governments on bringing advancements on the technological front, and rising understanding regarding the use of complex technologies and smart electronic devices among a larger group of consumers.

The report presents an overview of the present state of vendor landscape of the global smart cities market. The report presents extensive review of some of the leading players operating in the space concerned with smart cities. Some of the leading companies operating in this sector are Schneider Electric, Huawei, Siemens AG, Cisco Systems, IBM Corporation, Oracle Corporation, Hitachi Ltd., and Toshiba Corporation.

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