The global Smart Cities Market is expected to reach USD 237.6 billion by 2025, expanding at a CAGR
of 18.9% from 2019 to 2025, according to a new study conducted by Grand View
Research, Inc. Smart cities encapsulate an overwhelming number and variety of
domains and application areas that are enhanced with technological advancements
and their effective use to provide services to people. Be it a major tourism
hub or a small community striving to become sustainable, smart city solutions
have found their way in diverse areas of urban lifestyle. Demand for city
solutions is anticipated to be on the rise, owing to a number of factors such
as growing urban population and need to better manage limited natural resources
and environmental sustainability. Rapid urbanization, aging infrastructure, and
adoption of new technology, coupled with need for improved quality of life, are
also driving the industry.
The market presents a diverse set of advantages,
such as efficient mobility, enhanced buildings and homes, optimum energy
utilization, and better administrative services. Growing adoption of novel
technologies that complement management of cities of the future is also a major
catalyst in industry growth. The market also stands to benefit from initiatives
taken by national and regional governments, residents, and local businesses to
implement projects and tend toward cities’ problems.
The smart cities market encompasses myriad sectors
such as healthcare, transport, water, assisted living, security, and energy and
their implementation varies from city to city due to technological penetration
in a specified region. The high amount of initial financial investments, need
for consolidation of different departments and sectors, and lack of a systemic
approach may have a negative impact on industry growth. Yet, the market is anticipated
to grow at a rapid rate in the coming years, driven by industries’ renewed
interest, availability of technology, and all-inclusive participation of
industry stakeholders.
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details of Report @
https://www.grandviewresearch.com/industry-analysis/smart-cities-market
https://www.grandviewresearch.com/industry-analysis/smart-cities-market
Further key findings from the study suggest:
- Communication infrastructure and web-based services are anticipated
to play a major role in the industry’s stride toward global adoption.
Inevitable consolidation of services, infrastructure, data, and sensors
will help in the creation of truly smart cities of the future
- Major hindrances in the adoption and implementation of these
technologies include concerns regarding privacy and security of data
- Attempts have also been made at developing consortiums to support
and standardize the smart city market. However, this has been limited to
certain regions and application areas due to lack of a systemic approach
- The industry is witnessing different forms of investment scenarios,
such as Build Operate Transfer (BOT), Build Operate Manage (BOM), and
Build Operate Own (BOO), which are gaining traction as major financial
funding measures for smart cities. The BOM model for investment and
management is gaining popularity due to ease of operation and a combined
control over infrastructure that it offers to interested parties
- Key industry participants include ABB Limited; Accenture; Cisco
Systems, Inc.; Schneider Electric SE; Siemens AG; IBM Corporation; and
Microsoft Corporation. Other prominent players include Hitachi, Ltd.;
Honeywell International Inc.; Intel Corporation; Oracle Corporation; and
Huawei Technologies Co. Ltd. The industry is marked with growing number of
collaborations between governments and companies to develop and implement
pilot projects.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
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Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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