PORTLAND, Oregon, December 4, 2018
PORTLAND, Oregon, December 4, 2018 /PRNewswire/ --
Rapid urbanization, need for better and improved quality of life, and adoption of artificial intelligence solutions in smart city projects are expected to propel the growth of the global smart cities market
Allied Market Research recently published a report, titled, "Smart Cities Market by Functional Area (Smart Governance & Smart Education, Smart Energy, Smart Infrastructure, Smart Mobility, Smart Healthcare, Smart Building, and Others): Global Opportunity Analysis and Industry Forecast, 2018-2025". The report offers in-depth analyses of the top investment pockets, drivers & opportunities, competitive landscape, and key strategic moves by market players. According to the report, the global smart cities market was pegged at $517.63 billion in 2017 and is expected to reach $2,402.12 billion by 2025, registering a CAGR of 21.28% through 2025.
Proactive government initiatives for smart cities, rapid urbanization, and need for better lifestyle drive the growth of the market. However, security and privacy concerns of smart cities hamper the market growth. On the contrary, increase in adoption of artificial intelligence solution among smart city projects is expected to create lucrative opportunities for the market players in the coming years.
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Smart energy segment to manifest fastest growth by 2025
The smart energy segment is projected to register the fastest CAGR of 24.7% during the forecast period, owing to increase in adoption of smart grids in applications such as smart energy meters, network management system, and other communication networks to control and manage digital assets. However, smart infrastructure segment held the largest share in 2017, contributing about 22% of the total revenue, owing to significant adoption of public safety & security and transportation solution among governments. The other segments analyzed in the report include smart governance & smart education, smart mobility, smart healthcare, smart building, and others.
North America to retain the largest share by 2025
In 2017, North America region dominated the global smart cities market in terms of revenue, contributing about 40% share of the total revenue, owing to high adoption of connected solutions on account of rapid urbanization. However, Asia-Pacific region is expected to witness the fastest CAGR of 24.3% during the study period, owing to rise in government initiatives toward smart cities and large number of pilot projects among developing countries such as China and Singapore. The other regions analyzed in the report include Europe and Latin America, Middle East and Africa (LAMEA).
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Major market players
The major market players analyzed in the report, include AT&T Inc., Ericsson, Hitachi Ltd., IBM Corporation, Microsoft Corporation, Cisco Systems Inc., General Electric, Huawei Technologies Co., Ltd., Intel Corporation, and Schneider Electric SE. These leading companies have adopted several strategies such as partnerships, product launch, and merger & acquisitions to maintain the leading position in the global market.
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