The global Smart Cities Market is expected to reach a mark of $3 billion by 2024, at a CAGR of above 21% during the forecast period. Significant growth in next-generation technologies including artificial intelligence (AI), personalized healthcare, sustainable energy generation, and robotics is driving the connectivity and urbanization of the smart cities future. Apart from this, increasing resident preference towards the adoption of advanced information and communication technologies (ICT) is escalating the future market growth.
With the rise of innovation and digitalization of industry applications, particularly in the residential sector, countries around the world are actively looking for solutions to balance economic, technological and social development. With the rise in population at a rapid scale, data is also becoming more readily available in this day and age, and governments are actively looking for sustainable and cost-effective technology-enabled solutions to utilize the abundance of data for the improvement of citizens’ lives without intruding into their personal privacy.
Request Free Research Sample@
https://www.blueweaveconsulting.com/global-smart-cities/
Growth in IoT is enabling the smart city projects around the globe. Globally, communities are turning to innovative information communication technologies (ICT) to re-imagine the way in which residents live, work and play, and the IoT is playing a growing role in driving safer and smarter cities from just a vision into reality. Since in an IoT solution, devices and sensors are connected to a network so that they can communicate with each other, or send data to a cloud-based platform where it is combined with data from other peripherals to be processed, with the value coming from the resulting analytics; rapid technological changes across these three elements are helping to further accelerate the global smart cities market to a new level.
As per the findings of the research, sales of hardware components have been the largest revenue generators in the global smart cities market, as compared to other software. Further, among various types of applications, smart governance was the largest revenue contributor in 2017. Also among the smart utilities category, smart energy applications is expected to continue contributing the largest revenue, during the forecast period.
Europe has been the largest revenue contributor to this market. According to research, the region is expected to lead this market over a longer period. Cities in Europe such as Italy and the U.K. have been deploying smart cities solutions from long, which makes the region forerunner in this industry. However, the market in Asia-Pacific, particularly cities in the Asian region is expected to witness the fastest growth during the forecast period. The upsurge in urbanization, along with purposed investment in smart cities coupled with changing consumer preferences, is expected to boost the growth rate of smart cities market in the region.
Click Here for Discount@
https://www.blueweaveconsulting.com/global-smart-cities/
Many new players have entered into this market and industry is also observing entrance of new small and medium players. The leading players are focusing especially on technological improvements through organic and inorganic growth strategies. Some of the major companies operating in this industry include IBM Corporation, The ADT Corporation, Cisco Systems Inc., Oracle Corporation, AT&T Inc., SAP SE, Intel Corporation, General Electric, Schneider Electric SE, and Xerox Corporation.
TABLE OF CONTENTS:
Read more…
Click Here for Purchase@
https://www.blueweaveconsulting.com/global-smart-cities/