Smart City Market Overview
The Smart City Market is expected to grow at a CAGR of 15.5% and reach USD 1549.86 billion by the end of the forecast period. Because of the rising awareness of smart goods, which is partly due to all intermediary technologies, the smart cities concept has gained traction. Furthermore, growing investments by city governments, central/federal governments, and dedicated governing organizations have mostly propelled market expansion. Financing and funding strategies, technical ecosystems, governance arrangements, and infrastructure investments all play major roles in smart city deployments and are expected to drive the Smart City Market growth during the forecast period.
Get Free Sample Copy at: https://www.marketresearchfuture.com/sample_request/2624
Telecommunications infrastructure, as well as its application for public safety, are essential for smart city projects to succeed. Every city must ensure that communication platforms are created and accessible to achieve the concept of smart cities in an open and resource-efficient manner. Every city that wants to be smart needs to have access to modern digital connectivity infrastructure. In such cities, fixed networks, mobile networks, and dedicated networks for IoT applications will all be critical.
Market Segmentation
Based on smart transportation, the global Smart City Market has been segmented into the Intelligent Transportation System (ITS), Smart Ticketing & Travel Assistance, and Parking Management.
Based on the region, the global Smart City Market has been segmented into North America, Europe, Asia-Pacific, and the Rest of the World.
Regional Classification
The fastest-growing region is predicted to be the Asia-Pacific. This rise can be attributed to a greater focus on the development of digital infrastructure in the region. Furthermore, increased urbanization and disposable income are likely to drive regional market expansion over the projection period. Over the forecast period, governments throughout the region are projected to focus more on improving parking management and reducing traffic congestion and pollution, which will drive demand for smart parking systems.
Over the forecast period, the Asia-Pacific segment is predicted to grow at the fastest rate, with China and India leading the way. China boasts almost 500 smart city pilot projects, the most in the world, spanning both large and small cities. The Indian government’s Smart Cities Mission is built on a long-term, inclusive development strategy. The company’s goal is to build a replicable model that will spur the creation of similar Smart Cities in other parts of the country.
Industry News
The major key players in the Smart City Market are Honeywell Corporation (the US), Huawei Technologies Co Ltd. (China), Siemens AG (Germany), Cisco Systems Inc. (the US), Schneider Electric SE (France), IBM Corporation (the US), Siemens AG (Germany), AT&T Inc. (the US), Ericsson (Sweden), Oracle Corporation (the US), Hitachi Corporation (Japan), and Microsoft Corporation (the US).
In February 2020, Cisco and Connexin partnered with Quantela to expedite the development of smart cities in the United Kingdom. Sheffield’s highway system has been upgraded with the most cutting-edge IoT-based smart city technologies available in the UK. The City OS platform blends Cisco Kinetic’s best-of-breed capabilities with Quantela’s Atlantis smart city technologies to create this solution.
Get Complete Report Details at: https://www.marketresearchfuture.com/reports/smart-city-market-2624
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.