Smart Cities Market is Expected to Gain Popularity Across the Globe by 2025

Press Release

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, 20182025. 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 AmericaMiddle 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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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.