Smart Cities Market Expected to Garner $2,402,123 Million by 2025 at CAGR of 21.28% | AT&T Inc., Cisco Systems Inc., Ericsson, General Electric, Hitachi Ltd., Huawei Technologies Co., Ltd.
The factor that drives the global smart cities market includes continuous growth in urbanization resulting in increasing demand for smart technology for efficient day-to-day services for better resource management. In addition, proactive government solutions for smart cities deployment due to the wide adoption of Internet of Things (IoT) devices is expected to boost the growth of the global market.
China is expected to grow at the highest CAGR during the forecast period due to significant growth in adoption of smart cities solutions on account of large number of smart cities pilot projects in the country.
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The global smart cities market was valued at $517,629 million in 2017 and is projected to reach $2,402,123 million by 2025, registering a CAGR of 21.28% from 2018 to 2025. In 2017, smart infrastructure segment accounted for the highest revenue in the market.
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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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).
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.
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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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Originally Published on : https://www.openpr.com/news/2160697/smart-cities-market-expected-to-garner-2-402-123-million
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