Smart Cities Market Is Projected To Touch New Height Of $237.6 Billion By 2025:Grand View Research, Inc.

Posted on 2019-05-28 by researchinsights in Energy, Semiconductors, Technology // 0 Comments

San Francisco, United States, 2019-May-28 — /EPR Network/

The global smart cities market is expected to reach USD 237.6 billion by 2025, expanding at a CAGR of 18.9% from 2019 to 2025, according to a new study conducted by Grand View Research, Inc. Smart cities encapsulate an overwhelming number and variety of domains and application areas that are enhanced with technological advancements and their effective use to provide services to people. Be it a major tourism hub or a small community striving to become sustainable, smart city solutions have found their way in diverse areas of urban lifestyle. Demand for city solutions is anticipated to be on the rise, owing to a number of factors such as growing urban population and need to better manage limited natural resources and environmental sustainability. Rapid urbanization, aging infrastructure, and adoption of new technology, coupled with need for improved quality of life, are also driving the industry.

The market presents a diverse set of advantages, such as efficient mobility, enhanced buildings and homes, optimum energy utilization, and better administrative services. Growing adoption of novel technologies that complement management of cities of the future is also a major catalyst in industry growth. The market also stands to benefit from initiatives taken by national and regional governments, residents, and local businesses to implement projects and tend toward cities’ problems.

The smart cities market encompasses myriad sectors such as healthcare, transport, water, assisted living, security, and energy and their implementation varies from city to city due to technological penetration in a specified region. The high amount of initial financial investments, need for consolidation of different departments and sectors, and lack of a systemic approach may have a negative impact on industry growth. Yet, the market is anticipated to grow at a rapid rate in the coming years, driven by industries’ renewed interest, availability of technology, and all-inclusive participation of industry stakeholders.

To request a sample copy or view summary of this report, click the link below:
https://www.grandviewresearch.com/industry-analysis/smart-cities-market

Further key findings from the study suggest:

Communication infrastructure and web-based services are anticipated to play a major role in the industry’s stride toward global adoption. Inevitable consolidation of services, infrastructure, data, and sensors will help in the creation of truly smart cities of the future
Major hindrances in the adoption and implementation of these technologies include concerns regarding privacy and security of data
Attempts have also been made at developing consortiums to support and standardize the smart city market. However, this has been limited to certain regions and application areas due to lack of a systemic approach
The industry is witnessing different forms of investment scenarios, such as Build Operate Transfer (BOT), Build Operate Manage (BOM), and Build Operate Own (BOO), which are gaining traction as major financial funding measures for smart cities. The BOM model for investment and management is gaining popularity due to ease of operation and a combined control over infrastructure that it offers to interested parties
Key industry participants include ABB Limited; Accenture; Cisco Systems, Inc.; Schneider Electric SE; Siemens AG; IBM Corporation; and Microsoft Corporation. Other prominent players include Hitachi, Ltd.; Honeywell International Inc.; Intel Corporation; Oracle Corporation; and Huawei Technologies Co. Ltd. The industry is marked with growing number of collaborations between governments and companies to develop and implement pilot projects.

Explore Related Report of Next Generation Technologies Industry:

Grand View Research has segmented the global smart cities market based on application and region:

Smart Cities Application Outlook (Revenue, USD Million, 2016 – 2025)

Governance
- City Surveillance
- Command & Control Solution
- E-governance
- Lighting
- Infrastructure
Building
Environmental Solution
Utilities
- Energy Management
- Water Management
- Waste Management
Transportation
- Intelligent Transportation System
- Parking Management
- Ticketing & Travel Assistance
Healthcare

Smart Cities Regional Outlook (Revenue, USD Million, 2016 – 2025)

North America
- U.S.
- Canada
Europe
- U.K.
- Germany
- Nordic Region
- Eastern Europe
Asia Pacific
- China
- Japan
- India
- Australia
- ASEAN
Latin America
- Brazil
- Mexico
Middle East and Africa

Access Press Release Of This Research Report by Grand View Research:
https://www.grandviewresearch.com/press-release/global-smart-cities-market

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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