CHICAGO, January 4, 2019 /PRNewswire/ --
According to a new market research report "Smart Cities Market by Smart Transportation (Type, Solutions and Services), Smart Buildings (Type, Solutions and Services), Smart Utilities (Type, Solutions and Services), Smart Citizen Services, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the Smart Cities Market size is expected to grow from USD 308.0 billion in 2018 to USD 717.2 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 18.4% during the forecast period.
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The adoption rate of smart cities solutions is expected to grow, owing to the increasing demand for public safety and communications infrastructure, growing number of citizen empowerment and engagement, and rising urban population.
Browse in-depth TOC on "Smart Cities Market"
105 - Tables
113 - Figures
255 - Pages
Among focus areas, the smart citizen services segment to grow at the highest CAGR during the forecast period
In smart cities, technologies such as video surveillance, DNA phenotyping, and real-time license plate and facial recognition are widely used for public safety, thereby indicating the need for surveillance to ensure citizens' safety. Public safety not only includes improved crime fighting, but also provides a safer condition for first responders. Among safe city technologies, drones are heavily in demand; for instance, the Los Angeles Fire Department used drones for the first time to precisely track the path of the Skirball fire for keeping firefighters safe, assessing damages, and combating wildfires.
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In terms of regions, Asia Pacific (APAC) is expected to account for the largest market size during the forecast period
APAC is expected to be the main revenue contributor to the Smart Cities Market. The growth in this region is expected to be driven by the increasing demand for smart cities solutions, such as connected vehicles, building energy optimization, and distribution management system. Moreover, a large number of small players is catering to the APAC Smart Cities Market, making it one of the fastest-growing regions. The deployment of smart cities solutions in different segments, such as smart transportation, smart buildings, smart utilities, and smart citizen services, is already on the rise in APAC.
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In the Smart Cities Market, the key and emerging market players include Cisco Systems (US), IBM (US), Siemens AG (Germany), Schneider Electric (France), Ericsson (Sweden), Vodafone (UK), Itron Inc. (US), Verizon (US), Telensa (England), ABB (Switzerland), Honeywell International Inc. (US), SAP SE (Germany), KAPSCH Group (Austria), and AGT International (Switzerland).
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