Smart Cities Market Worth $717.2 Billion by 2023
July 30, 2019 -- According to a new market research report by MarketsandMarkets, the global market for smart cities is expected to grow from USD 308 billion in 2018 to USD 717.2 billion by 2023, at a compound annual growth rate (CAGR) of 18.4% during the forecast period. This expected growth is due to the increasing demand for public safety and communications infrastructure, growing citizen empowerment and engagement, and rising urban populations.
Among the report's focus areas, the smart citizen services segment is projected to grow at the highest CAGR during the forecast period. Smart citizen services comprise smart education, smart healthcare, smart public safety, and smart street lighting.
Among solutions, the report notes that the connected vehicle segment is expected to grow rapidly during the forecast period. Connected vehicles (also known as vehicle telematics) is defined as the use of telecommunications and informatics across vehicles, such as passenger cars, buses, Light Commercial Vehicles (LCVs), and Medium and Heavy Commercial Vehicles (M&HCVs). Vehicle telematics solutions enable communication and data transfer over long distances through wireless mediums.
In terms of regions, Asia Pacific (APAC) is expected to account for the largest market size during the forecast period. The growth in this region is expected to be driven by the increasing demand for solutions such as connected vehicles, building energy optimization, and distribution management system. Moreover, a large number of players are catering to the APAC market, making it one of the fastest-growing regions.
According to the report, key and emerging players in the smart cities market 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).
For further details about this report, click here
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Also of Interest from SGO:
10th Microgrid Global Innovation Forum, September 10-12, 2019, London
6th Demand Response & DER World Forum, October 16-17, 2019, San Diego
3rd CyberSecurity International Symposium, November 4-5, 2019, Chicago
4th Smart Cities International Symposium, January 21-23, 2020, Chicago
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