Smart Cities market is estimated to witness a compound annual growth rate of 19.00% over the forecast period to reach a total market size of $1,504.92 billion by the end of 2021. Smart Cities are the cities that utilize The Internet and Digital technology to enhance the quality of life for the people residing within it. The impetus to the growth of Smart Cities Market is provided by the developing countries where the concept is widely accepted and implemented. An increase in urbanization has led to a severe need for Smart Cities to provide a framework for connectivity and access to real-time information to set up a management system which establishes a relationship between the citizen, service providers and the administrators. Even though Smart Cities is the best possible concept for implementing Green Technology and efficient production and distribution of electricity, there are numerous limitations to this concept which include the high cost of investment, cyber security and data security and socio-political obstacles.
This report provides a comprehensive analysis of the Smart Cities market. The market size and forecast of the global, regional and various segments has been provided in US$ billion.
Under market dynamics section, different drivers, restraints, current trends and opportunities which exist in the market have been discussed with a detailed analysis regarding the same. Market analysis has been provided with the help of Porter’s Five Forces model. The other major sub-sections under this section are supplier outlook, industry outlook, industry lifecycle analysis, and value chain.
Scenario analysis has also been provided considering the different factors affecting the Smart Cities market. Under this section, different scenarios like industry regulations and economic factors have been considered to provide market trends over the forecast period.
The report also provides 360? view of the market by segmenting it into the type (Traffic and Transport Management, Waste Management, Energy Management, Water Management and Healthcare Facilities), end users (In terms of end users, the market has been segmented into (Hotels and Resorts, Residential Buildings, Industries and others) and by applications (Lighting, Consumer Electronics, Safety, Security, Environmental Controls and Others).
The opportunities which exist in different regions has also been covered by the wide-ranging market segmentation and forecast for Americas, Europe Middle East and Africa and Asia Pacific regions.
Competition analysis section lists vendor market share, recent investments by some of the major players, deals and strategies adopted by them to increase their visibility in the market.