Smart Cities Market Insights by Emerging Trends, Growth Forecast With Revenue Analysis

With COVID-19 resulting in the economic fallout, numerous economies are working on game-changing improvements to protect their employees and clients. While focusing on the ongoing challenges, the leaders are embracing new plans in order to manage and stay afloat in this competitive environment

The global 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. There is an upsurge in the adoption rate of advanced technologies across businesses. The development in 5G and NB-IoT technologies is expected to drive the growth of the smart cities market. With advancements, smart governments and other sectors would become highly intelligent and self-governing. For smart transportation, the 5G and NB-IoT technologies-based solutions would collect data from multiple sources and share it with a centralized control center by leveraging the benefits of cloud. Such advanced technologies are not only used to enrich the lives of citizens, but also in other areas such as security, privacy, and environmental sustainability.

The smart citizen services segment is expected to account for the highest market share during the forecast period. Under smart citizen services, the smart healthcare segment is expected to hold the highest CAGR during the forecast period. Currently, smart/connected medical devices are driving traffic over the internet across regions. This traffic has considerably affected the growth of the smart healthcare segment, resulting in the increased deployment of smart solutions across the globe. This demand is mainly attributed to the growing IoT deployment in healthcare devices.

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The Final Report will cover the impact analysis of COVID-19 on this industry: Smart Cities Market Insights by Emerging Trends, Growth Forecast With Revenue Analysis – Global Forecast to 2023

The rising demand for real-time transit information solutions for passengers, increasing adoption of smartphones, rising penetration of IoT solutions in the transportation sector have boosted the adoption of the passenger information management system for providing easy transport access to citizens. Furthermore, advanced communication infrastructure solutions offered by key players, such as Verizon and Vodafone, are expected to drive the passenger information management system segment.

APAC is expected to hold the highest CAGR among all regions, owing to the increasing adoption rate of IoT and rising demand for intelligent and smart solutions, while North America is expected to be the major contributor to the smart cities market. The increasing citizen empowerment and engagement is the major growth factor expected to drive the growth of the smart cities market.

In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from various key organizations operating in the smart cities market.

The breakup of the profiles of the primary participants is given below:
• By Company: Tier 1 – 35%, Tier 2 – 40%, and Tier 3 – 25%
• By Designation: C-Level – 65% and Director Level – 35%
• By Region: North America – 30%, Europe – 35%, APAC – 25%, and RoW – 10%

Research Coverage
The smart cities market has been segmented based on focus areas (smart transportation, smart buildings, smart utilities, and smart citizen services) and region. A detailed analysis of the key industry players has been undertaken to provide insights into their business overviews; services; key strategies; new service launches; partnerships, agreements, and collaborations; business expansions; and competitive landscape associated with the global smart cities market.

The report would help the market leaders/new entrants in the following ways:
• It comprehensively segments the smart cities market and provides the closest approximations of the revenue numbers for the overall market and its subsegments across regions.
• It would help stakeholders understand the pulse of the market and provide information about the key market drivers, restraints, challenges, and opportunities.
• It would help stakeholders understand their competitors better and gain more insights to enhance their positions in the market. The competitive landscape section includes the competitor ecosystem, new service developments, partnerships, and acquisitions.

TABLE OF CONTENTS

1 INTRODUCTION 23
1.1 OBJECTIVES OF THE STUDY 23
1.2 MARKET DEFINITION 23
1.3 MARKET SCOPE 24
1.4 YEARS CONSIDERED FOR THE STUDY 25
1.5 CURRENCY CONSIDERED 25
1.6 STAKEHOLDERS 26
2 RESEARCH METHODOLOGY 27
2.1 RESEARCH DATA 27
2.1.1 SECONDARY DATA 28
2.1.2 PRIMARY DATA 28
2.1.2.1 Breakup of primaries 30

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