According to IMARC Group’s latest report, titled “Smart Cities Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global smart cities market exhibited strong growth during 2015-2020. Smart cities are constructed using smart and intelligent technologies to improve the quality of living. These cities utilize information and communication technology (ICT) that helps to promote and deploy sustainable development in urban areas. In addition to this, it enables information sharing with the public for efficient engagement with citizens.
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The global market is primarily driven by the rising incidences of security breaches and criminal activities. This has resulted in the increasing need for monitoring residential areas in an attempt to safeguard the residents while improving emergency preparedness, which is providing an impetus to the popularity of smart cities. Along with this, continual technological advancements, such as the integration of the Internet of Things (IoT), cloud computing solutions, and user interfaces (UIs) with ICT to optimize smart city functions, are creating a positive outlook for the market. Moreover, the rising investments by numerous governing agencies across the globe for the deployment of smart devices as an essential part of infrastructural projects and the escalating demand for sustainable infrastructure are contributing to the market growth further. Looking forward, the global smart cities market is expected to grow at a CAGR of around 20% during the forecast period (2021-2026).
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Competitive Landscape with Key Players:
- ABB Group (NYSE: ABB)
- Cisco Systems Inc.
- Alphabet Inc.
- International Business Machines (IBM) Corporation
- Microsoft Corporation
- Oracle Corporation
- Schneider Electric
- Hitachi, Ltd.
- Siemens AG
- Huawei Technologies Co. Ltd.
- Intel Corporation
- General Electric (GE) Company
- Telefonaktiebolaget L M Ericsson
- Toshiba Corporation
- Honeywell International Inc.
- ATT Communications
Breakup by Smart Citizen Services:
- Smart Education
- Smart Healthcare
- Smart Public Safety
- Smart Street Lighting
Breakup by Focus Area:
- Smart Transportation
- Smart Buildings
- Smart Utilities
- Smart Citizen Services
Breakup by Smart Transportation:
- Smart Ticketing
- Traffic Management System
- Passenger Information Management System
- Freight Information System
- Connected Vehicles
Breakup by Smart Buildings:
- Building Energy Optimization
- Emergency Management System
- Parking Management System
Breakup by Smart Utilities:
- Advanced Metering Infrastructure
- Distribution Management System
- Substation Automation
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Market Trends
- Market Drivers and Success Factors
- The Impact of COVID-19 on the Global Market
- Value Chain Analysis
- Structure of the Global Market
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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