Smart Cities Market worth $820.7 billion by 2025 - Exclusive Report by MarketsandMarkets™
CHICAGO, Sept. 16, 2020 /PRNewswire/ -- According to the new market research report "Smart Cities Market by Smart Transportation (Type, Solutions and Services), Smart Buildings (Type, Solutions and Services), Smart Utilities (Public Safety, Smart Healthcare, Smart Education, Smart Street Lighting, e-Governance), Smart Citizen Services, and Region - Global Forecast to 2025", published by MarketsandMarkets™, the Smart Cities Market size is expected to grow from USD 410.8 billion in 2020 to USD 820.7 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 14.8% during the forecast period.
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.
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Among focus areas, the smart transportation segment to grow at the highest CAGR during the forecast period
Transportation is a critical and essential part of any smart city project, as it is the main stake for fast and sustainable growth of an economy, allowing people to swiftly travel from one destination to another, alongside enabling goods and services to be effectively delivered. The smart transportation solutions provide an essential boost to the existing and new transportation infrastructural projects considering several factors, such as the rapid increase in urban demographics and the growing environmental concerns. The transportation systems are designed and implemented for smart cities and combine cutting-edge technologies to provide platforms that deliver real-time online information about the traffic flow and passengers/commuters. These solutions also enable efficient monitoring and smooth running of public as well as freight traffic to and from cities, thereby reducing delays/lags and cutting down overhead costs, such as maintenance. They also allow better management of peak traffic conditions, as well as, predict and prepare for heavy and lean traffic periods.
Among smart buildings focus area, the services segment is expected to grow rapidly during the forecast period
The smart building services allow building administrators to plan and implement smart building solutions with minimum effort. Smart building solutions implemented with the help of professional service providers can be very effective and efficient. The benefits of employing smart building services include the need for implementing optimal solutions, resulting in improved building performance, reduced energy, and reduced operational expenditure (OPEX). The complex nature of various smart technologies deployed across cities and the need for custom solutions to implement smart city solutions in different cities are driving the demand for consulting and deployment and integration services.
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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.
In the Smart Cities Market, the key and emerging market players include Cisco Systems (US), IBM (US), Siemens AG (Germany), Microsoft (US), Hitachi (Japan), Schneider Electric (France), Huawei (China), Intel, (US), NEC (Japan), GE (US), Fujitsu (Japan), Oracle (US), SAP SE (Germany), Ericsson (Sweden), ABB (Switzerland), Honeywell (US), Google(US), AWS(US), AT&T(US), Nokia(Finland), Vodafone (UK), Itron (US), Verizon (US), Accenture(Ireland), TCS (India), and Alibaba (China).
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