Smart Cities Market Size, Share, Growth And Analysis Report By Application, Forecast 2018 - 2025
The global smart cities market size is anticipated to reach USD 2.57 trillion by 2025, according to a new report by Grand View Research, Inc., registering a strong CAGR of 18.4% during the forecast period. Rising demand for smart city solutions is anticipated to be driven by factors such as growing urban population, need to better manage limited natural resources, and increasing focus on environmental sustainability.
Request A Sample Copy of This Report at: https://www.radiantinsights.com/research/smart-cities-market/request-sample
Smart cities encapsulate an overwhelming number of different domains and application areas enhanced with technological advancements and their effective use in providing services to people. Be it a major tourism hub or a small community striving to become sustainable, smart city solutions have found their way in diverse areas of urban living.Rapid urbanization, obsolete infrastructure, adoption of new technologies, and need for improved quality of life are also driving industry growth.
The market addresses a diverse set of requirements, such as efficient mobility, smart and enhanced buildings and homes, optimum energy utilization, and better administrative services. Soaring adoption of novel technologies that complement management of cities of the future is a major catalyst in industry growth. The industry also stands to benefit from initiatives taken by national and regional governments, residents, and local businesses to implement projects and tend toward problems plaguing their cities.
Browse Full Research Report with TOC on https://www.radiantinsights.com/research/smart-cities-market
The market encompasses myriad sectors such as healthcare, transport, water, assisted living, security, and energy and their implementation varies from city to city due to technological penetration in the region. High amount of initial financial investments, need for consolidation of different departments and sectors, and lack of a systemic approach may threaten industry growth. Nevertheless, the market is anticipated to grow at a rapid rate in the coming years, driven by the industries' renewed interest, availability of technology, and all-inclusive participation of industry stakeholders.
Further key findings from the report suggest:
• Communication infrastructure and web-based services are anticipated to play a major role in the industry's stride toward global adoption. The inevitable consolidation of services, infrastructure, data, and sensors will help in the creation of truly intelligent cities of the future
• Major hindrances in adoption and implementation of these technologies include concerns regarding privacy and security of data. Attempts have also been made at developing consortiums to support and standardize the market globally; however, this has been limited to certain regions and application areas due to lack of a systemic approach
• The industry is witnessing different forms of investment scenarios, such as Build Operate Transfer (BOT), Build Operate Manage (BOM), and Build Operate Own (BOO), which are gaining traction as major financial funding measures for smart cities
• The BOM model for investment and management is gaining popularity due to its ease of operation and a combined control over the infrastructure it offers to interested parties
• Key industry participants include ABB Group, Accenture, Cisco Systems, Schneider Electric, Siemens, IBM Corp., General Electric, and Microsoft. Companies such as Hitachi; Honeywell International Inc.; Intel; Oracle; Huawei Technologies Ltd.; and Johnson Controls are also at the forefront of developing smart city solutions
• The industry is also marked with a growing number of collaborations between governments and companies to develop and implement pilot projects.
About Radiant Insights
Radiant Insights is a platform for companies looking to meet their market research and business intelligence requirements. We assist and facilitate organizations and individuals procure market research reports, helping them in the decision making process. We have a comprehensive collection of reports, covering over 40 key industries and a host of micro markets. In addition to over extensive database of reports, our experienced research coordinators also offer a host of ancillary services such as, research partnerships/ tie-ups and customized research solutions.
Media Contact:
Michelle Thoras
201 Spear Street 1100,
Suite 3036, San Francisco,
CA 94105, United States
Tel: 1-415-349-0054
Toll Free: 1-888-928-9744
Mail: [email protected]
