The Smart Cities Market is expected to reach above US$ 263,495 Mn by 2026 and is anticipated to grow a CAGR of above 18% during forecast period 2019 to 2026.
LOS ANGELES, Feb. 05, 2020 (GLOBE NEWSWIRE) -- Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Smart Cities Market (Application: Governance, Building, Environmental Solution, Utilities, Transportation, and Healthcare) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026”.
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With rapid urbanization smart cities is gaining traction, major cities are attracting talent from everywhere and technology is playing a major role as it has been incorporated into day to day life of people. The smart approach is to develop and deploy sustainable living by incorporating the information and communication technologies. With the adoption of cloud service the government is focused on providing service on real time basis that would help the enterprises and citizen for better decision making.
With the advent of IoT across various industry verticals government approach towards facilitating the information sharing and improve the quality of service is a major factor propelling the global market growth. Technology has been incorporated by cities from many years as it simplifies and provides solution to rapid pace life. With the digitalization shift and decentralization in mind the government is focused on creating and efficient management system.
Rapid technological advancements in electronic devices, easy availability of high speed internet in developed and emerging economies, and increasing adoption of smart devices from consumers are among other factors expected to support the market growth.
The government of developed companies is focused in providing sustainable environment for growth through incorporation of various connected devices that would help in improving the lives is another factors expected to impact the growing traction to a certain extent.
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However, factors such as lack of infrastructure facility in developing countries in order to support the adoption of advanced devices is hampering the market growth. In addition, high risks associated to data theft and concern related to data privacy and security are factors challenging the market growth.
Government initiatives with the help of major players towards development of integrated systems that provide proper end-to end solution and with rising adoption of IoT devices will create new opportunities over the forecast period. In addition, booming IT sector in developing countries and introduction of 5G are factors promoting the growth of smart cities which is further expected to support the market traction.
Among the application, the government is expected to dominate the target segment due to high spending on development infrastructure. Various development projects related to city surveillance, smart lighting, etc. are carried out by the government.
The market in North America is expected to account for high revenue share due to availability of advanced infrastructure in order to support easy adoption of these devices. High government spending on development of sustainable infrastructure and adoption of new technologies such as big data, cloud computing, etc. is expected to support the regional growth.
Moreover, to a certain extent factor such as focus of major players on introduction of new products and further inclination towards developing countries in order to increase the profit will boost the market growth.
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The Asia Pacific market is expected to witness high growth owing to various smart cities projects from the government of emerging economies. High government spending and deployment of various projects by the government of developing countries is expected to support regional growth.
Moreover, rising public-private partnerships and increasing collaboration activities in order to overcome the smart city challenges is expected to positively support the market traction. In 2019, according to Indian Brand Equity Foundation, India and Sweden launched a joint program that will work towards addressing a range of challenges around smart cities and clean technologies among others.
Some of the major players operating in the target market are Accenture, Schneider Electric SE, ABB Limited, Siemens AG, IBM Corporation, Cisco Systems, Inc., and Microsoft Corporation. High investment by major players for development of advanced products and business expansion activities is expected to create a competitive scenario. Furthermore, approach towards increasing the customer base and expand the product portfolio through business acquisitions is expected to further increase the competition.
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