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Smart Cities Market Worth $717.2 Billion by 2023 - Exclusive Report by MarketsandMarkets™

CHICAGO, July 26, 2019 /PRNewswire/ -- According to a new market research report, "Smart Cities Market by Smart Transportation (Type, Solutions and Services), Smart Buildings (Type, Solutions and Services), Smart Utilities (Type, Solutions and Services), Smart Citizen Services, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the global market for smart cities 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.

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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 citizen services segment to grow at the highest CAGR during the forecast period

Smart citizen services comprise smart education, smart healthcare, smart public safety, and smart street lighting. These services continue to evolve and are expected to exhibit extensive growth during the forecast period. Smart education solutions have been undergoing a rapid transformation, with organizations moving toward mobile technologies. In Smart Cities Market, technologies such as video surveillance, DNA phenotyping, and real-time license plate and facial recognition are widely used for public safety, thereby indicating the need for surveillance to ensure citizens' safety. Public safety not only includes improved crime fighting, but also provides a safer condition for first responders. Among safe city technologies, drones are heavily in demand; for instance, the Los Angeles Fire Department used drones for the first time to precisely track the path of the Skirball fire for keeping firefighters safe, assessing damages, and combating wildfires.

Among solutions, the connected vehicle segment is expected to grow rapidly during the forecast period

Connected vehicle (also termed as vehicle telematics) is defined as the use of telecommunications and informatics across vehicles, such as passenger cars, buses, Light Commercial Vehicles (LCVs), and Medium and Heavy Commercial Vehicles (M&HCVs). The vehicle telematics solution enables communication and data transfer over long distances through wireless mediums. This transfer has resulted in the growing demand for the solution among citizens. The solution leverages the benefits of the embedded technology, and mobile and telematics systems and offers control over vehicles on the move.

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 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. China is the biggest marketplace in the APAC region in terms of developing smart cities. In APAC, around 311 cities that have been selected for being transformed into smart cities in 2013, out of which, significant progress has been observed in nearly 80 cities.

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In the Smart Cities Market, the key and emerging market players include Cisco Systems (US), IBM (US), Siemens AG (Germany), Schneider Electric (France), Ericsson (Sweden), Vodafone (UK), Itron Inc. (US), Verizon (US), Telensa (England), ABB (Switzerland), Honeywell International Inc. (US), SAP SE (Germany), KAPSCH Group (Austria), and AGT International (Switzerland).

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